Revolut Review 2019

Apr 2019

What is Revolut?

Revolut logo

Revolut is a digital bank. Started in 2015 as a travel card providing cheap exchange rates and 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 already received banking license in Dec 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

  • Has a banking license (deposit guarantee, direct debits and standing orders)

  • Smoothest app and user experience

  • Great customer service experience

Cons

  • Can't receive international payments (no IBAN number)

Revolut Review 2019
Revolut fees

Account opening and maintenance fee

Account opening is free and maintaining your account is also free, there is no monthly cost to that.

Card fees

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

ATM fees

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

Transfer fee

It’s free to transfer money from your revolut account to any other bank internationally with normal wire transfers and transferring in the same currency is also free. They charge to user SWIFT though.

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 /month on weekdays and it costs 0.5% above this.

On weekends it costs between 0.5-2% to exchange both on the free and on any paid accounts.

Revolut Review 2019
Revolut vs. Monzo

  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

International transfer exchange rate

0.5-2% on weekends

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

0.35-2%

Compare other digital banks

Revolut Review 2019
Revolut account opening

Opening an account at Revolut is super easy: it takes only a couple of minutes to do it via your phone and receive your physical card also takes only a couple of days.

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 in.

Current accounts

They are available in four currencies: EUR, GBP, NOK and PLN

Currencies in the app

There are 24 currencies you can use to exchange money between 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 which are: 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. On both of the premium plans you can pick a design to your cards though from a couple of colors like grey or rose gold, which is not available on the free plan.

Revolut Premium account benefits

Revolut comes with two premium tiers. First is simply called "Premium” and it costs €7.99/£6.99 / 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

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 categorised by the type of transaction (e.g. shopping, restaurants).

  • You can set monthly budgets and spending goals for overall and for spending categories as well.

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

  • Smart savings are also available where Revolut will round up your spendings and store the excess amounts as savings.

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

  • It supports direct debits but in EUR only.

  • You can set up Google Pay in some countries.

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.

  • You can’t set up Apple Pay in any countries yet.

  • 3D Secure online payments are 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, you can use several other additional features:

  • Personal loans

  • Phone insurance

  • Travel insurance

  • Virtual cards

  • Cryptocurrency purchase

Would you like to invest your savings on the stock exchange? Opening an online brokerage account is just as quick and easy as opening a digital bank account. Find a cheap and reliable online broker via our broker recommendation tool.

Find your online broker

Revolut Review 2019
Revolut customer service

You can contact Revolut via:

  • Live chat

  • Phone: The phone support can be used only 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
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