According to a global banking outlook study carried out by EY Advisory, most consumers today demand to interact with banks whenever they want, however they want, and wherever they want. In addition, they want to shift between banking channels/platforms seamlessly. This shift in consumer demands has seen innovative startups such as Revolut spearhead the fintech revolution. Below is a detailed review of Revolut service.

1. Betting Sites That Accept Revolut Offer
2. Betting Sites That Accept Revolut Debit Cards
3. Betting Sites That Accept Revolut Money
4. Betting Sites That Accept Revolutionary
5. Does Bet365 Accept Revolut

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Betting Sites That Accept Revolut Offer

Casinos That Accept Revolut Prepaid Deposits

Sportsbooks That Accept The Revolut Payment Option

Revolut Poker Rooms

An Overview Of Revolut

Revolut is a fintech startup that has developed a mobile app platform that consumers can use to perform the following financial transactions:

• Exchange currencies at interbank rates
• Send money through social networking sites
• Execute fee-free financial transactions
• Access and use multi currency cards acceptable worldwide
• Send and receive money in seconds

The Revolut team consists of young entrepreneurs determined to disrupt the traditional banking industry that has rarely innovated for ages, retains exorbitant fee structures and has a reputation for poor service delivery. Moreover, the Revolut core team has in-depth knowledge of technology, financial services and product design.

Using Revolut

Downloading the Revolut App

Currently, the Revolut app is only available for Android and iOS devices. To use the app, download it from either the Google Play store or iOS App Store, set up your profile and transfer funds from your debit card or bank account. Your Revolut account will reflect the amount of money deposited meaning you can use it to make purchases online or effect money transfers globally. In general, easy and fast account setup with no bureaucratic hoops to jump through.

Topping Up Your Revolut Account

After setting your Revolut profile, you can top up your account in via debit card or direct bank transfer. To top up via debit card, simply open the Revolut app, tap the “Top Up” button, and enter the relevant debit card details. Make sure the billing addresses of your debit card and Revolut account match. If they differ, account top up via debit card will fail due to AVS checks that Revolut carries to verify such transactions.

Alternatively, you can transfer money directly from your bank to your Revolut account. To do so, open the Revolut app, tap “Top Up,”, and navigate to the “Top up via Transfer” option. Make sure both accounts (Revolut and bank) are registered in your name and you have entered the correct eight-digit reference number. If you transfer money from a bank account registered to a family member, friend, or a business, Revolut will return the money after deducting processing fees. Bank transfers may not reflect on your Revolut account immediately due to factors such as the nature of the underlying money transfer infrastructure and protocols. It is worth noting that bank transfers originating outside the EU may attract high transfer fees because they have to go through the SWIFT system. As such, consult your bank and verify money transfer charges before executing this transaction. To avoid exorbitant money transfer fees, consider topping up your Revolut account via a debit card rather than international wire transfer. Finally, Revolut does not support credit card top ups.

The Revolut Card

One of the best Revolut features is the Revolut Card, which is a multi-currency card accepted by all merchants who accept MasterCard. What’s more, the Revolut card converts the available balance automatically into a local currency, effectively doing away with the hassle of looking for money changers/forex bureaus and calculating interbank rates. Additionally, you do not have to worry about ATM fees or other charges irrespective of where you use the Revolut card.

Ordering and Accessing a Revolut Card

To order one, tap “My Card” and then tap the “Deliver the Card to me” button. Expect card delivery to take about five working days due to processing delays caused by high demand. When your card is ready, it will be delivered to the “Card” section. To access the pin of your card, tap the “Show my PIN” button. Unlike traditional debit cards, you can block your card and stop money transfers/receipts directly from the Revolut app.

Revolut Fees

According to Revolut, financial transactions done via its app or card are completely free meaning no charges apply. However, transactions that involve third parties such as banks or ATM operators may attract charges that Revolut has no control over. Luckily, most ATM operators notify consumers about applicable charges meaning you can cancel transactions before they are processed.

Security

Revolut takes consumer privacy and account data security seriously. To start with, Revolut uses 2048-bit SSL protocol to encrypt all data transmitted between its servers and third parties. At the same time, all card transactions are transmitted via secure virtual private network (VPN) tunnels. Moreover, sensitive data such as card details are stored in a PCIDSS level-1 compliant data center. On the consumer side, accounts require 2-step verification and account passwords are cryptographically hashed making it harder for cyber criminals to hack user accounts.

FCA Approval

Since Revolut does not accept or keep consumer deposits, it is not subject to FCA approval. Nevertheless, it uses Optimal Payments (FCA approved and regulated) secure payment gateway to enable consumers carry out financial transactions via the Revolut app.

Conclusion

Betting Sites That Accept Revolut Debit Cards

If you are tired of waiting for your bank to embrace the fintech revolution, you should try Revolut service. Revolut is a fintech company that has developed a secure mobile app platform you can use to make purchases online using any global currency. Moreover, you can transfer money via email, WhatsApp, SMS, and social networking sites without worrying about transaction fees.

Confirmation That Revolut Is Accepted At Our Recommended Gambling Sites

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Following on from the Gambling Commission’s announcement that credit cards will not be able to be used from the fourteenth of April onwards to make deposits to betting companies, the eBank Revolut has confirmed that this will include their pre-paid cards. It comes in the wake of the UKGC’s review of online gambling as well as the government’s own review into Gaming Machines and Social Responsibility Measures.

Back in March 2019 Revolut customers were caught in confusion when some gambling transactions were being declined. This was due to anti money laundering measures however and separate to this block on credit card use.

Revolut is technically referred to as a ‘money service business’, so falls under the government’s new restrictions that has been put in place on credit card transactions in the world of gambling. It applies to non-remote general betting, pool betting and betting intermediary licences as well as all remote licences. Though the vast majority of people gamble responsibly, some do struggle with managing their finances and it is hoped this will clamp down on that.

Update 16/09/20: Revolut Now Offering Debit Cards Which CAN Be Used For Online Betting

It seems that Revolut have found a way around the rules and, for the time being at least, it is possible to use Revolut for online betting. The issue came from the type of card that Revolut issued – as a pre-paid debit card gambling transactions became restricted when the new UKGC rules came in.

However, it is now possible to order a traditional debit card that is linked to your Revolut account rather than a pre-paid one. This should work the same was as any other debit card so you will be able to continue to use Revolut at the bookies if you order a new debit card.

Note: In our test transaction it initially declined but turned out to be because of a setting blocking online transactions that was automatically applied to the new card, simply enable online transactions and it should work fine.

Why The Ban Is Being Introduced

The United Kingdom Gambling Commission announced that it would be banning the use of credit cards by consumers looking to gamble. Coming into effect on the fourteenth of April 2020, the decision was based, at least in part, on a public consultation that took place between August and November 2019. Just under half of the UK’s twenty-four million gamblers do so online, with around ten and a half million fitting that brief.

Betting Sites That Accept Revolut Money

UK Finance believes that around eight hundred thousand of those online gamblers use credit cards to add funds to their betting accounts, whilst the UKGC thinks that about twenty-two percent of those that add funds with credit cards would be classed as problem gamblers. There are even more people on top of that number that are ‘at risk’. It is hoped that the ban will help to reduce those figures, as well as limit the financial trouble people can get in to.

Protecting Consumers

The decision that was taken by the UKGC as well as the Department for Culture, Media and Sport in January was done so with consumers in mind. Neil McArthur, the Chief Executive of the Gambling Commission, said, “This credit card ban will further protect consumers from financial harm and…nobody in Great Britain can use a credit card to gamble. It is a ban which ultimately reduces the risks of harm to consumers from gambling with money they do not have”.

McArthur also feels that the ban is ‘another milestone’ towards keeping people safer when betting online, which has increased in popularity recently. The interest in virtual sports and online slots lately is believed to be linked to people staying at home more, so McArthur is aware of the responsibility on the UKGC and gambling operators to protect bettors as much as possible. He did say he was aware that it would ‘inconvenience’ some people.

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McArthur said, “We realise that this change will inconvenience those consumers who use credit cards responsibly but we are satisfied that reducing the risk of harm to other consumers means that action must be taken”. It was an opinion backed up by Helen Whatley, the Culture Minister. She said, “Whilst millions gamble responsibly, I have also met people whose lives have been turned upside down by gambling addiction”.

Why It Matters To Revolut

Revolut has been a good way for gamblers to monitor their spending on account of the fact that it is a pre-paid card. That means that funding has to be added to the card before it can be spent, which is entirely different to credit cards. Credit cards work by extending people credit, hence the name, that needs to be paid off at some point in the future. That’s why it’s far easier for people to get themselves into debt using credit cards when gambling.

The use of Revolut gave people the ability to only spend what they could afford to, not only because they’d need to add the money to the card but also because it gave mobile notifications when something was spent and the card could be frozen. That it will also be affected by the ban on credit cards because Revolut uses Mastercard for the financial side of its business will therefore cause trouble for people who will have been using it to monitor their gambling.

But Doesn’t Revolut Have a Banking Licence?

Revolut is quick to point out that, legally, the business is currently an ‘electronic money institution’. They can handle money and facilitate any business transactions that customers may wish to carry out, but there are certain financial services that the company is unable to offer. Your money is still protected, of course, and any funds entered into an account with them are safeguarded in the same manner as traditional banks, they just aren’t one.

Does Bet365 Accept Revolut

Or at least they’re not yet. In 2018 the company was granted an EU banking licence courtesy of the European Central Bank, but Revolut doesn’t yet have a UK banking licence. When it does, customers may well then be able to start using their Revolut card for the purposes of adding money to a betting account, but without the licence they’re essentially just operating as a credit card. For now, though, you’ll need to use a different card for deposits.