Virtual Banking App Revolut Launches in the US
Popular European banking app Revolut launched in the U.S. today. In partnership with NYC-based Metropolitan Commercial Bank, the virtual banking service offers a one-stop app where users can spend, send, receive, and control cash flow from their Revolut account.
Users sign up for an account and a debit card right from within the app, and can then access separate tabs that track accounts, spending, payments, and cards. Deposited funds are FDIC protected up to $250,000.
Users receive notifications every time a transaction is made on their card. It’s also possible to freeze and unfreeze a card, set some limits and restrict some features, such as online payments or ATM withdrawals.
Other features include the ability to send and request money from friends through the app, convert foreign currency at a low exchange rate, hold foreign currencies in a Revolut account, and pay Revolut users in other countries in their local currency.
Users can withdraw money from their Revolut account via more than 55,000 ATMs in the Allpoint ATM network. However, there is a maximum withdrawal limit of $300 per month at a time without incurring a two percent fee, though users can withdraw more if they sign up for one of Revolut’s premium subscriptions, which start at $9.99 per month.
In addition, Revolut offers users in the U.S. the ability to receive their salary two days in advance if they share their Revolut banking details with their employer.
In Europe, Revolut offers several other features for premium users, including the ability to buy cryptocurrency and purchase mobile phone insurance within the app. Those features aren’t available at launch in the U.S., but Revolut is working to bring them over where possible.