“Reaction has been generally positive,” she adds. Helen Saxon, product analyst at, adds: “There’s now a fee for cash machine withdrawals over £500 per month, and fees on loading the card in dollars – though loading in pounds is still free. Since launching last July, Revolut has signed up 160,000 customers, with around 1,500 new customers a day.īut is maintaining perfect rates sustainable? Since launch there have been changes. “The link will time out after 24 hours for additional protection.” “If you send the link to the wrong person by accident you can cancel it instantly from your app,” he says. There are others in the banking sector that allow money transfer through social media channels such as WhatsApp, and Yatsenko claims this is secure. We are trying to solve the inefficiencies in the banking system.” “He asked if I was interested in setting up this business, which we see as offering a fair and frictionless way to manage money worldwide. “We worked together at Credit Suisse,” says Yatsenko. ![]() As a frequent traveller, he was spending a lot on foreign exchange fees. Russian-born Storonsky had the idea for Revolut while working as an investment banker, first at Lehman Brothers then at Credit Suisse. You can also see how much money you hold on the card instantly, and transact in various currencies, moving money virtually instantaneously between currencies.” “On the app you can see what exchange rate you are going to get at that particular moment, unlike using a pre-paid card. You can load funds in seconds, and spend in dozens of currencies. “There’s no other option on the market quite as seamless. “What particularly makes Revolut a disruptor is the forward-thinking app that works alongside the card,” says Brian Brown, head of insight at financial research company Defaqto. But combining multi-currency spending and money transfers in a simple app sets Revolut apart. This applies no charges for cash transactions abroad. There are plenty of other pre-paid cards out there, such as the MBNA Everyday Plus credit card. You can also transfer money to other accounts using SMS, email, or WhatsApp. ![]() Alternatively, you can apply for a physical card that can be used to pay abroad and withdraw up to £500 worth of fee-free cash, after which a 2% fee applies until the end of the month. Once installed, you can spend online through an electronic credit card, stored securely in the app. In contrast, banks and bureaux de change make their money adding cash withdrawal fees of between 2.75% to 3% above the exchange rate. Revolut offers so-called interbank rates on currency – the rate in which the banks lend to each other. “The increasing number and popularity of disruptive tech-savvy foreign exchange services means the high-street giants can no longer afford to rest on their laurels,” he says. ![]() “The banks have had it too good for too long in this market,” says Andrew Hagger, founder of the personal finance PR agency Moneycomms. Launched in July 2015 by co-founders Nikolay Storonsky and Vladyslav Yatsenko, it enables consumers to spend in more than 90 currencies around the world at the best possible exchange rate. Among them is Revolut, a smartphone app linked to a pre-paid Mastercard.
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