Revolut is a digital banking alternative that takes the form of a smartphone app, which you can use to withdraw funds to from your favourite exchange such as Coinbase. I've recently written a post about Revolut, and thought I'd do a quick follow up sharing my experiences so far.
The reason I first looked into Revolut was because I needed an account that I could use to transfer funds from Coinbase to. Apparently, Nationwide (my UK bank) won't do SEPA payments to any crypto related company because of the German company who handle their SEPA payments. I had the choice of looking into opening another bank account with a UK high street bank, or there was Revolut. I signed up for a Premium account (I'll outline the difference between a free and premium account further down), verified and ordered a Contactless Mastercard last week. Verification was a very quick and easy process, you simply need to top up with a credit/debit card (or bank transfer) to the tune of £10 (amount may vary from country to country).
As you can see from the two slightly blurry pictures (sorry), I received my card at the weekend (slight delay because of the storm we had last week) and it came in this very premium looking packaging. I have to say, I'm a sucker for nice packaging. Pulling the tab revealed my MasterCard from the opposite side, with mine being one of the premium designs.
I helped @Calluna sign up for an account yesterday, and within 20 minutes we had the account setup, verified and her new MasterCard ordered. There are no fees involved, which we tested out by depositing £30 and transferring back £20 to her bank account and not a penny was lost. I can't find a definitive list of countries that are supported, but certainly the US, Europe and most of Asia seem to be covered. If you're struggling with your bank and Coinbase (or other Exchanges are available of course!) then definitely give Revolut a go.
I made a quick transfer to and then from Coinbase in Euros, and it all went down without a hitch and in only a couple of hours. I'll be liquidating some of my Litecoin in the next few days, so if I hit any snags I'll post an update here.
Until the 11th March 2018, you can order your debit card absolutely free with free standard delivery. If you choose the free account, that means you won't be charged a penny and will have a fully functional multi-currency account with working MasterCard in minutes. There is also the choice of a free virtual card as well for online spending.
The main differences between the standard account and premium is increased limits, choice of card design, free worldwide emergency medical insurance and access to the cryptocurrency exchange. I encourage everyone to do their own research, so you can head on over to their Pricing Page or check out the features of a premium account. I've also included my personal referral code below, so if you feel like using it I'd really appreciate it.
Overall I can't recommend this banking app enough, there are no fees (other than your premium membership fee if you choose it) and transfers do indeed appear to be lightning fast. Having a card that you can easily spend your cryptocurrencies with is a big draw for me personally, but also a card and account that you can switch between fiat currencies with will definitely come in handy over the next year. What do you think about Revolut? I really like to hear your thoughts on these things guys, so make sure to let me know down in the comments section. As always, make sure to follow me here on Steemit (or your Steem platform of choice) for the latest Cryptocurrency, Internet and Pop Culture updates. Peace!
My Referral Link
Edit: Thanks to @smidge-tv for finding the link to the list of available countries: https://www.revolut.com/rs/faq#where-is-revolut-available
Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland and the United Kingdom.
Once it is available here in Canada, we'll take a serious look at this. Thanks Brother.
I was hoping they'd be available to more than just EU countries, it's a really great service. There's more and more of these alternative banking options becoming available all the time, brick by brick we'll dismantle the current banking system!
That's what we really need to move towards. I know @steevc was using bitwala (I believe) in the UK for a while, but their services appear to have terminated. I know when you go to their website: https://www.bitwala.com/
it says coming soon......so hopefully they have something up their sleeve to get back in the game.
If I do hear of anything available on this side of the pond, it'll be shared!
Absolutely. I hadn't heard of that one, I used to use one called Wirex but I believe there was a big push back from card issuers about using prepaid debit cards for crypto funds, it's probably what happened to Bitwala as well. I know for Wirex at least, they're planning on using a model similar to Revolut to get around the restrictions.
Please do, I'm always looking for new banking alternatives to help promote. Peace!
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Looks really cool. I’m going to check it out
Yeah it's definitely worth looking into, and for free well, you've got nothing to lose!
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That does suck, even the virtual ones? What country are you in out of interest?
I hadn't noticed that, I'll have to look harder