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Revolut Review 2019

Apr 2019 4.7 5 stars ·

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What is Revolut?

Revolut logo

Revolut is a digital bank. It started in 2015 as a travel card providing cheap exchange rates, and it is now slowly becoming a bank.

It is the fastest growing digital bank with the widest array of features. A top choice for those who travel frequently. However, in the UK it might not be able to fully replace your bank.

While at the time of writing it is not operating as a bank, it is slowly becoming one, having received a banking license in December 2018. As a result, Revolut itself doesn’t store your money, it uses Barclays and Lloyds for that. Since it is not yet a bank, it does not offer any deposit protection.

Revolut-review-bank-card

Revolut Review 2019
Revolut pros and cons

Pros

  • Can top-up in and hold several currencies

  • An array of expanding extra features (e.g. cryptotrading, disposable virtual cards)

  • Premium subscription options with handy perks (e.g. travel insurance)

Cons

  • Has a banking license, but no current accounts yet (no deposit guarantee or standing orders, direct debits only in EUR)

  • Customer support has been historically poor, although based on Trustpilot it is improving

Revolut Review 2019
Revolut fees

Account opening and maintenance fee

Account opening is free and maintaining your account is also free, with no monthly cost.

Card fees

In the free plan, it costs €5.99/£4.99 to get your first physical card delivered. This is included free in the Premium account.

ATM fees

Withdrawing money from any ATM is free up to €200/£200 per month and it costs 2% after that.

Transfer fee

It’s free to transfer money from your Revolut account to any other international bank with normal wire transfers, and transferring in the same currency is also free. However, there is a charge to use SWIFT.

Currency exchange fee

Exchange rates are always real on Revolut, which means there’s no difference between the buy and the sell price. This is true both when doing an international transfer and when you use an ATM to withdraw money.

Exchanging currencies with Revolut is free up to €6,000/£5,000 per month on weekdays, but it costs 0.5% above this amount.

On weekends it costs between 0.5-2.0% to exchange, both on the free and the paid accounts.

Top-up fee

Revolut does not charge a fee when you top up your account using another bank card.

Revolut Review 2019
Revolut vs. Transferwise

  Revolut

Transferwise

Multicurrency account

Yes

Yes

ATM withdrawal fees (standard account)

€200/£200 /month free

2% after

£200/month free, 2% after

International transfer fee

    
Free

(exc. SWIFT)

€0.5-2.0

International transfer exchange fee

0.5-2.0% on weekends

€6,000/£5,000 /month free, additional 0.5% after

0.35-2.00%

Compare other digital banks

Revolut Review 2019
Revolut account opening

Opening an account at Revolut is super easy: it takes only a few minutes to do it via your phone, and you will receive your physical card just a couple of days later.

Revolut countries

Revolut is available in the EEA countries, Switzerland and Australia.

Revolut currencies

When it comes to managing currencies there are differences in what currencies are available, what currencies they offer a current account in, what currencies you can hold in the app and what currencies you can use to top up your account.

Current accounts

Available in four currencies: EUR, GBP, NOK and PLN.

Currencies in the app

There are 24 currencies you can use to exchange money within the app: AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, MAD, NOK, NZD, PLN, QAR, RON, SEK, SGD, THB, TRY, USD, ZAR.

Top-up currencies

You can top up your Revolut account in 15 currencies: AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, JPY, NOK, PLN, RON, SEK, USD, ZAR.

Revolut cards overview

Revolut cards are available from Mastercard and Visa. You can’t pick your own preference, so which one you’ll get is going to be random. In both of the premium plans, though, you can pick a design for your cards from a couple of colors, like grey or rose gold, which is not available in the free plan.

Revolut Premium account benefits

Revolut comes with two premium tiers. The first is simply called Premium and it costs €7.99/£6.99 per month. The higher tier, called Metal, costs €13.99/£12.99. The additional benefit here is that the physical card is a metallic card, instead of a standard plastic card.

Revolut top-up methods

At Revolut, you can use the following top-up methods:

  • Bank transfer

  • Credit/debit cards

  • Apple Pay

Revolut Review 2019
Revolut banking features

While Revolut is not a full-blown bank yet, in some aspects it works similarly or even better than your high street bank:

  • You can see your spending categorized by the type of transaction (e.g. shopping, restaurants).

  • You can set monthly budgets and spending goals, both overall and for different spending categories.

  • You can send money to other Revolut users instantly and for free. You can also send a money request to another user.

  • Smart savings are also available, where Revolut will round up the amounts you actually spend and store the difference as savings.

  • These savings can also be stored separately for easier overview and management.

  • It supports direct debits, but only in EUR.

  • You can set up Apple Pay in some countries.

  • You can set up Google Pay in some countries.

  • You can use 3D Secure online payments.

In other aspects, it lacks some features that are common for its competitors:

  • Revolut offers no interest on your savings.

  • Overdrafts are not possible.

  • Joint accounts are also not available.

Revolut Review 2019
Revolut additional features

While you can only use Revolut through your mobile app and it is not available on a desktop computer as a website, it does offer several other additional features:

  • Personal loans

  • Phone insurance

  • Travel insurance

  • Virtual cards

  • Cryptocurrency purchase

Revolut Review 2019
Revolut customer service

You can contact Revolut via:

  • Live chat

  • Phone: The phone support is automated and can only be used for blocking your card.

Customer service is available 24/7.

AUTHOR

Gergely Korpos
Gergely Korpos
Co-founder, CPO
Gergely's aim is to bring more clarity into personal investing. He has 10 years of experience in financial markets with GE Money, KPMG and MOL. He concluded thousands of trades as a commodity trader and financial portfolio manager
Follow Brokerchooser on Twitter

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