Revolut Australia

Revolut australia
Revolut australia Visa card

Learn more about Revolut in Australia and how to open an account, get a Revolut card, and all the features and benefits that their app has to offer. In our Revolut review, we’ll tell you if your money is safe with them and what future innovations will be landing on the app. The future looks bright for this fintech startup. But first, here’s our short verdict:

Revolut has made a dent in the global banking system with its rapid global expansion making it one of the top challenger banks wherever it lands. Although it’s available in Australia for a short time, people are starting to recognize the app’s benefits and flexibility. While the pandemic has hindered its rapid expansion Down Under, as soon as the global travel kicks off again, Aussies are going to enjoy its vast borderless benefits.

Please support us by opening a Revolut account via our link

About Revolut Australia

Revolut first opened its doors (or should I say apps) in the UK in 2015 and already in 2020, it became the UK’s most valuable fintech with a £4.2 billion valuation. The same year, Revolut said goodbye to its waitlist and anyone in Australia was able to download their app and sign up for an account. 

The digital banking app company was founded by Nikolay Storonsky and Vlad Yatsenko, British-Russian and Ukrainian entrepreneurs, respectively. Its headquarters are in London, with offices around the world. 

Storonsky mentioned in a Forbes interview that he got the idea for the company while traveling abroad extensively and spending hundreds of pounds on foreign exchange fees and exchange rate commissions. When he couldn’t find a multi-currency card that would suit his needs, he decided to make one himself.

Their recent expansions include Australia and Singapore in 2019 and the United States in 2020.

What is so Special About Revolut? 

  • You can open an account online in minutes
  • Get instant payment notifications
  • Astonishing user experience
  • Buy and sell cryptocurrencies
  • Buy and sell commodities
  • Free card (for Premium and Metal)
  • Revolut Junior accounts
  • No-fee ATM withdrawals up to A$1400 per month
  • Spend money in over 110 currencies
  • Unlimited exchange in more than 27 fiat currencies with the interbank exchange rate (Premium & Metal) 

You can apply for a free Revolut account here. Or, read on to find out more.

Revolut Pros and Cons

Pros

  • International money transfers
  • Multi-currency accounts
  • 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-fee ATM withdrawals up to A$350 on Standard
  • No bank branches
  • 2% markup if you exchange currency on the weekend
  • Shipping fee for Standard card issue

Please support us by opening a Revolut account via our link

Revolut has seen a stellar rise from its start in 2015. It has many good things about it and a few cons that aren’t really dealbreakers. If you’re not a power user, you can easily get by with a free Standard account.

How is Revolut Regulated in Australia?

Unlike in some EU countries, Revolut Australia is authorized by the Australian Securities & Investments Commission but it is not a bank or even an authorized deposit-taking institution. Yet, Revolut does hold an Australian Financial Services Licence to provide general financial product advice and deal in relation to non-cash, digital money payment products. Its core offering in Australia is a digital money account (for now). 

Is my Money safe with Revolut?

Because of Australian regulations, your money should be safe if at any point the company becomes insolvent. There are also measures that you as a customer can undertake to ensure the safety of your funds. You can, for example, freeze and unfreeze your card from the app if it gets lost, turn off ATM withdrawals, online payments, and also swipe and contactless payments, ie. all the things we love about digital banking. 

The company can also block any payments if your location is different from the location where payment is being made. 

How to open a Revolut account?

Opening a Revolut account is really easy. Here are the steps you need to complete:

  1. Enter your phone number on their website 
  2. You’ll get a link to download their app
  3. Download the app on your phone and install it
  4. Fill in some personal details
  5. Take a picture of a government-issued photo ID
  6. Take a selfie

Revolut accounts

Revolut offers three account types, Standard, Premium, and Metal. The standard account is free, Premium is A$10.99/m and Metal is A$29.99/m. For most users, the free account should arguably be enough, but then again, you won’t be getting that beautifully designed gray, silver, rose gold, or metal card.

Standard (Free)

  • Free Revolut card (excl. shipping cost)
  • Spend in over 110 currencies (at the interbank exchange rate)
  • No-fee exchange in 27+ fiat currencies for up to A$9000 per month
  • No-fee ATM withdrawals for up to A$350 per month
  • Buy and sell six different cryptocurrencies
  • Revolut Junior account for 1 child

Premium (A$10.99/m)

  • Free exclusive design card with express delivery
  • Spend in over 110 currencies (at the interbank exchange rate)
  • Unlimited exchange in 27+ fiat currencies 
  • No-fee ATM withdrawals for up to A$700 per month
  • Buy and sell six different cryptocurrencies
  • Revolut Junior account for 2 children
  • Disposable virtual cards
  • LoungeKey access
  • Priority customer support

Metal (A$29.99/m)

  • Free exclusive metal Revolut card with express delivery
  • Spend in over 110 currencies (at the interbank exchange rate)
  • Unlimited exchange in 27+ fiat currencies 
  • No-fee ATM withdrawals for up to A$1400 per month
  • Buy and sell six different cryptocurrencies
  • Revolut Junior account for 5 children
  • Disposable virtual cards
  • LoungeKey access
  • Priority customer support
  • 0.1% cashback within Australia
  • 1% cashback outside Australia

Read about more Metal card programs from other digital banks here.

Revolut Budget & Analytics

Revolut offers you a comprehensive budgeting and analytics tool to keep track of your finances. It does so by tracking how you spend and giving you predictions to help plan ahead. 

If you’re having trouble budgeting every month and tend to overspend, you can just tell the app how much you want to spend each month by category. For instance, you can set up shopping, dining, and travel category and type in the total budget for each one. The app will then give you your daily spending allowance in order to help you stay within your category budget.

Of course, this doesn’t mean that Revolut will cap your spending, that’s still up to you. What it can do is send you notifications about how much you’re spending each day and a heads up when you’re close to the spending limit.

We think that that’s a handy feature to have and that most of us need to see every day just how much money we’re wasting. Especially if you’re in the vicious cycle of pay cheque to pay cheque. 

Revolut Money Transfers

With Revolut, you can make fast and free transfers to other Revolut users in more than 27 countries and even send money to local bank accounts for free. 

Because it’s free to send money to other Revolut users, there’s a feature that the app has that allows you to set up groups of users. For instance, you can set up a holiday or an Airbnb group and split the bill or bills from inside the app. The app will replace awkward conversations with a notification to settle the bill. 

For now, members of the group can only be Revolut users, but there’s a promise of adding users that aren’t on Revolut in the near future. 

Investing in Cryptocurrencies

This is a topic that is really hot in recent years, and that’s finally available via Revolut as well. You can now exchange more than 27 currencies into Bitcoin (BTC), Ethereum (ETH), Stellar (XLM), and others. You can buy, sell, and send to other Revolut users just like any other currency. 

And, because the market is so volatile, you can set up price alerts and even auto exchanges just like on Coinbase, Binance, or any other full-fledged crypto exchange. 

You can invest in crypto directly from the app when you go to Dashboard Cryptocurrencies. Of course, you should be fully aware what you’re getting yourself into as the crypto market has seen incredible highs and lows. Do your own research before transferring your hard-earned money. 

Commodities Trading

What are commodities? They’re basic goods used in commerce such as gold, silver, oil, natural gas, and beef. Although you won’t be able to trade beef in Revolut just yet, you are ready to buy and sell gold and silver. 

The way it supposedly works is that Revolut buys actual, physical gold in your name and holds it for you. Unfortunately, you won’t see any of that bling as you’ll only see figures on the screen.

There’s a disclaimer on their website that states that gold is not e-money, and therefore, commodities aren’t regulated in Australia and they’re not provided under their Australian Financial Services Licence. 

A similar story is with commodities is in the UK, which means if Revolut went under, your gold or silver aren’t protected by government insurance. Yet, the company assures its customers that in the: “unlikely event of Revolut’s insolvency, all Precious Metals holdings will be sold and proceeds will be credited to your e-money account.” 

Revolut Vaults

Apart from keeping your money in a savings account, recent years have seen a rise in vaults and pots to hold your money in. No, not an actual vault in a bank, but a virtual one on your app. What’s the point of this you might ask?

Well, Revolut persuades us that this is the way to save money, to set financial goals, and to set deadlines. By putting your spare change, or setting up one-off or recurring payments into vaults you’re actually “saving while you’re spending.” 

You can, for example, have separate vaults for bills, for your dream wedding, or for a future car. And you can hold them in different currencies, crypto, or even gold. 

You can even invite your mom to help you save for the car by inviting her into a group vault.

Revolut Junior Account

I like this feature a lot, to be honest. It’s really important to teach kids healthy money and financial habits from an early age. My parents (or school) didn’t teach me anything about money, and it’s made it that much harder to navigate through financial independence. 

I’ve had to learn how to be financially savvy by myself, and now I can, luckily, pass it on to others. 

If you have kids that are aged from 7 – 17. you can open a Revolut Junior account for them. You’ll need to download the Junior app onto their phone or order a prepaid card for them if they don’t have a smartphone. 

Some features like Tasks and Goals require you to have a paid plan. Also, Premium and Metal account holders can create up to 2 or up to 5 Junior accounts, respectively. 

What’s good about these kids’ accounts is that you have full control over their spending as you can freeze and unfreeze their cards. They can additionally learn more about saving, budgeting, and even analytics if they’ll be using the Junior app.

Revolut Business

Revolut has over half a million business account customers worldwide yet, Revolut business accounts are still not available in Australia. You can join the waitlist though and be notified once Revolut is open for business. 

In some other countries like the UK, the US, Switzerland, and the countries of the EEA territory, and hopefully Australia soon, Revolut offers four different accounts:

  • Free
  • Grow
  • Scale
  • Enterprise 

Prices vary by country and depending on if you are a freelancer or you have a company. Business owners in the USA have to shell out more of their money to open Revolut business accounts.

Here are some benefits of the Revolut Business account:

  • Compatible with accounting tools such as Xero, ClearBooks, and QuickBooks
  • Multi-currency accounts
  • Send, receive, hold, and exchange funds in 28+ currencies at the interbank exchange rate
  • Easily manage your teams’ expenses
  • Track spending in real time
  • Pause or freeze recurring payments
  • Customers on Grow, Scale, and Enterprise get 1, 2, or 5 free metal cards depending on the account

Coming Soon Features

Revolut’s features in Australia are, let’s be honest, a little basic when compared to other countries. That just means that the company has much more room to expand on the Australian market once it gets its full banking license. There’s plenty of features to come in the following months and years. Here are just a few. 

Stock trading

Similar to crypto trading, stock trading is one of the great features that this challenger bank has to offer. Stock trading should come “soon” to users in Australia and will offer commission-free stock trading for the masses. 

In other countries, Metal customers enjoy unlimited commission-free trades a month, while Premium customers enjoy 5 and Standard get 1 commish-free trade a month. If you’re going to be day-trading with Revolut, you better get that Metal card as well. 

Stocks from over 750 global companies should be available for trade once it’s available for Aussies.

Saving Vaults

Similar to regular Revolut Vaults, you can use Savings Vaults to securely stash away your money and get a little interest for it. We’re talking about 0.65% Annual Equivalent Rate on USD and 0.40% AER on GBP, paid daily

Overseas insurance

Relax when you’re traveling with emergency dental and travel medical insurance with access to medical centers around the world.

Device insurance

Get your precious phone insured against damage caused liquid or screen damage, drops and breakages, damage caused by a third party, and out of warranty malfunctions

Competitors

Revolut faces quite a few competitors in Australia and each of them is offering a different service. The main digital banks and/or apps are:

There are many others to come; some of them domestic and others foreign, as the digital banking competition heats up.

Will Revolut become big in Australia?

This European unicorn still has a long way to go to become what they’re ultimately planning – a super-app that will manage your entire financial life. To get there, they’ll have to officially become a neobank to be able to rival other local competitors like Volt, Xinja, and 86 400. If their rapid European expansion is anything to go by, we’re looking at perhaps a couple of million Aussies adopting the app in the future. That is certainly nothing to sneeze at.

The Bottom Line

By their own accounts, Revolut already surpassed 15 million personal customers and 500.000 business customers, globally. They’re supported in more than 35 countries with 27+ currencies.

By reading this Revolut review, we’re sure that you were able to make your mind if you should jump on board. A lot of people are still using Revolut as their secondary account, the one that allows them more flexibility and convenience than their main, brick-and-mortar bank account. How long until we all close our dinosaur bank’s doors forever?

Please support us by opening a Revolut account via our link