Most European digital nomads who use Revolut review it as a solid card to keep while travelling abroad. Essentially, you load the card from your normal bank account, which you can send to friends, or withdraw cash from ATMs, without paying any fees. Sounds amazing, right? You can check out the card at their website.
To learn more, we were lucky enough to get in touch with Revolut’s media department while gathering information for The Digital Nomad Survival Guide, and they were gracious enough to answer some questions.
If you are a European digital nomad, you may be wondering what ATM or bank card to get in order to save on fees when withdrawing cash. These fees can really add up, so it’s important to do your research to see which card is right for you. Take a look at our questions about Revolut and the digital nomad lifestyle.
What financial difficulties could arise from becoming a digital nomad that readers should be aware?
Revolut: “Traditional banks underserve individuals who lead a global lifestyle. It takes weeks to open a bank account abroad; there’s huge costs to spend or transfer money globally; onerous overdraft charges and clunky mobile apps. Banking simply hasn’t caught up with the 21st Century’s digital, globalised society.
Digital nomads face considerable fees to use their money abroad. Our recent survey of four major UK banks found that customers were charged on average £47 in exchange rate markups and transaction fees to spend £500 in Europe.* These costs are rarely transparent to the consumer.”
Has Revolut considered digital nomads as a demographic that would benefit from your products?
Revolut: “The digital nomad is precisely who Revolut is designed for. Revolut was born from a common frustration with opaque fees and the overall hassle of managing a bank account abroad.
Revolut is aimed at the global citizen; our end goal is to become the only account you need to move and manage money around the globe, in any currency.
We’re building a product unlike any you’ve seen before. We’re eliminating fees to use your money abroad; creating a financial product that’s mobile-first; and ultimately making managing your money enjoyable. And the best bit, opening an account takes 3 minutes.”
What future plans do you have to help frequent travelers with their finances?
Revolut: “Our new spending analytics tool currently in the App maps out how much you’ve spent in each country and at which merchant. Perfect for Nomads on a shoe-string budget!
Revolut for business, due to launch early 2017, is targeted at helping all global businesses manage international payroll, transfers and corporate travel.
With the upcoming introduction of unique customer Iban’s, freelancers and digital nomads alike will be able to pay their salaries directly into their Revolut account. We also plan to release 12 additional top-up currencies in 2017.
*Our survey of HSBC, Natwest, RBS and Lloyds Bank was carried out on 14 December 2016. We assumed 50% ATM withdrawal and 50% card payments.”
Our Revolut Review: A Good, Limited Card with Digital Nomads in Mind
Unfortunately, the card isn’t available for American bank accounts, but for European nomads, it can make a nice addition to your wallet. Are you a nomad who uses Revolt? Review it below in the comments.