If you sign up to the new Premium Account, youll receive a MasterCard with a new design. There are three different options and I love pink so I think they look quite good.
But the card is just the visible element. Premium accounts get unlimited interbank foreign exchange when you spend, transfer and exchange money with your Revolut account. Free users can send, spend and exchange up to 5,000/6,000/$6,000 (or equivalent) per month. After that theres a 0.5 percent fee.
Revolut is going after recurring Transferwise customers who transfer big amounts of money to another bank account. If you transfer or spend more than 6,400 per month, then it becomes more interesting to get a Premium account over a standard one. Its not for everyone, but expats with a comfortable salary could be interested.
Premium users can also withdraw 400/400 (or equivalent) per month for free instead of 200/200. Theres a 2 percent fee on ATM withdrawals after those limits.
In addition to those better fees, premium users get global medical insurance, free card replacements and better support. The company promises that there will be more features in the future.
In other news, Revolut is going to raise $5 million (4 million) on equity crowdfunding platform Seedrs. Those who sign up for a premium account will get early access to the funding round in case its oversubscribed.
The startup also plans to raise from VCs. The crowdfunding round is just going to be part of a bigger Series B round.
Revolut now has 550,000 users. After signing up, you receive a MasterCard that lets you spend money anywhere around the world without a fee. You can top up your Revolut account in USD, GBP and EUR using a credit card or bank transfer.