Last updated: 2 August 2021
Revolut is a mobile banking app ideal for casino players to instantly fund their online casino accounts. Revolut also provides payment cards and several other services such as international money transfers and currency exchange. In other words, Revolut is an alternative to traditional banking products.
As cashless transactions are evolving, online casinos continuously look for innovative payment processors that allow swift transactions. Revolut is one of them. With more than 15 million customers in 35+ countries, Revolut continues to expand its global footprint. In 2020, it launched its services in the US and Japan. Hence, it is no surprise why using Revolut at online casinos has become increasingly popular.
With this being said, the CBM expert team decided to zoom in on Revolut. As a result, our in-depth review contains information on using Revolut at online casinos, whether this payment method is safe, and many more. And finally, would you like to know when Revolut became profitable for the first time? Then keep reading.
Revolut is a fintech company established in 2015 by Nikolay Storonsky and Vlad Yatsenko. They had a substantial financial background, and know-how gathered while working at Deutsche Bank, Credit Suisse, and Lehman Brothers. The start-up was created at the Level39 fintech incubator in Canary Wharf, London. The company is now headquartered in London and offers a wide array of services. These include EUR, GBP, US bank accounts, debit cards, peer-to-peer transactions, crypto trading, business accounts, currency exchange, and more.
In 2018 the company obtained a European Banking Licence facilitated by the Bank of Lithuania. The same bank also issued an Electronic Money Institution license that further bolsters Revolut’s reputation and guarantees financial security. In 2019, Revolut expanded into Australia and Singapore. The same year, they introduced a commission-free stock trading service and a global deal with Visa.
The company also partnered with Mastercard to launch Revolut debit cards in the US. In 2020 Revolut roled-out its financial app in Japan and the US. In January 2021, they announced the company had applied for the UK banking license. In May 2021, Revolut started accepting Bitcoin withdrawals requested by its UK customers.
The innovative fintech company describes itself as a “digital banking alternative” designed to appeal to frequent travelers. Revolut, therefore, offers international money transfers without hidden fees. The company now has 15+ million users in 35+ countries, 500,000+ business clients, and supports 30+ in-app currencies. It offers dozens of products that process over 100 million transactions a month.
Revolut provides its service in more than 30 countries in Europe, the Americas, and the Asia Pacific. Some of the countries where you can use Revolut are United Kingdom, Finland, Japan, Norway, Australia, Germany, Sweeden, Italy, and Spain.
In 2020, Revolut partnered with a New York-based Metropolitan Commercial Bank (MCB) to launch its services in the US. In March 2021, Revolut rolled out the business accounts in the US in all 50 states. The move followed the company’s decision to apply for a US banking license.
The fintech also plans to further expand its global footprint by entering new markets that include Canada, Brazil, Hong Kong, New Zealand, and the United Arab Emirates. Revolut offers its products in 20+ languages, including English, German, Swedish, Italian, French, Norwegian, Dutch, and Russian.
Some reputable banks that allow you to link your current account to the Revolut app are Barclays, HSBC, Santander, Lloyds, Bank of Scotland, and Danske Bank.
Download the app
Registering an account with Revolut is user-friendly and fast. Visit the official website, and on the left-hand side, you’ll see a phone number field you need to fill in. Find the country code from the drop-down and provide the number. Once you’ve entered the number, click “Get Started.” You’ll receive an SMS with a link to download the app. Download it from the link and set up the account. Define a 4-digit security passcode you’ll use to sign in both on desktop and mobile. Add personal info.
Open an account
Creating an account with Revolut lasts only a few minutes and can be done directly from your mobile phone. You’ll need to decide which account type (plan) you’d like to open. Revolut has a Standard free plan, a Plus at £2.99 a month, a Premium at £6.99, and a Metal with a £12.99 monthly charge.
Whichever plan you select, you will receive a free UK account and a free Euro IBAN account. Your Revolut account’s base currency can be either GBP or EUR, depending on your country of residence. You can convert funds into 30 different currencies at the interbank exchange rate.
Verify the identity and top up the account
You will now need to transfer money to your new Revolut account from your valid bank account. It needs to be in your name. The is an initial security check Revolut uses for each new client. However, be aware that Revolut will ask you to provide a scanned ID via the app. You can send an image of a driving license, passport, or other valid ID. The next step is to take a selfie using the in-app camera feature. After they double-check the ID picture and the selfie, they will send an SMS informing you if the identity was successfully verified.
Order the card
You can order a physical or virtual card. The physical card is a contactless Visa or Mastercard prepaid card. If you select a virtual card, you can start using it immediately. You can order your card via the app for free. If you’ve chosen the Standard plan, you’ll have to pay delivery costs. Finally, set up a pin for your physical card so that you can use it to withdraw money from the ATMs.
Start paying with Revolut
Revolut offers Visa and Mastercard debit cards. It means that Revolut supports payments and ATM withdrawals in over 30 currencies. Wherever Visa or Mastercard are accepted, you can also use your Revolut card.
Revolut cards are either Visa or Mastercard. They are, therefore, accepted at online casinos as valid deposit methods. And since they are accepted for deposits, they are eligible for withdrawals as well. As a result, depositing and withdrawing winnings is easy with Revolut.
- First, visit the payment section and select Revolut from deposit methods.
- Then pick the card you wish to use to fund your online casino account.
- Enter the desired amount, provide the card number, the cardholder’s name, and CVC code.
- Confirm the transaction, and that’s it.
As you can see, the procedure is the same as with any other debit or credit card. The withdrawal works the same way. Head straight to the casino’s withdrawal section, select Revolut and the card, enter the amount and submit the request. Pay attention that the recent changes in the UK gambling law have banned the usage of credit cards at online casinos. It means that casinos will not be able to accept credit card payments through Revolut either.
Online casinos don’t charge fees for deposits and withdrawals with Revolut. As casino banking experts, we’ve checked the information with a few well-known casinos such as 888casino and PlayOJO. Both casinos confirmed they don’t have withdrawal fees. However, we always advise you to read T&C and visit the banking page to avoid unpleasant surprises.
Revolut is a free service if you opt for a Standard plan. You can fund the account, make local payments, and transactions within the “SEPA” area with zero fees. Withdrawals up to £200 a month from the ATMs are free. For higher amounts, Revolut charges 2% fees or a minimum of £1 per transaction. Other international payments incur a 0.3% fee of the transfer value. Clients with a Standard plan can make international transactions in over 30 currencies. If you use a currency exchange service, you’ll be charged 0.5% for amounts above £1,000 per month. Also, the company has a weekend exchange fee of 1%.
Online casino deposits with Revolut are processed immediately. In other words, after you confirm the payment, the funds will appear in your account in a flash. The withdrawals are also faster than the most traditional bank transfers, proving that Revolut is a better alternative.
Usually, casino withdrawals with Revolut are processed within 24 hours. The timeframe may depend on your country and the card type. In some cases, cashing out the winnings may take 3-5 business days. Each casino has its unique banking policy. We, therefore, always advise our readers to open the casino’s Terms & Conditions and visit the banking page to check out the details.
When it comes to Revolut transactions at online casinos, they are within the industry standard limits. You can deposit a minimum of £10 at 888casino, while the maximum deposit limit for new players is £3,000 per month. 888casino has no withdrawal limits for Revolut.
The minimum amount you need to deposit to play at PlayOJO is also £10, and the casino has no minimum withdrawal limits. At Rizk online casino, the minimum deposit amount is £10, while the maximum is £5,000. The minimum withdrawal is £5, and the maximum allowed sum you can cash out in a single transaction is £5,000.
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Revolut has a few teams dedicated to keeping users’ accounts safe. The company uses cutting-edge solutions and security measures to protect the clients from phishing attacks. Fingerprint identification allows login with a fingerprint to protect the account in physical situations. The company also allows clients to turn off certain features like contactless payments or ATM withdrawals.
One of the products that ensure the highest financial protection is a disposable virtual card you can add to your account and use only once. After you make payment, the card is destroyed, and you get a new one with new numbers. Sherlock anti-fraud system allows real-time alerts in case of suspicious activity. The company won Anti-fraud Solution of the Year at the FStech Awards in 2020.
Revolut offers in-app customer support via live chat that is available 24/7. Premium and Metal plan clients get priority service. In case you need to block the Revolut card, you can do it in the app or call the automated number +442033228352. The number provides recorded information and doesn’t make outgoing calls.
One of the reasons why Revolut has a bit limited customer support is security. The company doesn’t offer social media help, nor does it use any third-party agency. The only legit way to get in touch is within the app. As a result, email communication is available only after contacting the team member in the app. However, the provider has a comprehensive and easy-to-navigate Help page on the website with dozens of questions answered in detail.
In April 2021, Revolut had a 4.3 average score on Trustpilot, based on more than 77,000 reviews. The vast number of reviewers, 76%, rated the service as excellent. The clients praise live chat customer support, saying they are fast and helpful. Also, they say that transfers are super easy and currency conversion fees affordable. You can even read reviews saying Revolut is the best virtual bank and best service. Others are satisfied with instant account funding with debit cards and fast SEPA transfers. And finally, a few people say that this is a great money app, especially for those who travel a lot.
Although the number of dissatisfied reviewers is not that high, those who complain have a few objections. One of them is the high cryptocurrency exchange fee (2.5%). Others say that Revolut automatically charged their cards in the wrong currency (GBP), although their cards used local currencies. This caused unnecessary currency conversion that resulted in clients losing money. Some even complain that setting up an account lasts too long, with several representatives asking different information in separate chats.
Revolut enables cryptocurrency exchange service. You can buy and sell more than 30 currencies, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple.
Also, the company has an exciting campaign named Revolut Pioneers. To become a member, you need to apply, and once approved, you can start promoting Revolut. The only requirement is to be creative and create content showing your Revolut experience. You can share pics on Instagram, make videos, or blog posts – it’s up to you. You’ll be rewarded for each new referral. As a Pioneer, you can get a complimentary premium upgrade, unlimited currency exchange in almost 30 fiat currencies, and access to exclusive airport lounges.
Another Revolut enticement is Rewards, enabling you to earn while spending. The program includes cashback promotions for various brands and personalized discounts. You can save in restaurants, in beauty parlors, in grocery stores, or while traveling.
Finally, Revolut Savings Vault allows you to have a savings account and earn daily interest. You can decide what deposit method you want to use to fund your Saving Vault. The money is protected by FSCS (Financial Services Compensation Scheme), a trusted compensation service.
You can download the app from the link you’ll receive in an SMS when registering an account. The app is compatible with all iOS and Android devices. The app is easy to use and offers several features. You can keep track of your finances with Open Banking, get in-depth spending analytics, and make instant payments.
Revolut mobile app had an average score of 4.6 on Google Play, based on more than 1,000 reviews. Also, the app has excellent scores at App Store, 4.7, based on 20,000+ reviews. These ratings signal that Revolut did a great job with its mobile app. To keep things safe, make sure always to use the most recent version of the app.
- Did you know that Revolut became profitable for the first time in November 2020?
- The founder and CEO of Revolut, Nikolay Storonsky, is a British-Russian entrepreneur. He studied in Moscow and has a master's degree in physics and economics. Nikolay Storonsky was also a state champion swimmer too.
- Nikolay Storonsky revealed in an interview with Forbes how he decided to create Revolut. He was traveling a lot, throwing away hundreds of pounds on exchange rates and transaction fees. He then decided to develop a multi-currency electronic payment platform, and the rest is history.
- In February 2018, Revolut launched an advertising campaign highlighting the number of people ordering a takeaway for one on Valentine's Day. The campaign's slogan was "You ok, hun?" The ad sparked a backlash on Twitter, and Revolut was accused of "shaming" single people.
- The total number of customers using Revolut financial services increased by 169% in 2019.
- In February 2020, Revolut became the UK's most valuable fintech start-up, worth £4.2 billion ($5.5 billion).
- Revolut won awarded the "Anti-fraud Solution of the Year" at the FStech Awards in March 2020.
- On March 25, 2021, Revolut officially launched the bank accounts in the US. Revolut also partnered with a few external partners such as Slack, Xero, QuickBooks, and Zapier.
Yes, you can. Revolut offers Visa, and Mastercard debit cards, so online casinos accepting bank cards will also accept your Revolut card. However, always check the payment page to make sure the casino allows Revolut withdrawals.
Revolut deposits are instant, meaning you’ll be able to start wagering immediately after making the deposit.
First, visit the banking page to see if Revolut is among withdrawal options. If yes, the process is straightforward. Visa and Mastercard support Revolut debit cards, so the process of withdrawal is the same as with any other bank card.
Online casinos don’t charge fees for deposits and withdrawals with Revolut. Again, check the banking page and T&C to be sure. Also, Revolut cards are free, but there are small fees for currency exchange (0.5%-1%). The costs depend on the plan you use, so the best way to find out how much you’ll pay is to visit the official website.
For amounts up to £1,000, the provider doesn’t charge any currency exchange fees. For transactions that exceed £1,000 per month, you’ll need to pay 0.5% during weekdays or 1% during the weekend. Also, less traded money currencies like THB or UAH have higher charges (up to 2.0%). Cryptocurrencies have the highest exchange fees, 2.5%.
Yes, it is. The company uses the highest level security measures. These include fingerprint identification, real-time alerts in case of fraudulent activities, while the app is protected with a 4-digit PIN. Furthermore, Revolut works with top financial networks such as Visa and Mastercard.
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