When you’re a regular, or even a non-regular traveller, there’s nothing more annoying than either having to get all your travel money exchanged into cash, or risking foreign transaction charges on most of your cards if you have to use them while you’re away, and even if you have a card that doesn’t charge, there’s that nagging worry about losing or having cards stolen while abroad, and if this sounds familiar to you, you need a Revolut card.
Revolut is, in fact, a mobile app, and the only way you can get a card is through the app itself. Essentially, its a pre-paid credit card: you simply link a debit or credit card to the app and use that to top it up by whatever amount you need, and if the card doesn’t have enough on it, the transaction will simply fail, so you’ve always got the added security of knowing that if there’s nothing there, nothing can be spent.
But what makes Revolut different to any other pre-paid card is what makes it ideal for travelling – you can exchange money right there on the app, and get the best rates as it uses the central bank exchange rates, rather than those that retailers use to make money out of your holiday money needs. For example, as I’m writing this, Post Office are currently offering 1.2961 on USD, whereas Revolut has 1.3401! Once you’ve topped up your card with cash, you can hit the exchange button, select your desired currency and watch what the exchange rate is doing as it updates every few seconds, so you can wait until it goes up a few 0.01s to get a little bit more for your money, and once your money has been converted to whatever currency you want, that means you’re using the correct currency for the country you’re in, so no foreign transaction charges! Plus, any leftover currency can be converted back just as easily as you switched it in the first place, so you don’t have to worry about selling your money back to a bureau de change or hiding it away until your next trip.
Another great thing about the app is that it notifies you as soon as you’ve made a payment, so you can see what you’ve spent straight away, with a clear description of where you spent it and don’t have to guess from ‘pending transactions’ where your money has gone. Its also got nifty features like being able to split your bill with another Revolut user, and also a selection of other things on offer, so its a really handy thing to have!
Apart from the cost of the card, which is £5 plus £3 delivery, Revolut is completely free (unless you choose to go Premium), so compared to so many other credit cards that have annual fees etc, its a steal, but don’t just take my word for it, download the app for free for all the information!