Revolut Bank, a renowned UK-based digital banking and financial services company, expanded its services to the USA in 2020
This expansion brought its innovative mobile app and website to the American market, allowing users to effortlessly receive, hold, send, and exchange money in over 25 currencies, all without incurring any fees.
Additionally, Revolut offers an array of financial services, including debit cards, stock trading, and even accounts tailored for teenagers.
Key Features of Revolut
Revolut presents a host of features for both personal and business accounts, making it a valuable financial app. Some notable features include:
- Early Salary: Get your paycheck up to two days early, giving you enhanced financial flexibility.
- Stock Trading: Invest in the stock market without worrying about commission fees, making it cost-effective and accessible for all.
- Prepaid Cards: Enjoy the security and convenience of Visa and Mastercard prepaid cards. Additionally, you can create virtual cards for added safety during online transactions.
- International Transfers: Seamlessly send money in over 25 foreign currencies, simplifying cross-border transactions.
- Bill Splitting: Split expenses with friends and family, even if they aren’t on Revolut. This feature is ideal for group trips or shared living arrangements.
- Savings Vaults: Create sub-accounts known as Savings Vaults to save money for specific goals or emergencies. Set up automatic savings transfers to these Vaults for easy money-saving. The Vaults offer an attractive annual percentage yield of 4.25%.
- Subscriptions Management: Keep all your subscriptions organized in one place, and receive timely alerts when free trials are about to end.
- Business Tools: For small businesses, Revolut offers a suite of features, including invoicing tools, expense management, team management, and integration with accounting software like Xero, QuickBooks, and Sage.
Opening a Revolut US Account
Opening a Revolut Bank account in the US is a straightforward process that can be completed entirely through the mobile app. To get started, download the Revolut app from the App Store or Google Play, or simply scan the QR code provided or request a download link via SMS.
The registration process requires basic information such as your name, address, and date of birth, and identity verification through a photo of your government-issued ID. For business accounts, additional documentation like business registration and proof of ownership is necessary.
Note: Revolut Business accounts are not available for certain business types, including those in the public sector, charities, private foundations or trusts, and cooperatives.
Once your account is set up, you can manage your finances, make payments, and access a range of online banking services within the US. If you prefer a physical debit card, you can request one through the app, and it will be delivered to your registered address.
For Revolut <18 accounts (teen accounts), parents or legal guardians must create the accounts.
Adding Money to Your Revolut Account
Revolut provides several methods for adding money to your account in the US:
- Linking Bank Account: Link your bank account and make a transfer to your Revolut account.
- Using Debit Card: Use a debit card to add funds.
- Apple or Google Pay: If your debit card is linked to Apple or Google Pay, you can utilize these platforms to add money to your Revolut account.
- Direct Deposit: Set up direct deposit for paychecks or regular payments.
Revolut USA Fees and Plans
Revolut offers different subscription plans for personal accounts, each with varying fees. Here are the fees for the main subscription plans:
- Standard Plan: No fee. Provides basic features like money transfers, currency exchange, and international transfers.
- Premium Plan: Costs $9.99 per month. Offers higher ATM withdrawal limits, overseas medical insurance, and priority customer support.
- Metal Plan: Costs $16.99 per month. Includes premium features like cashback rewards, travel insurance, airport lounge access, and a concierge service.
Revolut Business accounts come with four plans:
- Basic Plan: No fee. Provides essential features to get started with the platform.
- Grow Plan: Costs $39.99 per month (24% off for the annual plan). Offers additional tools and features to expand your business.
- Scale Plan: Costs $149.99 per month (21% off for the annual plan). Includes advanced features to help your business grow.
- Enterprise Plan: Customized plans are available for larger businesses to cater to specific needs.
Please note that certain transactions may have additional fees, such as currency exchange transactions on weekends or for certain currencies. For up-to-date fee information, consult the Revolut website or mobile app.
Is Revolut Safe?
Revolut is a licensed and regulated financial institution, that ensures adherence to strict regulations and standards for the safety of users’ funds and personal information. Additionally, Revolut employs advanced security measures, such as two-factor authentication, real-time transaction alerts, and card freeze options, to protect accounts and transactions. Moreover, funds in your Revolut prepaid card account are held at Metropolitan Commercial Bank, an FDIC-insured institution, providing an extra layer of security.
Revolut’s entry into the US market has brought a range of convenient and innovative financial services to American consumers. Whether for personal or business use, Revolut’s mobile app and website offer valuable features and a user-friendly experience. By opening a Revolut US account, users gain access to a wide array of financial tools, making it a wise choice for modern banking needs.
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