revolut
revolut
  • Standard – Free
  • Premium – $9.99/mo
  • Metal – $16.99/mo
 
  • Budget & Analytics
  • Stocks trading
  • Gold trading
5.0
5/5

Revolut Review

Revolut is a financial company building truly worldwide presence. It is starting to operate under its European banking license, which will mean a much broader product set for its clients. Revolut is also authorized as Electronic Money Institution (EMI) by the Financial Conduct Authority in the UK and regulated by the Monetary Authority in Singapore.  

Revolut headquarters is in London. There are also offices in New York, San Francisco, Melbourne, Singapore, and some other major financial centers.

When you sign up for a Revolut account, pay attention to whether you are getting a Revolut EMI account or a full current account with Revolut Bank. From the customer point of view, both are equally safe, but account features may vary. Revolut Bank isn’t available everywhere yet, so likely you will be signing up with Revolut as with Electronic Money Institution. 

In the Revolut review, we will feature all the products currently provided by this innovative financial company. 

Introduction video from Revolut official youtube channel:

How to open Revolut account

One of the big selling points of Revolut vs. the traditional banks is that it’s quick and easy to use. It all starts with an account opening, which takes minutes. Download the Revolut app on your phone and enjoy a straightforward account opening process. There are no credit checks, and the only wait is for your Revolut card to be delivered by an old-fashioned post. All other services are accessible from your Revolut app, which is also a convenient and quick way to bank.

Monthly plans

revolut monthly plans

As you might expect for a digital bank, the Revolut mobile app is well designed and easy to use. The sections are clear and straightforward and it complements excellent with other products such as Apple Pay and Google Pay.

Revolut has no card fees, even with the free account, and so you’ll dodge the usually hidden fees that other card companies charge. There are also cool features like the savings vault for putting away change or buying travel insurance at a reasonable rate straight from the Revolut account. 

Revolut business account, which we write about at Digital Banks Business page, is available for the UK and EU registered companies. Revolut for Business is an attractive option for small and medium businesses with its low fees and great exchange rates.

Account features

You can’t add any funds until after the quick and easy process of identifying you is completed. Still, after that, you can quickly start receiving your income to the Revolut account. If you want to have money instantly at your Revolut account, there is an option to transfer from another bank card. There are also quick money transfers between Revolut accounts.

Revolut doesn’t currently offer any interest-paying savings accounts, though you can save change from transactions into your Vault. It also doesn’t provide any loan services yet. But with Revolut moving clients under its European banking license, we can expect Revolut to offer credit cards and other credit products soon.

Revolut comes into its own as a card for travelers, and the ability to transfer currencies around the world for free is almost unparalleled in any other bank. It also comes with a ton of perks for travelers, such as cheaper insurance and medical cover and nice extras like the Airport Lounge Key pass.

Revolut metal

A high-end Revolut Metal product is offered for €13.99 per month. The Revolut Metal card allows you to earn up to 1% cashback on all transactions in any currency. The package also provides overseas medical insurance, delayed baggage & delayed flight insurance, LoungeKey Pass access, priority customer support, and some other cool perks.

Revolut stock trading

It is an excellent product for a digital bank to have! Revolut stock trading services allow investing in fractional shares from as little as $1. Over 850+ stocks are available now, and among them such blue chips as Apple, Tesla, or Zoom.

Revolut gold trading

Commodities trading is available in Revolut from early spring 2020. We were covering this when Revolut introduced its gold trading. Exchange of other precious metals will be offered soon, so remember to check the commodities trading section in the Revolut app.

Revolut review. Conclusion

Revolut vs. Monzo or Revolut vs. TransferWise. This digital accounts comparisons are interesting to do, but there’s no doubt that Revolut is one of the market leaders among fintech companies. Opening an account with Revolut is free.