switch from your bank to Revolut


#1

what kind of features will determine you to switch from your regular bank to :r:?

for myself will be:

1 personal USD account
2. three physical cards and posibility to choose Visa and Mastercard, not random issuance
3. joint account with partner, cards for kids
4. increased free cash withdrawal limits ie. double than existing
5. interest on vault deposits
6. shares market

until then i have to use :r: in combination with 2 regular banks and Transferwise.


#2

A retail bank will never be able to provide sufficient returns on deposits.

To get a return from your cash, you will have to put it in the market (and as such, at risk), into equities, funds and other securities.


#3

I have a very different list of requirements!

  1. Direct Debit in the UK
  2. Banking licence for deposit protection
  3. Savings account or interest on vaults or integration with other wealth products
  4. Cashback/rewards on card payments
  5. Integration with Google Pay

#4

First of all, you should spread your finances across at least 2 different providers at the very least. This should give you minimal level of protection from outages, IT failures or having your accounts frozen or blocked e.g. because of your dealings with cryptocurrency exchanges, a politically exposed person, etc.

For Revolut to be the main of my providers in the UK (on top of already existing great features):

  • Banking Licence and FSCS protection
  • functioning Customer Service
  • UK Direct Debits
  • Revolut Credit Card for Section 75 protection and building or maintaining a good credit record (not sure this will happen anytime soon but it is essential in the UK)
  • unlimited cash withdrawals in your home country
  • transparency (I dont mind charges if they are clearly displayed and communicated to all users)

#5

Spot on :+1:


#6

more to add:

  • personal iban account in base currency
  • direct debit in base currency
  • free unlimited cash withdrawal in base curency

this will probably require partnership with a local bank that already offer such things


#7

What @Platin wrote - and more :sunglasses: :wink:


#8

I am already using :r: as my daily bank and I am very happy :smile:

What’s missing for me is the following :

  • Banking licence
  • CHF IBAN
  • Official joint account
  • Credit card ( mainly for unmanned petrol station, Applestore, car rent…)
  • At least 4 cards ( 2 adults + 2 for the kids )
  • Better support ( even if I never have to complain about it myself )