Revolut is a British neobank born in 2015 and which currently has more than 45 million customers worldwide. In Spain, its growth has been marked by the large number of services it offers and it currently has 2.5 million users. A way of resisting traditional banking which, perhaps, must continue to evolve if it wants to face proposals like Revolut or N26.
It’s Revolut
Revolut banking services are offered via a mobile app, but It is also possible to access it from a computer. As a neobank, it does not have a physical office and therefore offers very agile services to people who can work seamlessly in digital environments.
Revolut initially offered bank accounts with a Lithuanian IBAN, which allowed it to operate across the European Union. Currently it already offers the Spanish IBAN, thanks to which You can mail any type of receipt. However, it is not a banking entity with which you can domicile your payments with Spanish public administrations, such as Social Security or the Tax Agency.
Revolut is free, but it offers a number of plans that have a monthly cost and provide access to enhanced features. For example, the free account allows ATM withdrawals with a limit of €200 per month or 5 withdrawalsif you opt for a higher package, this limit is increased.
One of the advantages of Revolut is that You can withdraw money for free from any ATM in our country. Virtual cards are also free and physical cards only have shipping costs.
One of the reasons it is so successful is that The commissions applicable in countries outside the European Union are very low. From the application itself you can manage multiple currencies comfortably. In fact, you can convert and pay in local currency with just a few taps on the screen.
It also offers the possibility of making investments in different markets, as well as cryptocurrencies. It provides tools that allow you to create savings spaces and thus establish financial goals.
But much more, which explains the success of Revolut. For example, the SEPA transfers are immediate and they do not entail any type of cost for the user. Additionally, they are enabled by default. Revolut also allows you to send money directly to a bank card, whether yours or someone else’s, although fees apply in this case.
Last September, Revolut integrated an essential function for many users in Spain. Yes, we are talking about Bizum, a immediate money transfer service in which you just need to provide a mobile number.
But Bizum also has something that makes it ideal for those who travel frequently. You have the option of subscribing to a mobile plan via eSIM to the region of the world of your choice, which saves you from having to look for a prepaid card as soon as you arrive in your destination country. If your phone has the eSIM option, this is a service you should consider.
Revolut has some limitations
There are still many people who do not trust this type of banking entity enough, either because They need the presence of a manager or because they go to the physical office out of necessity. We can think of the case of elderly people, many of whom do not have sufficient skills or the necessary degree of confidence in this type of neobanks.
THE the free account has some limitationsfor non-regular use or that isn’t your primary account it’s fine, but if you’re going to use Revolut as the site you’re going to channel your income into, you’ll need to take advantage of some of the plans that are out there. Currently these are:
| Plan | Monthly price | Features |
|---|---|---|
| Standard | Free | Free European account, standard support, commission-free withdrawals up to €200 or five withdrawals per month |
| More | €3.99 | Standard benefits, personalized Plus card, priority chat support, daily spending protection, up to 2 Revolut accounts <18 with co-manager |
| Prime | €8.99 | Additional benefits, a personalized Premium card, commission-free currency exchanges of up to €3,000 per month, international medical insurance, travel and event cancellation insurance, a discount on access to VIP lounges airports |
| Metal | €15.99 | Premium benefits, personalized Metal card, unlimited currency exchange, commission-free withdrawals up to €800 per month, unlimited access to airport lounges |
| Ultra | €45 | Metal benefits, platinum card, RevPoints at the rate of 1 point for €1, priority support with reminder, commission-free withdrawals of up to €2,000 per month, unlimited access to VIP lounges |
In particular, I think Revolut’s main stumbling block is that It does not allow you to deposit money in ATMs. The only solution to achieve this is to have another alternative account in an entity that allows it and then make a transfer. Revolut, not having its own ATM network, cannot offer this option to its customers.
Revolut is a very attractive banking option for those looking for flexible financial services adapted to the needs of digital life. If you know its limitations and can overcome them, this bank is a pretty solid alternative in Spain. You can try this alternative and download the Revolut app for Android and iOS.
