Revolut review

Company information

Revolut, a digital bank, commenced its journey in 2015 as a travel card offering competitive exchange rates. Over the years, it has evolved into a comprehensive banking platform, making it the fastest-growing digital bank with an extensive range of features. It’s a top choice for frequent travelers, although in the UK, it might not entirely replace your traditional bank.

While Revolut is currently not operating as a full-fledged bank, it’s on the path to becoming one. In December 2018, it secured a challenger bank license from the European Central Bank. Currently, Revolut doesn’t hold your money; instead, it relies on Barclays and Lloyds for this purpose. In early 2021, it also applied for a UK banking license and a bank charter in the US. However, since it’s not yet a bank, it doesn’t offer deposit protection.

It’s worth noting recent reports of card fraud targeting Revolut customers and complaints regarding Revolut’s reluctance to compensate victims. Therefore, it’s essential to exercise caution, especially when configuring your card limits on Revolut.

Fee Structure

Account Opening and Maintenance Fee:

• Opening and maintaining your account is free of charge.

Card Fees:

• The first physical card delivery is subject to a delivery fee. Replacement cards cost £5 on the Standard Plan.

ATM Fees:

• Up to €200/£200 per month, ATM withdrawals are fee-free. Beyond that, a 2% fee applies.

Transfer Fee:

• Transferring money from your Revolut account to any other international bank via normal wire transfers is free. Transfers within the same currency are also free. However, there’s a charge for using SWIFT.

Currency Exchange Fee:

• On weekdays, Revolut offers competitive exchange rates with a tight spread between buy and sell prices based on market rates from third-party providers. There’s no fee for currency exchange up to €1,000/£1,000 per month on weekdays. Beyond this, a 0.5% fee applies.

Top-Up Fee:

• Revolut does not charge a fee when topping up your account using another bank card.

Account Opening

Opening an account with Revolut is incredibly easy, taking only a few minutes via your mobile phone. Your physical card typically arrives within a couple of days.

Availability

Revolut operates in EEA countries, Switzerland, Australia, and the United States of America since March 2020.

Currency Support

Revolut supports various currencies for different purposes, including current accounts, in-app exchanges, and top-ups.

Current Accounts: Available in 28 currencies, including AED, AUD, GBP, EUR, USD, and more.

Currencies in the App: You can exchange money within the app in 35 currencies, including AED, CAD, EUR, USD, and others.

Top-Up Currencies: You can top up your Revolut account in 15 currencies, such as AUD, GBP, USD, and more.

Card Options

Revolut offers cards from Mastercard and Visa, with card design options available for premium plans.

Premium Accounts

Revolut offers two premium tiers: Premium and Metal, each with its own perks, including a metallic card for the Metal tier.

Top-Up Methods

You can top up your Revolut account through bank transfers, credit/debit cards, and Apple Pay.

Banking and Additional Features

While not a full-fledged bank yet, Revolut offers features like categorized spending, budgeting, instant money transfers, smart savings, support for direct debits (EUR only), and integration with Apple Pay and Google Pay. It also provides interest on savings and offers overdrafts.

However, it lacks joint accounts, a feature common among its competitors.

Additional Features

Revolut’s mobile app offers additional services, including personal loans, phone insurance, travel insurance, virtual cards, and cryptocurrency purchases.

Customer Service

Revolut offers customer support through live chat, phone (primarily for card blocking), and email. Customer service is available ²⁴⁄₇, but it may not always provide immediate or satisfactory answers.