The world is becoming increasingly connected. And there are multiple ways
that you can make international payments and spend money internationally. Today
we're going to look at one company that's trying to simplify the way you do
that. Revolut is an innovative website and app that helps you simply spend
money internationally. They offer a really wide range of forex products so
today we're going to focus on their international money transfer services
and travel cards.
Initially founded in 2015 Revolut offers support for both
individuals and businesses. Like we said they offer a lot of products. These
include multi-currency accounts, instant transfers for business and travel cards.
They even offer support for cryptocurrency trade and travel
insurance. The way you use revolute will change depending on the service of
theirs that you're utilizing. You can use them to make international ATM
withdrawals with your Revolut card or make international money transfers. The
first step is signing up for a Revolut account. This process is really simple
through the app or website. You'll provide your details, receive a
verification code via text and you'll be in. If you're signing up in Australia
you'll be added to the waiting list and notified when the service becomes
available. Once you have your Revolut card you'll be able to load it up with
currency so that you can withdraw internationally. You can also then make
international payments via your account.
The most important thing you need to be
aware of with Revolut is their fees. While they boast no international ATM
fees and the interbank rate there are limits. When you're withdrawing money
internationally with your Revolut card you have a limit of 200 Euro per month.
When we made this video that was about $320 Australian dollars. After you've
reached this limit you'll be charged 2% on all your international withdrawal
transactions. If you are a frequent traveler and you withdraw a lot from
international ATMs, this may not be the best product for you. For example the
Citibank saver plus gives you the interbank rate and allows you to
withdraw up to $1,000 a day.
When it comes to international money
transfers, you have a 5,000 Euro limit or about $8,000 Australian dollars. Then
you'll be charged a 0.5% fee on all additional transactions. This fee is
still quite low. It's similar to companies like TransferWise or OFX and
the fees they charge for international money transfers. With Revolut you can
also pay an additional turbo fee of 5 Euros. This will mean that your transfer
will be completed within one business day. All providers offer different rates
and fees when it comes to international money transfers and these can differ
depending on the currency you're transferring in, or the amount you're
transferring. Using a comparison table allows you to compare the rates and fees
of different providers so you get an understanding of which provider will be
best for your situation.
You can load up your Revolut account with a debit card, credit card or via
bank transfer. Generally when you make a transfer through your Revolut account
it will be at your recipients account within two business days, unless you pay
the additional turbo fee which cuts this time in half.
We like Revolut because
they are a much better option than most prepaid travel cards, debit cards or
credit cards. When you're traveling they're also an excellent option for
international money transfers when you're transferring a smaller amount
because of their low fees and competitive rates. The most important
thing to be aware of is their rates and the fees. So compare the rate you're
offered on the app to what you'd find on Google and keep an eye on their monthly
limits so that you know when you're going to be charged.
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