Revolut – the app for currency exchange, crypto and more

Over the last few years, Fintech innovations have been shaking up the way we save and spend our money, and when it comes to banking, there’s a whole new world out there for consumers to explore. But with endless choice, it’s not easy to know which app you really should download onto your smartphone. We decided to give the Revolut app a go, and we really liked what we saw.

If you’re throwing money away in foreign transaction fees and want to get a bit better at managing your money, the Revolut app ticks many boxes. The app, which launched a couple of years ago, started off with the promise to revolutionise the way consumers purchase their currency and giving them the best deal every time – and without the fees.

It allows travellers to get the best rate in over 120 currencies, and unlike pre-paid cards, you can also withdraw cash with no added fees. Revolut offers interbank rate on currency, the rates at which banks lend to each other, meaning consumers always get the top exchange rate – something your high street bank will not provide. The bottom line is that it means more money in your pocket.

When you download the app, you can spend using the electronic card on the app or order a physical card (which will cost £5). The card is linked to Mastercard or Visa, so you can use it where you see those signs.

You top up the app or card, and then spend on it as usual. If you’re abroad, it means the card will convert to the currency of the country you’re in, so you don’t even have to worry about prepping your currency in advance. And let’s face it, we all tend to leave our travel money to the last minute and then end up with poor rates at the airport.

Revolut claims it has saved consumers a combined total of $160m in fees. The app doesn’t just stop at foreign exchange; it’s handy for your day-to-day banking activities too. For example, if you want to send someone money, you can simply send them a payment link and they can claim it within minutes.

You can also send money abroad – 10 times cheaper than other standard methods according to Revolut – and you benefit from a stronger exchange rate. It also has other handy features, such as allowing you to split bills between friends if they also use Revolut or request money too.

And if that doesn’t excite you, the app recently announced that it will be unlocking crypto currencies for users, providing an easy and instant pathway for those that want exposure. Just at the tap of a button, you could have immediate exposure to Bitcoin, Litecoin and Ether, meaning you could soon be using crypto to pay for your morning Americano!

But there may be a wait if you’re not a premium user, as it is being rolled out in batches. Or you could be asked to refer three friends to the app before the feature is unlocked.

Overall, an easy app to carry out all your banking needs, whether it’s to pay for things abroad, withdraw travel money without any fees or make payments to friends and family. You can set up an account in 30 seconds and it really does offer a banking alternative that consumers have been crying out for to help them save money on transactions that otherwise become unnecessarily costly.

The app is free to use, although you can upgrade to a premium at £6.99 a month.

Article is accurate at date of writing.