Revolut is an E-wallet on steroids, well, they call themselves a digital bank. At the time being, they do not hold a traditional bank license, but a simpler version issued by the UK government. Revolut was launched in 2015 and in its first three years, they have reached 2 million users and not less than 400 employees, and have won awards for their innovations.
Even though Revolut is an E-wallet or digital bank, it’s not currently possible to make transactions directly from your Revolut account to a casino site. But Revolut comes with a couple of different cards that all work to make deposits on most online casinos.
How does Revolut work?
To get started with Revolut, you need to download their mobile app, which is available on both iPhone and Android for free. After registration, you can order their debit card. Depending on whether you are using the free version, you can choose between Visa (Free) and MasterCard (if you have Premium or Metal), however, all cards are Prepaid variants. However, as soon as you place your order you have access to credit card number, expiration date and CVV and can get started right away. You can also add unlimited virtual cards, which is very good. We will come back to that later on.
To transfer funds to your Revolut Card/Account, you can either use an existing debit or credit card or make a bank transfer.
To make a deposit, fill in the credit card number received from Revolut together with expiration date and CVV, as you would do with your normal debit or credit card.
Revolut does not charge a fee when used for a deposit, however, some casinos may charge a deposit for Visa, MasterCard or credit cards in general.
Benefits of Revolut
- Almost all casinos support Revolut. As the actual transfer from your Revolut account is through a Visa or MasterCard, all casinos supporting Visa or MasterCard will also support Revolut.
- Safer than regular payment and credit cards. Each debit card, both physical and virtual, supports a monthly spending limit. This means that you can set a limit at say €/£/$ 50 per month on a specific card. We strongly recommend creating a virtual card that you only use for your online gambling, making it easy to keep track of how much you are playing. It’s very easy to name your virtual cards as well to keep track of them.Should your card details end up in the wrong hands, it’s also easy to lock the card, or simply keep it locked and only unlock it when using it.
- Cashback. With Revolut’s Metal Program, you get a nice metal card, which costs – but significantly less than the American Express Centurion card, giving you a 0.1% cashback in the EU and 1% on purchases outside the EU. We have not confirmed this, but if we interpret it correctly, you would automatically receive cashback from casinos licensed outside the EU, such as casinos from Curacao (however, potential winnings might not be tax-free in certain regions).
- A lot of other benefits. Revolut works for anyone who wants to make a deposit to an online casino, but the features that come along are at least as interesting. Revolut has almost no transaction fees, very low exchange charges and very low fees generally on other services. In addition, they kind of have support for cryptocurrencies.
Disadvantages of Revolut
- No E-wallet support. Revolut’s e-wallet is super fast and easy for transactions between individuals and companies, but there is no support for transactions to and from casinos. We hope it’s coming soon.
- No real support for the cryptocurrencies. Revolut is very proud of its support for cryptocurrencies – and we also like cryptocurrencies, but the fact is that the cryptos bought through Revolut can never leave your Revolut Account, at least not at present. This means that if you want to use your Bitcoins to play at a Bitcoin casino, it does not work unless you first convert them to fiat and then back to Bitcoin at the casino.
- No real banking license. Revolut has said that they will apply for a real banking license, but currently any funds in your account are not covered by the EU’s bank guarantee, which normally protects assets up to 100000 euros. However, this is not a major disadvantage as long as you do not have larger sums in your Revolut Account.