Revolut is a Super Star Technology, a digital banking application that allows users to make payments, transfer and exchange currencies and a great alternative to traditional regular banks. The main basis of Revolut since it was launched in July 2015, is to build a global bank to suit all customers lifestyles.
Revolut offers a range of digital banking services like:
- Transferring money abroad in many different currencies.
- A prepaid debit card (MasterCard or Visa), that enables cash machine withdrawals anywhere in the world.
- Spend your money abroad without having to pay any hidden fees thanks to the contactless Revolut card.
- Send money around the world without hidden fees.
- A Crypto-currency exchange allowing users to convert currencies into Bitcoin or Litecoin. Although, this is currently only offered to personal accounts and not their business accounts.
- No fees on exchanging currencies.
- Personal & Business accounts, in addition to Standard, Premium and Metal accounts. Vaults/saving accounts.
- Budgeting accounts.
- Revolut perks which is an easy way to get rewarded for your everyday spending.
- Currency exchange, peer-to-peer payments. The company enables users to exchange currencies at inter-bank rates, send money through social networks, and spend with a multi-currency card.
- Global spending and international money transfers without any hidden fees, money transfers, overseas medical insurance, and much more…
Since it was launched in 2015, Revolut has already 9 million customers using their services.
My Experience with Revolut
I’m like many people out there who are always worried and even scared when it comes to trying something new, especially when it concerns a business issue.
Actually about a year ago, i was searching for a plan B and an alternative to our British bank’s business account and this was for very good reasons. (Our company has a business account with one of the biggest British Banks in the U.K)
The problem we were facing with that British bank, is their bureaucracy and double standards. Unprofessional banking personell and not to mention of course the rubbish and hidden fees. Imagine that it is your business, your money, your efforts and own business account, and the bank is really acting like the money in your account is theirs and not yours. Despite that we do respect and always comply with the EU laws and regulations.
I was doing some searching on Google, and of course I realized how hard it is nowadays for anyone to be able to open a business bank account in a country different than the residence country of the owners/directors of the company. Our company is a British Limited Company, and we are working in the internet marketing field.
There it was, Revolut…I gathered as much information as possible about Revolut from the Internet and this was about a year ago. I also was interested in reading what other people were saying about Revolut, especially those who used Revolut’s banking services.
Complaints from clients
All information I have gathered sounded great and assuring about Revout banking services, except for one negative thing. People’s complaints from the help/support center and the delay in responding when users were facing any issues in using revolut services. But as I found out later, that was due to the fact that Revolut was growing fast, and getting more customers than their supporting staff could handle at that time.
That negative issue about the customer service turned positive, and this problem doesn’t exist anymore since Revolut hired more employees to match with the growth of their customers around the globe.
The Revolut customer support is very good in responding and handling any issue you may have with your account. Their support team are very dedicated and available 24 hours a day, and you can easily reach someone via the website or the mobile application in a chat.
If I am to make a comparison between Revolut digital banking services and any other traditional bank in the UK, the difference is huge…
Easy to open account
Opening the business account with Revolut was very simple and easy, as long as you comply with the EU laws and regulations related to opening a bank account whether personal or business. As long as you provide the necessary documentation and follow legal procedures in this regard, you will be able to open the bank account you are seeking in no time. All you need to do is to go with the process online and submit the necessary documentation for approval.
Using the Revolut website and access to the online banking services, never have been easier. You don’t need to be expert to know your way around. Generally, you don’t need to chat with the customer services to ask about things related to your account. The help page on revolut’s website is easy to find and to understand how to do this or that.
No problems at all in downloading the Revolut mobile app from the Google play or App store. Using the Revolut Mobile App is so smooth that it enables you to do many things with your account, with just one click.
I can tell you that with traditional banks, even if you don’t make any mistakes using internet online banking services, there is always something which they claim, that is triggering their system and blocking you from logging in to your account.
It is required and great that any bank system secure your account from any suspicious activity. But what about having this security and in the meantime, don’t make my life miserable and force me to waste my time on calling the bank to unblock me instead of focusing on growing our business.
Revolut is easier to deal with
With Revolut, you don’t need to subscribe with any mail forwarding services and pay a lot of money for the monthly/yearly subscription, just to get unnecessary postal mail, because many regular banks still insist on using papers/postal system when communicating with the account holder, instead of using technology. Isn’t that a waste of time and money?
For instance, when it is time to update your details with a bank, and they insist on informing you of the deadline date to do that, with a threat that your business account will be blocked and shut down, if you don’t comply with a certain date! If you live abroad, and the postal mail is lost or late for delivery, what can you do, except panicking every time you know this might happen for one reason or another.
With Revolut, they do have a great system and it works, with other traditional banks, they also do have a system, but it doesn’t work properly.
Revolut is secure and also puts users in control of their security, and in control of managing their own money. You don’t need to contact revolut to take any action in certain situations. For example, you can easily freeze and unfreeze your Revolut card via the application if you lose it or it gets stolen. You can also use the application to turn off contactless payments, ATM use, and online payments, then easily turning them back on when you want.
Revolut saves us money
Revolut is saving our company a large amounts of money on a monthly basis, comparing to other traditional banks.
Honestly speaking, all the services we have used with Revolut so far, we never faced any unrealistic or nonsense problem like it is the case with other regular banks.
Why I wrote this article
The reason I decided to write this article, is not to market or make any publicity for Revolut banking services. I don’t think Revolut needs any publicity, their services can directly speak for themselves.
I do recommend everybody suffering from dealing with traditional banks, to use Revolut, and to tell us about their own experience. I can tell here that Revolut is a great step forward in banking technology and it fits all customers lifestyle.