Revolut Disrupts Global Banking and Here is What You Need To Know





The Revolut Take on Global Banking


Online only digital banks are poised to challenge the traditional banking structure with innovative features and paradigm changes. These include a move towards more personalized banking, flexibility and quick adaptability to suit its users’ needs. Their advantage lies in embracing technology from the get-go – running circles around traditional banks that are slower to adapt and react to market changes.

One of the companies leading this motley crew of “challenger banks” is Revolut. Launched in July 2015, the London-based startup has grown to over 2 million customers and is now currently planning to expand all over the world, including seeking licenses to operate in Singapore and Japan by 2019. Their key philosophy is making a “fair and frictionless platform to use and manage money”

How Revolut Works

A key feature of Revolut is in making global spending and foreign exchange painless and easy for people travelling around. This is done with a Revolut card and an easy to use mobile app. They can also do credit card transactions with no additional overseas fee and at the true prevailing exchange rates.

With its Interbank Exchange Rate guarantee, people can withdraw cash at the local currency using the real exchange rates without any additional charges. This is in sharp contrast to the exchange rate banks charges, which can charge significant mark-up rates.

It currently supports 26 currencies, and is a complete game changer for tourists or transient travellers as it significantly cuts out hidden fees and increases your currency’s spending power.

Tourists agree that exchanging cash in the local currency ranks as one of the most tedious and “expensive” parts of travelling.
As such, transferring money is also straightforward with the use of, again, its mobile app.

You need to simply select the contact of the person you want to send the money to, and they will instantly get it in their Revolut account. GPS technology can also locate that person for you, should you don’t have their contact number on hand. Since Revolut is basically a global bank, international transfers can be easily done, which makes sending money to loved ones abroad super fast and hassle free.

Revolut is also facilitating the popularity and future of potential of cryptocurrencies by allowing users to exchange cash for digital coins – which includes Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ripple.

Its most revolutionary feature, however, is arguably its virtual card feature. This one-time virtual card can be used for online payments, after which the card is deleted and a new one is issued. This makes your card impossible to be reused again, and has significantly cut down on fraud, by up to 30%.

Revolut also offers complete security and control to users on their accounts Users can easily freeze their accounts through the mobile app at any time should they lose their cards, for example.

The mobile app also offers nifty features such as viewing your spending habits, setting monthly caps on your spending, account analytics and other security features. Revolut is also a legitimate entity regulated by the Financial Conduct Authority (FCA), making your money secure should Revolut face any issues.


Conclusion


Digital technology has, once again, disrupted the traditional way of doing things by providing innovative services that solves major pain points. By providing hassle free, fee free, innovative and personalized features, Revolut is poised to turn the global banking industry on its head and usher in an era of true global banking.

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