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How does the Revolut card work and how to open an account in UK

Revolut is a banking platform where we can make payments, online purchases and payments. In foreign countries you will have no surprises with costs or currency exchange rates when paying / withdrawing.

It has also become well known in the latest cryptocurrency market as it can trade various types of virtual currencies like the Bitcoin.

To start using you need to create an account and install the application, from there you can request a debit card to make payments in physical and digital spaces. We explain how the Revolut account and card works in UK.

How does the Revolut card work in UK and in the world!

Revolut itself provides a card that allows currency transfers and currency exchanges at no extra charge. It is already available in approximately 150 countries, and UK is the 7th country with the most customers.

The company created three different bank account types:

  • Standard version: Free card that allows withdrawals with a limit of 200 € per month.
  • Premium version: It costs € 7.99 per month, you can withdraw up to € 400 per month, plus other benefits such as flight delay insurance and a different card.
  • Metal version: monthly cost of 13.99 € you have access to all perks and even a metal card.

THE difference This card for the rest is that it has no hidden fees and no charge charges.

It has become famous among travelers and tourists for the ease of converting currencies on time! That is, if you have a balance on your card and when you arrive in the destination country you can exchange at the right moment. You can use the Revolut app and you will not lose money when paying.

The biggest advantage of this Revolut card for tourists is the cash withdrawal at ATMs. You will be exempt from additional fees and will only have to pay the normal commissions of the country. For example, in UK you do not pay for ATM withdrawals, but in many countries it is normal to pay.

In addition, you can use Revolut card for various payments such as:

  • Shopping during a trip duty free.
  • Online shopping in a safe way.
  • Uber or Cabify have ease of payment and some promotional campaigns.
  • Money transfer Fast, between Revolut's is instant.
  • Possibility of currency conversion In real time.

If you need to, you can still charge your Revolut card anytime from the app. You will not have associated costs, only if you charge by credit card.

At the end of the trip, if you have a remaining balance on your card and wish to withdraw money, you can do so through the app.

How to open Revolut account

We recommend create your account from the official website in a process super simple and free:

  1. Enter a valid mobile number – you'll get an SMS to download the app.
  2. After entering the data you will need to transfer $ 10 to your new Revolut account – this process is required to activate your account.
  3. When confirmed and active, you will be able to order the physical card – the card is free and you only need to confirm the address (3-5 days delivery).
  4. The creation process is finished – to complete the process you will need to activate the card.

3 Methods To Transfer Money To Revolut Card

1. By application: Aside from being the fastest process, it's also the easiest. To transfer with a credit or debit card, you must click where it says "Add Money". The "Add credit or debit card" option will then appear, after selecting this option you will need to enter the card details and the amount to be transferred.

2. Banking: In this “Bank Transfer” option, the app will show you your Revolut account data with IBAN and a BIC. The transfer process works like any other bank. This process tends to take between 2 to 3 days.

3. Revolut Account: If you have a friend or family member with a Revolut account, you can instantly transfer money between accounts without IBAN or any other data. The transfer is made on time, and the money immediately appears in the Revolut account.

In addition to these processes, the application also includes the option “Split Account”, where you can select a value and divide by several contacts.

Revolut does not need to be declared with the IRS in UK

To date Revolut does not have credit institution / bank status, so it is not necessary to declare in the IRS. Revolut is a non-bank e-money entity. You will only need to declare it in the IRS if your status changes or even the law itself.

In the IRS statement in 2018 this doubt existed among the UK’s in the use of Revolut. The Ministry of Finance itself has clarified this issue, in particular in point 3.

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