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Do you know the Revolut or do you know how it works?
This company is a digital bank that offers a multi-currency account and a card, among other services.
Furthermore, it is recognized for providing its customers with convenience and competitive rates, making the provider an attractive choice for those who need to make global transactions.
Read the text and see how it works!
Knowing a little about history
At first, the Revolut consists of a global Fintech that offers banking services.
Headquartered in London, it was founded in 2015 by Nicolay Storonsky and Vlad Yatsenko.
It offers global account services, with instant exchange, debit cards, virtual cards, Apple Pay, interest-bearing safe deposit boxes, stock and cryptocurrency trading, and other services.
In 2020, there was an expansion of its operations, opening branches in Japan and the USA.
In this sense, the company's team grew from 1,500 to 6,000, and in November of the same year it reached Break Even, with a valuation of 4.2 billion, making it the most valuable Fintech in the United Kingdom.
In January 2021, the institution applied for a banking license in the United Kingdom.
In turn, with 800 million in a new round of financing in 2021, the company's valuation rose to 33 billion.
In short, this made it the most valuable tech startup in England at the time.
THE Revolut was launched to the public in mid-2015, with the aim of building a fair and frictionless platform for using and managing money anywhere in the world.
And offering interbank exchange rates, the rate used in financial transactions between banks and financing institutions.
Finally, it's worth highlighting that this digital platform offers a range of services and features, in addition to being a multi-currency account, with cards that can be used for payments and withdrawals locally and abroad.
Essential points of Revolut
- The multi-currency account is 100% digital;
- Digital and physical card available;
- Support for over 30 currencies and 150 countries;
- International transactions and transfers with competitive rates:
- Regulated by the FCA in the United Kingdom;
- The client has full access to international savings and investments.
+ Payment methods accepted by Shopee: see what they are!
How does Revolut work?
This digital bank is a multimedia account that allows you to convert, hold, send and receive money from abroad.
In this sense, payments from abroad can be made in two ways:
SWIFT Payments: use of the SWIFT network, which is a financial messaging system between institutions in several countries.
SEPA payments: means Single Euro Payments Area, this zone includes 34 countries that make transfers similar to a domestic transfer.
That is, when a value is sent from Revolut to another account, the system automatically selects the best transfer condition for the user.
By using this digital account for international transfers, customers can save money compared to fees charged by large institutions.
This is because the provider uses the market exchange rate, IOF of only 1.1% or 0.38% of reduced and transparent service fees.
Therefore, the amount to be saved will depend on factors such as transfer value, currency used and recipient country.
+ Global accounts only work under these conditions
Ways to send money with Revolut
The fintech allows transfers between its users and facilitates transfers to other bank accounts belonging to other institutions.
This way, for transfers and remittances to cards, it is not necessary for the recipient to have a Revolut account.
See how you can send money through this bank in different ways:
- Transfer to bank account, send amounts directly to the recipient's bank account;
- Send to a friend, through amounts between Revolut accounts;
- Transfer to a card, with bank card details;
- Transfer to groups, select people's contacts for group payment;
- Payment links, transfer money without using account details, just share the payment link.
Is Revolut safe?
The question is inevitable, since it is our money, the answer is yes, this bank is trustworthy.
It is regulated by competent international financial institutions, such as the FCA in the UK.
This way, their security systems are award-winning and use machine learning algorithms to detect suspicious transactions.
And the platform also offers several features that help ensure customer security, such as document checking and real-time notifications.
How do I create a Revolut account?
If you want to create a Revolut account, download the bank's app or visit their official website and click subscribe.
It is worth noting that in Brazil, this bank continues to gradually release its functions to customers.
See the step-by-step guide to creating an account:
- Open the Revolut App, and click on open account;
- Enter your country of residence and telephone number;
- Confirm the number using the code sent;
- Provide the personal data that will be requested;
- Provide your ID and validate with a selfie photo;
- Now create a 4-digit security code;
- Now you will answer some questions about how you intend to use the account;
- Choose the plan you want;
- The customer can request a physical or virtual card;
- Just confirm and the account is created.
Conclusion
THE Revolut It is a digital account with good benefits and international advantages, and it is also very safe, as it operates in accordance with rules and legislation.
So, visit the website and find out more details. Who knows, you might decide to open an account with this fintech.
