My first crypto 'bank' card arrived today: what is Revolut?

in cryptocurrency •  6 years ago  (edited)

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I haven't had plastic in my wallet since 2014 so I am a little bit excited in this moment to be clutching a card which permits me to hold BTC, ETH & LTC in a 'bank account' where it is instantly exchangeable and accessible as cash at an ATM or as an online transaction... and all without crazy fees or exchange rates.

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Revolut is a unique service claimed to be 'better than a bank account' because it offers free international transfers and no fees for ATM withdrawals (up to a certain amount). It also permits you to spend your money abroad with no fees.

There are other unique features designed to help organise and save money, but these don't interest me. What interests me is the crypto feature.

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Why is Revolut great?

  • I can exchange my BTC, ETH or LTC with 25 fiat currencies at the best possible exchange rate. This is perfect for me as a traveller because now I will have easy access to the local currency wherever I go.

  • It took just ten minutes to set up the account with no proof of address required and the card arrived in three days.

  • The basic account is free so I set up one for my partner Sabrina too.

  • For those situations when I am not with Sabrina and I need to get her some money, I now have an easy way of transferring her crypto or fiat with low fees & fast transaction times.

  • It has a simple mobile app from which you can manage your account which is easy to use even for those who have zero experience with crypto.

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Why is Revolut not great?

  • I cannot transfer crypto in or out of the Revolut wallet/account. To buy crypto I must first transfer fiat to my Revolut account from another bank. They are planning on implementing better crypto connectivity soon but no details are given on exactly how soon.

  • I am limited to €400 a month ATM withdrawals before I start getting charged withdrawal fees.

  • The premium account (which is what I need) is costing me €8 per month.

This is what arrived this morning

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Pull on the black strap and the other side opens up to reveal the card. I have blocked out the name coz while you guys may think you know my name... maybe you don't ;)

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All in all it is a really neat package, the kind of thing that ends up lying around the house for a few months before finally making it to the recycling bin.

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Two Options

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I went for the premium account because the free withdrawals up to €200 a month in the standard option was not enough. €400 seems more realistic. And now I have overseas medical insurance, not that I ever need it ;)

So... it's time to take this baby for a test run!

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If anyone happens to know of a company which does provide the full crypto connectivity I am looking for I would be most grateful if you could let me know.

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Who is @samstonehill?

He was a London based filmmaker until he sold everything and set out on a barefoot journey around the world, currently based in the south of France.

He is travelling with his partner & two children and with no bank account he has been living on STEEM & crypto for over a year.

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I have requested a card, but they are not available yet in Canada, or at least not in my part of Canada.

That is unfortunate. I wonder if they will permit you to have it delivered to a trusted friend who then forwards it to you?

Well, thanks for saving me the trouble I guess, was going to order one.

I thought it was going to work in Canada until I went through the whole process and it said it's not available here yet. Oh well. I'll be notified when it does now at least.

I don't get why they would deliver to some places and not others. Very strange. Hope they fix this soon!

I have one.. I mainly got it for when i travel abroad as the conversion rates are great and you can convert cash when you need it then convert back at the best rates.
I'm not sure if they will ever have an options with the cryptos to buy and send or receive.

It seems perfect for travelling... which is what I intend to do for many years to come :)

Ive had revolut since last december, its a pretty good alternative to my main bank acc.
I went for the premium because i thought i would be able to transfer crypto in and out of my acc.
I was a bit disappointed because unfortunately that's not the case. yes you can buy crypto but you can't transfer it.
You don't have a wallet address. you are just buying off revolut or selling back to revolut... the prices are always in their favour lol.

They do however accept sepa transfers from some crypto exchanges. most banks in the uk are not usually happy about accepting sepa from anything crypto related.

Great you have been using it since December already.

When I set up the account I must admit that is what I imagined too. Their website is a bit deceiving on that front.

Still, as you say they do at least accept sepa transfers and it is a good alternative bank account. Or in my case... the first bank account I've had since 2014

Cool, I'm always looking for new crypto to fiat options. Might have to order one. My last experience, with Wirex was a bummer due to outrageous exchange fees and ultimately ending of the whole program with the card becoming useless.

I would dearly love to be able to sell my earnings here for BTC and transfer directly to my Revolut account. Am confused why no one seems to offer this kind of service?

We are currently in the process of connecting Sabrina's bank account with a crypto exchange so that I can add money to her bank and then transfer over to Revolut. Which feels like quite an over-complicated way of doing things, but does at least solve the problem :)

I tried setting up a free account, but somehow ended up with the premium. However, it was great to have the Revolut card on a recent trip abroad if only because the app keeps good track of everything you spend and instantly lets you know how much money you have left. Still haven't used the crypto buying feature, yet.

I'm not much into keeping track of spending but I know Sabrina will enjoy this feature.

Great you have taken it for a successful test run ;)

Am looking forward to using it!

Packaging seems really cool, LOL! ;)

The content, probably it's even better, isn't it?

A free hug from @amico! ;)

Super cool packaging. Super cool card :)

Thanks for the hug!

Congratulations

Thanks ;)

Coins mentioned in post:

CoinPrice (USD)📉 24h📈 7d
BTCBitcoin6668.270$-0.85%9.21%
ETHEthereum473.533$-0.68%8.61%
LTCLitecoin84.300$-4.02%6.85%
SBDSteem Dollars1.270$-2.41%17.27%
STEEMSteem1.592$-6.67%27.78%

Please stop reminding me of these rubbish prices!

Congrats Man! Enjoy.

Thanks!

Very interesting post friend greetings

Greetings :)

@samstonehill such a amazing revolut fee is too low and secure too.
I hope delivery will available to India soon?

It would seem logical that they deliver to everyone! Sorry they don't deliver to you.

good the benefits offered to people get a bank account!

My first 'bank account' in four years ;)

Enjoy it ! Revolut is going to revolutionnarize the crypto space for paiements ^^

Thanks! Just wish they permitted me to transfer crypto into my account. Currently I am transferring crypto to Uphold where I can exchange for Euros and send to Sabrina's bank account. From there it goes into the Revolut account. Which is quite long winded but at least it works ;)

It's long now @samstonehill
but they will develop it and it will be much better !