Hey guys & gals,
So this was actually supposed to be a Q&A on my Instagram Stories but I felt it would be better to have it all in a blog post. I know I put this up before my holidays in February but I’m only getting around to doing it now. Better late than never I say 😉
So many of you have not even heard of Revolut so I’m here to not only tell you about it but I’m here to answer your questions too.
What is Revolut? And how does it work?
Revolut offers a range of digital banking services in a mobile app that allows you to have a pre-paid debit card that enables cash machine withdrawals in 120 countries. Read more HERE. You sign up for FREE with your mobile number. They send you a text direct to your phone to download the app. After you download the app, you follow the instructions to set up the account. You will need to take a photo of your passport to start up the account. This is normal so don’t be alarmed. When you do this, you will get a virtual card that you can use until your proper card arrives in the post.
You get the following:
- Free UK account
- Free Euro IBAN account
- Spend in over 150 currencies at the interbank exchange rate
- Exchange in 30 fiat currencies up to €6,000 per month without any hidden fees
- No fee ATM withdrawals up to €200 per month
You will be sent the card in the post and can create your own pin through the app. You connect your personal bank account to the app using your Irish IBAN/Card Details. This makes it simple to transfer money from your personal bank account to your Revolut account.
Is it safe to use?
I’ve never had one issue with it in over two years. I’ve used it all over the world from Dubai to Spain, Las Vegas to Dominican Republic, London to Malta, it has come with me everywhere.
Why is it so good? What’s the difference between a regular ATM card & a Revolut card?
You don’t pay any bank fees or withdrawal fees when you are away. It’s great for splitting bills with friends, transferring money to someone instantly(free of charge), it gives you the best exchange rate on euro to whichever currency.
You also get a notification on your phone immediately to say funds have arrived in your account or left your account when you transfer.
You can track your spending and see where it goes each month.
You can save with VAULTS on the app too.
How do you set up different accounts?
You go to account manager in settings and then ADD ACCOUNT.
Can you turn off passcode to log into the app and use FACE ID?
Yes you can. Go into settings and then Security. You’ll be able to switch on sign in with Face ID.
How do I pay in other currencies? If I have money in my EURO account, will it automatically go into the currency of the country I’m in?
So initially you will just have a EURO account and you can add any currency account you wish. Money will not automatically transfer. You need to do this manually.
I transfer money to my EURO account from my personal AIB account and then let’s say I am going to New York next week, I’ll transfer money into my USD account and when I’m over there use the card. My money will come out of my USD account then. If you don’t use some USD from the trip you can easily transfer back into your EURO account. It’s so simple.
You always say to pay with Revolut on ASOS. How does this work?
If you pay in pounds on ASOS, it’s cheaper than paying in EUROS. Then instead of using your Irish debit card to pay for the order, you use your Revolut card instead. You pay less in pounds and then no banking charges either. WIN WIN 🙂
Do I transfer large sums of money or do I transfer daily when on holidays?
I generally do a few hundred euro at a time. I don’t put thousands on it unless it’s a big transaction I need it for. I transfer daily or when needed on holidays.
How do you set up a savings feature on the app?
You add a vault in settings. You can transfer into your vault as you wish. This remains in there unless you take it out.
Can you transfer money back to your Irish bank account from your Revolut?
Yes you can. Go into Payments then scroll across to bank transfer. Any money you choose will go back into your Irish bank account after a few days.
How does it work in a group?
Our holiday to Las Vegas was a group holiday so it was absolutely brilliant for paying/splitting bills. You can easily transfer over money to a pal instantly without any charges/fees. Take for instance Sean paid for our helicopter ride for the 4 of us & we just sent him the $79 straight away.
What else can you do on the app?
You can save money, you can trade, you can donate to charity, you can book lounges for cheaper in airports all around the world and on a METAL card you can get lots more benefits too.
Is Revolut accepted everywhere or?
I’ve been to many places and it’s only not worked in one small place in NYC otherwise everywhere else it has worked with no issues.
Is it good for tracking your spending?
Yes just like your normal bank account, you can see your analytics on spending. It’s broke down into different sections like food, entertainment, transfers, groceries etc. It’s brilliant to see each month.
I don’t travel that often, should I still get it?
Absolutely as mentioned above it’s really good to use it for online transactions to save bank fees.
Can you tap your card like a normal debit card?
Yes you can same rules apply with the 30euro tap. Anything above you need your pin.
Am I able to use it in an ATM and take cash out?
Yes you sure can. Providing you have the funds in the account you can use it just like your regular debit card.
So there you have it. There was a lot of the same types of questions so I answered them as best I could. If there is anything I missed out, please DM on Instagram and I’d be happy to help.
Love Aoibhe xxx