Digital banking is moving all of your financial transactions online. You basically transform your regular and conventional banking activities that previously were accessible only to customers who are physically present within bank premises into online activities, which include, money deposits, withdrawals, transfers, loan management, bill pay, applying for financial products and many more. Consumer preferences had a shift in focus to online financial transactions since the past few years. But then again there are many alternatives in Digital banking too, from which you can choose, based upon your convenience and preference.
One such digital banking alternative is Revolut. It is a Fintech firm that is based in London, UK, founded back in July 2015 by Nikolay Storonsky, and Vlad Yatsenko. iOS and Android users can access this app, which includes a pre-paid debit card, cryptocurrency exchange (Bitcoin, ether, litecoin), currency exchange, Insurance, and peer-to-peer payments. Currently, Revolut collects no fee charge on the majority of the services it offers. It utilises the interbank exchange rates on weekdays for its currency exchange, and on weekends charges a markup of 0.5% to 1.5%. Revolut supports ATM withdrawals in 120 currencies as of now, out of which 26 currencies are directly accessible from the mobile app.
TechCrunch says Revolut will become the Robinhood of Europe. The firm presently is working on the trading platform for conventional shares without any commission. Public firms from the U.S and the UK will provide the users stocks as well as numerous ETFs including other options. Revolut guarantees that during the purchase and sale of shares, you won't need to pay any commission at all. It plans to make money through margin trading, internet on cash and, securities lending. The launch date has not been announced yet, but the first ones to test the feature are the Premium subscribers. The premium subscription Revolut offers, according to Techcrunch has become like Amazon Prime, but for financial products. Monthly payment of £6.99/€7.99 will get a prime subscriber unlimited access to new features, travel insurance, foreign exchange transactions, and more.
All users of Revolut in Europe can access the trading and future markets. Although in the forthcoming months, the firm plans to launch itself in the U.S, Australia, Canada, Hong Kong, Singapore, and New Zealand.
Source: Techcrunch, Source of the image: CNBC