Why I use Revolut and TransferWise

I didn’t start using Revolut and TransferWise for gambling purposes, but I soon realized that these methods can also help when it comes to gambling. There are plenty of alternatives and I’m not saying that these 2 are the best, but after analyzing many of the available digital banking services, I’ve decided to stick with these for now.

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Revolut is my favorite because is very complex and it has pretty much all functionalities that I need:

✅   I can have physical debit cards, but I can also create virtual and disposable cards. This thing comes in handy when I have to subscribe or make payments to websites that seem a bit shady (and not only!). I personally encountered situations when I subscribed and I was unable to remove my debit card or even cancel the monthly subscription from such a website.  If such situations occur when using Revolut, I can easily block or delete the virtual card, then create a new one = the problem is easily solved.

✅   There are plenty of options when managing the physical or virtual cards: I can freeze them, block/unblock them, set spending limits, add custom names for each card and many more.

✅   Revolut is very good when it comes to recognizing and blocking payments that are suspicious.

  • For example: I used a virtual card to buy something from a website that seemed ok. I assume that the card details were compromised when I’ve entered them on that website because in the next day Revolut sent me a notification about an attempt to deposit a couple of hundreds of EUR via a Paypal account. Revolut blocked that payment because it seemed suspicious and asked me to confirm if I did it. I didn’t confirm it and as a result: the virtual card was deleted. I have no idea how Revolut recognized the payment as being “not ok”, but I was really happy to see that I was saved from losing hundreds of EUR.

✅   Inside the Revolut account I can have plenty of balances – which act as different currency accounts, I can keep money under each currency account, make deposits to specific currency accounts, make exchanges between them, see detailed statements for each one and more. This is extremely useful when receiving payments in a specific currency or when making payments in a specific currency. I save a lot of money because of the currency exchange when travelling. This is the thing I like the most!

✅   I have an IBAN account which can be used to receive payments (bank transfers). Of course, I can also send money via bank transfer.

✅   I can send and receive money to/from other Revolut accounts. There is also the possibility to request payments from other Revolut users, schedule payments, split bills or create group bills.

✅   I can easily and instantly deposit money to my Revolut account using any card of mine.

✅   I can save money with Revolut in the Vaults section.

✅   I can trade, buy cryptocurrencies or commodities.

✅    I can see rates per currency, convert and even set notifications to show up when, for example, Bitcoin reaches a specific level.

✅   I can see some amazing analytics which keeps me in control of my budget. I can set a budget goal and see all expenses sorted by category, merchant or country. That’s absolutely wow!

✅   There are tons of offers, including cashbacks, when paying with Revolut.

✅   I can find the nearest ATMs.

✅   I have a Revolut premium account, therefore I get plenty of extra benefits: free medical insurance, flight delay coverage, luggage delay insurance, no fee on ATM withdrawals up a decent amount, free unlimited exchanges, airport lounge access etc. For this premium account I pay a fee of about 6 EUR/month.

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I am pretty sure I missed something, but you get the point: Revolut is quite impressive and I like a lot to use it.

❌  Unfortunately, nothing is perfect and I’ve read a lot of stories coming from people who got their Revolut accounts blocked for apparently no reason. Also, there were many people who claim that Revolut requested documents for the funds they were spending/receiving and although they provided any possible document, it took weeks or even months until the situation was solved (if it was solved). While I totally understand that it’s ok to verify amounts that may seem suspicious, it’s not ok to block the funds, avoid communication and delay the verification process for such long periods.

Nothing like this happened to me, but I’ve read about many cases that got me a bit worried, so I’ve decided to be more careful with the amounts I’m keeping in the Revolut account. It’s not like I’m afraid that Revolut will “steal” my money, but I don’t want to get to that point where I have a big and important amount of money that I need to use, then Revolut comes and blocks me for weeks from using that money. Therefore, I am keeping low amounts of money in Revolut and I usually fund it with larger amounts only when I have to make some payments right away or in the next day. Maybe I’m over-exaggerating, but I feel safer doing this.

 

 

TransferWise is my safety backup that does the job really well

TransferWise is not as complex as Revolut, but I like it a lot because I can do most of the things I need. Also, I didn’t read about too many complaints from customers about TransferWise, so this made me trust them a bit more.

The story is simple with TransferWise:

✅   I have an account in which I can keep money in many currencies. Of course, I can deposit in each currency, make exchanges, see statements for each currency etc.

✅   Unlike Revolut, TransferWise offers more IBAN accounts which can be used to receive money (bank transfer). I’ve noticed that bank transfers are received much faster on TransferWise when comparing with Revolut. Of course, I can also send money via bank transfer.

✅   I have a physical debit card with lots of options: I can block it, set spending limits and many more.

✅   I can send and receive money to/from other TransferWise accounts.

✅   The exchange rate is not as good as on Revolut, but still very good.

✅   There are almost no fees and the limits for ATMs are more than decent.

✅   There is a web version of TransferWise where I can access my account, unlike on Revolut.

✅   The customer support on TransferWise seems much better than on Revolut. I had a situation and, overall, I felt that I was treated better and in a more professional way.

In my opinion, TransferWise keeps things simple but at a very high quality, so this makes me appreciate and use their services quite a lot.

 

 

❓ How do Revolut and TransferWise help me when it comes to gambling?

Well, it’s simple. I personally do not like using my main debit cards (cards from banks) when making online payments, especially payments to gambling websites. While I’m not really concerned on safety issues because there are tons of verifications procedures and you can’t even make a payment without confirming it (via an SMS code/phone call), I feel more comfortable when making payments with Revolut or TransferWise knowing that any situation that may occur can be solved easier compared to when using a debit card from a normal bank.

I never encountered any case when a gambling website didn’t accept the cards from Revolut or TransferWise + I sometimes even preferred to use the debit cards from these 2 because the welcome bonuses or the deposit bonuses I was targeting were not available when depositing using ewallets like Skrill and Neteller.

 

Overall, both of these digital wallets are good for making general payments, but also for online gambling. Each one is a bit different and comes with advantages and disadvantages, so it’s about what you need more. In case you decide to use any digital wallet, I recommend to be a bit cautious with the amounts you keep in there because, at the end of the day, these are not exactly “real” banks (at least, not yet) and your funds are not guaranteed like when using regular banks.  It’s better to avoid ending up on forums, complaining about things like: “Omg, my money were blocked for 2 weeks and I can’t pay my rent!” 😊

 

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