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Revolut payment system features

Revolut was dubbed "the digital equivalent of a bank" shortly after its introduction. The app is top-rated in the US and Europe. It was launched in mid-2015 by Nikolai Storonsky, a former trader working for Lehman Brothers and CreditSuisse, and Vlad Yatsenko, who previously developed financial solutions at investment banks.

One of the first solutions offered to users was a prepaid card, convenient for those who travel the world frequently. Since then, the company's range of services has expanded significantly.

Can Revolut be called a bank?

Still waiting. The service has a European banking license, but it remains an e-finance service provider that the Financial Conduct Authority regulates. In the future, Revolut plans to obtain a UK banking license.

Barclays Bank's current accounts, so customers' money would be safe even if there were any issues with Revolut.

Revolut USD specifications and features

The main advantage of Revolut is that the service allows users to send and receive money worldwide with minimal fees. In addition, it provides the ability to convert currencies at the actual rate without hidden fees, which makes it convenient for international transfers.

Examples of features that the payment system offers to its customers:

  • Connecting third-party bank accounts through the Open Banking system.
  • Analytics of expenses and their categorization.
  • Instant notifications of expenses.
  • Ability to set a budget for the month to control the amount of expenses.
  • Reminders about upcoming payments and the need to replenish the balance if they have insufficient funds.
  • End-of-trial notifications for various sites and services so you can renew or cancel your subscription before the funds are automatically charged.
  • Possibility to "share" your account status with friends or family members.
  • Cashback and bonuses for saving.
  • Spending abroad without commission and transfers in more than 30 fiat currencies.
  • Connecting the card to Apple and Google Pay.
  • Earn interest on savings held in an FSCS-protected bank account.
  • Special accounts <18 — for children from 7 to 17 years old. Controlled by parents.

In addition, Revolut has become very popular as an application for investors: it allows you to invest in stocks, commodities, and cryptocurrencies.

Revolut USD card

Revolut offers additional features such as the ability to create cards for online purchases, automatic rounding of the purchase amount and keeping the difference in the investment account, as well as the ability to buy and sell cryptocurrencies.

Issuing both physical and digital Revolut cards associated with an account in the system is possible. The virtual card does not require payment and can be created quickly. It does not have a pin code, so it cannot be used to withdraw money from an ATM and in separate payment terminals. In addition, some security options are not supported for the virtual card.

Revolut informs that using a digital card for online payments can protect against intruders. After all, a card can be liquidated every 2-3 months and a new one created instead. There is even a function to develop one-time virtual cards — the number changes after each payment.

Working with Revolut around the world

Application users can use a plastic prepaid card for financial transactions in different countries without fees, with conversion at the international rate in 150+ currencies. Revolut applies a small markup to the interbank rate on certain days. The Revolut system also offers commission-free transactions in 30 currencies to companies and individuals.

An alternative way to quickly and profitably exchange for most world currencies and cryptocurrencies is to use exchangers, the list of which is presented on our website. Select the payment direction you are interested in to filter the exchangers and leave only those supporting it.

Exchange Revolut to e-currencies

On our site you can see the current exchange rates of Revolut USD to other electronic payment systems.

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© – , updated 07/26/2023
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