For me, I recently moved from the UK to mainland EU for work and a friend who had done the same suggested Revolut to help manage money between two countries and two banks.
It looked great, the app was good and at least when i got into it, support was quick, detailed and straight to the point.
I do a lot of exchanging currencies from EU/SEK/GBP and using my traditional bank, they wanted to charge me a flat fee to transfer any foreign currency to or from them, no matter how much. Having Revolut basically not charge me a dime (if done during the week) is the ultimate best option for me.
I looked at the other “digital” banks after I had already invested into Revolut and noticed that they either specialised in UK services or UK people going on holiday abroad, or they charged me for transfers. So no reason to swap from Revolut.
I’ve personally never had any issues with the service, I’m not a power spender, I don’t get my salary sent to Revolut, I don’t transfer enough money to buy a house through Revolut either. I wouldn’t trust the service with that amount personally but that’s not a dig at Revolut, I wouldn’t do that with anything other than a traditional bank and even then I’d grimace at the cost they’d charge me to do so. Only because they have insurance, I don’t have a lot of “free money” I can afford to lose and in my mind, it’s a hell of a lot easier to chase them legally than a digital tech start up company.
I know and understand we need these big power users of Revolut that do all the above to help grow and prove the system and I’m so grateful for them, but in my life/situation, I can not afford to risk having complications with any amount of money, so I don’t and neither should anyone here that complains about Revolut “ruining their life” when issues arise. Always have a back up, always use funds you can afford to be delayed, until everything is perfect, sorted and smooth which it isn’t for any of the services today, even traditional banks have their bad days.
Revolut won’t steal your money, they won’t scam you, but sometimes they may require some more time to jump through hoops or to explain things, or even more info from you to clarify things. Let them and help them if you truly want to support them and see this industry change for the better it won’t always feel like an uphill struggle.
- Just my two cents, I’m not anti any other services, I just support the ones that work for me