Everything you need to know about Revolut: commissions, cards and more

Revolut: More than a bank or a neobank, there are many apps that work to send and receive money, with or without cards, with different types of commissions, with the option of doing Bizum . An example of this is Revolut offers many possibilities to all its customers. Do you want to know them? Do not stop reading, we tell you everything you need to know about this fashion app.

For example, are you abroad and do not know how to use your money? The English application Revolut can be your great ally in this regard, since it allows users to operate as if it were a bank, and best of all, without commissions. It currently has 15 million users worldwide.

Revolut is a virtual banking application that in recent years has gained the trust of many. It was developed by an English startup and works in a large number of European countries. It allows you to do almost everything a bank does, even more because you can even buy cryptocurrencies through its platform. Let’s see the details.

How Revolut works

Imagine having the ease of having your money wherever you are. Now, add the function of making real conversions to the local currency of that place and without having to pay extra commissions. In addition, you can withdraw cash at any ATM compatible with Mastercard or Visa cards. That’s how simple Revolut is.

For this, it is necessary to make a bank transfer or affiliate a debit card with Revolut. After that, you can request a physical Revolut card at a cost of 6 euros. If you pay for the Revolut Premium package for 7.99 euros per month, you can immediately have your Revolut card and many other additional benefits.

Bizum in Revolut or Transfers

The way you make a transfer with Revolut will be different for accounts in the same country (local) or international (cross-border). In the latter case, SWIFT networks are used to carry out the transaction.

To proceed to make a transfer, you must enter the application, and on the home screen, click on Accounts. You must indicate the currency to add within the list provided by Revolut . Find Send in the three dots menu and click on this option. To get transaction information, just tap on Details. For local transfers, the process takes just a few minutes, while for international transfers, it may take up to 5 business days.

It is necessary to verify that the IBAN and the BIC code coincide with that of the application so that everything proceeds successfully. However, when it comes to an international transfer, if the account you receive operates in another currency, then a currency exchange takes place. If you do not select the appropriate currency, the transfer will not be made.

Receive transfers in Revolut

Depending on the currency to be transferred, the requested data also varies:

• Add GBP: For transfers from UK accounts with Faster Payment, CHAPs or BACs, the unique local account details or the account’s IBAN number is used. You can find it in the SWIFT.tab tab.
• Add euros (EUR): It is necessary to use the IBAN number or the BIC code. This is essential when it comes to European bank accounts, since it is only possible to make transfers through SEPA or SWIFT for the money to enter the Revolut account.
• Add Czech crowns (CZK): When making the transfer, the user must enter the issuer’s account number, bank code and the unique account reference.
• Add SGD: If you want to make transfers to Revolut from a bank account in Singapore with FAST support, you will have to enter 885-111 before the receiving account number. Locate the menu of banks with FAST support and select DBS. In case of requesting the SWIFT code, enter DBSSSGSG.
• Add Romanian Lei (RON): When it comes to local transfers, the IBAN number of the RON account is required.
• Add Japanese Yen: When making a transfer from a local account in Japan to Revolut, it is necessary to use the details of the account to receive the money. In the beneficiary, place REVOLUT. Verify that the bank name, branch number and code are correctly written.
• Add other currencies: You need to enter the IBAN number and the BIC code that you can find in the SWIFT tab of the Revolut application.

How to earn and receive money with Revolut

In general, to make a transfer to a Revolut account it is necessary to use your data and the routing numbers or the BIC code . The steps to follow are:

1. Log in to the issuing bank’s online account.
2. Enter the section on external transfers.
3. Indicate all the details of the Revolut account you receive.
4. In case of requesting an account type, select checking account.
5. The platform will probably ask to make two deposits to the Revolut account. After completing all the steps, it will take a maximum of three business days. If after this period of time the money has still not been received, it will be necessary to contact customer service using the application chat.

How to get money from Revolut

Any Visa or Mastercard compatible ATM will allow you to make cash withdrawals from a Revolut account. However, it must be taken into account that depending on the entity, commissions may be charged for carrying out this transaction.

When making the withdrawal, the user will have to choose that it is a savings or checking account. Regardless of the country where you are, you should always choose the option without conversion to avoid extra expenses due to the exchange rate handled by the bank. If it is a Travalex ATM, they handle their own exchange rate regardless of the local currency, so it is recommended to find another ATM to make a cash withdrawal.

Revolut: Earning money is possible

Having Revolut is knowing that you can have your money anywhere in the world, where the service is available, without worrying about commissions.

Among the main benefits of Revolut are:

• Pay anywhere in the world without fear of commissions.
• Make cash withdrawals at any ATM , free of commissions and with the current market exchange rate.
• Make transfers to other users without additional charges, and external transfers to supported and available currencies .
• Provides the same confidence and security of your classic Mastercard or Visa card.
• Your Premium account offers additional health insurance and protection packages.

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