Revolut Review 2023: Must Read Before Opening Account
The financial landscape is changing fast, and new services are becoming available each day. Revolut is a relatively new virtual bank with millions of users. It can be considered the "alternative to traditional banks" as it offers free and instant financial services for people who travel internationally or want to have a global lifestyle.
While the global banking system has remained unchanged over the centuries, Revolut is bringing about positive change that allows you to avoid all the cumbersome and bureaucratic bottlenecks of conventional banking. With Revolut, you get access to financial flexibility that allows you to be in control of your finances.
Revolut at a Glance
|📗 Number of plans||4|
|📱 Mobile app||iOS + Android|
|💵 Savings account||Yes|
|🚀 Free transfers||Yes|
|💰 Interest on savings||Limited availability|
What is Revolut
Revolut is a banking app designed to offer worldwide spend and transfer capabilities in real-time. Revolut has two banking licenses, one in Lithuania and another in Australia. Because Lithuania is part of the EU, Revolut's banking license covers the whole of Europe. However, Revolut only operates as a bank in Poland, Lithuania, Bulgaria, Croatia, Estonia, Cyprus, Greece, Latvia, Malta, Romania, Slovakia, and Slovenia. The company is currently working on securing U.K. and U.S. banking licenses.
Founded in July 2015 by Nikolay Storonsky (a former trader at Credit Suisse), Revolut aims at providing mobile and online banking, thus allowing clients to avoid the excessive fees of conventional banks. The platform features a pre-paid card that users can top up via bank transfers or with an existing credit/debit card. Users are also able to send money instantly or request payments from their contacts within the Revolut application.
More recently, Revolut also allows its users to invest in cryptocurrencies.
Is Revolut Safe?
It's perfectly normal to ask yourself 'is Revolut leggit' or 'is Revolut safe' before opening an account. Revolut has boosted its security features to include fingerprint identification on your account's log-in attempts. Revolut also gives its users easy customization, thus allowing them to turn off certain features that increase the risk of phishing attacks.
Other Revolut's safety features include:
- The "Revolut Security" app is available for both Android and iOS users. This app provides protection against malware that tries to gain access to the device.
- The app can also be used as a safety net if you lose your phone or get it stolen. The feature allows you to ring, lock and wipe your account remotely just by using Revolut's official software.
- The "Revolut Vault" app will allow you to encrypt your data so that only you have access to it. It can be used on a wide range of devices, but you will have to download the app from Revolut's website.
- The Revolut vault app provides four layers of protection: pin & password, 2-factor authentication, fingerprint, and face recognition.
- You also have the option of using Revolut's virtual cards that can be used to make online payments once and destroyed right after. This makes it impossible for hackers to later use your card number to access your account.
Revolut vs Competition
|Plans||Free / 2.99 / 6.99 / 12.99||Free / 2.99 / 8.99 / 17.99||Free|
|Phisical card||Yes||Yes (excluded free plan)||Yes|
|Free withdrawals||200 / 200 / 400 / 800||0 / 0 / 4 / 4 per month||200 EUR|
|Peer to peer transfer||Free||Free||0,37 EUR / 0,39 USD/ 0,32 GBP|
Platform & Features
The Revolut App offers a better alternative to the regular banking system when it comes to services such as customer support and privacy protection. The app has an easy-to-use user interface that is designed to be convenient for all users.
The Revolut app also supports trading a range of top cryptocurrencies and ensures that you get the best cryptocurrency exchange rates as it has access to the largest liquidity pool in Europe. Along with Bitcoin, other digital currencies such as Ethereum, Ripple, and Litecoin are supported on Revolut. The company promises to add more digital currencies soon.
Revolut does not charge any maintenance fees as its cryptocurrency trading platform. This means that you can buy crypto coins or tokens instantly without having to worry about bank charges.
Some other key features on the Revolut app include:
- Availability on both iOS and Android platforms
- You can transfer funds globally 24/7 using the app and send money to friends, family, or merchants at a low cost of only 0.5 percent.
- Users can carry out free international transfers, get real-time exchange rates, and have free unlimited ATM withdrawals as well as free worldwide virtual cards.
Revolut Card Review
Revolut also offers its clients the Revolut card, which allows its users to make purchases worldwide. The card makes it easy to make purchases in more than 30 national currencies at 0% commission fees. This is a great feature for making real-time overseas spending without going through expensive brokerage firms that charge unreasonable exchange rates.
The card also makes it easy to buy cryptocurrencies. You can swap Bitcoin, Ethereum, and Litecoin with any of the 30 supported national currencies at the best cryptocurrency exchange rates on Revolut.
The Revolut card works like a standard bank card and is available either as Visa or Mastercard. However, it features subtle differences as it strives to give customers the best level of flexibility possible, allowing users to make payments and transfers in both traditional currencies as well as for cryptocurrencies.
Key features of the Revolut Card:
- The card is accepted at more than 3 million locations across the world and works just like a bank card. However, you will only pay a standard fee for ATM withdrawals in foreign currencies (1.5%, which is usually waived for free by the bank).
- Revolut charges zero foreign transaction and cash withdrawal fees, regardless of where you are in the world. This makes it easy to avoid pricey banking fees that would otherwise eat into your local spending power. The card can also be used as a replacement for travel cards as it is available as VISA and Mastercard.
- Transactions are in real-time, so you will never have to worry about the bank working on a settlement after your business trip is over. Ease of access means that you do not need to queue at foreign ATMs and spend unnecessary time waiting for cash withdrawal.
- If you lose your card, the company will issue a replacement without any bank charges or fees to ensure that your travels are not disrupted by any unfortunate event. If your card is lost or stolen, you can also report it to Revolut so that they can lock your card from use in case someone tries to use it.
Types of Revolut Cards
There are four different types of Revolut cards, each corresponding to a different plan: Standard, Plus, Premium and Metal. Each has its own set of features and benefits. Here are some features of each of the 4 types of Revolut cards:
- Standard Revolut cards are the most basic type of card, and they have no monthly fee.
- Plus Revolut cards have a monthly fee of £2.99/€2.99/(not available in US), but they come with a few extra features, such as cashback on certain purchases and Internet banking.
- Premium Revolut cards have a monthly fee of £5.99/€7.99/$9.99, but they offer a wider range of features, such as travel insurance and mobile phone insurance.
- Metal Revolut cards have a monthly fee of £12.99/€13.99/$12.99, but they come with a number of high-end features, such as concierge service and Airport lounge access.
All Revolut cards come with free ATM withdrawals in the UK and abroad, as well as foreign currency exchange at the real exchange rate.
How to Apply for a Revolut Card
Getting a Revolut card is an easy process and can be done entirely online.
- To start, simply go to the Revolut website and sign up for an account if you don’t already have one.
- Once you have registered and logged into your account, you will be able to begin the application process for your card. First, you will need to choose which type of card you would like - either a physical or virtual card.
- Then, provide some basic personal information, such as your name and address, so they know where to send your card.
- After that, you will be asked to enter your bank details so that Revolut can verify your identity.
- Finally, you will need to choose a delivery method for your card. Once everything is submitted, Revolut will review your application and issue your card within a few days.
How to Get a Revolut Virtual Card
A Revolut Virtual card is, as the name implies, a virtual card that you can use to make payments via your smartphone or even online shopping. Here's how to create a Revolut virtual card:
- First, log into the Revolut app.
- Then, select the 'virtual cards' option from the main menu.
- Next, choose whether you want to create a virtual Mastercard or Visa card.
- Enter your name, address, and phone number.
- Finally, set up a PIN code for your card and choose how much money you want to load onto it. That's it!
There are 2 types of virtual cards: single-use and multi-use.
The single-use cards are destroyed after you’ve made a payment. This is a great choice if you’re making a single purchase from an online service, for example. The multi-use virtual card isn’t destroyed automatically – you have to do it yourself.
How to Activate Your Revolut Card
After you receive your card, all you have to do to activate your Revolut card is simply make a chip and pin payment at a physical terminal. For virtual cards, you don’t need to do anything – they are activated as soon as they are created.
Revolut Card Pros and Cons
Below are some Revolut card pros and cons to help you decide if the Revolut card is really the best choice for you.
- 4 Card types to choose from – each corresponding to a Revolut Plan
- Great for traveling abroad
- Single-use virtual cards
- Cashback on Stays bookings
- Personalized cards – except Standard one
- Free card delivery is not available for Standard plan
- Cashback on card payments only for Metal
How to Send Money with Revolut
Sending money to other Revolut users or to bank accounts is simple and only takes a few seconds. Check out the videos below to see how to do it.
Besides commercial users, Revolut also offers business accounts.
- You can apply for a Revolut Business loan
- Freeze card when it is stolen or lost
- Free purchases
- Competitive exchange rate
- Easy to apply
- Ability to issue a card to employees
- Flexible account options
- Mobile App
- Currently unable to earn interest
- You can’t add funds to the account automatically
- Not yet a fully-fledged bank
- Direct debits are only available for EUR accounts
- Does not accept cheque or cash deposits
- 2% fee on cash withdrawal
There are many excellent featured you get with the Revolut business account. Some of those features include:
- Payment approval – Paid business accounts receive notifications when there is a need for approval for payments.
- 24/7 support - Paid business users get the help of 24/7 support
- Perks – Paid business accounts can get additional perks with Zipcar, Slack, Google Ads, Expensify, Deliveroo, and Apple.
- Mobile app – Owners of cards have a mobile app that they can use to track the spending of their business.
- Payroll – You can use simple tools to manage the payroll for your workforce. We need to mention that this feature is only available for paid business accounts and isn’t included in the free plan.
With Revolut business, you can choose between two types of plans, including a basic free plan or subscription plan. The free plan doesn’t include any monthly fees, but you only get limited features.
On the other hand, with the subscription plans, you get a higher number of free transactions for the monthly fee you pay. The top-tier plan is called Enterprise, and in order to get pricing for your business, you will need to contact Revolut. With Enterprise, you get unlimited free transfers. The Scale plan is $100 per month, and you get 1,000 free transfers, while the Grow plan is $25 per month, and you get 100 free transfers.
Revolut Business App
The Revolut business app is designed to save small businesses time and money. The app has a range of features that can be customized to meet the needs of each business. For example, businesses can set up multiple account types, track spending, and generate reports. The app also allows businesses to accept payments via credit card, debit card, or bank transfer. The Revolut business app is free to download and use, and there are no monthly fees or transaction charges.
As a result, the app can help businesses save money on banking fees and processing costs. In addition, the app offers a number of security features, such as fraud protection and secure backup. As a result, businesses can feel confident that their finances are safe and secure.
Revolut Business Card
Each business account gives you the option to order a Revolut business card. This is a contactless debit card that offers a simple and convenient way to make payments. The card is linked to your Revolut account, so you can easily top up funds and track your spending. Additionally, the card comes with a built-in chip and PIN, making it more secure than traditional debit cards.
The Revolut business card also offers a number of other benefits, including cashback rewards, discounts on foreign currency exchange, and free ATM withdrawals. If you're looking for a simple and convenient way to manage your finances, the Revolut business card is an excellent option.
When Should You Use Revolut Business?
Revolut business currently supports the following types of businesses: unlimited companies, limited liability partnerships (LLC), public limited partnerships (PLC), freelancers and sole traders, partnerships, and private limited companies (LTD). Currently, Revolut doesn’t support charities, public sector organizations, foundations, and support cooperatives.
Revolut business accounts are available for companies who are physically located in the European Economic Area, Switzerland, and the United States. The current list of eligible countries includes Jersey, Belgium, Bulgaria, Sweden, Ireland, Lithuania, Portugal, Martinique, Czech Republic, Svalbard And Jan Mayen Islands, the United States of America, Croatia, Malta, Netherlands, Iceland, Isle of Man, Italy, Poland, Hungary, Spain, Slovenia, Finland, Reunion, Guadeloupe, Saint Martin, United Kingdom, French Guiana, Luxembourg, Estonia, Latvia, Greece, Austria, Republic of Cyprus, Mayotte, Aland Islands, Denmark, Gibraltar, France, Guernsey, Slovakia, Germany, Switzerland, Liechtenstein, Romania, and Norway.
See if Revolut Is a Good Fit for You
Fees & Commissions
Revolut standard accounts come with the following fees:
- 0.5 % to 1 % foreign exchange fee per transaction depending on the currency
- 2.5 % exchange fee for buying or selling cryptos
- 2.7 5% ATM withdrawal fee (min £3, max £6.50)
Economy accounts come with the following fees:
- 1 % foreign exchange per transaction
- 3.5 % cash withdrawal fee (min £4, max £13)
Premium accounts come with the following fees:
- 0.5 %-1 % foreign exchange fee per transaction depending on the currency
- 3.5 % cash withdrawal fee (min £3, max £10)
It is important to note that Revolut limits the amount you spend per transaction depending on your account type:
- Free plan users cannot spend more than 2500 EUR/GBP per month.
- Basic plan will charge 1 % foreign exchange on transactions above 2500 EUR/GBP per month
- Premium plan users cannot spend more than 5000 EUR/GBP per month. If you go over this limit, there is no foreign exchange charge but a 3% fee that applies on top of any withdrawal fees. The company does not charge any loading fees or monthly charges to the account. As a plus, the monthly limit can rise to 10,000 EUR/GBP (£10K) depending on your account activity and average daily balance.
Revolut Fees vs Wise vs bunq
|Withdrawal Fee||2%||1,75% (2% for US)||€0,99/€2,99 after first 4/9 withdrawals|
|International Transfer Fee||from 0.3%||from 0.41%||Variable|
|Foreign Transaction fee||0.5% (free for first $/€/£ 1,000)||around 3%||0.5%|
Find the best online bank for you
Coins Supported on Revolut
Revolut supports several top cryptocurrencies. Some of the most popular ones on its list include:
- Bitcoin BTC
- Bitcoin Cash BCH
- Ethereum ETH
- OMG Network
- Uniswap (UNI)
How to Open an Account
To open an account, head to the Revolut site and enter the required information. Enter your mobile number (Revolut will send you a verification code.)
Once that is done, it is time to choose which account type you want;
- Basic: free for transactions and global transfers from 27 European countries (excluding the U.K.) and comes with a 1% foreign exchange fee and £3 withdrawal charge. The monthly limit is 2500 EUR/GBP (excluding the U.K.).
- Free Plan: comes with a 0 % foreign exchange fee on transactions but has a maximum spend per transaction of £250 and a monthly limit of £2500 + VAT. All international ATM withdrawals are also free. The monthly limit is £250 (excluding the U.K.).
- Premium: comes with 0.5 %-1 % foreign exchange fee on transactions and no ATM charge. The maximum spend per transaction is £5000 + VAT, and there are no monthly charges to the account.
You can top up your Revolut account via bank transfer, salary, and other methods like Google Pay and Apple Pay. You can also set up automatic payment if you don't want to worry about topping your balance in high-cash scenarios.
How to Trade Crypto on Revolut
Revolut users can trade on the app's built-in exchange via cryptocurrencies. You need to register and verify your identity in a process that takes up to 5 working days at most. Once verified and signed into your account, you can start trading. The app offers a variety of cryptocurrencies that you can swap with various fiat currencies, including:
- Bitcoin Cash
Revolut Customer Support
The customer support team of Revolut is quite good. There is a dedicated customer support team available at your disposal, and you can easily reach them through the mobile application or website in a chat. The in-app chat works 24/7, and they also offer an automated phone line to help you block your card.
Revolut is a great app and online baking service for people who are always on the go and need to manage their money in real-time. The best thing about it is its ease of use, highly responsive customer support, and you can even open an account within 10 minutes or less by going through the registration process online. If you travel often, you will love Revolut as it lets you spend anywhere in the world with negligible foreign exchange fees. However, it can't be used for large transactions over £5000 due to monthly transfer limits. You can check out this article to see how Revolut compares with other crypto exchange services.
Unsure if this broker is for you?
Revolut is a payment app for smartphones that comes with a prepaid card. It is available in Ireland and the rest of the European Economic Area plus Switzerland, Canada, the United States, Singapore, and Australia.
Revolut holds the money of customers with another bank. What this means is that the money of customers isn’t used by the bank to invest or lend. Money is one of the saving vaults of Revolut is held at the bank, and the bank is a part of the FSCS which means it will be protected.
If you’re logged in on the website, to speak to someone at Revolut, you need to click on the account name located on the top left of your screen. Then, open the section Help and scroll down until you see the option Chat. Once you’re there, just click on Start new chat.
In order to add more money to your account, you need to click on the tab Account, and then click on the button Add money. Enter your bank or credit card information and click on Continue. Once you’ve entered the amount of money, you would like to add, just click on the button Add money.
Revolut is a neobank, which means it operates as a digital-only banking alternative without physical branches. While it provides many services similar to traditional banks, such as money management, sending and receiving money, and investments, it does so through a mobile application rather than a brick-and-mortar location.