When travelling to foreign lands, it’s important to convert your currency into local currency. Most places only accept their own money. If you try to use your own, you might end up paying a lot more because of high exchange rates, which could burn a hole through your pocket. There are various avenues available for currency conversion. You could visit a bank or a currency exchange facility, although these establishments often impose substantial fees.
Alternatively, credit and debit cards are viable, but these may also subject you to elevated charges for international transactions. A more advantageous choice is using a currency exchange app like the renowned Revolut. This blog delves into the workings of currency exchange by Revolut, the benefits it offers, and reasons why you should contemplate its use for your overseas escapades. Let’s dive in!
What is Revolut, and how does it help with currency exchange?
Revolut is a tech-savvy company that provides a mobile banking app. It offers a bunch of features and tools like changing money between different currencies, sending money abroad, trading stocks, and paying your pals.
For travellers, Revolut is awesome because it offers many types of currency from all over the world at the same exchange rate that big banks use. Plus, there aren’t any sneaky extra charges, so you’re getting a good deal. The app is super handy while you’re exploring new places – you can see what you’re spending and switch money right there on your phone.
How does Revlout currency exchange work?
Discover the mechanics behind currency exchange using Revolut with the following steps:
- Download the Revolut app and access the “Accounts” section.
- Select the “+” icon and opt for “New currency.”
- Pick the desired currency for conversion.
- Specify the amount of money for the exchange.
- Review the presented exchange rate and associated fees.
- Confirm the transaction by tapping on “Exchange.”
Revolut uses a similar exchange rate that banks do, but they add a tiny bit extra (about 0.5%) to make some profit. There’s also a small fee for changing money, but it’s hardly noticeable, especially if you’re a Revolut Premium or Metal customer. Remember these things when using Revolut:
- Exchange rates remain in flux, necessitating pre-transaction rate assessment.
- Revolut might apply a slightly higher markup during weekends and holidays.
- The exchange service is confined to supported currencies on the Revolut platform.
- There’s a daily limit on the volume of currency you can exchange.
Revolut stands as an exceptional avenue for currency exchange. With its user-friendly interface, comprehensive range of currencies, and economical fees, it offers an effective solution for those seeking savings on currency conversion. Let’s explore more of its features!
Features of Revolut for Currency Exchange
Interbank exchange rate
Revolut employs the interbank exchange rate, which is the same rate used by banks for trading currencies among themselves. This ensures that you’re securing the most advantageous deal for your currency conversion.
No hidden fees
Hidden fees are a no-go with Revolut. You can rest assured that you won’t be charged any sneaky extras, allowing you to pay exactly what you see.
Convenient and easy to use
Revolut is designed with mobile convenience in mind, letting you convert currencies on the fly. Its user-friendly interface ensures that the features you require are easy to locate.
Wide range of currencies
With more than 28 currencies in its arsenal, Revolut covers your currency needs wherever your travels take you.
Fair usage limits
Revolut sets equitable currency exchange limits. You’re allotted a specific monthly currency exchange amount before any additional charges kick in.
ATM withdrawals
Revolut also facilitates ATM withdrawals in foreign currencies, presenting an excellent way to access cash during your travels without fretting about hefty fees.
Limit orders
Take control of limit orders, allowing you to define the exchange rate you’re comfortable with. This safeguards you from overspending during currency conversion.
Real-time exchange rates
Revolut offers real-time exchange rates, so you can see the latest exchange rate before you make a transaction.
Currency alerts
Stay in the loop by setting up currency alerts that notify you of fluctuations in a specific currency’s exchange rate. This feature proves handy when you’re gearing up for a trip and aiming to secure the finest exchange rate available.
Is Revolut the best way to exchange currency?
Revolut stands out as a strong option for currency exchange due to its great features. It offers good exchange rates and low fees, and its app is easy to use. However, before deciding, it’s a good idea to compare Revolut with other ways to exchange money. Here are some other popular choices for exchanging currency:
- Banks: Banks offer currency exchange, but they often charge high fees.
- Currency exchange bureaus: These places also exchange money and usually have lower fees, but their rates might not be as good.
- Online currency exchange platforms: You can also exchange currency online, and they often have good rates and low fees.
When you’re picking how to exchange money, it’s important to look at how much it costs and how easy it is to use. Here are some tips for using Revolut to exchange money:
- Plan Ahead: Exchange currency a few days before travelling for the most favourable rates.
- Embrace Limit Orders: Set exchange rate limits to mitigate excessive costs.
- Weekend Caution: Be mindful of weekends when Revolut applies a currency exchange rate markup.
Remember, it’s a good idea to check and compare before you decide how to exchange your money.
Conclusion
Revolut is an excellent resource for foreign currency exchange during international travel. It offers a number of premium features, including a user-friendly interface, diverse currency options, and a transparent fee structure. For those seeking prudent savings on currency conversion, Revolut serves as a remarkable solution. If you want more such updates regarding Revolut and its other offerings, visit Feedhour.