Crypto Debit Cards for Beginners: Revolut Card Review

Crypto debit cards, like the Revolut card, are changing how mobile banking apps work. Aside from giving users access to unmatched mobile banking services, the Revolut card also allows card users to buy cryptocurrencies.

Here’s a closer look at one of the hottest crypto debit cards on the market.

Benefits and Transaction Fees

What is the Revolut App?

Revolut was founded in 2015 as a mobile application that enables users to operate and manage a current account. In terms of what this all-in-one app can do, it works in a similar manner as any traditional current account does. For one, it allows users to receive and sent money using the Faster Payment Network in the UK, SWIFT, and SEPA.

The Revolut card can be used like any other credit or debit card. You can use it to buy services or goods both online and offline from stores or merchants that accept card payments. You can also use it to withdraw funds from any ATM machines anywhere in the world.

Moreover, the Revolut app also provides numerous benefits and advantages that you don’t often get from traditional debit and credit cards. For one, the card or the app is well-known for allowing users super-convenient and seamless currency exchanges with most of the industry-leading rates. It also provides updates on your transactions and balances in real-time, which most banking apps struggle with, making it easy to manage and track your finances.

Further, the app and the Revolut card provides additional features such as selling and buying cryptocurrencies, airport lounge passes, and travel insurance.

In terms of doing transactions online, you can do it as easy as logging into your Revolut account, filling in the account details of whom you are sending money to, choosing the amount you wish to send, and clicking the send button.

What is the Revolut Debit Card?

The Revolut card is a payment card you can get if you have a Revolut account through its accompanying app. Once you have opened an account through the Revolut app, you will be given a debit card automatically, which can either be a MasterCard or a Visa card, depending on the issuer. Visa cards are usually offered if you are from the UK, while the MasterCard is often given to European account holders.

Either way, the debit card works the same way as any MasterCard or Visa card issued by a traditional bank.

You can use the Revolut debit card at any Visa or MasterCard ATM machine wherever in the world. You can also use it to buy goods and services online. After every transaction you’ve done, you can view your receipt or purchase history in real-time using your Revolut app. While you can also use the debit card for purchasing goods and services from a merchant online, one you haven’t purchased from before, Revolut will send you a notification where you need to confirm the transaction first before the payment will come through.

Revolut Pricing Plans

Aside from the free standard plan for Revolut, it also offers two extra pricing plans.

1. Standard Plan

The standard plan for Revolut comes free of charge with no monthly fees, a free UK account, and a free Euro IBAN account. This card can be used in 150 different currencies with exchange rates depending on the banks involved in the transactions. The card can also be used in 29 fiat currency exchanges without any hidden fees for up to 5,000 EUR per month. It also offers free ATM withdrawals for up to 200 EUR per month.

2. Premium Plan

The premium plan comes with a 6.99 EUR monthly fee with free UK and Euro IBAN accounts. It can be used in 150 different currencies with exchange rates depending on the banks involved in the transactions. The card can also be used in 29 fiat currency exchanges without any hidden fees and no monthly limit. It also offers free ATM withdrawals for up to 400 EUR per month.

The premium plan also comes with various perks such as overseas medical insurance, delayed baggage and flight insurance, global express delivery, and instant access to five cryptocurrencies.

3. Metal Plan

The metal plan comes with a 12.99 EUR monthly fee with free UK and Euro IBAN accounts. It can be used in 150 different currencies with exchange rates depending on the banks involved in the transactions. The card can also be used in 29 fiat currency exchanges without any hidden fees and no monthly limit. It also offers free ATM withdrawals for up to 600 EUR per month.

The premium plan also comes with various perks such as overseas medical insurance, delayed baggage, and flight insurance, global express delivery, instant access to five cryptocurrencies, access to concierge, and 0.1% cashback on all card payments within Europe and 1% cashback for transactions done outside of Europe.

Fees for Using Your Revolut Account

Fees using the Revolut account will depend on the mode of transaction.

Fees for Sending/Receiving Money

Sending and receiving money from the UK to the UK will use the Faster Payments network, while transactions from EU to EU are through SEPA, and both transactions are free of charge. The only difference is that through the Faster Payment network, transfers often arrive in a couple of minutes while transfers using SEPA often takes a couple of business days to arrive.

However, when using SWIFT, such as for transfers from the UK to Japan or Australia or vice versa, you need to pay at least $15, although it will often depend on the bank involved in the money transfer.

Fees Using Revolut Debit Card

Using the Revolut debit card to withdraw fiat money from any ATM machine will come at no cost for the first 200 EUR. But, withdrawal of funds more than this amount will include a 2% fee.

On the other hand, using the debit card to pay for goods or services online or in-store will be free of charge, as long as the transaction is made using your local currency.

Conclusion

Whether you are sending or receiving funds anywhere in the world, withdrawing fiat money from any ATM machine, or purchasing goods and services online or in-store, the Revolut card makes it all convenient for you.

In summary, Revolut is changing the banking scene, especially around Europe and the UK. Not only it can offer customers an instant way to open an account using their mobile devices, but it also offers quick and seamless banking services and more.