• Wed. Jun 19th, 2024

Revolut Review – Handy App to Help Manage your Finances

John Wise

ByJohn Wise

May 26, 2024
Revolut Review
Conclusion
Revolut offers a versatile "super app" for managing finances, integrating saving, spending, and investing in one platform. With features like commission-free trading, flexible currency exchange, and comprehensive travel protections, it simplifies financial management. Whether you're an investor, traveler, or everyday user, Revolut's robust services and tiered benefits make it a compelling choice for effective financial management.
4.9

Revolut Review

When it comes to managing personal finances, things can get complicated quickly, especially if you’re juggling multiple accounts and services. This often leads to spending more time organizing data and remembering passwords than actually making informed financial decisions, which can jeopardize your goals.

This is where Revolut comes in, a fintech company that prides itself on being a “super app” for finances. What does that mean? Well, it essentially consolidates various financial services into one easy-to-use platform.

With Revolut, you can handle everything from saving and spending to investing, all within the same app. Plus, it offers handy features like travel protections, making it a breeze to manage your money no matter where you are. Continue reading this review to learn more about this financial management service and find out if it would suit your specific needs.

Making Investments Accessible to Everyone

Investing with this platform is quite accessible, allowing users to start with only $1. That means even those with modest amounts can dip their toes into the world of ETFs and stocks. What’s more, according to Revolut’s website, stock trading comes with no commission fees, meaning you won’t incur charges every time you make a trade. However, it’s worth keeping in mind that other regulatory fees may still apply.

One standout feature for investors is the access to extended-hours trading. While the regular U.S. stock market hours are from 9:30 a.m. to 4 p.m., Revolut extends this window, allowing users to trade from 4 a.m. to 9:30 a.m. and 4 p.m. to 8 p.m. This flexibility can be particularly useful for those who want to react to market events outside of the traditional trading hours.

On the Go Money Management

For frequent travelers, Revolut provides a range of money management features designed specifically for navigating finances abroad. Users can seamlessly spend money in over one hundred and fifty currencies while traveling internationally and conduct exchanges in more than 25 currencies without incurring fees, up to certain limits depending on their membership tier.

For Standard plan users, this limit stands at $1,000 per month, while Premium members enjoy a more generous allowance of $10,000 per month. Additionally, Metal tier members benefit from unlimited currency exchanges without any monthly restrictions.

These features empower users to manage their finances effortlessly while abroad, ensuring convenient access to funds without worrying about excessive fees or limitations.

A Look at the Saving Vaults Feature

Revolut offers a convenient saving solution through its handy “Savings Vaults” feature, allowing customers to set and pursue their financial goals effectively. With the ability to set deadlines for these goals and even establish “Group Vaults” for collective saving efforts, users can tailor their savings strategy to suit their needs.

Moreover, a “round-up” feature enables users to automatically allocate spare change from their purchases toward their savings goals, facilitating incremental progress over time.

Moreover, users can enjoy fee-free ATM withdrawals from a vast network of over fifty-five thousand ATMs worldwide. Additionally, when you sign up with this company, you receive an ATM card, enhancing accessibility to your funds whenever and wherever needed. This combination of features makes saving with Revolut not only convenient but also cost-effective and easily accessible for users.

Utilize Multiple Financial Services with Ease

Revolut’s account positions itself as a comprehensive “super app,” providing users with access to a wide array of essential financial services within a single platform. While it offers a range of features, its primary focus revolves around facilitating saving and investing activities.

Moreover, it includes a Robo-advisor feature that provides automated, personalized investment advice, helping users optimize their portfolios based on individual goals and risk tolerance. it caters to the needs of individuals managing their finances while traveling abroad, offering supplementary features tailored to enhance their money management experience.

A Look at the APY

I must mention in this review that this company provides users with a tiered Annual Percentage Yield structure. Under the free Standard plan, users can earn an APY of 3.25%. However, for those opting for the Premium plan or the Metal plan, they can enjoy a higher APY of 4.25%.

This tiered approach incentivizes users to explore higher-tier membership options, offering increased potential for earning returns on their savings.

Do Users Get any Perks?

Metal and Premium tier members of Revolut have access to an extensive range of travel-related features on the platform. For travelers, this includes a coverage of up to $900 to address expenses such as meals, hotel accommodations and other essentials in the event of trip delays.

Moreover, in cases of trip cancellations or interruptions due to unforeseen circumstances, users can receive coverage of up to $5,000 to mitigate any incurred expenses resulting from the disruption.

In addition to these provisions, Revolut offers lost baggage protection, delayed baggage protection and discounted lounge access, enhancing the overall travel experience for users. Furthermore, Premium and Metal tier members can benefit from up to $10,000 in primary accidental medical insurance while traveling, providing peace of mind and additional security during their journeys.

John Wise

John Wise

John Wise is a seasoned fintech analyst and writer with over a decade of experience in the field. With a Master’s degree in Computer Science from MIT, he specializes in simplifying complex financial technologies for a broad audience. At FinTech Service Reviews, John provides insightful and thorough reviews, helping readers navigate the evolving landscape of financial technology with ease.

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