- Standard – Free
- Plus – £2.99/mo
- Premium – £6.99/mo
- Metal – £12.99/mo
- Budget & Analytics
- Stocks trading
- Crypto trading
- Commodities trading
- Savings Vaults
- Travel insurance
- Donations
Revolut is a challenger bank that made a ripple effect in the stale banking markets across the world. It has now expanded to all corners of the world and is finally profitable. We’re covering all the ins and outs in this Revolut review, but first, here’s our short review:
Revolut is a solid banking app that has added a good few features in recent months. The thing is, if you want to take advantage of them you’ll most likely have to upgrade to the coveted Metal account as the free accounts are bareboned across the board.
In this Revolut review, we will feature all the products currently provided by this innovative financial company.
About Revolut
The challenger bank that was founded in London in 2015 by Nikolay Storonsky and Vlad Yatsenko is now a global player in the banking space, slowly eating away customers from high street banks.
They’re already up to 15 million customers worldwide with additional 500,000 businesses onboard. They expanded to the US and Japan in 2020 and are looking to create “the world’s first truly global financial superapp”.
To show that they’re serious, the company recently applied for a UK banking license and in March 2021, they applied for a bank charter in the US.
With their groundbreaking app, you can transfer money all over the world, invest in crypto, stocks, and commodities (gold and silver), get travel insurance, exchange money with no hidden fees, and so on.
You’d think that with so much brand name recognition Revolut is already the biggest digital bank in the world but they still have a good chunk of work ahead of them. To find out what the 10 biggest digital banks are, visit our interesting article here.
Revolut pros and cons
Pros
- Multi-currency accounts
- Connect all your bank accounts with Revolut
- Instant international money transfers
- Daily discounts and cashback
- Great for traveling and sending money abroad
- No need for a card
- Great security features
- Ability to pay with a single-use card to keep your money safe
- Trade stocks, crypto, and commodities
Cons
- No physical bank branches
- No-fee ATM withdrawals up to €800/m only
- No way to spend cryptocurrencies or send them to a crypto wallet
How to open a Revolut account?
One of the big selling points of Revolut vs 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 do banking.
As you might expect from a digital bank, the Revolut mobile app is well designed, the sections are clear and straightforward and it complements excellent with other products such as Apple Pay and Google Pay.
How is Revolut regulated?
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’s 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.
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. The company did apply for a banking license in the UK at the beginning of 2021.
Revolut has a banking license in the EU though. The Bank of Lithuania has given Revolut a license and the company is taking advantage of European passporting rules to operate in other European countries.
Is my money safe with Revolut?
Your deposit insurance depends on whether you’re signed up with Revolut EMI, UAB, or LTD as we already mentioned.
In the US, for instance, your deposits are held by Metropolitan Commercial Bank and are insured by the Federal Deposit Insurance Corporation for up to $250,000.
Although Revolut is still not a full-fledged bank in a lot of countries, including its home base in the UK, they do safeguard your money in separate accounts in reputable big banks. This is a requirement for e-money institutions and Revolut is obliged by these rules.
Safeguarding protects you because, if Revolut was to go under, the money in these accounts would be used to pay out you and other customers before anyone else.
How to check Revolut’s entity in your country
You can find out to which Revolut entity you are registered by:
- Opening the Revolut app
- Clicking on “Dashboard” under your profile icon
- Clicking the “Settings” icon, and
- Scrolling to the bottom of the page
In which countries is Revolut available?
Revolut is currently only available to residents of the European Economic Area (EEA), Australia, Canada, Singapore, Switzerland, Japan, and the United States. The EEA includes:
- Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.
Revolut accounts
It’s important to note that some territories don’t support some of the features as not every feature is rolled out to all countries at the same moment. Revolut’s features also depend on whether the company is registered as a bank or an e-money institution in your country.
Standard (Free)
- Free UK and Euro IBAN account
- No-fee ATM withdrawals up to £/€200/m
- 1 Revolut Junior Account
- No-fee currency exchange up to £/€1,000/m
- Crypto exchange markup of 2.5%
- Commodities exchange markup 1.5%
Plus (£/€2.99/m)
- Free UK and Euro IBAN account
- No-fee ATM withdrawals up to £/€200/m
- 2 Revolut Junior Accounts
- No-fee currency exchange up to £/€1,000/m
- Crypto exchange markup of 2.5%
- Commodities exchange markup 1.5%
- 0.3% APY on savings
- up to £/€1,000/y purchase protection
- Ticket and Returns protection
- Customizable card with standard delivery
Premium (£6.99/€7.99/m)
- Free UK and Euro IBAN account
- No-fee ATM withdrawals up to £/€400/m
- 2 Revolut Junior Accounts
- Unlimited no-fee currency exchange
- Crypto exchange markup of 1.5%
- Commodities exchange markup 0.25%
- 0.65% APY on savings
- up to £/€2,500/y purchase protection
- International payments
- Ticket and returns protection
- Overseas medical insurance
- Customizable card with free express delivery
Metal (£12.99/€13.99/m)
- Free UK and Euro IBAN account
- No-fee ATM withdrawals up to £/€800/m
- 5 Revolut Junior Accounts
- Unlimited no-fee currency exchange
- Crypto exchange markup of 1.5%
- Commodities exchange markup 0.25%
- 0.65% APY on savings
- up to £/€10,000/y purchase protection
- International payments
- Ticket and returns protection
- Overseas medical insurance
- Car hire excess
- Cashback on card payments
- Customizable metal card with free express delivery
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 Business
- Online sign-up
- Multi-currency accounts
- Free international and local payments
- Spend in over 150 currencies at the interbank exchange rate
- Issue cards to employees
- Accept payments on your website
- Access on the web or via the app
- Loans and overdrafts
- Integrates with accounting tools
- No cash or cheque deposits
Create an unlimited number of accounts for each team member or office and hold and send money in more than 30 currencies.
There are four company accounts and three freelancer accounts. They all range from free to custom monthly membership.
Revolut money transfers
Revolut is a real competitor to (Transfer)Wise in this field. If you’re not aware of what Wise is, they have uproared the money transfer industry and big banks by slashing rates to oblivion. We did a full review just recently after they changed their name.
Anyway, Revolut lets you wire the money internationally with no hidden fees at the real “exchange rate” so you’ll know upfront how much you’ll be paying for the transfer.
You can track your subscriptions, direct debits, or recurring payments in one place and stay on top of scheduled payments. There’s even an option for group bills that will make sharing costs or splitting bills a breeze. No more awkward conversations at the dinner table.
Investing in cryptocurrencies
Crypto is all-prevalent these days and Revolut is no different. They’re offering their users to invest not only in Bitcoin but 20 other cryptocurrencies ranging from the well-known Ethereum (ETH) to some that I’ve never heard of, to be honest like Loopring (LRC) and the Graph (GRT).
In my opinion, this should be only used as a learning tool for beginners as no seasoned crypto trader will go to Revolut’s platform to trade Bitcoin and other cryptos.
Stock trading
Watch out Robinhood, as Revolut has started offering this feature as well. Revolut stock trading services allow investing in fractional shares from as little as $1. Over 850+ stocks are available now and among them are such blue chips as Apple, Tesla, or the super-popular Zoom.
Commodities trading
Commodities trading is available in Revolut from early spring 2020. We were covering this when Revolut introduced its gold trading. They’re now offering silver as well and the exchange of other precious metals will be offered soon, so remember to check the commodities trading section in the Revolut app.
Of course, you’re not actually getting the real gold but the so-called exposure to it. The real gold is supposedly kept “in a single account in Revolut’s name”. It means that “you can’t send your gold or silver externally outside your Revolut Account or have the physical gold or silver delivered to you”.
Revolut Budget & Analytics
Revolut is offering a great tool for budget-conscious among us that are trying to shave off some monthly costs. Simply tell the app how much you want to spend each month and it will work out a daily spending limit.
Add your own spending categories to budget like a pro. If you’re afraid that Revolut will put you in an uncomfortable situation in a store or something, don’t worry – the app doesn’t cap your spending but just give you an insight into how you’re spending and notifies you if you’re close to the limit.
Revolut Vaults
While we’re on the topic of budgeting, Revolut also offers a way to stash away some money into piggybanks called Vaults. You can easily set your financial goals and deadlines to save while you spend.
There are a few different ways to fund your Vaults:
- Round up your spare change,
- Set up recurring transfers,
- Make a one-off payment, or
- Fund your Vault with crypto and commodities
If you’re lucky to have someone to save with you, you can set up group vaults to work towards your savings goal together.
Savings Vaults
Apart from regular Vaults, Revolut also offers Savings Vaults that are interest-earning deposits you place with banks using the Revolut app. You’re in control of your savings account because you can easily deposit and withdraw money whenever you want to, which can be a good and a bad thing.
You can earn up to 0.65% AER interest on USD and 0.40% AER on GBP, paid daily. Other currencies don’t earn any interest as the feature is “coming soon”.
You can fund your Savings Vault the same way as you’d fund a regular Vault, except for crypto and commodities.
Revolut Junior Account
All Revolut accounts have Junior accounts enabled. Standard allows 1 account, Pro and Premium 2, and Metal 5. You can order their kids’ prepaid card from your Revolut app and/or download a dedicated Revolut Junior app.
It’s a modern way to give your kids their allowance and teach them how banking, saving, budgeting, and even analytics work.
Cashbacks and discounts
The Metal account offers a great deal of exclusive perks apart from a metal debit card. Getting rewards in form of cashback and discounts is one of them. If these rewards are available in your country, you don’t have to do anything as the option is already enabled and different offers are cycled regularly by Revolut.
If you don’t have the same rewards or discounts offered as your mate, that’s because they’re personalized.
Donations
Revolut has partnered with select local and global charities to support various causes. The charities will get a 100% of your donation as Revolut won’t charge any fees.
You can set up recurring donations, give a single donation, or even round up your spare change to the cause of your choice.
Overseas insurance
With the Metal account, overseas travel insurance is included in the membership. Everyone else can get it on a pay-per-day basis from as little as £1 for the days that you are actually abroad.
You don’t even have to inform Revolut that you’re abroad as they use the geolocation technology to see that you’re outside your country.
The travel medical insurance covers overseas emergency medical assistance and expenses and you can even add additional people to your holiday insurance policy directly from the app in seconds.
Device insurance
You can get your phone insured directly from the app for as little as £1. The cover includes damage caused by drops and breakages, screen damage, liquid damage, damage caused by a third party, and out of warranty breakdowns for as many phones that you want.
After a claim was filled, Revolut will arrange a repair, replacement, or compensation payment.
Open banking (linked accounts)
If you have more than one bank account in different institutions, the option to link all of them together in the Revolut account is godsent. Open banking started rolling out to all Revolut users in the UK in 2020 and has continued in other countries as well.
By connecting outside bank accounts, you can see your Revolut balances and transactions alongside your external bank account transactions directly in Revolut, and set budgeting controls for both.
Revolut account-blocking controversy
We can’t finish this Revolut review without mentioning the controversy surrounding the automated suspension of user accounts. Go to any Revolut review, forum, or user board and you’ll find plenty of users complaining that their accounts were blocked and that they can’t access their money or even the customer support.
From the company’s website: As much as our support agents would like to help, they don’t have the power to unlock accounts. This responsibility is reserved only for compliance agents.
Revolut uses algorithms to identify potential criminal activity and this triggers an automatic account suspension that is pending until a compliance agent can have a look. And here lies the problem as this process can last for several weeks with no way of getting information or a way to access the money.
It seems that the company doesn’t have enough compliance officers or there are some other external factors that prevent them from doing it more swiftly.
Competitors
The digital banking world is expanding rapidly and there’s no shortage of players that want their piece of the pie. The following competitors are all great alternatives to Revolut and basically, you wouldn’t go wrong if you chose any of them.
Revolut and Wise are truly global apps, while Starling and Monzo are primarily geared towards the UK, although Monzo has recently expanded into the United States.
Revolut vs Monzo
Monzo is registered as a bank in the UK and can therefore offer some banking products like loans and overdrafts. Your deposits are also insured by the government for up to £85,000. They also have comparable business accounts and budgeting and saving tools. Read our Revolut vs Monzo comparison here.
Revolut vs Starling
Starling is winning award after award in the UK banking sector. It has only one type of personal account and it is free with no monthly fees. It might not offer all the bells and whistles but it’s a superb offering and one of the best if not the best bank account in the UK, period. Read our Starling vs Revolut comparison for more info.
Revolut vs Wise
We recently made a comprehensive review of Wise and its low money-transferring fees, and the ability to hold, receive and send money in more than 55 currencies. It’s similar to Revolut in that regard but doesn’t offer as much when compared to Revolut’s Metal account. Then again, Wise accounts are free. Read more in our Wise vs Revolut comparison.
The Bottom Line
Revolut has become a global player in the neobanking world and has introduced many features that other challenger banks have started copying. While the company has to work out some kinks, it does offer plenty of incentives for you to switch to their slick app.
