Revolut is a basically free financial app for smartphones, with which the manufacturer aims to build the world’s first truly global financial superapp. They are on the right track if we see that more and more people are using their application, even in Debrecen.
What does Revolut know? It is primarily used to make it easy to keep track of and manage your finances.
How? You can set a budget limit on it, so you don’t spend too much even at Christmas. Analyzes spendings to make forecasts. By entering your salary, it calculates how much you can spend per day. With the Rewards feature, you can find discounts and exclusive deals to save you money and time. It gives a new reward for every 10th purchases. You can transfer money abroad or exchange your money in more than 30 currencies. With personal and group vaults, it helps you save money for different purposes. You can also give deadlines to vaults to help you keep your goal in mind. It makes it easier to buy gold and crypto like bitcoin, whose rates can also be tracked in real-time. For subscriptions, it indicates in advance if there is not enough money in your account.
The idea of the application is based on making it safer to manage finances without a debit card. However, the phone can also be lost, just it is harder to crack or use than an abandoned debit card. Even if you lose your phone, you can immediately block your card at their automated phone service. Its anti-fraud system can detect suspicious transactions with machine learning algorithms, better than banks. For added security, there are single-use cards, which are virtual cards that are deleted after payment.
The Junior account is a remarkable idea. With the help of this account, we can teach children how to manage their money. They do not receive their pocket money in cash, but their parents transfer it to them. Parents control its use. They can entrust their children with housework, for which they are then rewarded. Age-restricted merchants cannot be purchased with it. This can really help younger age groups become familiar with money, but it may not be necessary for every household because there is also a risk that if a child receives a debit card this way, it will already motivate him or her to use it, even if that kid wouldn’t think of it in different circumstances.
Several plans are available at different prices. Standard is free, Premium is 2,500 Forints/month, Metal is 4,200 Forints monthly. The free plan is better than the offers of the banks. The other two give more, but receives more too, so it is worth considering the use of them.
In 2015, Revolut launched in the UK offering money transfer and exchange. They gained 100,000 personal customers in one year. Then from 2017, they continuously introduced their other services and expanded their customer base to companies.
The company is looking for the best employees in several offices around the world, including Hungary. The Revolut app is also available for Android and iOS.