Revolut is Fast and easy – whats not to like?
I live in Denmark, which is part of the EU, in 2002 and when there was as a vote for if we should adopt Euro’s as our currency, or stick to Danish Kroner.
It ended up as a really close rase, 46,8% voted for the Euro, and 53,2% voted against.
That means, that every time i have to exchange to and from Euro, and transfer money to invest, i have to pay the fees, damn you no voters!
Luckily, Denmark is part of ERM II, which basically means that 1Euro is always worth around 7,5DKKR
That is a completely different story, but it means the exchange rate is always more or less the same
As my bank charge 45DKKR/ 6EUR to make a SEPA + a fee for exchanging into Euro, I thought there has to be a cheaper solution.
Avoiding all the fees!
After doing a little research I came across Revolut.
You can download the app to your smartphone, and open up an account.
After setting up your account, you can exchange to any currency
And make international transfers, free of charge!
Step by step guide
Download the Revolut app to your smartphone
Set up your account with your personal details
Hit the small + sign / Top op – Add the currency you want – in my case DKK
1. Hit the small + sign / Top op
2. Add the currency you want – in my case DKK
3. If you need to exchange, e.g. in my case to Euro’s, hit the small red exchange symbol with two arrows, in the top right corner
4. Exchange whatever amount you need Note! you will pay a small fee when exchanging in the weekend or during bank holidays.
5. Now you will have at least two “accounts” one in your local currency, and one in Euro’s, you can swipe to the left and to the right in the top, on the amount you have, to switch between accounts
6. In the bottom of the app while in the currency you want to transfer, push “Payments”
7. Then pres “Bank transfer”
8. If it is the first time, then add a new beneficiary, with their banking details – If it is not the first time, go directly to step 9
Adding a new beneficiary is quite simple, just fill out the 3 below.
Who are you transferring to? Where do they live, and what currency should they recieve? Then fill in their banking details, make SURE to double check you put in everything correct here!
9. Choose the beneficiary you want to transfer money to.
10. Enter the amount you want to transfer – Remember to add the payment reference, so they can see who sent the money.
When you have pressed send, your money is on the way, free of charge!
Whats not to like?
Its fast, free and easy to use!
As you maybe have noticed from the guide, I use revolut mainy to transfer Euro to the crowdlending sites i invest through.
You can check out here, how that is going.
I have also been using it abroad, if you choose to pay in the local currency, you save the fees from your own bank.
Most places i have withdrawn money from, I also avoid paying both fees to the local bank, and my own bank.
Till now, they dont have a real banking license, they are just a fine-tech company.
Just a heads up, i wont be using them to keep a large amount of money, until they have their license.
UPDATE! as of December 2018, they got their banking license.
It still takes some time before everything is in order, but I will be looking forward to it.
Set up your Revolut account here