I use Revolut as main and only account. I am from Berlin, Germany. I had my account at the Commerzbank before, they took 4,90€/month and had a percentaged extra fee per amount for usage of the debit card in foreign countries. Most of the german banks are old-fashioned and are running against the clock, with no innovations. I also never needed local bank offices.
@zapata, the most german banks require a minimum of incoming money per month to have a free account and every bank has these stupid 1.5 or 2% fee for card transactions in foreign countries, even fintechs like N26.
Further example for old-fashioned german banks: The “Postbank” these days introduces the possibility to pay with Google Pay, after years Google Pay exists and german banks are not able to develop an own, overreaching european payment system. The banking app of the “Commerzbank” has no dark-mode, they promise since years to provide one.
Little things, but in summary …
Im very fine with my Revolut only account, since 9 months now.
The tip to not put all your eggs in one basket is older than fintechs are. I am a Revolut customer since 2015. My account was never frozen or restricted in any way. I had my fair share of bugs and hiccups, but nothing to write home about. I would never rely on one account only. It’s so easy and cheap (free) to have at least one backup. Even if it’s not Revolut causing the service interruption, it’s good to have access to a Notgroschen. The tip to not rely on one payment card when travelling for example is as old as payment cards themself. And it’s undeniable that fintechs, all of them, are less robust in this context.
@Frank, I do not travel often, I am not a “holiday guy”, so for Germany or the one or the other weekend visiting a european capital city only one account is sufficient.
My “Notgroschen” is a little bit of cash.
I use Bunq as my main account, that I receive my salary into. Revolut is second. I use it mainly for transfers and <18, some purchases here and there.
To be honest I don’t trust it with my salary. But my boyfriend received his salary into Revolut for 8 months with no issues. He just recently switched to a German bank account HVB. Not really thrilled with it but it is free for the first 2 years.
I wish I could use Revolut was my main account but it just arrived in Brazil and is incomplete for a bank here.
It lack basically functionalities like PIX, boleto (bills) payments and even a debit card that works with the BRL account, I got more details on another post Brazilian Feedbacks & Comments
Honestly I won’t leave my traditional (itaú) bank, they works create for me, doesn’t bothers me with annoyances and I’m already accustomed with their particularities.
But paying 5% spread + 6.38% taxes on all foreign cards transactions, that’s where Revolut comes to save the day!
If revolut had a credit card issued in another country so I won’t had to pay 6.38% taxes and could simple use my Revolut account paying only 1.1% taxes on the conversion, would be a perfect card for international purchases for Brazilians.
At least your debit card works on website for non presencial transactions, default Brazilian debit cards rarely work for non presencial transactions and the few websites/services that accepts debit cards here have specific bank agreements and if accepting more than one bank debit card is basically a miracle.
Understanding the Brazilian bank particularities isn’t for most foreign banks, the only one who did it properly was Santander, and just because they bought a beloved Brazilian bank (Banco Real), switched the name but let they operate on their own way instead trying to force the European banking style here.
Not that Satãnder (was is named by a few) is perfect, there’s no such thing, but from international bank that are usable by people on everyday, they are the only big known one remaining.
HSBC sold operations to Bradesco and I’m pretty sure that most costumers when migrated to Bradesco switched to another bank.
Citibank sold to itaú, for me itaú is ok, they were nice to me, the less worse bank here.
I want Revolut to have success here, the international currency is something that will attract people, but if focus only on that will be like Wise, being only used for travel or international bank transfers, but not was a everyday bank.
I am using Revolut since January 2018. I work in Switzerland and live in Germany so I transfer my salary via Wise to Revolut and then I exchange my salary with Revolut to EUR. This without any additional fees except the plan fee for Revolut. I also have a Revolut joint account with my wife and my daughters have a <18 Revolut account. I am using my Revolut account for 99% of my spendings. I wish I could use it as my only main account but the 1% missing is because of the lack of a local german IBAN because there are some old fashioned domestic suppliers in Germany like power and gas suppliers for example which do not accept the LT IBAN for the direct debit authorization and the lack of the personal CH IBAN in Revolut in order to receive my salary in Swiss Francs via Revolut.
Revolut Ltd (No. 08804411) is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (Firm Reference 900562)..
Registered address: 7 Westferry Circus, Canary Wharf, London, England, E14 4HD.
Insurance related-products are provided by Revolut Travel Ltd which is authorised by the Financial Conduct Authority to undertake insurance distribution activities (FCA No: 780586) and by Revolut Ltd, an Appointed Representative of Revolut Travel Ltd in relation to insurance distribution activities. Revolut Ltd is an Appointed Representative of Lending Works Ltd for the activity of “operating an electronic system for lending”. Trading and investment services are provided by Revolut Trading Ltd (No. 832790). Revolut Trading Ltd is an appointed representative of Sapia Partners LLP (No 550103) which is authorised and regulated by the Financial Conduct Authority. Revolut Trading Ltd is a wholly owned subsidiary of Revolut Ltd.