For anyone who travels frequently, one of the most frustrating and time consuming activities is prepping your currency in advance. Where do you get the best rates? What happens if you fail to bring enough cash - you face having to withdraw abroad, use your credit card or find a cash exchange service abroad, all of which are priced up accordingly.
Enter Revolut - The Global Money App, currently aimed at British travellers. Free to sign up for a digital wallet and it’s only £5 to obtain a Revolut prepaid Mastercard which acts more like debit card within the country you're traveling. They don’t skim off your exchange fees and you always get the best possible currency rate when withdrawing or paying for something abroad. There is a small fee (2%) to withdraw anything over £500/€650/$700 a month but it’s still a lot cheaper than withdrawing cash through your regular card, which is something we’ve experienced first hand, and the difference can be quite exceptional.
It’s super-easy to log on to the banking app that accompanies the app, so if you’re low on cash on your Revolut card you can easily top it up with a few clicks from your smartphone. The app also includes an excellent safety feature such as locking your card to the location your phone so if you lose it or someone else have it in their possession the card will stop working.
Revolut enables you to lock in today’s currency rate if you buy in advance and you’re also able to arrange international money transfers from the app to your contacts. They can then withdraw the money using their bank account or via Revolut. Finally, you're also able to split a bill with friends, so as soon as you’re ready to pay for a meal, bowling or whatever you’re into with your friends, you can save the awkwardness of asking of cash and just split the payment immediately via Revolut.
There’s a premium service for a fee of £6.99/month. This includes a black Mastercard (with 5 other designs available), plus added benefits such as free overseas medical insurance, free global express delivery if you lose your card, £400/€400 cash withdrawals, free bank transfers in 23 currencies and much more.
- Trading is now available for Premium and Standard users. You can buy and sell fractional shares in over 450 U.S. Companies. Capital at risk
Revolut is a great app/card combination that enables you to save on international charges when traveling abroad and makes it easy to send money locally/internationally. It makes it easier to split a bill between various people when you all enjoy a relaxed evening meal when you’re abroad.