Hi there, we will review Revolut to help you find out whether it is the right neobank for you!
Chances are you have likely heard of Revolut, one of the larget neobank in the world, on a mission to provide more transparency and lower fees than traditional banks.
Founded in 2015 in UK, Revolut has since experienced significant growth, currently boasting over 40 million users and 35 countries available, supported by a team of over 6.000 employees.
In additon, it offers a range of financial services including banking, currency exchange, and cryptocurrency trading, all accessible via a mobile app. With a mission to provide a borderless financial experience, Revolut has grown rapidly, attracting millions of users worldwide.
In this review, we will dive deeper into the key features and benefits of Revolut. The platform is particularly popular for its competitive currency exchange rates and low fees, making it a favorite among travelers and digital nomads.
Overview
Revolut, a pioneering fintech solution, provides exceptional card and currency account services. With a robust brand reputation and overwhelmingly positive user feedback, it stands out as a top choice for personal finance. Offering competitive pricing, particularly for online and card transactions, Revolut serves as a cost-effective alternative to traditional banking.
Utilizing cutting-edge mobile technology, Revolut offers an innovative personal finance app and multi-currency card. With a comprehensive range of services, including current accounts and various money transfer options, it caters to both individual and business customers.
Moreover to its core banking services, Revolut has introduced premium subscription plans, providing users with enhanced features like travel insurance, cashback rewards, and access to airport lounges.
Revolut was founded by Vlad Yatsenko and Nikolay Storonsky, former financial engineers, with the aim of creating an intuitive platform for international money transfers. Since its inception, the company has experienced significant investment, with a valuation of $1.7 billion after raising $250 million in 2018.
Therefore, Revolut’s name reflects its ambition to revolutionize banking services, and its success is evident from its vast customer base and a presence in 152 cities with 152 payment options and money transfer solutions in 30 currencies.
Pros and Cons
Pros
- Excellent for international spending
- No fees on currency exchange up to 1000/1200€
- Competitive exchange rates
- Easy account opening process
- Ergonomic and intuitive app
Cons
- Higher currency conversion costs on weekends
- Limited free cash withdrawals
- Advertisements for account upgrades
Account Types
With Revolut, you have seven options for current accounts:
- Standard – free of charge
- Plus – €3.99/month
- Premium – €8.99/month
- Metal – €15.99/month
- Ultra – €45/month
- Business – a free plan and three paid options
- Junior – comes with all the other plans (except business) and no addition cost for the account conditions included
The Standard plan (free of charge) comes with:
- Earn 1 revpoint per €10 spent
- €200 month/limit or 5 withdrawals in fee-free ATM withdrawals
- Access to revolut pro (account for freelancers with 0.4% cashback on Pro card payments)
- One linked account for revolut<18
- 1000€/month limit on currency exchange amount with no additional fees
- Up to 2.29% in annual interest, paid daily and withdraw anytime
- 1.99% commodity exchange fees (with minimum €1 fee)
The Plus plan (€3.99/month) comes with:
- Personalised plus card
- Earn 1 revpoint per €10 spent
- Priority in app chat
- €200/month limit in fee-free ATM withdrawals
- Access to revolut pro (account for freelancers with 0.4% cashback on Pro card payments)
- Two linked accounts and a co-parent for revolut<18
- €3000/month limit on currency exchange amount with no additional fees
- Up to 2.29% in annual interest, paid daily and withdraw anytime
- 1.99% commodity exchange fees (with minimum €1 fee)
The Premium plan (€8.99/month) comes with:
- Personalised premium card
- Earn 1 revpoint per €4 spent
- Priority in app chat
- €400/month limit in fee-free ATM withdrawals
- 20% discount in international transfer fees
- Access to revolut pro (account for freelancers with 0.6% cashback on Pro card payments)
- Two linked accounts and a co-parent for revolut<18
- No fair usage limit on currency exchange amount with no additional fees
- Up to 3% in annual interest, paid daily and withdraw anytime
- 1.49% commodity exchange fees (with minimum €1 fee)
- Discounts in airport lounge access
The Metal plan (€15.99/month) comes with:
- Personalised metal card
- Earn 1 revpoint per €2 spent
- Priority in app chat
- €800/month in fee-free ATM withdrawals
- 40% discount in international transfer fees
- Access to revolut pro (account for freelancers with 0.8% cashback on Pro card payments)
- Five linked accounts and a co-parent for revolut<18
- No fair usage limit on currency exchange amount with no additional fees
- Up to 4% in annual interest, paid daily and withdraw anytime
- 1.49% commodity exchange fees (with minimum €1 fee)
- Discounts in airport lounge access
- Diverse insurace offers
The Ultra plan (€45/month) comes with:
- Personalised platinum-plated card
- Earn 1 revpoint per €1 spent
- Priority and request a call back
- €2000/month in fee-free ATM withdrawals
- Free international transfer fees
- Access to revolut pro (account for freelancers with 1.2% cashback on Pro card payments)
- Five linked accounts and a co-parent for revolut<18
- No fair usage limit on currency exchange amount with no additional fees
- Up to 4.75% in annual interest, paid daily and withdraw anytime
- 1.49% commodity exchange fees (with minimum €1 fee)
- 3GB global data a month included
- Discounts in airport lounge access
- Trip and event cancellation insurance
- Diverse insurance offers
How to open an account
In order to use Revolut, you will need to download first the mobile app to make an account registration.
Moreover, you will also be asked to provide the following:
- Be over the age of 18 and be a legal resident of a supported country
- A valid mobile phone number, email address and personal information (current address, date of birth, full name, and citizenship)
- Document for identity verification
- Selfie for account security
Also, you may be asked a few questions about yourself and the purpose of your account (these questions will not impact your eligibility).
The Revolut Card
One of Revolut’s main innovations is the Revolut card. Depending on your plan, your Revolut card will either be a VISA or a Mastercard debit card, which you can use to make purchases around the world wherever VISA and Mastercard are accepted.
Likewise, you can spend in multiple currencies and get automatic money conversion at near the real exchange rate. Making international purchasing faster and easier.
You can have more than one card and they can be physical, virtual or disposable. Furthermore, you can match personalyse the card and you can also associate your virtual card with your Apple Pay wallet or Google Pay wallet.
Fees
International Money Transfer Fees
Revolut has become increasingly popular due to its low-cost international money transfers at competitive exchange rates, available to over 140 countries. On weekdays, you can transfer up to €1,000 (or the equivalent in other currencies) without paying any fixed fees, and you receive the real exchange rate. However, during weekends, a markup on the exchange rate is applied.
In early 2021, Revolut announced a change: it would merge its cross-border and SWIFT transfers and would no longer offer free international payments for ‘Standard’ and ‘Plus’ account holders. Starting from April 23, 2021, ‘Premium’ account holders receive one free international payment per month, while ‘Metal’ account holders get three free international payments per month (weekend markups still apply).
Additionally, users sending money to non-SEPA countries in their own currency will incur a fee of 0.3% of the transfer amount, with a minimum fee of €0.30 and a maximum of €5 (or equivalent). If sending money in a different currency than the recipient’s country, there are additional fees: €3 for USD, Euros, GBP, or CHF, and €5 for any other currency.
Cash Withdrawal Fees
For cash withdrawals, ‘Standard’ account holders can withdraw up to €200 per month without fees (limited to five withdrawals). However, third-party providers may charge a fee, and weekend fees may also apply.
‘Plus’ account holders can withdraw up to €200 per month without fees (with unlimited withdrawals), ‘Premium’ account holders up to €400 per month, ‘Metal’ account holders up to €800 per month, and ‘Ultra’ account holders up to €2000 per month.
Any withdrawals beyond these limits are subject to a 2% fee, with a minimum charge of €1.
Therefore, Revolut’s fees and limits depend on the account type (whether the withdrawal occurs on a weekend) and any additional fees from third-party banks or ATM networks. Review the ‘Standard’ account terms and conditions for the most current information.
Multi-Currency Account
Revolut offers multi-currency accounts for both individuals and businesses, allowing users to hold, transfer, and exchange money in 35 foreign currencies at rates close to the mid-market rate (the rate seen on Google). The mobile app enables quick transfers, notifications, and bill splitting.
Moreover, currently serves around 500,000 business customers. Besides multi-currency accounts, it provides fast international transfers, corporate cards, accounting software integration, instant settlements, and expense reports.
Also, Revolut’s exchange rates are based on the Revolut rate, which is close to the mid-market rate, often beating other providers by 3% to 5%. For less liquid currencies like MXN, THB, and UAH, Revolut applies a 1% markup.
Foreign Currency Exchange Rates and Weekend Markups
On weekends, Revolut uses the Friday 23:59 rate and applies a markup of 0.50% on major currencies (USD, GBP, EUR, AUD, CAD, NZD, CHF, JPY, SEK, HKD, NOK, SGD, DKK, PLN, and CZK) and 1% on other currencies outside FX market hours. Less liquid currencies like the Thai baht and Ukrainian hryvnia have a 1.50% weekend markup.
Eventually, exchange rates can fluctuate and may change suddenly!
As of April 23, 2021, Revolut no longer differentiates between cross-border and SWIFT transfers. ‘Standard’ and ‘Plus’ account holders no longer receive free international payments. ‘Premium’ account holders get one free international payment per month, and ‘Metal’ account holders receive three, though fees for exotic currencies and weekend markups may still apply.
Card’s Foreign Transaction Fees
Revolut charges the following fees for foreign transactions:
- Sending money to a non-SEPA country in local currency incurs a 0.3% fee, with a minimum of €0.30 and a maximum of €5.
- Sending money in a different currency than the recipient’s country incurs additional fees: €3 for USD, GBP, EUR, or CHF, and €5 for other currencies.
Note that if the recipient’s bank account is outside the EU, additional fees may be charged by beneficiary or intermediary banks to process the transfer.
Safety Measures
As a fully-authorized financial institution, Revolut operates in the UK, the USA, the European Economic Area (EEA), and other countries where it provides its services. All card transactions are handled through the Mastercard or VISA networks and are safeguarded by their respective rules.
In fact, Revolut’s policies are designed to ensure the protection of personal information. The company stores and processes data on third-party servers in secure data centers with firewall protection and restricted access to comply with relevant regulations. Data transmitted between Revolut’s mobile apps, servers, and third parties is encrypted with 2048-bit SSL.
In order to ensure your card’s security, Revolut offers several protective measures:
- Spending limits to avoid unexpected expenses
- The ability to create a one-time-use online card for safe online shopping
- The option to freeze the card instantly
As a result of the fast evolution of new scams, Revolut is continually developing new solutions to combat the latest fraud and scam technologies.
Supported Countries
Revolut offers its cards and accounts to customers in several regions, such as the United Kingdom, the United States, the European Economic Area (EEA), Australia, Singapore, Switzerland, and Japan.
This broad availability means that if you reside in any of these countries, you can easily open an account and access Revolut’s wide array of financial services.
Costumer Service
In order to reach Revolut’s customer service, you can use social media platforms or the in-app chat, which is available 24/7. For those who choose the Premium or Metal plans, their inquiries are processed with priority, ensuring faster response times.
Although Revolut offers a phone line, it is automated and does not connect you directly to a customer service advisor.
Bottom line
In conclusion, Revolut is a competitive neobank that is particularly adapted to be used abroad, it has been able to impose itself very quickly on the neobank market to become today one of its leaders.
Moreover, Revolut stands out as a dynamic and innovative financial platform, offering a comprehensive suite of services that cater to a global clientele. Its competitive exchange rates, seamless international money transfers, and advanced security measures make it a compelling choice for both individuals and businesses.
Despite some limitations, such as fees for certain transactions and occasional customer service challenges, Revolut’s commitment to continuous improvement and expansion ensures it remains a strong contender in the digital banking space.
To sum up, whether you need multi-currency accounts, convenient spending controls, or robust fraud protection, Revolut provides a versatile and reliable financial solution.
