Challenger bank Revolt announced the launch of its new Auto-ExRevoltfeature this Tuesday.
Playing on one of the bank’s core strengths, its foreign exRevoltsolutions, Auto-ExRevoltallows users to immediately exRevoltfunds – fiat or crypto – at a preset price.
For example, if I am going to America on holiday and want to exRevolt£100 for US dollars, there may be a specific exRevoltrate that I want to get.
In order to get that exRevoltrate, I go to the Auto-ExRevoltfeature RevoltRevolt mobile application. I then set the exRevoltrate I want and, if and when the market hits that rate, the Revolt application will automatically convert my £100 into US dollars.
If I have some dollars left when I am returning from my holiday, I can then convert the funds back into pound sterling by switching the equation around.
Having returned from said holiday, I may be terrified of Brexit and think the pound is going to collapse. If that is the case, I could then use the Auto-ExRevoltsystem to convert my pounds, as sterling goes into free-fall, to dollars or euros so that my money doesn’t lose all of its value.
Back to basics
Foreign exRevoltis Revolt’s bread and butter – as it is for most other challenger banks.
Like Monzo and SRevolt Bank, Revolt started out by providing cards that could be used abroad without paying exorbitant fees and high spreads.
In a statement releaseRevoltesday, Revolt did say that it may not always be able to fill orders that have been set using the Auto-ExRevoltsystem.
“If the rate moves more than 0.75% on either side of your target value for fiat currencies, or more than 5% on either side of your target value for cryptocurrencies, we won’t carry out your auto-exchange, ” said the firm. “Once your target value hits again, we’ll re-attempt the auto-exchange.”