With a net expanse of more than 10 million customers in just Europe, the popular mobile banking app Revolut which acts as an efficient interface, is making its way to the United States. The app got launched yesterday in the United States. This launch was announced none other than by the company itself.
The app does not require any physical locations. You do not need to have a room or so to visit and see the functioning. It is completely web-based, or for that matter, it is online. The app can be accessed by anyone who wishes to operate their bank accounts. While in the banking app, you get the feel and deal of an actual bank while sitting in the comforts of your home.
As a new user, you can sign up for an account, and a Mastercard will be assigned to you in just a few minutes while you are operating the app and navigating through the app. The app is all set to provide the Mastercard facility for its United States users. A European user could have gone, opened the app, and signed up for an account and get a debit card. It is that simple to use.
Revolut is that application that will give you the required technology that acts as the necessary interface with another bank’s services. The online platform is a banking app, though it is not a bank in itself. Revolut has got its partner in the Metropolitan Commercial Bank popularly known as the MCB. The MCB is a New York-based bank. 60,000 beta testers are testing the Revolut in the US.
While operating the app, you are guided at every step with an easy and clear menu and options. The account that you get from the application is insured for up to $ 250,000 by the FDIC. Earlier, it was a UK based banking app called Monzo, which made its big break in the US markets. It was in June of last year. In the case of Monzo, things were taken through a bit, slow approach. The app had rolled out slowly pan the United States.
Online banking apps like Monzo and Starling have seen an unprecedented level of success in the United Kingdom. The success saw its repetition in the case of Revolut, which had slowly spread its operations across a sizeable section in Europe. These days, it seems as if the future for completely online banking and transactions is vivid and crystal clear.
The banking interface lets its users send and request money from their friends using just the app, and nothing else is needed. Your account, payments, expenditure, and cards – everything is tracked efficiently. There is a demarcation for the same, and in keeping with this feature, you will get separate tabs for all sections inside the main app. The app greets you with notifications whenever you buy something.
Right within the app, there is an option to exchange foreign currency. The best part is that the user is charged nothing extra to use this feature. There are more than 55,000 ATMs in the All point ATM network that are connected with the banking app. It is important to note that the withdrawal limit has been capped at a maximum of $ 300 per month at one go. Otherwise, you risk a 2 percent fee where you make transactions worth more than $ 300 per turn every month.
There is the premium subscription feature as well. This subscription comes for a sum of $ 9.99 per month. This premium subscription lets users take out a sum of up to $ 600 per month as opposed to the 300 dollars limit from any ATM without having to pay the 2 percent fees. You get many extra features as part of the subscription, for example, the global travel insurance as well as a disposable virtual card, and entry to airport lounges through the Lounge Key Pass.
Do you wish to withdraw up to $ 900 per month without having to pay the 2 percent charge, and on top of that, get a 1 percent cash back on all transactions done via your Revolut card? Then the Metal subscription for $ 14.99 per month has been tailored just for you!