Revolut, a new option has arrived to Spain.

Revolut has arrived to Spain and is here to stay, as many others Fintech solutions, it is perfect for those that are ready to say good bye to traditional banking. This amazing option for managing your finances was created in the UK and has operations throughout Australia, Europe and Singapore. It is perceived as a neobank which is different to regular banking regarding uses, fees and free options.

As word to mouth spreads new users get into Revolut (Click here to know more about it) and take advantage of free debit card and very low fares. If you wish to be able to manage your money in a sensitive way, it is important to consider digital banking options, the capacity of making international transactions and to be able of keeping your money in different currencies is getting more attractive by the second.

Let’s enumerate its strong points:

Easy to open your Revolut account

Is like opening any bank account in a traditional bank, you will have you fill your profile and your personal info, identity verification, just a regular process. The main difference is that it is an online process, it will take you minutes and you can even do it using your cellphone. Just saving the trip to an office can make the difference.

A great advantage if you are to open this account is that you do not require a minimum amount of money for the account to remain active. There is not a necessity for you to link your account to a payroll or make monthly installments.

A good platform and application:

One of the best points of using digital banking is the opportunity of doing every possible transaction online, with no fares. In the case you require to move your money in cash you have a debit Mastercard or Visa. Whenever you need to access to your savings you can just log online on the browser or just use your mobile app, is that easy. Also, you can add your payments to Apple Pay and Google Pay.

It is important to mention that regardless of the debit card you choose, you will have to pay for shipping, 6 euros.

Different currencies

When you are going to travel to countries outside the Eurozone it is important to know how to manage your money and sometimes, exchanges fees can be a lot to take in into your budget. Revolut is a perfect way to manage your money, it is possible for you to have different accounts for different currencies, and because you can have more than one account the best option is to handle within the same user, and you can transfer your money within your accounts if necessary. If you are to transfer money to a third party, it is preferable to do it from an account that uses the same currency.

Revolut withdrawals

Since the whole point of digital banking rest on the digital part of the substantive, withdrawals are limited.  There is a limit of 200 Euros per month for free users, and premium accounts can have up to 400 Euros, there is no limit of transactions, only for top amount.  After those first 200 Euros a commission of 2% will start to apply.

Revolut tranferwise

Transferwise is a system that has been growing because of two main things: is easy and cheap. Normally international wires are expensive and very slow, up to 5 business days and that is too much in the global era we are living. Hence, that you revolut account has the option of transfer your money using transferwise is the best way to make international wires.

Account deposits

Let’s imagine that you need to deposit some money into your account, or that you wish to have available balance for your debit card, as a difference of how you will do it with a regular bank, you do not need to do a deposit from another account. You can just make a “purchase” that will translate into automatic balance for your account and your card, is perfect!

Be careful of the weekends!

Everything cannot be perfect, and there is a small catch regarding international transactions when using your Revolut debit card. If you are to use your card or make international purchases with a different currency  on the weekend small fares can apply. This also could happen when you are to exchange to some currencies that is why it is important to double check the small letters.

If you want to know more about Revolut check the rest of our pieces.