Are you tired of the exorbitant fees charged by traditional banks when you travel or use mobile money services? Well, fear not, because there’s a solution that might just be the answer to your prayers!
Enter Revolut – a revolutionary platform that allows you to manage your money with ease through prepaid debit cards, instant payments, and hassle-free currency exchange, all within the convenience of their user-friendly app or any compatible device.
But hold on, there’s more to the story:
While Revolut shines in numerous scenarios, it’s essential to understand that it might not always be the perfect fit for every situation. There are instances where it might not be your best option, and I’m here to shed light on those and steer you towards alternative solutions that could better suit your needs.
Revolut has carved its place as one of the prime alternatives for cost savings and providing enhanced financial capabilities. It’s a powerful tool that allows you to do more with your money.
Now, let’s talk about transparency and disclosure. It’s crucial to be aware that this post contains affiliate links, and I want to maintain complete honesty with you, dear reader. Please take a moment to familiarize yourself with the disclosures to ensure you’re fully informed.
Remember, the information provided here is for general purposes only and should not be taken as financial advice. Everyone’s situation is unique, and it’s best to evaluate your options based on your specific needs and circumstances.
So, if you’re seeking a financial adventure that combines perplexity and burstiness, exploring the realm of mobile money and banking alternatives like Revolut might just be the right fit for you. It opens up a world of possibilities and allows you to take control of your finances like never before!
REVOLUT
Revolut is a game-changer, empowering you to do more with your money in ways you never thought possible.
Pros
Available for personal and business
Both no-fee and paid options
Send and request money from friends
Allows money transfers
Saving vaults and spend analytics
Multi-currency account for businesses
Mastercard debit card for international use and no fees for ATM withdrawal worldwide (limits applicable and 3rd Parties may charge)
Add and track all your accounts in the Revolut app
Cons
Not a full-fledged bank except in 10 European markets including Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, Spain and Sweden it has European specialised licence.
Exchange rate mark up on weekends
1. Quick Take
| š¦ Established | 2015, London (UK) |
| š Clients | Personal and Business (Worldwide) |
| š± Currencies for exchange | 28+ currencies |
| š± Currencies for spending | 140 currencies |
| šø Multi Currency account | Yes ā for business |
| šļø Physical Offices | the UK, the US, Australia, Brazil, India, Germany |
| š» Availability | Online and mobile |
| āļø Regulation | Regulated in the the UK, the US, EU, Australia and more |
| š Security | Biometric login, OTP log in, Single-use virtual cards, instant notifications, audits |
| ā Reviews | āExcellentā ā 4.3/5 on Trustpilot with over 124,000+ reviews (January 2023) |
| š° Fees | Based on account type |
| š Official Website | Visit Revolut |
They say ā āOne app, All Things Moneyā.
Truth is they can do an awful lot ā but not everything.
For example ā getting paid, paying others (with a card or the app), saving money (through āvaultsā) is all made possible through an app or online.
But each Plan (below) especially the āstandardā option which has no monthly fees but there are extra fees once you hit these limits.
The paid option could be better for you ā even cheaper, especially if you travel overseas, freelance, run a business or are just a frequent user.
The key is to do your homework ā or rather just read ours ā starting with the Pros and Cons. š
Click here to see the options and pricing available in your country (opens a new tab so you can keep reading).
2. When Revolut Works (and When it Doesnāt)
| When it Works |
|---|
| Easy: When you want simplicity to manage your money including cards, savings and even other connected bank accounts more easily by a mobile app, desktop or laptop Savings: Save on fees Different Currencies: If you travel overseas, get payments in different currencies or need to make payments in different currencies Business: Feature-rich business services including multi-currency account |
| When it Doesnāt |
|---|
| Money transfers: fees and phone service Service: Need phone assistance Where you Have Specific Needs: Investments, Insurance and other money products where you need tailored solutions |
2.1 When it Works
Manage money easily, inexpensively and with joy?
First check if Revolut is available for you here (personal) and here (business).
Revolut offers many money management options for individuals (both local and international). From receiving your salary, splitting bills to tracking all your accounts (even high street banks) and spending.
Revolut is pretty comprehensive.
But how can they help you?
For saving, you have the option to create saving vaults and make savings through cash back and discounts.
For spending, you can connect your card to tap and pay with your phone. You also get a prepaid debit card for travel, but the app is where it is at. You can freeze the card and even create single-use cards for safety online. You can also spend in 150+ currencies with low conversion fees.
For international people, getting paid and making payments in different currencies is both inexpensive and easy.
For parents, opening an account (with card) for your child on the back of your account is a welcome addition.
For businesses, Revolut offers payment gateways, payroll, and a multi currency account to pay and get paid like a local (as well as hold 30+ currencies).
2.2 When it Doesnāt Work
International Money Transfers
While Revolut does enable money transfers they can be limited by relatively expensive and complex fees. Also possible frozen accounts.
The reality is dedicated money transfer services can do better and save you more money.
The fees and limits vary based on the country where you live and the plan you have.
As they say, āfees include a variable transfer fee and a 0.5% fee on exchanges above your planās monthly allowance. ā
The easy way to see what you will pay is to go to their calculator.
In addition to this, regulations can make money transfers relatively complex and as we discovered in the negative reviews (below) one of the biggest complaints people have is frozen accounts.
Fortunately they have a page dedicated to helping people who are locked out of Revolut.
However, if money transfers is important to you, we personally think you are better off choosing a money transfer service that has few restrictions, charges low fees for transfers and (possibly most importantly) has top ranked customer service to help guide you through any issues you might face (due to regulations).
Customer Service
While Revolut scores strongly when it comes to 3rd party reviews (below) this is a low cost service and that means they use an in-app chat box (instead of telephone service). In some situations, a human with specialised knowledge is something worth paying for ā especially money transfers.
Specific Needs
Some folks need the ability to tailor solutions for money management and travel insurance. For example, loans and more travel insurance options.
3. Real Speeds (Including Transfer Speed) ā Uncovered
Account Opening and Card Delivery
You can get your Revolut account up and running in a matter of minutes. It may take 7-9 days for you to receive your card. You may choose express delivery if you want your card earlier.
Local Transfers
Revolut to Revolut transfers are instant with no fees. Local transfers with 3rd party banks can take 2-3 days.
Transfers
Different payment methods and the currency selected affect your transfer speed.
Payments to other Revolut users and card payments are instant.
Transfers to cards typically take a few minutes but can take up to 30 minutes.
International transfers can take up to 2 to 5 business days to reach the recipientās account. Generally this speed is more related to the receiving bank and the country where they operate.
4. Costs + Features (Real Costs)
Personal
Because of the many options you can choose with Revolut it helps to start with the right country:
For the UK use their latest price and feature comparison chart (opens new tab to keep reading).
For Europe ā choose your country here
US residents click here (opens a new tab to keep reading) for pricing in USD dollars and different offerings.
Australian residents click here (opens a new tab to keep reading) for pricing in Aussie dollars and different offerings.
All other countries select your country here.
In it you will notice they ALL have the following:
- Standard (no-fee) account option
- Spend in over 140+ currencies at the interbank or mid-market exchange rate
- Exchange in 28+ fiat currencies
- No fee ATM withdrawals (Limits apply based on the plan, then fees apply. Third party providers may change a withdrawal fee)
There is a long list of additional benefits for Premium and Metal users. Like medical insurance, baggage and flight insurance, priority customer support, LoungeKey Pass (at airports) and fancy looking premium cards.
For money transfers here are the 7 cheapest international money transfers
Business
The business account also has different tiers and you can (check out the comparison chart here).
Generally for paid plans will get you:
- A multi currency account
- Local accounts in global currencies
- A global IBAN
- Physical and virtual cards
- Unlimited team members
- Payroll
- Bulk payments
- Payment Gateway
- Payment QR code
Revolut also offers affordable business accounts for Freelancers (with no-monthly-fee and paid options).
Check out the comparison table here.
Account Plans| Personal |
|---|
| 1) Revolut Standard (no fee) – UK account – Euro IBAN account – Spend in over 150 currencies at the interbank exchange rate – Exchange in 29 fiat currencies up to Ā£5,000 per month – 5 no-fee ATM withdrawals up to Ā£200 per month – Revolut Junior account (1) 2) Revolut Plus (Ā£2.99/month) – All features available on Standard – Revolut Junior Account (2) – Complimentary card delivery – No-fee ATM withdrawals up to Ā£200 per month – 24Ć7 Priority customer support – Theft and accident coverage – Refund protection – Safer online shopping 3) Revolut Premium (Ā£6.99/month) – All features available on Plus account – No limit on exchange in 29 fiat currencies – No-fee ATM withdrawals up to Ā£400 per month – Overseas medical insurance – Global express delivery – Delayed baggage and delayed flight insurance – Priority customer support – Premium card with exclusive designs – LoungeKey Pass access – Disposable virtual cards 3) Revolut Metal (Ā£12.99/month) – All features available on Premium account – No-fee ATM withdrawals up to Ā£600 per month – 1% cashback within Europe and 1% outside – – Europe on all card payments (T&Cs apply) – Exclusive Revolut Metal card – Get access to a concierge to help you manage your lifestyle |
| VISIT REVOLUT |
| Business |
|---|
| 1) Revolut Standard (Ā£0/month) – Personal accounts for online sellers and freelancers – 2 cards and limited access for an accountant – 52 no-fee local transfers 2) Revolut Grow (Ā£25/month) – Corporate cards and 10 users access – Foreign currency transfer up to Ā£10k at midmarket rate – 100 no-fee local transfers – 10 no-fee international transfers 3) Revolut Scale (Ā£100/month) – Corporate cards and 30 users access – Foreign currency transfer up to Ā£50k at midmarket rate – 1000 no-fee local transfers – 50 international transfers 4) Revolut Enterprise (Ā£1000/month) – Corporate cards and unlimited users access – Unlimited foreign exchange transfer at midmarket rate – Unlimited local transfers – Unlimited international transfers |
| VISIT REVOLUT |
Other Costs
- International transfers at the mid-market rate
- Mark-up of 0.5% on the exchange rate on weekends
- Small delivery cost for the first debit card and for the replacement cards.
- For out of network ATM withdrawals fair usage fee applies on amounts over limits based on Plan
International money transfer comparisonĀ is a good idea especially for larger amounts of if this is something you will be doing a lot of.
FX fees: Standard + Plus: Fair usage limits apply ā Premium + Metal: unlimited and fee-free in 30+ currencies (as exotic currency mark-ups apply, and only fee-free on weekends)
All plans: Weekend mark-ups apply
Bottom Line
Just like low cost airlines, low cost money management often means the devil is in the details. Knowing these details is your secret weapon.
You can enjoy most of the Revolut services such as fund transfers and cash withdrawals without fees. However, there are limits on the amounts you can transfer or withdraw without cost.
5. How to Use Revolut
Everything right from registration to identity verification, authorization and funding happens online via their app.
Sign Up
Download the app, create a profile, and choose aĀ personalĀ orĀ businessĀ plan that works for you. You can upgrade or downgrade your account anytime. You can also select the card as per your requirements.
Get Verified
Provide an ID for verification. The eKYC takes no longer than a few minutes. However, sometimes you may be asked for additional documents for verification.
Fund and Start Using
You can fund your Revolut account using any of the supported methods and start transacting.
5. What do Revolut Customers Say (including Negative Reviews)?
Revolut gets great reviews on most review sites.
On Trustpilot, Revolut are rated 4.3/5 on over 124,000 reviews, which is considered āExcellentā. We analysed 100s of reviews, and 85% gave 4 or 5 stars with a relatively low 10% giving 1 star. Compared to their peers this is very respectable especially given their size and low cost operation. Most high street banks score below 2/5.
But thereās a lot to be learned from the negative reviews.
The Bad
Too many features
Revolut has a lot of features that can seem attractive at first. However, many users expressed their dissatisfaction that many of the features (like international transfers) are not what is needed.
Long verification time
Some users complained about the long time it took to verify their account. Usually, it only takes a few minutes to get set up on Revolut. However, as a registered financial services provider they may need to verify both individuals and businesses to comply with anti-theft and money-laundering laws.
7. Is Revolut Safe?
Revolut is not a full-fledged bank in many countries, so your money is not necessarily protected under the deposit guarantee scheme.
However customers in Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, Spain, Sweden is a real bank.
Regardless of the country where you are a customer of Revolut they do protect money in āSaving Vaultsā and other ways.
For example, in the UK they partner with banks that are part of theĀ Financial Services Compensation SchemeĀ (FSCS). This means that, if you are eligible, your Savings Vaults deposits are protected up to Ā£85,000 per user.
In the Europe, it is theĀ Deposit Guarantee SchemeĀ (DGS) which means protected up to ā¬100,000 per person.
In the USA, Savings Vaults are held by Sutton Bank, which means your funds are fully insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 USD.
And so on.
Each country has their own rules and amounts which you are insured for.
Compliance Issues
Recently revolut has been in the media for aĀ possible lapse in compliance. Reports indicate the FCA is involved, which could be seen as a good thing long term as they no doubt face further scrutiny and (if required) will pull their socks up. Important to note that the compliance issue relates to prevention of financial crime and not security. Revolut from what we can tell is fully secure.
Active Security
The app gives you complete control over your card and transactions. For example, you can freeze and unfreeze your card instantly. The app also lets you turn on and off features such as swipe payments, ATM withdrawals and contactless payments. It comes with GPS based security, which means, if your card is used in a different location from your current smart phone location, the card will be blocked.
Bottom Line
Bottom Line
So far as we can tell Revolut takes ample measures to keep your money safe. And even though there may have been a lapse in compliance, theyāve bridged this gap through more robust eKYC and other encryption methods.
However, we think it a good idea to avoid keeping all your eggs in one basket. Hold on to your high street bank account and use Revolut as an every day account because they offer great day-to-day money management options like bill splitting, cards etc. In this way you get the best of both worlds.
Verdict
Revolut is a modern, convenient way to manage money from an app. You get a prepaid debit card/s, can make instant payments and exchange currencies.
It has various plans for individual and business users. You can use the one that suits your needs the best.
Click here toĀ see the options and pricing available in your countryĀ (opens a new tab so you can keep reading).
But as we discussed above in our section onĀ When Revolut Works (and When it Doesnāt)Ā it might be better for you to use specialised services for insurance and other services they offer.
We think it is also important to use specialist money transfer services where things can get complex due to regulations in different countries. Using a service geared towards money transfers can mean less chance there are any hold ups.
Check out ourĀ reviews for Wise (was TransferWise)Ā for smaller transfers below Ā£4000 GBP / $7000 USD orĀ OFX for larger money transfers.
Happy Money!
What does Revolut do?
Revolut is working on doing everything money can do with international potential. Centred around an App with a prepaid debit card you can save, pay others, travel overseas inexpensively and invest. Revolut also serves businesses and individuals.
Are Revolut fees OK?
In most cases Revolut is competitive, however Revolut does a lot of things in many markets and it is worth considering what you will use Revolut for and compare.