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Revolut Launches Mobile Banking App For Operations In U.S.

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Revolut Ltd., a British digital asset banking startup, launched its operations with a mobile banking app in the U.S. It already has more than 10 million users in Europe. However, it will launch initially without crypto support. Revolut's app has been in beta testing in the U.S. since June 2019.

Revolut has enabled users to buy and sell cryptocurrencies since 2017. It currently supports Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Bitcoin Cash (BCH), XRP.

Revolut app helps manage everyday spending with the help of its budgeting and analytics, transfer money abroad, spend easily in the local currency, split a lunch bill and exchange currencies for a trip. This one app can be used to manage the entire financial life.

Revolut is a company registered in England and Wales and it authorized by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011.

Revolut operates entirely through a mobile app. Customers across the U.S. can download the Revolut app and open a Revolut account in minutes, directly from your Android or iOS smartphone with some valid identification.

The Revolut account is also insured for up to $250,000 by the FDIC for U.S. customers via collaboration with New York-based Metropolitan Commercial Bank, which provides the underlying banking services in the U.S. Meanwhile, direct company deposit salaries for U.S. customers are made available 48 hours before getting paid by their employers.

Revolut said it started in 2015 in response to the unfair and often hidden fees associated with exchanging currencies.

Revolut provides a debit card that allows U.S. customers to spend and send money overseas in 150 currencies at a real-time exchange rate, with no hidden fees. They can also hold and exchange 28 currencies in the app, including British Pounds, Canadian Dollar and the Euro.

Revolut account holders in the U.S. as well as other Revolut customers around the world, can send money to, and request money from, each other, instantly and for free.

With Revolut, you can see exactly how much you are spending each month on things like groceries and restaurants as well as set up monthly budgets for these individual categories. Every time you make a card payment, a notification is sent to your phone, detailing how much you spent and where.

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