Features of british pounds (GBP) transactions in Revolut

Revolut has been operating since 2015 and, as of June 2024, has more than 45 million customers worldwide. In addition, it was reported in August that Revolut is preparing for an initial public offering (IPO) on the NASDAQ stock exchange.

Revolut's capabilities

First of all, it should be noted that Revolut is not a bank — it is a digital wallet that provides financial services similar to those of banks. With a Revolut account, users can:

• Pay bills;
• Make transfers (to Revolut customers, to a bank card or account);
• Store savings in different currencies;
• Make online payments and issue invoices to accept payments;
• Issue and use debit/credit cards;
• Make deferred and recurring payments;
• Plan a budget;
• Pay for goods and services using Apple Pay and Google Play;
• Open interest-bearing deposits;
• Exchange currency.

How do I open an account with Revolut?

Registering with Revolut is simple and does not require a sterling bank account. You can open an account only through the Revolut digital wallet application in any country where this payment system provides services. To find out whether the Revolut service is available in the region you are interested in, please visit the official payment system website.

Persons who have reached the age of 18 can open an account with Revolut. There are also special accounts for children from 6 to 17 years old. Such accounts can be registered only by their parents.

To open an account with Revolut, you need to:

1. Install the Revolut app from the App Store or Google Play, depending on the operating system used.
2. Log into the app, enter a valid phone number, and create a six-digit password to protect the account.
3. If the user has entered the initial data, Revolut will send a 6-digit SMS code, which is required to confirm the registration.
4. Once the code is entered, additional details such as first and last name, email and registration address, and other information the app asks for will need to be entered.

After completing all the steps, it will take some time until the Revolut service confirms the account. Upon successful completion, the user will have access to the primary services.

If a bank account is available, it can be linked to the Revolut account to make transfers and online payments. If desired, the user can open a new Revolut account. This may be necessary if, for example, the user needs a separate account for certain transactions. To do this, it is required to:

1. Go to the "Home" section (home screen);
2. Click on the "Accounts" button under the digital wallet balance section;
3. Click on the "Add new" button;
4. Select "Currency Account". After that, a list of available currencies for opening a new account will appear;
5. Next, follow the instructions in the application to complete the setup of the new currency account.

To confirm your identity, you must provide an appropriate document, such as a passport or ID card, and take selfies. This measure is used to ensure account security and fraud protection.

In the same Accounts section of the Revolut app, it is possible to deactivate an account if necessary. To do this, select the account the user is interested in, swipe to the left, and select one of the options presented: "Hide" (hide) or 'Deactivate' (deactivate).

Only additional currency accounts can be hidden or deactivated - the primary account cannot be deactivated. If you deactivate an account with a balance, it will still be displayed in the list, but you cannot use funds on it.

Commissions and limits on transactions with british pounds (GBP)

As stated on the official Revolut website, most GBP transfers have no limits on the amount, but the service's partners can set limits — you should check this information on their websites. When transferring to a card, the limits of the respective payment system apply: the limit for transfers to a VISA card is 2500 GBP, and Mastercard — 5000 GBP.

To transfer to Revolut clients, the recipient's phone number or Revtag must be specified. When sending an international bank transfer, it is required to enter the recipient's full name, his 6-digit Sort code (a unique identifier used in the UK banking system), and bank account number. To send funds to a card, the card number and the cardholder's full name is sufficient.

Revolut's fees are as follows:

• No commission is charged for transfers to Revolut customers, as well as local payments and transfers made under SEPA.
• The commission for transfers to a card is dynamic and is calculated in real-time.
• The minimum fee for GBP international transfers is £2.50, and the maximum is £250.