Published: Tue, March 24, 2020
Electronics | By Kelly Massey

Revolut has launched its digital, app-based bank in the US

Revolut has launched its digital, app-based bank in the US

London-based Revolut, which offers banking, cryptocurrency, and stock trading services via its mobile apps, has officially launched the U.S. Its partner in the New York's Metropolitan Commercial Bank (MCB).

New U.S. customers of Revolut will have to undergo Know Your Customer (KYC) identity verification to be approved, after which they can open an account accessible on a smartphone. To get started, download Revolut from the App Store today. It can be used to make in-person contactless payments, as well as making online purchases. USA customers are also able to get their salary up to two days in advance via direct deposit.

Other features include the ability to send and request money from friends through the app, convert foreign currency at a low exchange rate, hold foreign currencies in a Revolut account, and pay Revolut users in other countries in their local currency.

The product: Revolut customers receive instant spending notifications, categorized spending data on things like restaurants, groceries and transportation, and can set up monthly spending budgets for individual categories.

"When spending or transferring money overseas, most people are unaware of the hidden fees that banks are charging them".

As mentioned, cryptocurrency services will likely not be a part of Revolut's USA version for some time.

Revolut calls its app, which is accompanied by a physical debit card, "Financial Super App", as it aims to let consumers "manage all aspects of their financial life".

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U.S. users may spend and transfer money globally at the interbank exchange rate, hold and exchange 28 currencies in the app, and get their salary two days in advance.

What's more, your account is insured for up to $250,000 by the Federal Deposit Insurance Corporation.

For online payments, Revolut offers a disposable virtual card, whereby virtual card details are refreshed each time a transaction is made online.

Revolut isn't a bank itself, however.

Revolut advises customers to make digital-only payments. Last month, Revolut revealed a huge half-billion dollar funding round to help finance its expansion plans.

During a time of a global pandemic, Revolut adds they are continuing to conduct comprehensive modeling and stress tests to evaluate the potential impacts of spikes in customer activity.

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