Revolution, the global financial application that offers many services including being able to pay digitally with Apple Pay and Google Pay, has formalized the operation of its specialized European banking license in Italy. In this case, the novelty concerns the possibility for all Italian customers of the application to be able to transfer deposits to Revolut Bank and benefit from the protection of the deposit guarantee scheme. The transition to Revolut Bank is immediate and simplified since it can be done directly in the Revolut app and everything will be updated in just a few minutes.
Revolut Bank: what’s changing and what does it mean?
Revolut is the fastest growing fintech company in Europe because we put the customer at the heart of everything we do. Our product design is unmatched, we have no hidden costs and we are constantly designing new and innovative financial products. The launch of the bank in Italy will bring a higher level of security and confidence to our customers and will enable us to launch a number of new products and services in the near future”says Joe Heneghan, Managing Director of Revolut Bank.
It’s been 6 years since Revolut hit the market and in just these 6 years, it has already attracted more than 16 million customers worldwide. Last year, Revolut launched its specialist bank in Poland and Lithuania and started offering highly competitive credit products in both countries. With the entry into Italy, Revolut Bank currently operates in 18 EU markets. The Specialized Banking License allows Revolut Bank to provide limited banking services through the Revolut app, as well as a range of financial services and products offered by other Revolut Group companies.
Thus, all customers who switch to Revolut Bank in Italy will be able to benefit from additional services and above all from deposits protected by the deposit guarantee scheme up to €100,000. An advantage that is already part of a wide range of services offered by Revolut and which allows Revolut to beat the competition, especially traditional banking. And we remember it because Revolut already has many products such as Rewards, Revolut Junior, Stays just to name a few – which, in addition to helping people better manage their money, are also very popular. And soon, the company said it was ready to launch other products and features, including specific products for the Italian market, to make Revolut even more relevant in the country.
In addition to allowing you to transfer money in 29 currencies, Revolut includes also the purchase of various cryptocurrencies, including Ethereum and Bitcoin, as well as gold. In 2020, it introduced loans directly in the application and, taking advantage of the opportunities of open banking, it allows you to monitor the current accounts that the user has opened in other institutions and also to personalize, as no one else has done so far, the cards.
Revolut: how the online account works
revolution a service for individuals and professionalsgiven the ability to receive payments in any currency with the real plus of being able to convert when the best rate is obtained with no additional or hidden fees.Revolut is essentially a “virtual” i.e. an online accountto which a virtual card is associated, although it is possible at any time to also request the physical card which will arrive directly at your home in a few days.
In this casehow easy it is to open a Revolut accountcertainly a considerable advantage over many competitors. In fact, it will be enough to go to the official Revolut website and choose which account will be the most suitable according to your needs. There are three options the user can make:
- STANDARD account:the totally FREE that in any case has an IBAN (also free) and with which it is possible to make purchases in more than 150 currencies at the interbank exchange rate, exchange without commission in 29 currencies up to 1,000 and above all without commission ATM withdrawals up to 200 per month. It is also possible to use Apple Pay and Google Pay and request a physical card.
- PLUS account:the cheapest at 2.99 which in any case has an IBAN (also free) and with which it is possible to make purchases in more than 150 currencies at the interbank exchange rate, commission-free exchange in 29 currencies up to 1 000 and most importantly commission- free ATM withdrawals up to 200 per month. It is also possible to use Apple Pay and Google Pay and request the physical card and also to have customizable cards. In addition to two Junior accounts and of course all day-to-day protections such as ticket protection, returns, insured purchases.
- Premium Account:cost of 7.99 per month with the possibility in addition to the things already seen on the standard also to make withdrawals up to 400 monthly, international medical insurance, insurance for flight and baggage delays, express delivery / global priority, priority customer assistance, immediate assistance access to 5 crypto-currencies, PREMIUM card with exclusive designs, disposable virtual cards, access via LoungKey Pass. It is also possible to use Apple Pay and Google Pay and request the physical card and also to have customizable cards. In addition to two Junior accounts and of course all day-to-day protections such as ticket protection, returns, insured purchases.
- METAL account:cost 13.99 per month with all standard and premium account priorities plus an exclusive Revolut METAL card, withdrawals up to 600 per month, up to 0.1% cashback in Europe and up to 1% outside of Europe on each payment made by card and an exclusive concierge service.It is also possible to use Apple Pay and Google Pay and request the physical card and also to have customizable cards. In addition to 5 Junior accounts and of course all daily protections such as ticket protection, returns, insured purchases.
revolutionit then allows you to top up your card or account via direct transfers from other Revolut accounts or via an associated credit card or via bank transfer.