I have a question about how to use Revolut abroad (i’m in Spain). Imagine that I deposit € 1,000 in my Revolut account in order to travel to China and think that I will spend around € 500 there. Before traveling, do I have to change to the Chinese currency and have two balances of money in my Revolut account (one in euros and one in yuan)?
Do I need to have yuan in my Revolut account in order to withdraw money at ATMs and / or pay with the card?
No you dont have to change to CNY before you go - but you can if you want to.
If you make a purchase in CNY Rev will take the balance from the CNY balance on your card if you have one and there is a sufficient balance to cover the whole amount. If you dont have a CNY balance, or it is insufficient to cover the entire transaction, Rev will convert the transaction and deduct from the euro balance.
I believe that if the conversion is carried out when the markets are closed (eg at weekend) you will receive a less favourable rate however.