What Is Revolut?

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What Is Revolut: Revolut is a digital banking start-up founded in 2015 by Vlad Yatsenko and Nikolay Storonsky. According to its founders, they created the company to solve the transaction delays associated with traditional banks. Revolut’s goal is to ensure customers have on-the-go access to their money through their mobile phones. The company specifically targets young customers who mostly conduct their financial transactions online.

Since launching in 2015, Revolut has seen its customer base reach millions across Europe, Asia, and Africa. Revolut’s growth is attributable to its easy sign-up process, which gives you an instant digital financial presence with minimal details. 

In addition to this, the bank grants you access to over 30 currencies at real-time exchange rates. This feature makes Revolut appealing to tourists and bettors and has led bookies that accept Revolut to the top of the gambling food chain.

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This article is authored by online payments expert Kate Richardson, whose profile you can read here.

How Does Revolut Work?

Revolut is a purely digital bank. This means that all deposits, withdrawals, and activities related to your Revolut account are made via your smartphone. Think of this as a merger between digitization and the banking process. Rather than go to a traditional bank to fill in paperwork, you can open a Revolut e-wallet in a few minutes from the comfort of your home.

As a digital bank, Revolut money transfer payments are almost instantaneous, and customers receive push notifications for every activity even when they are logged out. Interestingly, Revolut doesn’t require credit checks before you can sign up for an account – a feature that’s built to drive inclusivity in digital banking.

Signing up on Revolut is a four-step process that can be concluded within a few minutes. 

  • The first step is to visit the Revolut website and enter your phone number. You’ll receive a link to download the Revolut app from your iOS or Google Play Store. This is to ensure that Revolut is operational in your country.
  • Step two is to download the app and enter your phone number on the signup page. 
  • In step three, you’ll be asked to verify this number and create a log-in password for your account.
  • The fourth step is to provide personal details like your name, email, residential address, and ID.

Once you’ve completed these steps, the app will display your new UK account details on the screen. Revolut automatically gives you an account in the currency acceptable in your country in addition to a Euro account. If you’re looking to transact in other currencies, you can create sub-accounts on the accounts page of the app. You’ll also be given an instant virtual Revolut credit card so you can fund your betting wallets and make online payments without delay.

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What Are The Requirements For Opening A Revolut Account?

Revolut requires you to fulfill a few conditions to open an account with them. The major requirement is a valid means of identification. Depending on your location, this may include:

  • Your International Passport
  • Driving License
  • Residence permit 

In addition to this, UK account holders are required to make a £10 deposit to order the Revolut credit card. The Revolut credit card has three types and can be used online and at ATMs in over 150 countries worldwide. 

The bank recommends using your virtual card for online payments, including funding your betting wallets to reduce the risk of compromising your physical card details. 

Benefits of Using Revolut

Several perks come with owing a Revolut digital account, some of which include;

  • A fast and easy approval application process.
  • You get your new account details in minutes.
  • Instant access to a virtual credit card.
  • Free international money transfers and conversion.
  • Access to over 30 currencies.
  • An opportunity to buy cryptocurrencies directly from your bank account.

These features are accessible to every standard Revolut customer, while Premium and Metal account holders have add-ons such as:

  • Disposable virtual cards self-destruct after each transaction to maintain account security.
  • Premium or exclusive Metal credit card.
  • No monthly limits on currency conversion.
  • Free ATM withdrawals on amounts up to £400 and £600 monthly for premium and metal subscribers, respectively.

The Revolut UK standard account is free with no hidden fees, while Premium and Metal account holders pay £6.99 and £12.99 monthly, respectively.

Can I Fund My Betting Account With Revolut?

Earlier this year, Revolut removed its supporting feature for bookmakers and sports betting websites. This means you can no longer fund your betting wallets directly from your Revolut app.

However, punters can still fund their wallets on bookies that accept Revolut by using their physical or virtual credit cards. All you have to do is enter the card details online and the amount you wish to deposit. This option is instant and free of charge like other online Revolut card payments. 

Thankfully, Revolut allows you to make deposits and withdrawals in multiple currencies at real-time market rates so that you can use your card on foreign bookies even without a Revolut US account. Another option is to fund your betting wallets via crypto. You can do this by making transfers from your Revolut crypto address to the bookies’ receiving address.

ConclusionRevolut offers a safe and reliable payment option for all of your online payment needs as your card details and payment information are encrypted using 256-bit SSL technology. The e-wallet company is one of many reliable companies simplifying digital payments across Europe. You can read more about digital payments and security protocols here.