Revolut’s new travel product Stays allows customers to book accommodation for their latest holiday and get up to 10% instant cashback, with more products such as flights and car hire to become available soon.
It seems like Revolut has a never-ending belt of new innovations, products and services just waiting to be launched for its customers, and we have to say, long may it last!
Today marks yet another milestone for the now global fintech which has announced the launch of its new travel service called ‘Stays’, a foray into the world of travel booking and trip management.
This is the first time the company has released a new service that isn’t related to finance or insurance so it will be interesting to see how customers respond, especially considering up to 10% cashback is available for those who make a booking.
So what’s involved? We take a closer look at the new service below.
‘Stays’ is a new travel booking product and service from Revolut in which existing customers can book travel accommodation through the Revolut app, as well as receive cashback for the pleasure.
Booking through Stays will offer customers accommodation options from across the globe with options ranging from bargain B&Bs to unique, luxury lodges.
Important to note is that Revolut will not charge booking fees for booking in-app. However, fees and charges from accommodation providers may apply.
The product only recently launched in the UK market in July and is now available to customers in Ireland from today.
Revolut has also said that as well as the ability to book accommodation, its long-term view is to add more useful travel-related products such as flights, car hire, and travel experiences for app users down the line – making it the “go-to destination for all travel decisions” according to the fintech.
The arrival of Stays reinforces Revolut’s ongoing vision to build a platform for all things money in one place - a financial super app, if you will.
Image: Stays in use on the Revolut app, image courtesy of Revolut.
So what cashback is available?
Depending on which type of account you hold you’ll receive cashback each and every time you book accommodation through Stays in-app, with up to 10% up for grabs.
If you’re a standard Revolut account holder who doesn’t pay anything month to month you’ll receive 7.5% cashback for every booking. Revolut Plus customers will receive the same.
Here’s what Marsel Nikaj, Head of Savings and Lifestyle at Revolut had to say about the launch of Stays:
As the world begins to cautiously open up, we know Irish users are desperate to get away whenever they can. We’ve built Stays to make it easy for people to find and book their perfect break in their ideal destination. After 18 months of endless restrictions and lockdowns, we want to give people more and make their money travel further. Revolut is becoming the go-to app for travel, giving you more.
Other travel features Revolut offers
Revolut’s new Stays will complement its extensive suite of already available travel features, which boasts worldwide travel insurance, as well as accidental damage or theft cover on items up to €2,500 which includes phones and personal gadgets when lost or stolen abroad.
Another massive boon for Revolut users who are fond of travelling is that it doesn’t charge foreign exchange fees on card purchases outside the Eurozone, up to €1,000 a month for standard account users.
And with international travel opening back up, albeit cautiously, Revolut will certainly be hoping for a strong uptake of Stays amongst Irish users, especially considering in 2019 - the last year of unrestricted travel - Irish Revolut users spent €215 on average on accommodation using a Revolut card.
To Stay or not to Stay?
What Revolut does well is provide customers with a myriad of basic financial services, all done seamlessly through its highly advanced banking app, helping you to easily manage your money in the process.
And now with the addition of Stays to its ever-expanding list of products and services for app users, it surely won’t be long until loans and overdrafts become available too.
However, this doesn’t mean you shouldn’t shop around for better deals on your hotels, B&Bs or rentals. It’s best not to get blindsided by the cashback on offer with Stays either, or the convenience of having everything within the Revolut app. Just because you can arrange everything from Revolut doesn’t mean you can't log out and check elsewhere too! Cheaper deals may be available elsewhere. For example, if booking flights ever becomes an option, it's unlikely Ryanair will ever be beaten on price. But we'll see...
In short, it’s always best to compare the market first for the best deals available to make sure you’re getting the best value for your money, especially when it comes to managing your getaway.
Compare digital banks on bonkers.ie
Revolut and its main competitor N26 are undoubtedly two of the most popular digital banks at the moment. We recently did a thorough comparison and review of both, which may be of interest to those looking to find the right digital bank.
To learn more about Revolut, take a look at this blog on whether or not it’s technically a bank.
If you’re looking for a more traditional current account, we’ve also got you covered! Our current account comparison tool will quickly show you what options are available from Ireland’s main current account providers.
Before deciding, discover which banks are currently offering the best value current accounts here.
Let’s hear from you
What do you think of today’s news from Revolut? Would you consider using the app to book accommodation? We’d love to hear your thoughts!