Revol

By magdalena
May 20, 2022

Revolut is a relatively new solution, which, however, has very quickly won great popularity in Australia and in Europe. Despite the fact that Revolut has been with us from 2015, only in December 2018 Marek received a European Bank license from Lithuania Bank (Lituvos Bankas), allowing for the opening of a bank account.

However, we can not surprise you to quickly increase the popularity of Revolution platform, because the possibilities offered by this platform are really huge. First of all, the main reason why Revolution has so far achieved success is the possibility of direct exchange of currencies after a very attractive course. As we know, one of the currency exchange problems in bank currency exchange are far-distinguishing courses from these real. In the case of Bank Revolut, convert one currency to the other we are on a real course - nothing on such exchange is not truncated in relation to real prices. And what is the best in all this - everything is very simple and available to us in one click.

However, the fact of immediate exchange of currencies after a market course is just one aspect of the genius of this solution. The second thing is that regardless of where we are - by just one card we can make payments in many currencies. Even standing in the queue in the store, we can very quickly convert one currency to another. And even better - this does not only include traditional currencies, because there is also the possibility of converting FIAT currencies to cryptowalut.

Unfortunately, however, we are not able to use Revolution to pay for gambling platforms. However, there are really a lot of various types of applications for this payment method, even in the field of gambling world - for example, fast and convenient exchange of currencies and payment to the portfolio that allows us to give our account at the casino account.

A revolution

Revolut is derived from the United Kingdom FINTECH, which was founded on July 1, 2015, and from December 2018, receiving a European Bank License from Lithuania, he is also a Bank. Until December last year, however, users had some doubts about this system and often exchanged no banking license as a revolution defect. However, the company has met expectations and has received such a license.

Revolution is dynamically developing - the culture of traveling around the world is now more common than ever - and also in Australia more and more people regularly travel around Europe or abroad. At the moment, in 2019, Revolution has 3 million customers - of which almost half a million are users from Australia.

What distinguishes Revolut? First of all, a really well-prepared and very transparent mobile application in which we can easily find. Access to the application is protected with a 4 digital code and the "Touch ID" function. With the application, we can customer service, exchange currencies, perform international bank transfers, send media to other users and much more. The application allows us to use all the functions that the revolution platform has to offer.

Revolut also offers its clients to conduct numerous currency subcont. And the currencies available here are really a lot. We can use the British pounds, the euro, Swedish crowns, Saudi Riala, Turkish Lira, Danish Crown ... and basically from almost every currency in the world!

Konta Revolut

As we probably can guess - in revolution, we have the opportunity to open more than one type of account depending on our needs and preferences. Below are a brief description of each of the three available types of accounts.

  • Standard - the basic version of the Revolution account, which is default for each new user. The standard account is fully free, although it is characterized by larger limitations compared to two successive, paid versions. We are here limited inter alia, a monthly payout limit equal to AUD 800.
  • Premium - a paid version of AUD 30 a month, under which we also receive access to 5 cryptowalut, virtual cards, free insurance, Loungkey cards, as well as a larger limit of withdrawals from an ATM (1600 AUD)
  • Metal - the most prestigious and at the same time the most expensive (50 AUD per month) Revolution account version. As part of this version, we can also receive Cashback for purchases in Europe (0.1% Cashback) and outside Europe (1% Cashback), and we also have free withdrawals from an ATM to up to AUD 2400.

Below are also a short comparison of all features offered by Revolution specifying those entitled to a given type of account.

Standard Premium Metal
Monthly fee 0 AUD 30 AUD 50 AUD
Currency Exchange Limit AUD 20,000 per month
Limit of free payments from the ATM 800 AUD a month 1600 AUD a month AUD 2400 a month
Insurance • Medical insurance

• Leisy flight insurance

• Insurance from lost luggage

• Medical insurance

• Leisy flight insurance

• Insurance from lost luggage

Access to virtual cards So So
Access to the cryptowalut So So
Access to the Longuekey card So So
Cashback function 0.1% for purchases in Europe and 1% for shopping outside Europe

Security

Another aspect of the revolution brand that you must move in this review. Safety is. Before Revolut obtained a bank license, users often questioned the rationality of keeping more funds here. And rightly, because if the company met the requirements of the British Financial Conduct Authority (FCA), the customers were only insured here for the maximum amount equal to 1000 GBP (approximately AUD 5,000).

It was so much 3.5 years old, which is most of the time of Revolution. Recently, however, Revolut already has a bank license from Bank Lithuania and insures its customers up to EUR 100,000.

Of course, Revolut is also a safe solution when it comes to the same use of this payment method. We are informed about all transactions on our phone. Even if we lost our phone, because of Touch ID (fingerprint) and PIN code, which should be given on each login, no one will be able to get to our account. If we lose the card and someone starts to make a transaction to help - we will find out very quickly from our phone.

Verification

Of course, to use the Revolution account, we will also have to verify your identity. It is a relatively easy process through which we should go at the very beginning - functions for unverified users are a bit limited. Besides, it's better to have it from your head before we start actively using this system.

For verification, we will need a scan of the identity document (ID card, driving license or passport) and confirmation of the residence address (may be a bank extract). It will also be necessary to make a verification transfer to a small amount from our bank account.

Treasury

Treasury (Vault) is another interesting feature available in the Revolution system. It allows you to postpone small amounts from each transaction on the purpose designated by us. Of course, Revolut does not allow us to keep a savings account - that is, the money we underneath will not be interest-bearing. However, this is a very nice feature for anyone who needs additional motivation in meeting their savings provisions.

Casino payments using revolution

Unfortunately, but there is no possibility to make payments using the revolution card to any of the gambling platforms - or casinos or bookmakers. However, this is not in any way associated with the Gambling Act of 2017 - this ban includes players from all countries and results directly from the Revolution Regulations.