Revolut: Trying Out the New Smart Bank

I have been shopping around for a new bank because I pay quarterly fees with my current bank and this is money down the drain. But I want more from a bank because they are profiting from my labor so I think they should work a bit harder for it. I find a countries major bank institutions are not that cutting edge and I want something more so I am going to be trying out a couple of online banks to see how they go. I will not close my current account just yet but a friend of mine was telling me about an online bank called Revolut that is quickly becoming the online bank of choice of young professionals.

Rounding

So I went onto its webpage to learn all about it. Before I went on I am interested in a new way of saving called Rounding. It is a great idea for people who cannot save like yours truly. So what is Rounding. So say you buy a coffee with your card and the price of the coffee comes to $2.60. You tap your card and pay the $2.60 but the bank rounds the coffee up to $3. It then takes the 40 cent and puts it into a separate account. So a friend of mine set it up and after a 6 months he had $500 in his savings account without even feeling a pinch. Isn't that just brilliant. Revolut has Rounding and it does work exactly as above. You can set your rounding to whatever you want to save more.
The main reason people are choosing revolut is because of the low fees for transferring funds abroad. Many Irish people in Austrailia are using it to transfer funds home. Up to $6000 dollars is free to transfer with its basic account which is really good.

revolut homepage

Account Types

There are 3 different accounts. Basic, Premium and Metal. Metal offers you a concierge service and they will book you flights , recommend hotels to stay and a whole host of other services. It is like having your own secretary. The metal card is quite snazzy to and I love the way they have embraced cryptocurrency and you can even buy the big 5 there and keep it in a vault.

Bill Split

Another cool feature is that your contacts list is like your phone book. If I want to transfer money to one of my friends on revolut I just click their name and the funds will transfer. If we are out for dinner I can also split a bill for a meal. I love this feature

Vaults

Revolut has vaults also which are like different wallets in your account to transfer your money into. I love the idea of different wallets in one account which goes away from the many different accounts you have in a bank. At the money we have a 3 savings account for say short term and long term and car, joint account and two current accounts in our current bank. The vault system could have all of these under the one umbrella.

Perks and Budgeting

I am looking forward to this. You get perks the more you use your card. It comes with its own perk-meter.

The budgeting bit is awesome and you get reminded if you are gone over your budget on the old booze. It is worse than the mother but it made me think twice to stay within my budget.

Overall I am very impressed with Revolut. A modern bank and it has embraced cyrptocurrency also which is great to see. This tech start up is going to be huge I imagine and it already has 12 million users. I signed up for the premium account to give it a go. But I am very impressed so far.

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