Thanks to episode 6 of the podcast Vrolijke Vrekken (Dutch only), I created a Revolut account last year. Since this decision has already saved me quite a bit of money during some city trips, I thought it would be interesting to share this tip on my travel blog.
What is Revolut?
Revolut is a digital bank founded in 2015 with the aim of simplifying and modernizing financial transactions. It is an app-based platform that allows you to easily transfer money, exchange currencies, and make payments, all with low fees and no hidden charges. Revolut also offers a physical payment card that you can use at ATMs and stores worldwide.
Benefits of Revolut while traveling abroad:
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No hidden fees: Unlike traditional banks, Revolut does not charge additional fees for using your card abroad. You can withdraw money, make payments, and exchange currencies at the real exchange rate without any hidden costs.
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Commission-free currency exchange: With Revolut, you can exchange currencies at interbank exchange rates without any additional commission. This is especially useful when traveling to countries where you need to use a different currency, as you won't lose money to unfavorable exchange rates.
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Budget management and notifications: Revolut offers advanced budget management tools that allow you to track and analyze your expenses. You can set up notifications to stay informed about your daily spending, helping you stay within your budget during your trip.
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Security and control: Revolut provides advanced security features, such as the ability to temporarily block your payment card through the app. This is useful if you lose your card or suspect it has been stolen. You can also track your transactions in real-time and report unauthorized payments immediately.
Personally, I created a Revolut account mainly for the second benefit. In May 2022, I had a city trip planned to Edinburgh, where I needed to pay with Scottish pounds. By using my Revolut card and app, there were no additional costs involved, and I could easily keep track of how much I spent and where. This was especially useful when it came to splitting expenses with my travel partner(s) later on.
Below is an example of expenses during my city trips to Edinburgh (May 2022), Stockholm (May 2023), and London (October 2023):
You can see the exact exchange rate at the time of the transaction and any additional charges incurred. For transactions during the weekend, you will notice a 1.0% fee. To avoid these fees, it's best to withdraw money on weekdays.
You can also choose to opt for a Plus plan (€3.99 per month), Premium plan (€8.99 per month), Metal plan (€15.99 per month), or Ultra plan (€60 per month) to receive even more benefits. These include purchase protection, cancellation protection, refund guarantee, insurance on daily purchases, travel insurance, reduced crypto fees, and much more. For now, I will stick with the Standard (free) plan, which I am already very satisfied with.
Don't forget to declare your Revolut account!
If you are a Belgian citizen opening a Revolut account, you will currently be assigned a Lithuanian account number. However, this is going to change soon! As this is currently considered a foreign account, you will need to declare it to the Central Point of Contact (CPC) of the National Bank of Belgium and include it in your tax return (in section XIII, category A). You can find more information in this article: https://curvo.eu/nl/artikel/buitenlandse-rekening-aangeven-belgie (Dutch only).
But soon this will no longer be necessary, as Revolut will provide a Belgian account number.
How do I apply for a Revolut account?
It's actually very simple, just follow these steps:
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Registration: Open the Revolut app and follow the instructions to register. You will need a valid identification document (such as a passport or identity card) to verify your identity during the registration process.
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Verify your details: Follow the instructions in the app to verify your personal information. This may include entering your name, date of birth, address, and contact details.
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Identity verification: You need to verify your identity to have a fully functional Revolut account. This is usually done by taking a photo of your identification document using your mobile device's camera. Make sure the photo is clear and readable.
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Choose a plan: Once you have registered and verified your identity, you can choose one of the available plans: Standard, Plus, Premium, or Metal. Each plan has its own set of features and costs.
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Complete the application: Finish the application process by providing any additional information that may be required depending on your personal situation. This may include providing information about your work, sources of income, and the purpose of using Revolut.
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Card order: If your application is approved, you can order a payment card through the app. This can be a virtual card that you can use immediately or a physical card that will be sent to your address. Please note that there may be shipping costs for the physical card (last year, this was €7.99).
So what are you waiting for? Download the Revolut app and enhance your international travel experience!
