Over the last decade I have started to travel more and more. When travelling a lot one of the constant problems is figuring out how to pay for stuff like food accommodation etc. Without paying millions in fees to your bank or Forex companies. So I was pretty happy when I found out about the new breed of FinTech companies and found Revolut.
What is Revolut?
Revolut is officially an Electronic Money Institution regulated by the FTC in the UK. But really it is an Awesome app for travelling and Forex. Here is a short list that makes it so awesome for travel:
- Interbank Exchange Rates
- Free withdrawal at ATM’s.
- Hold multiple currencies
So what does Interbank Exchange Rates mean? Simple. Revolut will sell and buy currency from you at the same rate as they get. No additional percentage on top or anything. This applies to every transaction you do with you Revolut Card. Being Withdrawal or just buying something in a Shop.
So why would you need to hold different currencies if Revolut just exchanges at the interbank rate? Well. If you are going to the US a lot and you know that since Trump became president the rate will jump around a bit. Then you can pre-exchange into USD on your account. Which can lead to huge savings.
So now I have USD and EUR on my account, how does it know which currency to use? Simple. It will always try the local currency based on where you are using your card. So if you are in New York. Then it will try and use your USD. And if there isn’t enough USD for the transaction. Then it will simply exchange from your primary currency.
Best of all. It is all FREE!
What changed on your Travels?
Before Revolut I would go to a Forex and buy currency before my trip. This would lead to me carrying a significant amount of currency on the beginning of my trip. Which isn’t fun!
With Revolut that isn’t necessary anymore. When I land at my destination I will find an ATM and pull out a small amount for currency for buying small stuff at markets etc. Then when I need to buy something in a shop or pay for my hotel I will just use my Revolut card. Doing this I am sure to get the best exchange rate.
But Revolut is so much more
The above is just a small taste of what Revolut have to offer in their portfolio. Revolut also offers Savings, Cashback, Travel Insurance and for the frequent traveller you can also get access to Airport Lounges with Revolut.