#Apps: Money Moves - Revolut

Updated: Sep 2, 2019

We all spend everyday on our phones and now have access online to everything from Shopping to banking. We can check our online banking from the ease of our phone. So it is no wonder there are more and more apps available to help us manage our money.

#Revolut: I first signed up to Revolut over four years ago through a colleague at work who couldn't stress how great this app and card was for her. She worked in Dublin but was from Northern Ireland so this particularly benefited her with no charges for fx rates to exchange EUR to GBP. It is very handy when going on holiday or traveling abroad to bring this card and maybe just transfer as much as you need rather than all your spending money in the one place which can be risky.

To be honest I didn't use Revolut at first, it wasn't until my sister started working as an Associate at an Accountancy firm last year and mentioned this card that everyone was using in her office so I decided to revisit it.

What I like about Revolut is the option to auto save any change from a purchase rounded to the nearest euro. You have the option to set this up, for example when you use the card to buy for a coffee for €3.60, then the remaining 40 cent will be automatically transferred to your Vault.

The Vault is where you transfer any savings from your account and you can automatically transfer money out of it at any time to the main account - there is no notice period required. You can also name the account in the Vault to help motivate you towards your savings goals eg “holiday fund”. There is an option to set up a monthly auto transfer for savings to this account if you wish to do so.

Probably one of the most popular things about Revolut is the ability to transfer money to a friend in real time. If you and your friends all have a Revolut card and account you can simply request money owed to you (optional to use a GIF) by your friend. Likewise when you owe someone money simply transfer to your friend and they will receive it straight away unlike some bank accounts that may take up to 3 days to receive. What is handy is you do not need to have a long bank account number or IBAN in order to transfer money. You can search through names in your contacts and if they have Revolut they will appear.

The app breaks down your spending and shows you exactly where your money goes. It also shows a pictures beside your transaction if you buy a coffee at Starbucks the logo appears beside it!

One thing I have looked into when it comes to revolut is how it is regulated so far it has applied for FCA in the UK so it is now more securely regulated the past year or two and they have come out to say it is there mission to become as safe as possible for their customers.

I wouldn't suggest transferring all your saving to this account. In Ireland all Banks are covered by law under the Deposit Guarantee scheme regulated by the central bank so if something happened like the bank got into difficulty and had to close down you are guaranteed to always get your savings of up to €100,000 returned.

Personally I have found this card really good and use it to keep track of my everyday little spends on coffee/ food purchases.

There is also the benefit of no fees applied for contact less taps using your card either which is not the case for all Irish bank accounts.



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