concept behind currency accounts in app


#1

what is the concept and idea behind the currency accounts you create in the app? I am new to this. Is it that if you travel somewhere, you shoud create account for that currency and put funds in it so that when you use your card it would pull funds from it?

somewhere I read using the card automatically converts to local currency but is the creation of this local currency accounts in app the basis and pre-requisite for this to happen?

or would that auto conversion happen without me creating account for that currency?


#2

Please read FAQ. Into this there is answer for that and many other questions…
Briefly:
You don’t have to create account other than this which will be topped up for you.
Exchange will be done behind the scenes :slight_smile:
For some currencies (at this moment 25) you can (but still- you don’t have to) collect money i.e. to avoid weekend’s markup.


#3

I found the answer there, sort of but it is not obvious. So is there any use case or need when you’d have to create one of those currency accounts in the app? And if not, why is that option there because if it it is not necessary or needed as it just creates confusion then in my opinion. A colleague of mine who referred me to Revolut seemed to be thinking you need to create an account for the currency you’re going to and put funds to it. But the experience of using your card seems to bbe what it ought to be.Just trying to understand what that feature is for and when you need to use it if ever at all


#4

I can imagine that situation:

  • if you want to send money from your Revolut account to the other’s Revolut account in some given currency.
  • if you want to avoid weekend’s markup
  • if ratio in specific moment is good for you and you want to fix the ratio
  • you can have accounts in many currencies in your bank and you may want to transfer it to revolut…

#5

This was helpful! Thanks.


#6

Also if you create another currency you can buy when the rates are good. Eg recently the US $ was 1.42 to the GBP. Now it’s around 1.39. So buying high would have given you an extra
$30 for £1000