Updated Updated: August 20, 2019

Revolut

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Operators Accepting Revolut Payments

About Revolut

Aiming for a revolution in how we understand and use currency, Revolut launched in the year 2015 in England and Wales and since then have managed to garner over 4 million customers with more than 350 million transactions completed globally so far.

Estimated at over 40 billion GBP in valuation, Revolut was welcomed with open arms by the global citizens who are always on the go, transact in multiple currencies regularly and want to transfer, convert and use cryptocurrency in a much easier way.

Revolut is backed by some of the UK’s top investors. Due to its reputation, it has earned support for a huge number of currencies and ease of use, Revolut has become a darling to gambling aficionados with more and more betting exchanges and sportsbooks adopting Revolut as a payment method with each passing day.

Revolut excels at the extremely fast and secure transaction, quality of service, easy registration and use, minuscule hidden fees and easy conversion between currencies. Today we take a detailed look at how Revolut operates, what are the pros and cons and whether Revolut is right for you.

How Revolut Works?

Revolut is a new generation banking solution that lets you carry your currency in the form of a physical card, a virtual card, mobile app or via the official Revolut website. A Revolut account comes in two flavors, Personal and Business.

Registration

Registering on Revolut for your brand new account is extremely easy. It takes all of 5 minutes to provide your phone number and register. There is one caveat though. Currently, only consumers from the European Economic Area (EEA) are allowed to open an account with Revolut. But they mention that global expansion is in the cards.

Personal Account

A personal Revolut account comes in 3 variants namely Standard, Premium and Metal. Each has its own perks with the Standard version being the no-cost alternative for basic consumers.

Standard

The standard personal account comes at 0 GBP per month and some very useful features such as:

a)  A free current account valid in the UK.

b)  A free EBAN account that allows direct debit in EURO.

c)  Ability to transact in more than 150 currencies worldwide with only interbank fees applicable.

d)  Free ATM withdrawals using Revolut card up to 200 GBP each month.

With a standard account, users have to pay a fee in order to get a virtual disposable card or a physical card.

Premium

The premium account comes at a meagre 6.99 GBP per month. For people who travel moderately and use different currencies regularly, the premium is a great choice. It has all the facilities provided for the standard account along with:

a)  Free ATM withdrawal limit is higher at 400 GBP.

b)  Ability transacts cryptocurrencies with the limit being 5.

c)  Unlimited free of charge conversion for up to 29 FIAT currencies.

d)  Free disposable virtual cards.

e)  Free physical premium card.

f)   Exclusive customer support.

g)  Delayed flight, overseas medical insurance, and delayed baggage services.

Metal

With metal, the monthly fees are higher at 12.99 GBP per month but the features are better as well. With metal one gets all of the benefits of standard and premium plus:

a)  Concierge service while traveling.

b)  High priority customer support.

c)  1% cashback on all card payments outside Europe and 0.1% cashback on all card payments made within the EEA.

Business Account

The business account is available for both registered companies and freelance businesses. The company option comes with 3 account types, Start, Standard, and Professional while freelancer has only one option.

Start

The start business account comes at 25 GBP per month and is suitable for companies with less than 100,000 GBP incoming fund each month.

Standard

Priced at 100 GBP per month, this is suitable for business with a volume of 100,000 to 1 million GBP incoming fund per month.

Professional

Aimed at truly large businesses, this account is available for 1,000 GBP per month with the company raking in over 1 million GBP each month.

Each business account has a load of perks including:

a)  Managing account in 29 FIAT currencies.

b)  Corporate cards.

c)  Priority customer support 24X7.

d)  Virtual that integrates with Facebook, Amazon and Google Ads making payment easier.

e)  Integration with several popular and useful apps.

f)   Custom API for the business.

The freelancer business account costs 6.99 GBP per month.

One of the primary benefits of Revolut lies in its app which seamlessly integrates with Apple pay and Google pay. It has many features that allow bill payments via direct debit, complete tracking of account and expenditure, setting expense limits, budgeting, unlimited customer permission and so on. It also acts as an e-wallet for cryptocurrencies. The app is simple, robust, and easy to use and chock full of goodies.

Revolut and Gambling

Since the inception of Revolut, thanks to its ease of funds processing and fast turnaround times coupled with other salient features, Revolut became a primary choice for deposit and withdrawal for gambling sites in the UK. Gambling is one of the primary sources of entertainment in the UK and many use sports betting as their primary source of income. But gambling on regulated UK online sportsbooks and casinos often comes with a few challenges when it comes to payment methods. But thanks to Revolut’s unique features, it offered perfect solutions for regular bettors. Following are some of the reasons while Revolut gambling is fast becoming a phenomenon in the UK.

Solution to Currency Conversion

If your favorite casino uses support GBP and you are using EURO or some other European currency, the traditional methods meant cumbersome currency conversion at deposit and withdrawal with the bank sometimes charging hefty fees. Not to mention that the process could be time taking. But with Revolut’s support for 29 EEA currencies, you can load your card with EURO and use it at a casino supporting GBP and the conversion happens automatically, at no fees. Not only is fast and easy, but it is free as well!

Simplicity

Despite using loading your Revolut account using whatever currency you want, if you get a Revolut MasterCard issued, you are good to go at any online casino or bookmaker that supports MasterCard. Once again, the conversion is automatic. But there might be some problems with Revolut gambling withdrawal as many bookmakers do not support withdrawal to a MasterCard. This brings us to the third benefit.

Use Revolut as a Wallet

With Revolut’s support for cryptocurrency, you can necessarily use the powerful Revolut app as an e-wallet. Not only can you deposit money into casinos that support e-wallets, but you can also withdraw your rightful winnings right into the wallet and convert them into any currency you want.

Speed

Revolut payment processing is much faster than other traditional payment methods and in most cases amount gets withdrawn or deposited within a few minutes.

Limit

The Revolut card is a prepaid card that allows one to budget their spending on online gambling. Gambling can become an addiction and a built-in restriction imposed at the payment method itself can be very handy. The Revolut works wonders in terms of controlling and budgeting expenses and keeps a detailed track of all transactions via the app.

Revolut and its Gambling Future

Despite a promising run and more and more bookmakers adopting Revolut as a viable deposit and withdrawal method, the movement has slowed down a little bit in the recent times with Revolut withdrawing support for a number of high profile sportsbooks including Betfair and Bet365. While the real reason remains unclear, it is widely speculated that being a young company, Revolut is trying to distance itself from the online gambling industry, an industry that is rife with underhanded actions, potential money laundering and so on. While there are still many Revolut bookmakers out there if the trend continues then in near future Revolut might completely withdraw its services for the purpose of online betting.

Revolut Advantages and Disadvantages

Advantages:

1)  Fast and secure payment options.

2)  Easy ATM withdrawal.

3)  Automatic conversion between 29 currencies without charges, supports more than 150 currencies.

4)  Cryptocurrency support for popular currencies such as Ethereum and Bitcoin.

5)  Simple usage with prepaid MasterCard debit option.

6)  Amazing app that controls each aspect of the spending including budgeting.

7)  Free account option for individuals.

8)  Perfect for sports betting and casino thanks to seamless currency conversion.

Disadvantages:

1)  Only available for occupants of the European Economic Zone currently.

2)  Direct debit is supported only for the EURO.

3)  Slowly but surely withdrawing support from online betting and casinos.

4)  Still a young company, not tested by time and other challenges.

5)  Heavily dependent on the app.

Revolut FAQ

Q) Is Revolut free?

A) Not quite. Revolut does provide a free standard account to individuals but in order to use Revolut effectively, one needs to get a Revolut MasterCard which requires a fee. Paid accounts come with the card as part of the package. For international currency conversion and usage, Revolut charges interbank fees. Their fees are, however, the minimum possible and there are no hidden charges.

Q) Which cryptocurrencies do Revolut support?

A) Revolut currently supports 5 cryptocurrencies which are BTC, BCH, ETH, LTC, and XRP.

Q) Does Revolut support cryptocurrency conversion?

A) Yes, cryptocurrencies can be converted like other FIAT currencies.

Q) Does Revolut have a trial period?

A) Yes, Revolut provides a 14 day trial period for all paid account types. If the account is discontinued within 14 days then no payments are charged.

Q) Is direct debit allowed with Revolut?

A) Yes, direct debit is allowed but only for EURO. With EBAN account you can set up direct bill payments and other regular expenses.

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