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Revolut is a digital-only banking app and card that sets itself apart from traditional banks with a focus on technology, low fees and flexibility. It wants to help those who travel a lot, offering spending abroad and international money transfers with no hidden fees. Revolut allows its customers to manage their money easily. Splitting the bill with friends, freezing a lost card and setting a spending goal has never been easier. Revolut offers a number of accounts with its free one being the standard, a plus account, a premium one, a metal account that comes with a metal card, and an Ultra account.
Pros and cons of Revolut
- Free multi-currency account, you can hold in multiple currencies.
- Quick to apply for and set up, no credit checks.
- Use the card abroad with no fees.
- User-friendly app with control over accounts and cards, spending control visualisation and a lot of great features.
- You can put money aside in a Vault and set a spending goal for it. Group Vaults are also available.
- 24-hour customer service is available.
- You can get travel insurance directly from the app, at a competitive price.
- Revolut often runs introductory “welcome” bouses (see above).
- You can’t set up a direct debit on your UK account.
- No high-street branches, which can put off those who prefer face-to-face customer service.
- Cash incentives for signing-up to Revolut are never as hefty as the high street banks’ (but then, who says you can’t do both?!).
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