Travelling Turtle

Revolut: The innovative solution for paying or withdrawing abroad

When traveling abroad or dealing with foreign currency transactions, managing money can become a challenge. An effective solution to simplify transactions and save money is local currency accounts. In this article, we will explore how to create such accounts using Revolut and what benefits they can offer travellers.

I experienced this app firsthand during one of my latest trips and I really appreciated it because it offers some features that make it unique.

What is Revolut?

Revolut is a digital financial platform that stands out for its ability to hold and exchange money in many different currencies, including euros, dollars, pounds and many others. This is especially useful for those who travel frequently or need to make international financial transactions. In short, it is possible to keep money in multiple currencies in your account at the same time and make quick conversions at very advantageous exchange rates.

It is possible to open the account directly via the app and can be entirely managed digitally.

At the heart of the service is a Mastercard or Visa prepaid debit card, which you can use to make payments and withdrawals around the world. The card is available in both physical (on request) and virtual versions. It is also possible to create disposable virtual debit cards from the app to use online or for special needs where you do not want to provide your debit card details.

What are the benefits?

  • Revolut offers real-time exchange rates based on the interbank exchange rate, which are generally cheaper than those offered by traditional banks or exchange bureaus.
  • One of the platform’s promises is the absence of hidden commissions. Users enjoy fee-free transactions for most transactions, including ATM withdrawals and payments abroad. When traveling abroad, you can use your local currency account to withdraw local cash without additional fees or to pay directly with that currency.
  • At the end of your trip you can simply convert the unspent money back into euros without the risk of being left with unusable banknotes or coins upon your return.
  • Loading money onto Revolut is very simple as you simply need to make a transfer using the IBAN that is provided when opening the account.

With zero hidden fees, competitive exchange rates, and the ability to hold and exchange multiple currencies, Revolut has become a popular choice for travelers. If you’re looking for a more convenient and practical way to manage your expenses abroad, Revolut could be the solution for you.