Founded by friends Vladyslav Yatsenko and Nikolay Storonsky, Revolut is a smartphone application. With the assistance offered by the app, travelers have the possibility to spend their local currency in over 90 currencies and at the best exchange prices.
About Revolut App
With the financial technological revolution, Revolut app is a significant boost for any tourist. Although several startups have come up with mobile payments and transfers, Revolut is an alternative to such established services. Launched in the year 2015, the smartphone built by the friends uses services offered by Mastercard. It allows the customers to exchange their currency in over 90 countries and at the best prices.
How does it affect the market?
Lending institutions such as banks and currency exchange points have benefited a lot from this and in business for a long time. According to Andrew Hagger, a financier at PR agency, the popularity of tech-savvy people and the increasing number of travelers makes it difficult for the foreign exchange currency in the streets to run on their toes. Revolut works using the interbank fees on the exchange. On the contrary, the exchanger and the bank will make money after withdrawing a charge between 2.75% and 3% above the standard exchange rate.
How a traveler uses it?
A user can install the application on their smartphone, add their credit card, and store the same securely. Revolut further allows you to apply for a physical card with a card limit of £500 without any fees. Any increase in the limit will attract a 2% interest until the end of the month. The app also provides you the possibility to transfer money to a bank account using email, message, and WhatsApp.
How is it different from others?
Of course, several cards and services out there offer incredible services to travelers. There are even options where a few services have nil charges. Nonetheless, Revolut application is apart from these when we speak about combining multiple currency spending and money transfers through a single platform. With all the services offered under a single shelter, a traveler would benefit and have the best of the travel experience. It even provides the ability to upload funds to the account, convert into desired currency, and spend as required. All these make Revolut an incredible and seamless application, with nothing else reaching its core idea.
As a startup, Revolut does face some or minor issues. However, keeping them aside, the application itself is revolutionary in the market for travelers. They can quickly exchange currency for the best price and travel in peace. Furthermore, with no additional costs involved during the exchange of the currency, the traveler will benefit concerning the amount they receive when they exchange money. The application saw a plethora of changes in one year and hopes to evolve each year as time passes. They concentrate on adding more users and providing prompt customer service at all times. The application caught the attention of over 160,000 travelers, and banking institutions will have to consider gear up to the challenge.