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My Honest Revolut Travel Card Review: Pros & Cons of Revolut

I will gladly admit that 1/3 of my success in life is simply me being in the right place at the right time.  I found Revolut at a Tech startup conference in London earlier this year and they told me about their money cloud program.

Basically, you save money while traveling because Revolut holds/exchanges the Great British Pound, the U.S. Dollar, and the Euro… all in one place. Backed by Master Card, the Revolut card can be used in any country (using any currency) as a normal domestic debit card AND you can send people money via apps like Facebook and WhatsApp.

In my line of work, I get paid in USD but I need to pay my bills in GBP and I’m constantly in Europe throwing Euros like Kanye (not really).  

During my last two years abroad, I’ve been paying ridiculous fees just to access MY MONEY and The Universe has clearly brought Revolut into my life to rectify this issue.

So shut up and take my money.

Since the program is still in its developing stages, you have to be invited in order to join and the landing page doesn’t have all of the details… but I do.  So let’s break it down further.  So why is Revolut revolutionary for travelers like you and me?

What is the Revolut Travel Card?

Revolut has the vision of making sending and spending abroad as easy as it is at home, which is made of three parts:

1) Sending Money with Revolut

Revolut allows users to send money through SMS/WhatsApp/Email and via URL. The recipient can retrieve money by downloading the Revolut app or by entering their bank account details after following the link.

Revolut currently allows deposits and withdrawals in GBP, USD, and EUR as well as sending in 20 other currencies (AUS, CAD, CZK, DKK, HKD, HUF, ILS, JPY, MXN, NZD, NOK, PLN, RON, SGD, ZAR, SEK, CHF, THB, TRY, AED).

2) Exchanging Money with Revolut

Revolut provides the best possible exchange rate, the interbank rate. No hidden fees or spread! Revolut currently offers currency exchange between GBP, USD, and EUR however this will soon expand this list.

3) Spending Money with Your Revolut Card

With the multi-currency card, you can spend abroad without the horrendous fees.

Revolut’s multi-currency card currently supports GBP, USD, and EUR and can be used online as well as offline immediately after there topping up on the Revolut app. 

Even if you spend abroad Revolut will automatically do the exchange so you get the most out of your money!

Fees and Charges

Plain and simply, 1% on exchanges with maximum fee charges of GBP120 per year. 

Super low fees and capped charges ensure that whether you are sending, exchanging, or spending money, with Revolut, you avoid horrific fees so that your money can be spent on the things that really matter!

Security of the Revolut Travel Card

Revolut ensures that all money sent and stored on Revolut is secured by working with Optimal Payments, which is a registered and regulated e-money issuer by the FCA (reference FRN: 900015).

Optimal Payments manages ring-fenced Barclays accounts which means all money is secured against the possible distress of Revolut, Optimal Payments, and Barclays.

Additionally, Revolut only operates on mobile apps as these platforms provide better protection against hacking than web-based applications. Your money is also secured for up to 85,000 GBP. Awesome.

With ATM fees, transaction fees, and currency exchange fees piling up, I’ve been losing 75 USD A MONTH since I moved to London.  

That could have bought me a round trip to Paris and so much more. Join the movement. It’s your money, do what you want with it.

Disclosures 

The Revolut USA Prepaid Visa® and Prepaid Mastercard® are issued by Metropolitan Commercial Bank pursuant to a license from Visa U.S.A. Inc. for Visa cards, and Mastercard International for Mastercard cards, and may be used everywhere Visa or Mastercard are accepted.

Banking services are provided by Metropolitan Commercial Bank, Member FDIC, and are subject to the terms of a Cardholder Agreement. “Metropolitan Commercial Bank” and “Metropolitan” are registered trademarks of Metropolitan Commercial Bank © 2014.

A note from Metropolitan Commercial Bank: Funds in your Revolut Prepaid Card Account are held at an FDIC-insured institution. Your funds will be held at or transferred to Metropolitan Commercial Bank, an FDIC-insured institution.

While there, your funds are insured up to $250,000 by the FDIC in the event Metropolitan Commercial Bank fails if specific deposit insurance requirements are met and your card is registered. See fdic.gov/deposit/deposits/prepaid.html for details. FDIC insurance does not protect your funds in the event of Revolut’s failure or from the risk of theft or fraud.

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lcamacho

Thursday 3rd of December 2015

The promotion is not working anymore?

Marcus Bryant

Tuesday 8th of September 2015

It is a great idea - actually there are no transaction fees (they earn their money from the mastercard transaction fee when you use it). A Word of caution though - when attempting to credit my account via transfer the reference field got corrupted and it couldn't be processed. One week later they still haven't found my money and just keep apologizing - no offer of compensation and no solution so far. Their back office is extremely poor IF things do go wrong.

Jonas Hürbin

Thursday 4th of June 2015

Got to your post by searching the internet for a way to save money abroad. When I first read your post, revolut didn't support Android Phones, they now do, so I joined them as well. Great idea and great post. I will give it a try during my travels ;)

Sarah Elizabeth

Tuesday 14th of April 2015

Brilliant idea. Thanks for sharing. I'm lucky enough that my bank is kind to me about living abroad and withdrawing money, but there is definitely always money lost between transfers and exchange rates every now and then.