Fundamentally, Revolut bank provides a unique service that allows you to hold money in different currencies, all at no charge. Why would you want to do this? Well, if you travel abroad frequently, then you’ll know the hassle and charges involved in constantly converting currencies. With Revolut, it’s continuously converted, saving you time and money.
Even more importantly, you can hold multiple currencies all under one account (personal or business). You can then convert between them as and when you see fit. This could be when you need the money for travelling or even when you think the exchange rate is at its best.
Crucially, with Revolut bank, you pay the same rate the banks pay. This is called the interbank exchange rate. It makes converting currencies cheaper than traditional banks as there are no additional fees. This means more money in your pocket! Small gains, perhaps, but it all helps.
Furthermore, if you choose to spend money in real-time, rather than convert in advance, you still get the same great currency exchange rate. However, you are prone to market price fluctuations so bear this in mind. On the flip side, converting in advance ensures you get a rate you are happy with at the time.
Overall, there’s lots of flexibility here, as you can hold all the major currencies including Euros, US Dollars, Canadian Dollar, Australian Dollars etc.
Fee wise, you can spend up to £1,000 per month abroad for free with the Revolut Standard and Plus accounts. If you go for Premium or Metal, however, then this amount is unlimited.
All sounds great, right? Indeed, but here’s the catch – rates change at the weekend.