How Does Revolut Work?
Online banking options have offered a great alternative to the standard ways we have known to manage our finances. Revolut is one option that offers many advantages, such as having more than one currency on one card, the option to invest directly with their platform, whether you are trading in commodities or cryptocurrencies, many travel perks and even pet insurance. There are four plans to choose from, with the standard one being free of charge. Like other online banks, it is also a convenient way of sending money between fellow users and real-time exchange rates with international transfers. You can even ‘split the bill’ through the app. You can add money to your account by linking an account, using a card, or through transfers from other users.
Where Can I Deposit Cash?
However, as this is an online bank, one thing to note is that you cannot deposit cash or cheques into your account. So, if you have some cash and you are wondering how to deposit it into your account, the answer is quite simply that you can’t. This may be a source of great inconvenience and a disadvantage to many users but, there are alternatives. Though there are no ways that Revolut allows users to deposit their cash, there are multiple alternatives for the same. The alternatives include adding money with a card, adding money through a bank transfer, adding money with the help of linked bank accounts, and requesting for money will also be beneficial. These alternatives are explained ahead.
How to add money to your Revolut account?
This is quite a simple process and works like a “top-up”.
Log into the appChoose “Add money’Tap “Change”Add your card details. You will need the basic card details used in transactions (card number, expiry number, CVC code). Determine the currency
If there is a small fee for this, you will be notified before the transaction. Note that credit-card top-ups will not be available after the 8th of July 2022.
You can receive transfers either from local or international bank accounts. As your account can hold more than one currency, each currency account has its unique details to use for transfers. Here is where to find the details for both local and international transfers:
Local – Under ‘account details’ you will find your account number and sort code.
If a local option comes up, then use it. Local transfers are usually quicker and cheaper (if not free). Make sure you have the correct details for your desired currency. These transfers are done through a local transfer network. Note that some currencies do not have a “local” section, which means you will have to use a SWIFT transfer.
International – Cross-border transactions are usually done through the SWIFT network.
You will find your SWIFT code under the ‘account details’ tab. There is also a SWIFT tab in the Revolut app which will provide you with your IBAN and BIC needed for anyone making an international transfer. Do not forget to also provide your (beneficiary) name. Some banks will ask for receipt bank details which can be found on the website. You should receive the payment within 3-5 working days.
This way of adding money to your account requires you to link a bank account to your profile. To link an external bank account for no charge simply:
Log into the appGo to “Linked accounts” on the home screenChoose one of the supported banks for this featureTap on “confirm” if you consent to the account details that will be visible to you on the Revolut app. Approve this from your bank account provider
This will enable you to see your account details, balance, and transaction history all from the Revolut app. The app will also automatically allow you to budget your finances based on spending. You can revoke any linked account at any time, as well as add more than one account.
To add money into your Revolut account from your linked account:
Tap on “Add money” on the home screenChoose the option “Directly from your bank”Approve this transaction from your bank’s app
Here is how you can request money from other Revolut users:
Go to the payments section > Select a contact with an “R” next to their name.
A notification of this request will be sent to them instantly which you can then track from your “Transactions” tab. These requests usually expire within 10 days and give you the option to make changes such as cancel the request.
For requests from users without Revolut:
Revolut will provide you with a link containing the payment request. This payment can be made with a debit or credit card in the supported currencies
*There may be a small fee for this, for which you will be notified before the transaction takes place.
Conclusion
In sum, whilst Revolut does not offer the option to simply deposit cash into your account, it does offer convenient alternatives. As long as you have another bank account, Revolut offers substantive perks if you are a frequent traveller or want to invest. Though the obstacle of depositing cash can be substantial, its alternatives provide a swift remedy. Given the options, a Revolut account poses as a great ‘complementary’ or alternative account.
Can I add money to my account through Google Pay or Apple Pay?
Yes. You can make payments into your Revolut account through Google or Apple Pay so long as your associated card is issued from one of the supported countries. Simply:
Tap “add money” on the home screen > Choose the Google/Apple Pay option. If you do not have this already set up on your device, you will be re-directed to do so
How can I make payments through my Apple Watch through the app?
Scroll to the bottom of the balances screen Tap the “()” button Select the amount Double click the side button to confirm.
Can my salary be paid into my account?
Yes, so long as the currency is supported. Simply provide your employer with the details under your “Account details” for the currency you are paid in.
