Banking Method: Revolut
Revolut exploded onto the scene back in 2015 and to this day, it’s still the most talked about payment provider amongst users and merchants alike. It promised to revolutionize payment processing, effectively eliminating charges and fees, putting the needs of its users first. Revolut’s CEO and founder, Nikolay Storonsky, raised $71 million at a valuation of $350 million and today the company is worth over $1.7 billion. Revolut works closely with other payment providers such as VISA to issue credit and debit cards to make withdrawals and deposits, just like users would do through their local bank. Revolut has now over 2 million users and with its core product sporting incredibly low fees when spending abroad, the company will keep growing with its back door banking strategy. Revolut has been slowly adding more functions, adding flexibility to its financial capabilities, including insurance, cryptocurrency trading and current accounts.
Online Casinos that accept Revolut
Revolut, The Mobile Banking Platform
The possibilities are endless when using Revolut. Once you’ve created an account and downloaded the mobile app, you’ll be free to use all the financial services available. The following are the advantages of having a Revolut account:
- Ability to store and exchange 25 currencies in the app.
- Send free local and international money transfers.
- Use the contactless VISA or mastercard Revolut card in over 130 countries without being charged any fees.
- Free international ATM withdrawals up to a maximum of €200 and a 2% fee when limit is exceeded.
- Instant spending notifications, spending categorisation and budgeting controls.
- Increased security with functionality to enable or disable contactless transactions
- Travel medical insurance and device insurance
- Instant credit to your account in 2 minutes worldwide.
When dealing with finances, one of the main concern anyone might have is the issue of security and what measures are put in place to prevent fraud. One of the most handy features of using Revolut is the instant notification sent when a withdrawal is made, which puts your mind at ease, giving you total control over your finances. Another nifty features is the ability to turn on and off specific features as you please. For instance, if your card is misplaced, lost or stolen, Revolut allows you to turn off contactless payments, change your pin number and even deactivate your card. This gives you total control over your finances and all the functions can easily be reactivated through the mobile app.
The beauty of Revolut is that it works in tandem with VISA and Mastercard. This means that Revolut can be used as a payment method when depositing and withdrawing funds from an online casino. You’ll still enjoy the same benefits of a credit or debit card but with the additional benefits that Revolut brings to the table.
The number of online casinos that are accepting Revolut as a payment method has increased significantly and Revolut users also have the option to use disposable cards.
This is particularly useful when setting gambling budgets. For instance, if a player has a gambling budget of €100 per month, he or she can acquire a disposable Revolut card to use solely for gambling activity. This will also help maintain control and an effective way to prevent problem gambling.
Online casions have no problems accepting Revolut as a payment provider, especially when considering the fact that Revolut is partnered with the biggest payment providers in the industry.
Budgeting With Revolut
Revolut has a handy budgeting tool which allows users to calculate and allocate spending. It’s very easy to set up and apart from letting users know the balance left in the available currencies, it also helps in giving a total breakdown of spending to the last penny. This feature also percentage spending, for even more accurate budgeting.
Withdraw or Pay by Card
Since the Revolut card is issued by VISA or Mastercard, it can be used as a payment method when shopping online or making payment. This means that if VISA is accepted at an online casino, you’ll be able to use it to deposit funds into your account. As explained in the list above, you’re also able to withdraw funds without being charged fees up to €200 per month, however, if you’re a premium user, these limits will be lifted and you’ll be able to make larger monthly withdrawals with your Revolut card.
Verifying Your Identity
Like any financial institution, you will need to verify your identity as part of the ‘KYC’ or Know Your Customer’ as an anti-corruption and fraud measure. This is a pretty straightforward procedure and until your identity is verified, you’ll won’t be bound by Revolut’s Terms of Service and any funds transferred to your account will be done at your own risk.
Verification is important as it let’s Revolut know that the card you’re using to top-up funds is actually your own. To get your card verified, check the four digit code on your bank statement and scan the card in the ‘Top Up’ section of the app. The last step would be to scan your card and you’ll be all set!
Travelling With Your Revolut Card
The last thing you want when on vacation is the added stress of having to deal with exchange rates. With Revolut, you’ll be able to use your card in 150 countries with the interbank exchange rate charging a miniscule fee of 0.5% for anything over €5000. As explained above, you’ll also be able to withdraw funds but if the €200 limit is not enough, you’ll need to sign-up as a premier user.
Disposable Revolut Cards
You can easily order a virtual or disposable Revolut card which will be rendered useless after it’s used once. Disposable cards are a perfect way as an added measure to keep gambling under control if you’re trying to limit your spending. This means that once you deposit funds to an online casino with your virtual card, you won’t be able to deposit anymore with that card. For instance, if you allocate a monthly gambling budget and use virtual cards, you’ll have even more control over your spending.
Request Money with Revolut
With Revolut, you’re able to request money from anyone, be it friends, family or for work and since payments are processed instantaneously, it makes it the most convenient way of getting paid as funds will be deposited directly to your Revolut account, readily available. When requesting funds from people without a Revolut account, a payment link will be created and you will be able to receive funds in nine different currencies, which include GBP, USD, EUR, CHF, DKK, NOK, PLN, RON, and SEK.
Splitting the Bill
The possibilities of Revolut are endless but one of the most convenient is the capability of splitting any bill with Revolut users. tap the 'Split bill' button and select the phone contacts you would like to split the cost with. Individual amount can be edited by tapping on ‘Request’ and the bill will be split evenly. The people splitting the bill with you will receive a notification of the request which can be accepted with a single tap. Once the request is accepted, the funds will be available in your account and can be paid in any of the available currencies accepted by Revolut.
Revolut has come a long way since it’s inception and there’s no telling what the future holds for the company. As more and more people use Revolut, we can only expect more features and functionalities added to the service, possibly replacing the your local bank altogether.