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Mobile Banking Service from Europe Now in the US

A mobile banking app from Europe has just launched its service in the U.S.

The financial service, called Revolut, has over 10 million users in Europe. Its venture into the US shores marks its first step outside of the continent. Right now, the platform is officially available. Its beta test stage finished in June 2019 and was able to get 60,000 users.

Now that Revolut is available in the US, Americans can use its technology and services. Its partner in the country is Metropolitan Commercial Bank.

The service is among those on Neobank platforms. Through it, you can quickly send money and often cheaper compared to traditional banks. Much of its success is from its user-friendly smartphone app on Android and iOS.

Because of its attractive exchange rates and an option to get a physical contactless debit card for free, many are interested in the service.

If you want to sign up, you can choose from three membership tiers:

  • Basic - Free
  • Premium - $19.99 per month
  • Metal - $14.99 

The last tier is currently listed as "coming soon" in the US. 

When you need to withdraw your money from your account, you can use one of the 55,000 ATMs in the Allpoint ATM network. There is a maximum withdrawal of $300 per month at a time so you don't have to pay the 2% fee. This is available under the free tier. 

If you need to withdraw up to $600 per month without fees, you can sign up for the premium subscription. It also gives you a disposable virtual card, airport lounge access via a LoungeKey Pass, global travel insurance, and many more. 

The Metal tier lets you withdraw up to $900 per month without fees. It also gives you 1% cashback on purchases made from your Revolut card.

To learn more about Revolut, visit this page

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  1. I travel overseas frequently for work and I really don't see the benefit of this versus a good banking or credit card product. The only main selling feature is able to send money in different currencies. My current bank does not charge for ATM withdrawal and will rebate any ATM owner fees. This bank actually limit us you to the crappy Allpoint network, which is not very convenient and often at shady privately owned ATMs. My current credit card bank similarly does not charge foreign transaction fee. The only thing I ever paid is the 1% exchange fee but the bank offers higher rebate amount. I really don't see the selling point...

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