In the last few years, mobile banking apps have become very popular in the United Kingdom. They offer a no-frills way of sending cash, managing spending, and converting foreign currencies. In the UK, their popularity has skyrocketed thanks to easy interfaces, great customer support, and a VFM proposition that traditional banks simply cannot afford.
For someone like me, that wants to have complete autonomy about the way I handle my finances, Revolut has been a gamechanger. I have earlier used banking apps like Monza, but after I downloaded Revolut, I do not think I would be using any other banking apps anytime soon.
In this blog article, I would like to share with all of you, some important things that you should know about Revolut. If you are on the lookout for a simple and easy way to handle and control your money, you might want to read this article till the very end.
Revolut: What you need to know about the Company behind the App
First things first. Revolut is not a particularly old company. It started off only five years back in 2015. Ever since then, it has assumed a cult following in the UK growing to become one of the fastest Unicorns (Billion Dollar Plus Valuation).
Nikoloy Storonsky and Vlad Yatsenko saw an opportunity in the banking and finance space and decided to act on it. Storonsky, who is the company’s CEO stated that he was frustrated every time he would be charged extra by banks for currency conversions.
He intended to create a multi-currency card on the lines of an international calling card. A multi-currency card was something that did not exist in the market then. Together with Yatseno who already boasted of more than a decade worth’s of experience in the FinTech space. The two set out to do the impossible.
What does Revolut Offer in terms of a Mobile Banking Experience?
My introduction to Revolut was very pleasant. I read how they were marketing and advertising Revolut as a banking platform where you could set up an individual account in less than 60 seconds. I thought this was bait, which I had to prove wrong.
But voila! Yes, you could set up your banking account on Revolut in as little as 60 seconds. There is no doubt that Revolut has managed to eliminate all the hurdles, obstacles, and poor experiences which we so typically identify with mainstream banking.
The following are some of the financial areas and monetary things that I use Revolut for-
- One of the first things I did was to send money to a friend of mine in the US. Yes, you have Revolut in the US as well. So international money transfers are a breeze.
- Secondly, I wanted to try out their multi-currency card. You can add this to your app with a single click. I used it on my vacation and it works perfectly- no conversion fee!
- Being someone who is intrigued with buying in different international markets, I wanted to see if the app would support international spending. Again, perfect execution.
- While I do not withdraw money from the ATM a lot, I wanted to check out the same. With Revolut, you can withdraw around $300 or £200 after you are charged a fee.
The Rise of Mobile Banking Apps in the aftermath of the COVID-19 Pandemic
Thinking of the world to be a similar space post the pandemic is a mistake that can cost you your life. There is a reason why mobile banking apps, digital wallets, and other fintech innovations are gaining ground post-pandemic.
Rather than visit physical banking locations and expose yourself, it is far safer and convenient to do everything from your mobile phone. Revolut aims to create a banking app for the post-Covid times.
With this banking app, you can very easily sit at home, track your spending, get notifications on spending and even attach the device, medical, and travel insurance, all through the app.
Additionally, you get all the extras as well like swipe features, immediate credit, and debit on international payments and transfers, as well as the full suite of security features that you expect from a banking company in 2021.
A critical piece of information on more revolut data suggests that most of its users employ it as a form of travel cash or card.
In other words, you do not need to carry credit and debit cards if you have Revolut. With possibilities of travel opening up and professionals looking to shift to exotic locations and continue working remotely, Revolut is the best option in the market right now.
The Bottom Line
Good tech products are disruptive and change the perception of the industry they operate in. with Revolut, the company has an absolute winner on its hands. It is fast, simple, and effective. You get financial things done and taken care of on the go.
The next time you are sipping your wine on a picturesque beach in the Maldives doing remote work and want to receive payments, Revolut will get that done for you. If you have any more questions on Revolut, let me know in the comments section below.