New Digital Bank Offering Cryptocurrency Exposure

April 25, 2018 by Adrian Thorpe

Revolut Digital BankThe older and much longer established banking institutions do have a lot to fear from the next generation of digital banks, much more so when it comes to them offering exposure to the cryptocurrency environment.

Take for example the recently launched digital bank that goes by the name of Revolut. They offer a full set of services to anyone who is looking for a new bank account and built into their app, which is the only way you access your account you have a range of additional and built in services, one being the option of buying and selling cryptocurrencies.

The sign-up procedure for getting a Revolut bank account couldn’t be easier, for you simply need to download their app onto your mobile device, and as part of their know your customer legal requirements, you then, via their app, take a picture of your passport and a selfie of yourself and in a matter of minutes your account will be fully verified.

You are then given the option of having a standard account, or by paying a small monthly fee you can unlock a range of built in services too.

You can request a debit card linked up to your Revolut bank account and it will be sent out to you within three days usually, and you can also generate virtual debit cards too, which will allow you to have added protection when buying anything online, as you can generate a virtual debit card, use it once and then  dispose of that virtual card and generate additional ones, whenever you wish to buy anything else online.

Buying and Selling Digital Currencies Using Revolut

If you do upgrade your Revolut bank account to the premium one, you are then going to be able to buy and sell Ethereum, Bitcoin and Litecoin, but what makes doing so via their banking app appealing is that they only charge a tiny transaction fee.

Being a fully licensed and regulated bank too means that you are offered protection of any funds you hold into your account whether they are fiat currencies or digital currencies.

I often advise people to steer clear of keeping their digital currencies stored in a third party type of digital wallet or account, but as Revolut do offer protection for users accounts in line with banking laws and regulations, you can keep your cryptocurrencies and fiat currencies stored in their bank account safe in the knowledge you do have that protection should anything happen to the bank.

Another very handy feature of becoming a premium account holder at Revolut is that you are going to be able to get the best exchange rate when exchange your base currency of your account into any other fiat currency.

Plus, you are also not charged anything regarding transaction fees for the first 400.00 you withdraw from ATM’s each month, so if you do travel a lot and then to use a lot of different fiat currencies and cryptocurrencies that is an account you really should consider getting.

Free Medical Insurance Too!

There is another benefit of you signing up to and starting to use the Revolut bank account and upgrading your account to a premium one, and that is you will also qualify from free travel medical insurance.

I did set about opening up a Revolut bank account with the aim of upgrading my account and then taking advantage of their eurocurrency services and I do have to report everything went very smoothly indeed.

My account was upgraded in a matter of seconds, the debit card was sent out to me rapidly within three working days, and I can and in fact have been doing buying and selling cryptocurrencies with relative ease.

The spot rate you get when buying cryptocurrencies, whether Litecoin, Bitcoin or Ethereum is the best rate available, and the tiny 1.35% fee they charge for such transactions is impressive too.

As you are using the app to access your account and everything you hold within it and use the app to buy and sell any of the three cryptocurrencies they offer too you can therefore get exposure to those three cryptocurrencies instantly and no matter where you are.

Plus, you are never going to get stung with huge transaction fees, and as the way you pay for your cryptocurrencies and the proceeds for selling them are instantly paid out of and from your Revolut bank account you will never then have to wait for days to get paid out the proceeds from your sale of cryptocurrencies, as they are instantly available in your bank account with Revolut!