Application virtualization, IoT and Cloud Computing, Blog of Sacha Thomet

fintech

Virtual bank accounts – FinTech compairson

Some weeks ago, I created my first FinTech blog post about using ApplePay without an expensive Credit card instead of using a Revolut card.

Now I try to share a bit more my experiences with different virtual bank accounts I’ve tested. If you have read the other blog post you have maybe seen in the comments that I was asked about Boon. I’ve used Boon already some years ago and I also had the chance to test TransferWise more than a year ago. Last days I gave the Neon-free and ZAK a chance, this was the first two Swiss virtual bank account I’ve found.

I’m not working for a bank and so I can give now with my current standpoint my view and insights as a normal customer.

First I have not focused about fees, more about functionality and created the following table:

Boon Revolut Transfer
Wise
Neon
(Hypothekarbank
Lenzburg)
ZAK
(Bank Cler)
physical Card No Yes Yes Yes Yes
virtual Card Yes Yes No No No
Disposal Card No Yes,
only
Premium
No No No
ApplePay Yes Yes No No No
Instant Card Freeze
in App
N/A Yes Yes No No
Instant Info by Transaction Yes Yes Yes Only SMS No
Advanced Payment Security

N/A Yes,
Location Based,
ATM, Contactless,
Magnetic stripe
(Swipe),
Online Transactions
Yes,
ATM,
Chip&Pin,
Contactless,
Magnetic stripe
(Swipe),
Online Transactions
No No
Payer authentication
(e.g. 3D Secure)
N/A Comming soon
with RevP (I’m
currently in beta test)
No No No
Location of the Company UK UK UK CH CH

There are also other virtual banks like e.g. N26, but honestly I had not the time to test all what is currently existing. Also my insights are a snapshot in time snapshot in time from now July 2019. New features are coming fast and things are gonna changing every week.

physical cards of virtual bank accounts

Now I can say Revolut has the most comprehensive offer! But I have some friends here in Switzerland which don’t trust to a foreign bank and they are sceptical about the worker conditions in this company.

Everyone needs to do his own choice, the world is changing and the disruption of the classic banks has started. I’m sure that this is not only good for the Country I’m living in, but I really hope that it has it’s good sides for the consumer of banking services.

If you have any questions to the virtual bank account’s I’ve tested feel free to add a comment to this blog post. If you have your own experience and want to share, a comment is also appreciated!

If you want to sign-up for Revolut, ZAK or Neon, feel free to use my invitation Link and get some perks.

Revolut: Sign-up with my link and get a physical card for free as soon you topped up 10.- and used your card.
ZAK: Ask me for an invitation and get 50.- CHF
Neon: Use my invite code BTNN4F and get 10.- CHF

How to use ApplePay without an expensive Credit card even in Switzerland and other countries

Those who follow me on Twitter and Facebook have already seen that I promoted the Revolut card multiple times. This was just as a happy customer! When I’m really convinced of a product I love to spread the word and want that others also can use the new cool stuff! I was a Revolut User since the beginning of 2018 and until today I spend over 8000 CHF over Revolut in 8 countries.

Yesterday 2 very important things happened

#1 Revolut introduced ApplePay for every customer (Standart, Premium & Metal).

#2 Revolut added me to the Pioneer Programm.

#1 Means you can now open a Revolut account in seconds and you are ready after some minutes to use ApplePay!

#2 Means not only that I receive from Revolut nice influencer perks, but it also means when YOU open a Revolut account with my link, but you should also receive your first physical card free of charge. Now you ask yourself why a physical card when you have ApplePay …Ok, first, a backup is always good, e.g. what if your iPhone battery is discharged. Also, you need the card if you want to pull money from an ATM. Revolut does not charge you until up to 200.- month on Standard for cash withdrawals at ATMs!

Ok, wait… was is Revolut precisely?

Revolut is an e-money service, which means app plus physical or virtual card. With Revolut, you can spend at home or abroad at the real interbank exchange rate (without unfair bank fees), set spending budgets, split bills, exchange currencies and withdraw from foreign ATMs for free (up to £200 month on Standard). With Revolut you can freeze/unfreeze your cards at the tap of a button. And with Premium and Metal account, where you pay a monthly fee, the possibilities are even more. But start with the Standard, you can do every time later an upgrade if you need.

Insider Tipps?
  • If you have to choose the currency during payment or at an ATM, ALWAYS choose the currency of the country you are currently in, so you avoid bad conversion rates outside of the force of Revolut.
  • You are on a weekend trip and use your Revolut card during the weekend in a foreign currency? Exchange the money you need on the weekend already on Friday and avoid “weekend-fees” from Revolut.
  • There are ATMs which have fees for the transaction by the ATM carrier, you will see this before of the transaction, keep an eye on it, I see fees between 0.- and 5.-! This is outside the force of Revolut.
  • If you are in a Hotel or a Car rental and you want to use the Revolut card, consider that they may block a larger amount of your money!
  • Don’t top up the Revolut card with a classic Credit card, there are Banks (e.g. Corner in Switzerland) who charge 5.- CHF fee to charge Revolut.
How to start?
  1. Click the link
  2. Enter your phone number (a text will be sent upon completion)
  3. To Download the app
  4. Create a new account in minutes
  5. Verify your account and top-up at least €10 or local currency equivalent
  6. Order your physical standard card for free
  7. You can create virtual cards and use those asap!

This Service is not yet available in all countries, but if you are not able to use the service you will see this already in Step 2. As I know there are some readers of my blog in the United States of America I have bad news … Currently, it’s not yet possible to open a Revolut account living in the US. As soon this will be available I will update this blog post.

And how can I use now ApplePay?

iPhone X with Revolut AppYou need a device that supports ApplePay e.g. an iPhone 6 or higher or an AppleWatch. Also, it’s mandatory that ApplePay is enabled in your resident Country.

ApplePay can be added directly in the Revolut App or in a classic way in the Apple Wallet app.

By the way, to use Revolut (even without ApplePay) you need a smartphone on which you can install the Revolut App!


Disclaimer: Some months ago I was pretty sure to never write a blog post about money or a Fin Tech company. Because this is about YOUR money YOU have to make your own decisions and be careful. What I suggest is to start with a free Standart account and just start with some pocket money. Revolut does not replace your today main account!

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