Hands down the best financial app ever made 2022
For anyone out there who might be reading this and has already read one of my articles about applications before is that I love and appreciate a well-designed app. I really have a different level of respect when it comes to companies that have worked hard to make sure an app has both great functionality and great design.
As we all know, our normal local banks aren’t really great at designing good-looking banking apps(well at least I think so) but of course, they are very good in functionality and on top of everything well trusted by their users as these are banks people have been seeing and using for ages because of the sense of security they get from them. The only thing that has changed is that now they are offering their customers apps to make things easier for them.
But of course, as years go by more innovative people pop up with new great ideas that could pretty much offer the same solutions banks are offering but in a very different, modern, enjoyable, and beneficial way.
What is Revolut?
To be honest, if it was up to me I would just call it a modern digital bank that offers you pretty much everything money-related. I know it sounds crazy and it is such a bold claim but trust me it is true. Revolut themselves even have a statement on their homepage that says “One app, all things money” and trust me it is actually what they claim it is.
What countries is Revolut available in?
Revolut is a digital banking app, unlike other banking apps, It does not operate by having branches on your closest high street. It has its operations fully digital. Of course, they do have offices in various places, but these are not bank branches and you can't just walk into them.
One thing I admire about Revolut is the rate at which they are expanding. Currently, Revolut offers its services to legal residents of the European Economic Area (EEA), Australia, Singapore, Switzerland, Japan, The United Kindom as well as the United States of America. On its website, they say “We are launching across the world soon, so stay tuned!” this clearly shows that they are still having plans to expand their reach more than what they have done so far which to me seems absolutely amazing.
Features & Services offered by Revolut
Revolut as a digital banking app offers similar services as normal banks do such as safekeeping your money, giving you the ability to transfer your money as well as track it. But in this article, I will be going through features and services offered by Revolut that you won't really see many banks offering. Some features might be offered by some banks but I assure you not most of them do.
1. New ways of making transfers and payments
All banks offer transfer services whereby you as a sender should be aware of the receiver's sort code and bank account number to be able to make a transfer/payment. Most of the banks do offer the option of saving the details of the person or business you just made a payment to for easy and smooth transfers in the future. With Revolut you get to see the common and usual ways to make a payment or transfer but also some new ways which you can see listed below
QR codes: When the person you want to pay is close to you all you have to do is open the Revolut app go to the payment section and click on the QR code icon, once this is done it will open up your camera and all you have to do is either select to scan someone else's QR code or select your QR code for someone else to scan. After this is done all you have to do is input the amount that you want to send, a custom note if you want to, hit pay, then the transaction is completed. Simple as that.
Revolut usernames: In the Revolut app, these usernames are called Revtags. If you know someone’s revtag then all you have to do is type it down enter the amount you want to send or request and you are all set.
2. Virtual and Online Shopping cards
Personally, this is one of the best features and one that I use the most. You might be wondering what these virtual and online shopping cards do. The virtual card enables you to use your account before you receive a physical Revolut card while the online shopping card enables the user to purchase things online without their main card information being used.
What this means is that the Revolut app automatically generates a card that will be linked to your main Revolut account to access the funds but will only be used for a single purchase. Once that purchase is done the generated online shopping card gets destroyed. And you can repeat this process as much as you would like. To me, this is a very great feature as it helps me keep my main card information safe from the madness of the Internet.
3. Stocks, Crypto & Commodities
Yes, you read that right. Revolut offers its users the ability to invest in company stocks and cryptocurrency. It is absolutely crazy when you think about it but Revolut does it. It is just mind-blowing the way that they were able to incorporate all of this in one application.
Let's quickly explore the stock section:
In this section, you can see your general portfolio, profits and losses made, as well as your performance. Also, you'll be able to see the daily top movers, top stories related to the stocks, top investors, popular stocks, stock collections as well as your general activity such as withdrawals, deposits, and stock purchase and sale history. Not forgetting, you have the ability to join the social trading section whereby you can see the performance of other investors and what they are investing in at the moment. Isn't this all just amazing considering it is a digital banking app?
Apart from stock trading, you get access to the purchase and sale of cryptocurrency. On the crypto section, you get to see the value of your total investment, profits and losses made so far, your performance, daily top movers, crypto news, popular crypto as well as crypto collections. The good part about the cryptocurrency section is that you have the ability to set recurring buys. Based on what you want, you can set a recurring purchase of crypto monthly, weekly, or even daily.
Revolut offers accounts in different currencies within their application. This means that you can have your money in different currencies and also easily convert any amount of money into any currency of your choice from the list of currencies that Revolut currently offers.
Currently, revolut offers Australian dollar, Bulgarian Lev, Canadian dollar, Croatian Kuna, Danish Krone, Hong Kong Dollar, Hungarian Forint, Icelandic Krona, Israeli New Sheqel, Japanese Yen, Moroccan Dirham, New Zealand Dollar, Norwegian Krone, Polish Zloty, Qatari Riyal, Romanian Leu, Russian Ruble, Saudi Arabian Riyal, Serbian Dinar, Singapore Dollar, South African Rand, Swiss Franc, Thai Baht, Turkish Lira, and finally the United Arab Emirates Dirham.
Speaking of accounts, revolut offers its pocket feature which its main function is to put together your scheduled payments in one place and have an automatic transfer of money from your main account to these pockets based on the frequency set by you the user so that you won't ever have to worry about missing a payment anymore.
Trust me, I found this to be very helpful as every single month I will have a certain amount of money be deducted from my main account and sent to these pockets in which this amount will be used to cover all my scheduled payments for the month. The good part about it is that once that big chunk of money is deducted from your main account all your scheduled payments are covered and you won't even have to worry about missing any payment anymore.
Well in this part we've got some good news for parents out there. Revolut gives you the ability to create a junior account for your child and monitor it from your mobile phone through your own Revolut account. With this feature, you as a parent can set regular transfers to your child's account, get instant spending alerts, set custom controls for their online and contactless payments, create challenges for them to complete for extra pocket money, create saving goals for them to learn how to save money as well as add a co-parent to jointly manage the child's account.
Some of the features mentioned above can only be accessed by upgrading your account from the standard option to the plus option which will cost you £3 a month. With a normal standard account, you'll be able to create one Junior account but if you need more than one junior account you will need to upgrade.
For a child using revolut, they will be able to benefit from the tools that will help them learn to properly manage their money better. Apart from money management skills, revolut offers a beautifully designed card for kids(just thought I would toss this in here too).
Let's now dive into the essentials part of the application. In this section, you'll be able to access different features which are explained below.
This is where Revolut gives its users the ability to split bills with other revolut users. All you have to do is create a group and add the people who will be involved in a specific transaction and then set the parameters for the split. Then after that, all that is left to do is split a bill and pay the money.
Revolut also thought about helping the world with generous donations so in this section they gave users the ability to donate to different charities that are listed on the app.
I believe this is the part that will interest a lot of people. The salary section enables you as a Revolut user to withdraw a certain amount of money that you were supposed to earn on your payday earlier than the pay date so as to cover any unexpected expenses. For this feature to work your employer needs to be listed on the app by Revolut. Don't worry though if your company/employer is not listed on the app yet all you have to do is type the company name and revolut will reach out to them.
The scheduled section of the app enables you to track and add upcoming payments. This is good as it will provide you with an overview of the total amount of money needed to meet these payments.
You can think of vaults as piggy banks. Vaults give you the ability to save your money by setting a recurring transfer to a specific vault on your own terms or setting up a roundoff capability whereby for every transaction you make that won't be an exact whole number but rather a decimal, the closest amount that was left to make it a whole number will be transferred to a vault of your choice. They also offer users the ability to set a specific amount of money as a goal to be reached within the vaults.
7. Travel Benefits
When I tell you that this application does almost everything you have to believe me. Enter the world of travel, where revolut provides you with the ability to book a stay/accommodation directly from the app, get free lounge passes when your flight is delayed (this comes with the upgraded version) as well as gain access to the airport lounges at cheaper rates. At first, when I saw this section I was like “okay this is too much now” but when I went through these features, mainly the stay/accommodation booking feature I was impressed to say the least.
Revolut also offers insurance options. I guess with all the previous features you saw I bet that you were expecting this very soon. The app gives its user the ability to gain access to a personal insurance package that includes travel insurance as well as buyer protection during shopping which will cover things such as refunds as well as canceled event tickets.
Animal lovers, you might be happy to hear that revolut has not forgotten about your amazing pets. Just around a week or two ago revolut launched its pet insurance feature where you can cover either a dog or a cat against unforeseen events as seen in the image below
9. Analytics & Budgeting
Personally, this is another feature that I use the most in Revolut. The analytics and budgeting section of the app helps me get a grip of how I spend my money and where exactly I spend my money. In the section, you will also be able to break down your expenditure into categories by setting an amount of money that you plan to spend within a certain period of time on a specific category e.g. groceries.
Well, that was all from me and I hope you enjoyed this article. Make sure to check out the Revolut app if it interested you in any way
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I wish all of you a great and pleasant day