Virtual Banking App Revolut Launches in the US

[MacRumors]

Popular European banking app Revolut launched in the U.S. today. In partnership with NYC-based Metropolitan Commercial Bank, the virtual banking service offers a one-stop app where users can spend, send, receive, and control cash flow from their Revolut account.

Users sign up for an account and a debit card right from within the app, and can then access separate tabs that track accounts, spending, payments, and cards. Deposited funds are FDIC protected up to $250,000.

Users receive notifications every time a transaction is made on their card. It's also possible to freeze and unfreeze a card, set some limits and restrict some features, such as online payments or ATM withdrawals.

Other features include the ability to send and request money from friends through the app, convert foreign currency at a low exchange rate, hold foreign currencies in a Revolut account, and pay Revolut users in other countries in their local currency.

Users can withdraw money from their Revolut account via more than 55,000 ATMs in the Allpoint ATM network. However, there is a maximum withdrawal limit of $300 per month at a time without incurring a two percent fee, though users can withdraw more if they sign up for one of Revolut's premium subscriptions, which start at $9.99 per month.

In addition, Revolut offers users in the U.S. the ability to receive their salary two days in advance if they share their Revolut banking details with their employer.

In Europe, Revolut offers several other features for premium users, including the ability to buy cryptocurrency and purchase mobile phone insurance within the app. Those features aren't available at launch in the U.S., but Revolut is working to bring them over where possible.

Article Link: Virtual Banking App Revolut Launches in the US

 

[macfan90]

Seems stupid.

 

[Techwatcher]

Imagine subscribing for a checking account...

 

[LeeW]

I have been using Revolut in the UK for a while, works well and has replaced PayPal for me, the currency conversion is at a market rate rather than what Paypal decide to cut it down by. No idea what the US has but I have found it very useful. The subscription is only if you want the additional services.

 

[BF1M]

Seems stupid.

And pointless. Not every wheel needs reinventing.

 

[macfan90]

I prefer going to a real bank that is nation wide with brick and mortar locations. Not a fan of digital only banks or local banks. If you travel, well good luck with fees in another state.

 

[swm]

i love it, currency conversion is great, i'd say this was the poor man's apple pay + apple cash for quite some time. it is still for the latter part.
on the other hand i can't imagine how these guys will stay afloat, basically their losses grow as they acquire more customers...

 

[b4rtw]

Been using Revolut for a few years now. Initially the subscription seems weird and expensive. But once you see your brick and mortar bank actually charges you for loads of things without specifying it, the subscription makes sense. No more hidden fees or surcharges. Plus great features like commission free share trading on the Dow and Nasdaq, international medical insurance, (some of) the best exchange fees, etc.
I am not affiliated in any way to Revolut, but do encourage anyone to have a look. Even if you take a free account.
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Seems stupid.

Don't knock, what you don't know. Have a look. I really recommend it. See my comment above

 

[tardegrade]

I've had a Revolut card in the UK for the past 3 years. It's excellent. Always adding new features and the biggest benefit is the ease at which you use it abroad when other cards simply wont work. Also having disposable virtual cards for online shopping is a very reasuring thing to have.

 

[Oberhorst]

I prefer going to a real bank that is nation wide with brick and mortar locations. Not a fan of digital only banks or local banks. If you travel, well good luck with fees in another state.

There are no fees with Revolut except in I think it's five countries worldwide (for example North Korea).


@MacRumors "low conversion rate"? Here in Europe you get the market rate which means no fees at all when exchanging currencies. Is that different in the USA?
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Initially the subscription seems weird and expensive.

You don't have to pay that subscription at all, there's a free tier. The subscription only makes sense if you exchange a lot of money every month to a different currency or regularly transfer loads of money to a different country. There's a fee from £6000 upwards for those scenarios with the free tier that the premium and metal tiers don't have.

 

[peter34]

I use it for a few years. It's free and it's great for travel and shopping in other currencies, because they have excelent conversion rates. When I travel I can get money from ATM without fees or in case bigger amount with very little fee. Everything I pay in forrein currency, I pay with revolut, you save at least 2% or more.
Sometimes I use it to send or get money from friends.

 

[aroom]

yes, revolut is great, especially if you travel.

 

[plandersen]

I have been using Revolut for a few years and love it.

If there is one thing I hate, it's paying fees to banks. I have mainly been using my card abroad and been saving around 2,7 % on the exchange rates compared to my MasterCard (Europe based), which is the normal 'hidden' overhead.

It's also great for transferring money to friends abroad without fees. Just works great. Have not come across any other banking service that can do the same.

 

[jarman92]

I've been using Simple—which is almost identical to this but without the subscription—for years and absolutely love it. There really are no fees, the APY on their savings account is excellent, and the app is great. I switched from B of A and the contrast is shocking.

 

[jeyf]

i am not associated with Revolut or any of this
so

payPal is something my dad uses, good for him. How does Revolut compare with cashApp (squareCash) or Venmo or Zelle??

How much cross platform does Revolut have? Can i use it on my deskTop/macOS/windows if my iPhone is mis placed.

does it cash checks via the iPhone if so dollar limits?

security (if any); does it do finger print and or face id on the iPhone if i need it? Canit send me text verify for every transaction or so.

very important they have a voice customer support if all else fails and that $$ transfer dosnt go through.




i dont use brick morter that much but i think Revolut is fake, prove it otherwise. Share some real information.

 

[Dephibio]

Been using it here in Europe for years and absolutely love it. If anyone wants to get a free card, you can use this link.

 

[MrJeffreyGee]

I've been using Simple—which is almost identical to this but without the subscription—for years and absolutely love it. There really are no fees, the APY on their savings account is excellent, and the app is great. I switched from B of A and the contrast is shocking.

I use Simple as well and love it, but they really need to get rid of those foreign exchange fees. I don’t use it when I travel abroad cause of that, but love my Apple Card for that.

 

[myuserid08]

I’ve used Revolut for business - very expensive. They charge 3-4 times what a brick and motor bank does for less features.
I don’t know why you would use this service when there are other free “online” banks such as Monzo, Coconut and Starling Bank who actually support their clients.

 

[jeyf]

i am still confused what Revolut does and sounds like a scam.
just be careful

 

[one more]

Have been using Revolut since last summer in Europe and it is great for anything involving transactions in different currencies. For example, my “normal” bank account is in EUR, so if I go to the UK my bank will apply fees for every transaction in GBP. Same for Switzerland, where they use CHF. This applies to everything - physical purchases, on-line purchases and bank transfers. Besides, their basic account is free (no monthly fees, nothing), you only pay once to get a physical MasterCard (around 5€).
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i am not associated with Revolut or any of this
so

payPal is something my dad uses, good for him. How does Revolut compare with cashApp (squareCash) or Venmo or Zelle??

How much cross platform does Revolut have? Can i use it on my deskTop/macOS/windows if my iPhone is mis placed.

does it cash checks via the iPhone if so dollar limits?

security (if any); does it do finger print and or face id on the iPhone if i need it? Canit send me text verify for every transaction or so.

very important they have a voice customer support if all else fails and that $$ transfer dosnt go through.




i dont use brick morter that much but i think Revolut is fake, prove it otherwise. Share some real information.

Here are some answers to your questions;

Revolut (unlike TransferWise, etc.) only works via the app in your phone;

It does not cash checks;

Security - it has both FaceID & TouchID and you can set it up to authorise each card transaction through the app. Also, every time your Revolut card is charged or something comes in/out of your account you get a notification in Notification Center;

They do not have a voice support, but have a good enough support chat system via their app.

 

[Eli_m]

I prefer going to a real bank that is nation wide with brick and mortar locations. Not a fan of digital only banks or local banks. If you travel, well good luck with fees in another state.

Doesn't matter what you or I think. It matters what Gen Z thinks.

 

[vip007]

I have Revolut in the UK, but have mostly been using Curve, another online banking service.

For the UK (maybe European) banking environment, these services are essential as most (all?) UK banks charge an arm and a leg in various fees, including ATM fees, currency exchange fees, etc.

Now, the above is not quite the case in the US. I have my Charles Schwab bank account, which is beyond anything else in terms of international banking (well, ATM usage, reimbursement of all ATM fees, good exchange rate). Most US credit cards have no currency conversion fees, unlike the UK cards.

So I am not sure how well Revolut will do in the US market.

 

[JetBlack7]

Welcome Americans, to the best banking service right now on the market. Been using it and as someone above said, It has also replaced paypal for me. Using it together with Apple Pay, and it's awesome. Customer service is top notch also. Highly recommended.

 

[aroom]

Another link to get a free card is you’re interested.

 

[H3LL5P4WN]

Longtime Simple user here. They'd be my only bank if they still had bill pay (mainly due to my auto loan being through another bank that somehow doesn't have online payments).

I can see conversion rates being a thing, but I'm not pinkies-up enough to travel like that.