Digital banking giants like Revolut, one of the world’s fastest-growing applications, have no presence yet in the UAE. But you can still use it by simply creating an AED account and using it to pay everywhere. You can also transfer money to or from a UAE bank at the cost of 30AED.
Many startups change how people interact with their money, such as Revolut, a “digital banking alternative.” Revolut was founded in July 2015 by ex-trader Nikolay Storonsky and ex-investment banker Vlad Yatsenko.
Revolut allows travelers to exchange currencies inexpensively as a prepaid card and app. Storonsky developed it after becoming dissatisfied with conventional forex offerings. Since then, the company’s service and product offerings have expanded. With over 5 million worldwide consumers, the fintech firm continues to innovate.
Unlike high street banks, Revolut lets you open a current account online. No credit checks or proof of residency are required to start a Sterling or Euro existing account in 60 seconds, they claim. Customers may choose between a real and a virtual card.
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Is Revolut a Visa or Mastercard?
Revolut accepts Mastercard and Visa, the two most widely used cards internationally. Unfortunately, they do not support brand selection. Your area and card design determine the brand accessible to you.
Visa and MasterCard are accepted practically everywhere globally (in-store or online). Thus, there should be no difference in card acceptance between the two brands.
You can use a prepaid contactless Visa card at the UK and overseas stores. The app allows users to order an actual card for free, excluding shipping, depending on the method chosen. Premium members get a free physical card.
You can use the Revolut physical card in your base currency and other currencies. Loading money onto the card gives you the option of locking in the current exchange rate.
You may also leave it as sterling cash, and Revolut will automatically use the current conversion rate and deduct the necessary amount in sterling when you use your card overseas. It makes it very simple to use even if you are trading currencies.
Which Bank is Behind Revolut?
Revolut granted its European banking license on December 13, 2018, although it is not a bank. It plans to seek a UK banking license in the future, but it is a digital payment provider for now.
In the following months, they’ll be doing many developing and testing behind the scenes and working closely with authorities to get any limits on their license lifted.
Because Revolut is still awaiting approval of its banking license, current accounts are in a Barclays account. So, if Revolut has issues, the money is secure. However, if you have $116562 above, your money would not be guaranteed safe since the Financial Services Compensation Scheme (FSCS) only covers up to $116562 (£85,000).
What Countries Can Revolut Card Be Used In?
Australia, European Economic Area (EEA), Japan, Singapore, Switzerland, the UK, and the US are the only countries Revolut presently serves legal residents.
Keep an eye out for their global launch coming shortly.
Can I Use Revolut Internationally?
Customers may use the interbank exchange rate to send money to bank accounts in over 150 countries. Revolut enables fee-free transfers to banks, companies, and friends in 30 currencies.
You may do it immediately and be free to exchange money back to your currency. Whenever you use your Revolut card overseas, Revolut will apply the correct interbank exchange rate in the money you uploaded to the card.
It makes Revolut one of the most appealing app-only current account cards available. On weekends, Revolut typically adds a 0.5-2.5 percent markup to the interbank rate (depending on the currency) because forex markets are closed.
Unlimited fee-free ATM withdrawals and unlimited foreign currency transactions at the interbank rate are available to Premium account users. A current account holder may withdraw $274 each month charge-free (up to 5 times, whichever comes first), after which a 2% fee applies. Then a 0.5 percent charge is added. A monthly limit of $1,371 (£1,000) may be spent, transferred, or swapped.
How Can I Get Revolut in UAE?
Revolut launched on their website that they will be coming to the UAE. Once it formally arrives in the country, you can get a Revolut card anytime. Getting a Revolut card is simple. Launch the Revolut app and follow these steps:
- Swipe right to ‘Add new card’ in the Cards tab
- Select a virtual or real card
- Choose the card’s features
- Create and confirm your four-digit pin
- After that, hit ‘Continue.’
That’s it! Your Revolut card will arrive in 10 working days.
Just enter your card information to start saving money. You may prepare by linking your card to Apple Pay or Google Pay.
Do You Want To Go Virtual?
Your Revolut account is linked to both real and virtual cards. The virtual card may be ordered for free and set up in seconds. The virtual card lacks a pin; therefore, it can’t be used to withdraw cash from an ATM and isn’t accepted at all payment terminals. Also, the virtual card lacks specific security measures.
Revolut argues that using virtual cards to pay online may help prevent card fraud. It is because the card may be removed and changed every few months. Revolut’s disposable virtual card capability adds another degree of protection for Premium account members. The feature automatically replaces card numbers upon paying to prevent customers from fraud.
Here’s how to receive your virtual card after joining Revolut Premium:
- Click on ‘Cards.’
- Go to the top right and choose ‘Virtual.’
- Just tap ‘Get Virtual’ to finish!
These are the essential features of Revolut that you can enjoy:
- Spending data: Get weekly spending insights with its classification features
- Create monthly budgets: Create a monthly budget to restrict your spending
- Instant spending alerts: Get quick notifications for account transactions
- Organize your money: Use Open Banking to link your other accounts and monitor your money in one location.
- Revolut Rewards save you money: Pay with your Revolut card and receive cashback and incentives at certain stores.
- Bills Split: Pay bills with friends or family
- Send money overseas: Transfer money in over 30 currencies using the Interbank Rate (0.5 percent charge for balances above $1,371)
- Tax-free spending overseas: Spend abroad with no hidden costs (limits apply)
- Earn interest on savings: Store money in a Revolut savings vault and earn interest
- Gather spare change: Save as you spend using round-up
- Getting paid early: Get your paycheck deposited into your Revolut account the day before
- Pouches: Your Revolut account will automatically take out your money on payday, and each bill is paid from a pocket, so you never miss a payment.
- International medical insurance: Travel insurance from $1.37 per day
- Apple / Google Pay: Spend with Apple and Google Pay on your phone
- Revolut Junior: You can open a Junior Revolut account for a kid aged 7 to 17
- Investments: Manage your money under the Wealth section. Invest in stocks, cryptocurrencies, and commodities
Revolut’s worldwide business current account includes:
- Hold, receive, and exchange 28 currencies at the valid interbank rate
- Transfer funds instantly to other Revolut company accounts
- Enable businesses to establish spending limitations for employees and keep foreign exchange expenditures low
- Enable you to connect to your accounting software and get real-time alerts
- Automate cross-border business payments, pay customers or staff, and track transactions through Revolut’s Open API
- Get unique Google, Samsung, and Apple memberships and savings
The Revolut app is easier to use than some leading street banks’ applications and websites.
Notably, you can only manage your account through the app. Those familiar with technology might choose Revolut since most contacts with the firm will be online rather than via phone or in person.
Revolut now offers a Junior account for youngsters aged 7 to 17. With a Revolut Junior account, you can educate your kids about money while maintaining control over their accounts. Features of Revolut Junior:
- App and Junior Card
- Count pocket cash
- Give them ways to afford pocket money if they choose for a premium account)
- Spending alerts
- Card controls
Revolut hopes to provide regular payments and savings goals in the coming months. Sadly, a Revolut Junior account only offers basic functionality. Upgrade to Revolut Plus, Premium, or Metal for extra perks.
Alternatively, Revolut Premium may be better appropriate if you want extra insurance and protection. The subscription accounts provide additional services like reduced gadget insurance and purchase protection, but it’s worth browsing around to see if it’s cheaper elsewhere.
The cash withdrawal limits are more significant, but some don’t see the need to utilize them unless you often go overseas or carry cash.
For those who constantly travel and have to convert currency, a Premium account may be worthwhile. In addition, compare the trip and device insurance with others offered. Do they fit your needs and budget?
How Can I Transfer Money From UAE to Revolut?
To transfer money using Revolut, you’ll need the recipient’s phone number or username and enter the card number and the cardholder’s complete name. For an international bank transfer, you’ll need the beneficiary’s full name, SWIFT/BIC code, and IBAN. It should be 8 or 11 digits, and the IBAN starts with AE.
Transfers to Revolut customers, card transfers, and bank transfers are available options. Currently, only chosen users may transfer money to cards.
You may transfer AED to someone in the UAE with a local bank account. You may also send AED to non-UAE recipients for a higher charge.
AED transactions to UAE bank accounts usually arrive in 3–5 business days. Transfers to cards take a few minutes but may take up to 30 minutes.
How Much Can You Send?
Most currencies have no transfer value limitations. Their payment partners may place restrictions on some currencies that they cannot disclose for compliance reasons.
Transfers to Visa cards are restricted to $2,500 (or comparable currency) per transaction, whereas transfers to Mastercard cards are limited to $5,000 (equivalent currency).
The way they handle bank transactions varies by amount. Arrival timeframes, fees levied by other institutions, and descriptions of your beneficiary’s account may vary. When you transfer through the app, they explain this in greater detail.
How Does Revolut Know Which Currency?
The card determines which currency to use based on the payment currency (for example, if you are in the UK and make a Euro transaction, funds will be deducted from your Euro balance) and the following active currency with adequate balance. In contrast, your home location determines your USD base currency.
So you don’t have to pre-purchase currencies. Your card will automatically convert your balance to the currency you’re spending in. In-app, you can only hold and trade the following:
It will refuse your transaction if no single currency wallet has adequate cash, even if there is enough money across all wallets. Shortly, new holding currencies you can put into Revolut and exchange to lock in a favorable rate.
Trustpilot rates Revolut as ‘Excellent’ with 4.4/5 ratings from over 93,000 reviews. Customers praised Revolut’s superb customer service and user-friendly software. In addition, 9% of consumers had issues accessing cashback, login into the app, and uploading documents.
By using the interbank exchange rate and eliminating fees, Revolut gives genuine discounts to its consumers. It is highly recommendable for anybody seeking a card for their next vacation.
Aside from daily spending, Revolut’s analytics and budgeting tools may help you save money unknowingly via the savings vaults.
If you’re going somewhere where cash is required, the monthly ATM withdrawal restrictions might be annoying. Keeping this in mind, you must evaluate the expenses against the exchange rate savings.
Not being a regulated bank means that the FSCS does not cover its clients. Once Revolut’s European banking license is obtained, it should change in the coming months. It may be beneficial utilizing Revolut for daily banking after this is completed.
For now, avoid leaving significant sums on your Revolut card. It isn’t an issue since top-ups are quick when done through the app. So you may top up the card while waiting in a retail line.
Let’s hope Revolut will keep its promise to put the client first and formally go to UAE.