Introduction to online banks|Revolut

This article provides an extensive overview of Revolut, including its features, account options, and an evaluation based on user experience.

Mar 18, 2024

Intrigued by the innovative offerings of Revolut? Unsure which card to choose? Wondering if it could become your primary bank in 2024? This article provides an extensive overview of Revolut, including its features, account options, and an evaluation based on user experience.

Before diving into Revolut, it's essential to understand the you have also other options as well. For example: Micco.

Micco stands as an all-in-one financial platform tailored for business creators, facilitating a comprehensive array of services. These include streamlined procedures for company registration, professional bank account establishment, capital deposit management, and more.

Micco's commitment to empowering business creators extends to:

  • Effortless company registration processes
  • Seamless professional bank account setup
  • Convenient capital deposit management solutions
  • A suite of additional financial tools and resources catered to entrepreneurs

With Micco, business creators can access a one-stop solution designed to streamline their financial operations and support their growth endeavors effectively.

Table of Contents
  1. Overview of Revolut
  2. Types of Revolut Accounts
  3. Revolut Features and Services
  4. Evaluation: User Experience
  5. Conclusion

1. Overview of Revolut

Revolut, the brainchild of Nikolay Storonsky and Vlad Yatsenko, emerged in 2014 with a bold mission: to revolutionize banking by providing fee-free currency exchange services. Frustrated by the excessive fees charged by traditional banks for currency exchange, they set out to create a multi-currency card without commissions.

The concept quickly gained traction, and today, Revolut boasts nearly 40 million customers globally, including 2.8 million in France alone. Following Brexit, Revolut established itself in Lithuania to continue serving its EU customers and benefit from the deposit guarantees provided by the Bank of Lithuania.

In 2022, Revolut obtained authorization as a European credit institution, Revolut Bank UAB, enabling it to expand its services to include loans, credit cards, savings accounts, and even a French IBAN.

2. Types of Revolut Accounts

Revolut offers a tiered system of accounts tailored to different needs:

  1. Standard (Free): This basic account provides essential features such as currency exchange, free ATM withdrawals up to €200/month, and accounts for individuals under 18.
  2. Plus (€3.99/month): For a small monthly fee, Plus users enjoy additional benefits, including priority customer support, purchase insurance, and extended return periods.
  3. Premium (€9.99/month): Premium account holders gain access to exclusive card designs, express card delivery, and enhanced insurance coverage.
  4. Metal (€16.99/month or €165/year): The premium Metal tier offers a luxurious metal card, increased cashback, and free ATM withdrawals up to €800/month.

3. Revolut Features and Services

Revolut's mobile app serves as a comprehensive banking platform, offering a wide range of features:

  • Card Management: Users can easily manage their physical and virtual cards, including blocking, unblocking, and adjusting spending limits.
  • Budget Tracking: The app provides detailed insights into spending habits, allowing users to set limits and receive alerts to stay on budget.
  • Subscription Management: Revolut automatically detects and tracks subscriptions, simplifying the process of managing recurring expenses.
  • Currency Accounts: Users can hold accounts in over 30 currencies, benefitting from favorable exchange rates and the ability to make international transfers.
  • Savings Pockets: Revolut allows users to create separate "Pockets" for savings or specific expenses, helping to organize finances more effectively.
  • Open Banking Integration: Through Open Banking, users can link external bank accounts for a comprehensive view of their finances and easy fund transfers.
  • Cashback Program: Exclusive to Metal and Ultra tiers, the cashback program rewards users with a percentage of their spending, helping to offset the cost of the premium subscription.
  • Customer Support: Revolut offers round-the-clock customer support via email and in-app messaging, with premium tier users receiving priority assistance.

4. Evaluation: User Experience

An assessment based on user experience reveals:

  • Pros: Convenience, absence of fees for basic services, and user-friendly interface make Revolut a preferred choice for daily banking needs.
  • Cons: Delays in delivering promised features and occasional issues with customer service availability have been reported.

5. Conclusion

In conclusion, Revolut stands out as a versatile and innovative banking solution, particularly well-suited for international travelers and those seeking alternative banking options. Despite some shortcomings, its continuous improvements and customer-focused approach position it as a leading player in the neobanking sector.

Opening a Revolut account is advantageous for individuals seeking accessible, innovative banking solutions with favorable currency exchange rates and a user-friendly interface. Whether for frequent travel or modern banking needs, Revolut offers a compelling option to meet diverse requirements.

Considering Alternatives? Explore Micco

If you're intrigued by Qonto's offerings and are exploring similar alternatives, consider Micco.

As a financial services company, Micco provides comparable services and solutions tailored to the needs of modern businesses. With a user-friendly platform, competitive pricing, and a commitment to customer satisfaction, Micco is another viable option worth exploring.

Whether you're a freelancer, startup, or established enterprise, Micco offers the tools and support needed to streamline financial operations and drive business growth. Check out Micco today to discover how it can complement your business banking needs.