Revolut is a British financial technology firm that provides banking services with its headquarters in London, England. Today, their clients around the world are making more than 100 million transactions a month using dozens of Revolut’s innovative products. They help clients improve their financial health, give them more control, and bind people seamlessly around the globe across their personal and business accounts. Nikolay Storonsky and Vlad Yatsenko founded Revolut on 1 July 2015.
In a funding round led by Hong Kong-based DST Global, Revolut revealed on 26 April 2018 that it had raised a further $250 million, hitting a cumulative value of $1.8 billion and thus becoming a unicorn. DST Global was founded by Yuri Milner, whose previous investments were backed by the Kremlin.
In December2018, Revolut obtained from the European Central Bank a Challenger bank license, facilitated by the Bank of Lithuania, authorizing it to accept deposits and offer consumer loans, but not to provide investment services. At the same time, the Bank of Lithuania also granted an Electronic Money Institution license.
Revolut offers banking services such as GBP and EUR bank accounts, debit cards, currency exchange free, stock trading, exchange of cryptocurrency and peer-to-peer payments. The mobile app from Revolut supports spending and ATM withdrawals in 120 currencies and direct sending from the app in 29 currencies. By exchanging 25 fiat currencies, it also offers customers access to cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and XRP.
A currency order can be created from the Accounts tab, (next to ‘Add money’) and then choosing ‘Exchange’.
Alternatively, open the Favourites screen from the Star Icon at the top right of the Home and Wealth tab, then pick Orders, and tap Add New.
You will then locate your created currencies orders on the ‘Orders’ tab. Both pending and completed orders will be accessible for you to see.
The interbank exchange rate is the dynamic rate at which banks swap currencies between one another. It is a real-time rate, which is why it is constantly changing in their app and website. They receive these rates from third parties, such as Morningstar.
The currency exchange rate can be viewed on the Revolut app before exchanging currency or making a bank transfer involving currency exchange. If you need to make a card payment or withdraw cash in a currency you cannot hold with Revolut, just pay or withdraw cash using your Revolut card. They’ll automatically convert at the best available rate provided by financial exchanges.
Alternative names for Revolut
Revolut is also known and called as:
- revolut bank
More banking details can also be found on Revolut`s site.
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