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Revolut Is On Its Way to Becoming a Threat to Traditional Banks

February 9, 2024         By: Mike Dautner

Revolut enables customers from across dozens of European countries to open an account, for no cost, from their smartphone within three minutes. This is done, to boot, without the need for proof of address of credit check.

The company has added current accounts to its already impressive suite of progressive and cutting-edge banking products. Users need only to download the free Revolut app for their android or iPhone to open a current account. In addition, the new feature allows users to receive a personal account number and sort-code; accept payments, including one’s salary, into their very own Revolut account-and transfer funds to any bank in the United Kingdom in a matter of hours.

As of right now, there are no minimum balance requirements and no monthly account fees. Revolut will be launching current accounts to the rest of the European continent in the near future.

Revolut has added current accounts to its suite of progressive banking products. Users can simply download the free Revolut app to open a current account, without a proof of address or credit check. The new feature enables users to receive a personal account number and sort-code; accept payments including a salary into their Revolut account; and transfer money to any UK bank in just a few hours. There are no minimum balance requirements and no monthly account fees. Revolut will be launching current accounts across Europe soon.

The new current accounts are extremely applicable for expats, as well as international students. Vlad Yatsenko, Founder and CTO of Revolut, stated, “Newcomers to any country are often presented with an impossible catch-22: To rent or buy a home, you need a bank account. But to get a bank account, you need proof of address. Revolut eliminates these hurdles, enabling Europeans to open a bank account straight from their smartphone. They can verify their account with a simple selfie and photo of their ID.”

As previously stated, the Revolut app is available on iOS and Android respectively, in conjunction with contactless Mastercard services which are serving to revolutionize the banking experience as a whole.

Revolut’s goal is to deliver a 21st century financial product which is conducive to the rapid pace smartphone generation which is spearheading an entire lifestyle.

“We’re building a completely new product which goes beyond banking to offer an entirely mobile, seamless experience with greater transparency around where your money is going,” continued Yatsenko.