Revolut Review

With the dominant emergence of internet and communication technologies, banking and financial services have gone under a sea change. Nowadays, e-banking has turned into a technological wonder where financial activities are not confined to the in-person branches. In many countries of the world, online banking has become a standard. Because of the drastic digitalization, innovative banking and currency exchanges like Revolut are embraced warmly with all their benefits. Our Revolut review will give you a comprehensive understanding of its services and products.

What is Revolut?

Revolut is a fintech company that offers money transfer and exchange. When it was launched in London, on 1 July 2015, it had only two users; the founders of Revolut, Nikolay Storonsky, and Vlad Yatsenko. It provides personal and business accounts to better the financial health of its customers by connecting them across the world.

Have a look at a brief history of Revolut.

2016: Achieved 100,000 personal customers and Series A fundraising – $15M

2017: Launched Revolut Business, Crypto trading, and Series B fundraising – $66M

2018: Set up Revolut Metal, got European Banking Licensee, and Series C fundraising – $250M

2019: Established Donations, expanded into Australia and Singapore, launched Trading

2020: Developed in the United States, enabled Open Banking, and Series D fundraising – $500M

What is Revolut?

What is Revolut?

Revolut is an app-based banking alternate that betters your financial life. Referred by some as a ‘tech super star’, Revolut is designed to extract more from your money whether it is everyday spending or planning for your savings and investments. With 15 M+ personal customers, 500K business customers, 35+ supported countries, and 30+ in-app currencies, Revolut is facilitating more than 100 million transactions a month.

The goal of the company is to take care of the financial well-being of its customers by giving them more control over their money management. As a personal user, you can exchange money, buy crypto and gold with the help of spending analytics while business users can enjoy the power of Revolut tools to do business with confidence. As an authorized e-money institution Revolut is regularized by Financial Conduct Authority. The company number is 08804411.

How Revolut Works

How Revolut Works

Revolut works simply and straightforwardly. It allows you to set up an account free and without any paperwork. There is no need to visit any bank as you can open an account in minutes directly from your phone. Your account on Revolut is a virtual account. Revolut account holds e-money in different currencies. Revolut is a group of several companies and when you use any Revolut product or service, Revolut will tell which Revolut company you are going to deal with.

Eligibility

You must be 18 or above to open an account on Revolut. However, there is a possibility to open an under 18 account on Revolut with specific terms and conditions.

You can open only one Revolut personal account. If Revolut closes your account, you cannot open another account.

Steps to Open a Revolut Account

  1. Download Revolut App

Revolut mobile app is available on App Store and Google Play Store

  1. Choose Your Account

Before proceeding further, you have to choose the correct account type for yourself. You can choose your plan from:

  • Standard
  • Plus
  • Premium
  • Metal
  1. Add Personal Information

Revolut will ask you to add your personal information like name, date of birth, address, nationality, employment, etc.

  1. Verification

After adding personal details, you have to verify your identity. You will provide proof of your identity and residence and some other details.

  1. Select the Service

Now, you can select your desired service.

  1. Fund Your Account

Now you can choose the currencies you want to send and receive money. You can fund your Revolut account through bank transfer, credit/debit cards, and Apple Pay.

Revolut Features

Free Account in Minutes

Revolut allows you to open an account at no cost at all in minutes. You will get a virtual card to use online and with Apple Pay or Google Pay.

Rewards

You can get more from your favorite brands with Revolut rewards. There are exclusive deals and cashback offers paid directly to your account. Revolut rewards are available in the UK, US, France, Poland, Italy, Romania, Portugal, Sweden, Spain, Denmark, Ireland, Singapore, and Australia.

Earn Everyday

Revolt offers you earning opportunities thru its Savings Vaults. You can earn up to 0.65% AER (Annual Equivalent Rate) on USD and 0.40% AER on GBP.

Donations

You can donate money without any hidden fees. The local and global Revolut charity partners will receive 100% of your donations. There is no minimum donation amount.

30+ Currencies

Revolut allows you to send money abroad in 30+ currencies. This money transfer works following the interbank exchange rate and there is a small 0.5% monthly fee applicable to above £1.000.

Award-Winning Anti-Fraud System

Security measures taken by Revolut are 7 times better than banks. If you lose your card, you can freeze it easily from your app. Fraudulent transactions are kept under 0.01% with Revolut’s award-winning anti-fraud system.

150+ Currencies

Revolut offers you more than 150 currencies to spend anywhere in the world. You can withdraw money wherever you are without any hidden fees.

Customer Support

Revolut provides a 24/7 in-app chat service. Premium and Metal plan users get priority over Standard plan users. There is also an automated phone line +442033228352. This number renders recorded information and helps you block your card. You can also block your card from Revolut App.

Revolut Products

Revolut products fall under two categories.

  1. Personal Account
  2. Business Account

Personal Account Products

  1. Account
  • Linked Accounts

Within the Accounts product category, Revolut allows you to link all your bank accounts in the Revolut app. You can track your balances, transaction history, and account details.

  • Exchange Money

Revolut facilitates money exchange between AED, AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, ISK, JPY, MAD, MXN, NOK, NZD, PLN, QAR, RON, RSD, RUB, SAR, SEK, SGD, THB, TRY, USD, ZAR

  • Revolut Junior

Revolut Junior account, card, and app are designed for kids but the control is in your hands. Your children will definitely develop healthy money habits by saving, spending, and tracking their money. Revolut Junior card can be used without having access to a smartphone. Currently, it is functional in EEA.

  • Budget Planner

Revolut’s budget planner tools are available to manage your spending. It is not capping your expenditures. The budget planner will set a limit for your daily expenses, you can simply follow it to achieve your financial goals.

  • Cards

Revolut offers two types of cards

  1. Virtual Card
  2. Physical Card

You don’t need to wait for your physical card to arrive because you can start spending immediately online with your virtual card. Just link it to Google Pay or Apple Pay. You need not worry about your personal details even if they are exposed because Revolut offers single-use cards that can be used only once.

  • Pockets

Revolut promises to grow you smarter with this unique product. Pockets are separate spaces within your Revolut account where you can effortlessly organize your scheduled payments e.g. bills. From Pockets, your bills will be paid automatically.

  1. Wealth

Here you can organize your investments and observe growth in your wealth.

  • Stocks

With Revolut, you can invest in commission-free stocks for just $1. For Metal plan users there is unlimited trade while Premium users have 5 and there is 1 trade useable for Standard users. From Apple to Zoom, there are more than 750 stocks available.

  • Crypto

You can buy, sell and transfer your crypto in seconds just like any other currency. Price Alerts and Auto Exchanges keep you up-to-date about market trends. This cryptocurrency is not regulated by the FCA.

  • Commodities

This is another investing product by Revolut. You can start investing in gold and silver with just $1. Revolut charges markup to invest in commodities. The markup ratio is as under.

For Standard and Plus customers: 1.5% – weekdays

2.25% – weekends

For Premium and Metal customers: 0.25% – market hours

1% – off market hours

  • Vaults

Revolut Vaults help you achieve your financial goals quicker. Vaults keep your money separate from your account. You can name the Vaults you create and set a financial target.

Types of Vaults

  • Savings Vaults
  • Personal Vaults
  • Group Vaults
  1. Payments
  • Money Transfer

Money transfer is a breeze with Revolut. 30+ currencies are available for Revolut users. You can track your recurring payments, subscriptions, and more without any fees.

  • Group Bills

With a Revolut account, you can easily group your bills and track them. You can start a group with other Revolut users and anyone can join it free of cost. Once your bills are grouped, Revolut will split them and help you settle them in one place.

  • Subscriptions

Take control of all your subscriptions with Revolut. You can easily block and unblock your subscriptions with a single tap.

  1. Global Travel Medical Insurance

Global Travel Medical Insurance or Pay-per-Day Travel Medical Insurance provides you medical and dental assistance and expenses from as little as £1.00 per day. Its geolocation technology will charge you only when you are abroad. There is no extra cost for Revolut Premium and Metal customers.

  1. Device Insurance

Revolut Device Insurance or Mobile Phone Insurance helps you cover your mobile phone damage expenses. You can add as many devices as you want to your Revolut account.

Damages covered by Revolut

  • Drops and breakages
  • Screen damage
  • Liquid damage
  • Damage caused by a third party
  • Out of warranty breakdowns

Business Account Products

  1. Account

With a Revolut Business account, you can easily manage your finances in one place.

  • Multi-currency Account

Revolut Business account is a multi-currency account. You can convert money from 28 available currencies and convert them at the real exchange rate. You can track payments and transfers made by any member of your business team. There is no restriction on the number of accounts, you can create and keep multiple accounts.

  • Liked Accounts

You can link all your external bank accounts to the Revolut Business account and control all the activities and transactions in one place.

  • Cards

Revolut Business card allows you to monitor the spending and expenses of your team members. At real interbank exchange in 150 currencies, you can use your Revolut business card worldwide with no extra charges. ATM withdrawal limits are different for different Business Plans.

Revolut will deliver your business card within 9 working days and two physical cards per team member are issued.

  1. Payments
  • Money Transfer

Revolut Business account enables you to make local and international payments free of charge. You can also transfer money from a business account to a personal account. As a team leader, you can limit payments for your team members.

  • Subscriptions

At one dashboard you can manage your payments for subscriptions you want to make. You are the controller of your online services such as online ads, cloud services, and subscriptions to different software.

  • Expenses

Revolut Business account allows you to manage your expenses without any paperwork. A bookkeeping tool is helpful to keep a record of your expenses. Automated reminders, digital receipts, save files, and sync tools are handy for individuals and teams.

  • Online Payments

Next-day settlement and hassle-free payouts are secured when you receive payments to your Revolut Business account. Payments can be possible in 14 available currencies which are convertible to the currency of your choice.

  • Payment Requests

Secured payments are ensured with the Revolut Business account when you request payments. You can request payments in-person or remotely.

Revolut Business payments can be made thru:

  • Email
  • Text message
  • QR codes
  1. Marketplace
  • Business API & Partner Apps

Revolut Business account’s integration with your in-use apps saves time and reduces admin work.

  • Rewards

Revolut picks discounts and rewards from its renowned partnered brands to get your business progressing. This process is consistent and always ongoing.

  • Payroll

This Revolut Business account product has not been launched yet.

Revolut Fees

For Personal Account Users

Standard Plan

SubscriptionFree
Add MoneyFree (a small fee to cover costs if your card is issued outside EEA or a commercial card)
First Revolut CardFree (delivery fee applies)
Replacement Revolut Cards£5 (delivery fee applies)
Custom Card (you design your own card)£5 (delivery fee applies)
Special Edition CardFee varies
Revolut Cards Delivery ChargesVaries
Virtual Revolut CardsFree
ATM WithdrawalsFree up to 5 withdrawals
Send MoneyFree
Instant Transfers (to Revolut users)Free
Local paymentsFree
Payments (within Single European Payments Area)Free
International PaymentsFee varies

Plus Plan

Subscription£2.99/month or £29.99/year
Add MoneyFree (a small fee to cover costs if your card is issued outside EEA or a commercial card)
First Revolut Plus CardFree (delivery fee applies if you cancel subscription within14 days of signing up)
Second Revolut Plus CardFree
Additional Revolut CardsOne free replacement every year (in other cases £10 fee)
Custom Card£5 (delivery fee applies)
Special Edition CardFee varies
Revolut Cards (Standard delivery charges)Free (fee applies if you cancel your subscription within 14 days)
Virtual Revolut CardsFree
ATM WithdrawalsFree up to £200
Sending MoneyFree
Instant Transfers (to Revolut users)Free
Local PaymentsFree
Payments (within the Single European Payments Area)Free
International PaymentsFee varies

Premium Plan

Subscription£6.99/month or £72/year
Add MoneyFree (a small fee to cover costs if your card is issued outside EEA or a commercial card)
First Premium Revolut CardFree (delivery fee applies if you cancel subscription within14 days of signing up)
Second Revolut Premium CardFree
Additional Revolut CardsOne free replacement every year (in other cases £10 fee)
Custom Card£5 (delivery fee applies)
Special Edition CardFee varies
Express delivery for Revolut CardsFree (fee applies if you cancel your subscription within 14 days)
Virtual Revolut CardsFree
ATM WithdrawalsFree up to £400
Sending MoneyFree
Instant Transfers (to Revolut users)Free
Local PaymentsFree
Payments (within the Single European Payments Area)Free
International PaymentsFirst payment is free

Metal Plan

Subscription£12.99/month or £120/year
Add MoneyFree (a small fee to cover costs if your card is issued outside EEA or a commercial card)
First Revolut Metal CardFree (delivery fee + card fee (£40) apply if you cancel subscription within14 days of signing up)
Second Revolut Metal CardFree (delivery fee applies if you cancel your subscription within 14 days of ordering)
Additional Revolut Cards£40/additional Metal card or £10/additional non-Metal card
Custom Card£5 (delivery fee applies)
Special Edition CardFee varies
Express delivery for Revolut CardsFree (fee applies if you cancel your subscription within 14 days)
Virtual Revolut CardsFree
ATM Withdrawals  Free up to £800
Metal CashbackMaximum £12.99 (one monthly billing cycle)
Sending MoneyFree
Instant Transfers (to Revolut users)Free
Local PaymentsFree
Payments (within the Single European Payments Area)Free
International PaymentsFirst 3 payments are free

For Business Account Users

(For Companies)

For Business Account Users

(For Freelancers)

Revolut Competitors

What Are The Alternatives of Revolut?

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PROS
  • Several currencies
  • Virtual and physical cards
  • No credit checks
  • 24/7 customer service
  • ATM withdrawals
  • Rewards
  • User-friendly interface
CONS
  • Fees on abroad transactions
  • Additional fees
  • Deposit limits are ill-defined
  • Limited free cash withdrawals
  • No physical branches
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