Revolut the online bank, which launched only three years ago in July 2015, has over 2 million customers and growing. But how has this innovative and dynamic bank drawn people away from high street branches and lead them to a ‘world beyond banking’?
Attracting such a large volume of customers required Revolut to offer new features and products not provided by other banks. They have identified and delivered on some key attractions; for instance, when abroad and looking to withdraw cash from an ATM, the first thought that springs to mind is how extortionate the exchange rates can be and why there isn’t a cheaper solution to withdrawing money on holiday. Turns out that there is a solution. Revolut uses the Interbank Exchange Rate guaranteeing the real exchange rate and permits you to transfer and exchange money in 26 currencies with no charge, all through the mobile app. This is not only handy for vacations but also for placements abroad, as Revolut is incredibly quick and easy to set up and allows you to organise recurring payments such as bills/rent in 140 countries.
In addition, Revolut makes transferring money at home extremely straightforward through just the tap of a button. You simply select the contact number in your phone and your contact instantly receives the money into their Revolut account. If you don’t have their contact number, then Revolut uses GPS to locate other users in your area.
Saving money is often easier said than done as a student. However, Revolut has found an efficient means of doing so by offering the vault for your account; activating your vault via the app means any purchase is then rounded to the nearest whole number and the difference goes into the vault. This is not only effective immediately but it also allows you to save up rapidly, helping you achieve your financial dreams at a faster pace. Revolut’s progressive nature and adaptability certainly makes it feel like the path for the future of banking has been paved.
By Henry Burgess