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Revolut is offering InsideFlyer readers a free card to help you save money on your travels. This means you won’t have to pay the normal £4.99 delivery fee (you do need to up your account with at least £10 – but if you want the card you’d presumably be doing that anyway).
What is Revolut?
In their own words,
“(Revolut is) An app that is revolutionizing the world of personal finance as a digital banking alternative. Revolut is an app for your global lifestyle”.
It offers a contactless card that allows you to:
- Spend all over the world with no fees.
- Exchange currencies at the interbank rate.
- Get money at any ATM with no commissions (up to £200 per month, then 2%).
- Open multi-currency accounts
- Make payments and divide accounts with friends.
- Monitor your expenses and even buy Bitcoin, Litecoin, Ether and much much more.
How to claim your free Revolut card
Insert your mobile number.
Follow text message URL to download Revolut on the Google Play or Apple App Stores via the link.
Open an account (takes 30 seconds).
Top up £10/€10.
Select and order Free Card [Standard Delivery].
Verify your identity (Tap more -> Profile -> Verify identity). This means your Revolut card will be ready to use as soon as it arrives.
I haven’t had chance to test it myself yet, so there may be other issues too, but the main thing I’ve noticed is that there are fees if you make transactions over the weekend:
“During the weekend (Friday 23:59 – Sunday 23:59) as the Forex markets are closed, we take the rate from Friday 23:59 and apply a markup of 0.5% on major currencies and 1.0% on other currencies. Please be aware that we pull rates from our provider, and they are obligated to present us with updated rates whenever they are informed of a change from one of their suppliers. This means that the weekend rate may fluctuate and not be the same as the exchange rate we use from Friday.
Note that for a few currencies there is always a markup, regardless of when the transaction occurs: “For THB and RUB, we apply a small 1.5% markup on the exchange rate. For UAH we apply a 1% markup.”
One of the big oversights in my current credit card ‘portfolio’ is one offering zero fees on foreign transactions, so Revolut looks like a great alternative if you are in the same situation.
Obviously you need to remember to top up you Revolut account, but that’s not really much more inconvenient than keeping an eye on a credit card account. I’d rather save my credit card applications (and the hit on my credit score) for cards with good sign up bonuses at the moment, so will be giving Revolut a spin.
Have you already tried Revolut? – what did you think?