I posted yesterday about Revolut’s new feature – a UK current account for each customer. I updated the app on my Nexus 4 yesterday but still couldn’t see the new current account feature. Today, I noticed there was another update which I installed.
After this update, when after going into profile and selecting Bank account details I was giving an option to activate my GBP bank account.
Once activated, I was displayed an account number and sort code with my name as the beneficiary. So it looks like this update finally pushed the feature through.
A reader Sven, made a very informative comment on my previous post which I have copied below. He explains what the current accounts is and what it can be used for better than I’d be able to!
Once you have updated you will be offered to upgrade to a current account, you than will need to accept the new terms and than you have your own account.
It will be displayed the same way you got the common account details, it will feature your name and unique account number with a Barclays Bank sort code (23-69-72) as the service is provided by Prepay Technologies Ltd. Same thing most other virtual account providers use.
The only advantage at present is that you can receive money directly into that account from anybody without the need of a reference number. Plus if you make £ payments via Revolut the receiver now get’s the money via Faster Payments in hours rather than days via Cloud Currency Payment. However non £ still go via Cloud Currency, so will continue to take a while.
So it’s not really a current account, all it is right now is an account in your own name linked to the £ revolut wallet to make it easier to receive funds from anybody in £ and speeding up the transfer time for £.
Now once they get direct debits etc running it’s a different game. But they won’t be able to do that on the Prepay Technologies Ltd. platform right now. So I assume it happens once they are their own bank.
Competition like Monese will feel the pain however because there is now very little difference between them and Revolut and Revolut is free plus has better rates.