Welcome to the only Revolut review!!! You are probably wondering, ‘’Why is this Revolut review so special?’’ It is unique because we are going to go through everything that Revolut can offer. When I say everything, I mean everything; that means from Revolut card to Revolut cryptocurrency.
This is all done so you can have a clear picture of Revolut, and when you are ready to make a choice, it will be the right one.
I don't want to keep you waiting. So let’s start this Revolut review!
Revolut review - What is Revolut?
Before getting into all the technical stuff, you need to know what Revolut is.
First of all, Revolut is a London-based startup that was founded in 2015, when two former banking and investing traders decided to form a fintech company that will offer online banking services with prepaid debit cards, peer-to-peer instant payments, crypto exchange, and currency exchange.
Also, they wanted it all to be available through a phone app that is both user-friendly and good-looking.
When Revolut started, it was a travel card that provided cheap exchange rates, and now it is slowly becoming a bank. Showing determination of the two founders, and they are also trying to stick with their vision of what they wanted Revolut to be.
The vision of the future that they have is a desire to build a fair and frictionless platform to use, and that will manage money internationally without any hidden fees and offering interbank currency rates.
Right now, Revolut is the fastest growing digital bank, and if you travel all the time, it could be a top choice for you. Even though it got a banking license in December of 2018, Revolut itself doesn’t store its clients’ money; it uses Barclays and Lloyds for that.
Also, because it is not yet a bank, it cannot offer any deposit protection.
The overview of Revolut in our Review
The most important thing you need to know is that you have complete control over your Revolut card, which means that you can freeze and unfreeze with a mere touch of a button.
The Revolut app is super easy to use, with features like:
- Accounts – on your account, you can check your balance and transaction history; also, you can set up a monthly budget for yourself.
- Payments – you can transfer money at the interbank exchange rate in any of the 26 currencies that they offer.
- Pay friends – you can use the Revolut app to pay friends without any hustle, or you can use it to split the bill feature to divide a bill when you pay as a group.
- Analytics – this feature in the Revolut app allows you to see your spending habits by type of transaction, merchant, or country.
- Manage your cards – this feature is my favorite since you don’t have to go through the trouble of calling your bank if you want to freeze your card. In the Revolut app, you can freeze your card with a simple click of a button. Also, you can enable additional security if you wish to do that.
How does Revolut work?
First of all, every Revolut Review, as well as every Revolut client, is different, but all of them given an account number and sort code like the traditional bank does so that they can use it as the primary bank account. With which they can receive their salary and pay their bills.
In the Revolut app, you are allowed charge-offs and cash withdrawals in 120 currencies. In addition to that, you can use direct transfer in 26 coins within the Revolut app.
There is also one more exciting feature that the app offers, which is immediate buying and saving in the popular cryptos and converting them to, and from, 25 fiat currencies.
This Revolut review wouldn’t be complete without mentioning the company’s main feature, which is travel spending.
The multi-currency account with fee-free spending and withdrawals abroad that Revolut offers meant for travelers and people that are not living in their native country.
The Revolut app also offers a bunch of other financial services, like peer-to-peer loans, travel and phone insurances, different offers from partner companies, and cryptocurrency exchange.
When it comes to funding your Revolut account, you can do it in four ways. One way is that you can do it with a bank transfer, the other is with a credit or a debit card, and you can also use Google Pay or Apple Pay.
Who can use it Revolut, is it right for you?
While writing this Revolut review, we saw that you could open a Revolut account if you are a legal resident in the European Economic Area (EEA), Switzerland, Australia, Japan, and Singapore.
The EEA list of countries 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 review by its Users
There are two different users in Revolut. There is a Personal user and a Business user.
A Personal user has a bank account on his/her phone, he/she can send/receive money, he/she can manage the account and savings, and can also keep his/her cash safe by using additional security features.
Personal users of Revolut can open an account in minutes from anywhere, request, and send money with just a few clicks. They have many other features that we have already mention in this Revolut review.
A Business user account gets created for business owners, freelancers, and online sellers.
This Revolut account helps you keep your personal and business separate. What features does a Business user have? Well, they have a multi-currency account, a prepaid business card, an exclusive business card design (I like this feature very much), and easy one-click integration with apps like Slack, Xero, and Zapier, as well as recurring payments.
What type of Accounts does Revolut offer?
There are two types of Revolut accounts analyzed in this Revolut Review; Personal Account and a Business Account.
The Personal Revolut account divided into three types:
Standard (£0/m)
- Free UK current account
- Free Euro IBAN account
- Spend in over 150 currencies at the interbank exchange rate
- No fee exchange in 29 fiat currencies up to £5,000 per month
- No-fee ATM withdrawals up to £200 per month
Premium (£6.99/m)
- Free UK current account
- Free Euro IBAN account
- Spend in over 150 currencies at the interbank exchange rate
- Unlimited exchange in 29 fiat currencies - no monthly limit
- No-fee ATM withdrawals up to £400 per month
- Overseas medical insurance
- Delayed baggage & delayed flight insurance
- Global express delivery
- Priority customer support
- Instant access to 5 cryptocurrencies
- Premium card with exclusive designs
- Disposable virtual cards
- LoungeKey Pass access
Metal (£12.99/m)
- Free UK current account
- Free Euro IBAN account
- Spend in over 150 currencies at the interbank exchange rate
- Unlimited exchange in 29 fiat currencies - no monthly limit
- No-fee ATM withdrawals up to £600 per month
- Overseas medical insurance
- Delayed baggage & delayed flight insurance
- Global express delivery
- Priority customer support
- Instant access to 5 cryptocurrencies
- Exclusive Revolut Metal card
- Disposable virtual cards
- LoungeKey Pass access
- 1% cashback within Europe and 1% outside Europe on all card payments
- Exclusive concierge service
The Revolut Business account has two types:
The first one is a Freelancer which is divided into two types:
Free (£0/m):
- Free payments to Revolut accounts: ∞
- Free local transfers (£0.2 per transfer above free allowance): 5
- Free international transfers (£3 per transfer above free allowance): 0
- Allowance of FX at interbank rate (0.4% markup on FX above free allowance): £0
- Hold and exchange 24 currencies
- Local accounts in GBP and EUR
- International IBAN
- Prepaid debit cards
- Mobile app for cardholders
- Virtual cards
- Connect
- Open API
Professional (£7/m):
- Free payments to Revolut accounts: ∞
- Free local transfers (£0.2 per transfer above free allowance): 20
- Free international transfers (£3 per transfer above free allowance): 5
- Allowance of FX at interbank rate (0.4% markup on FX above free allowance): £5k
- Hold and exchange 24 currencies
- Local accounts in GBP and EUR
- International IBAN
- Prepaid debit cards
- Mobile app for cardholders
- Virtual cards
- Connect
- Open API
- Multi-user access
- Priority 24/7 support
- User permissions
- Payment approval
- Bulk payments
- Perks
The second one is a Company which has four types:
Free (£0/m)
- Free payments to Revolut accounts: ∞
- Free team members (£5 per user per month above free allowance): 2
- Free local transfers (£0.2 per transfer above free allowance): 5
- Free international transfers (£3 per transfer above free allowance): 0
- Allowance of FX at interbank rate (0.4% mark-up on FX above free allowance):£0
- Hold and exchange 24 currencies
- Local accounts in GBP and EUR
- International IBAN
- Prepaid debit cards
- Mobile app for cardholders
- Virtual cards
- Connect
- Open API
Grow (£25/m)
- Free payments to Revolut accounts: ∞
- Free team members (£5 per user per month above free allowance): 10
- Free local transfers (£0.2 per transfer above free allowance): 100
- Free international transfers (£3 per transfer above free allowance): 10
- Allowance of FX at interbank rate (0.4% mark-up on FX above free allowance): £10k
- Hold and exchange 24 currencies
- Local accounts in GBP and EUR
- International IBAN
- Prepaid debit cards
- Mobile app for cardholders
- Virtual cards
- Connect
- Open API
- Priority 24/7 support
- User permissions
- Payment approval
- Bulk payments
- Perks
Scale (£100/m)
- Free payments to Revolut accounts: ∞
- Free team members (£5 per user per month above free allowance): 30
- Free local transfers (£0.2 per transfer above free allowance): 1000
- Free international transfers (£3 per transfer above free allowance): 50
- Allowance of FX at interbank rate (0.4% mark-up on FX above free allowance): £50k
- Hold and exchange 24 currencies
- Local accounts in GBP and EUR
- International IBAN
- Prepaid debit cards
- Mobile app for cardholders
- Virtual cards
- Connect
- Open API
- Priority 24/7 support
- User permissions
- Payment approval
- Bulk payments
- Perks
Enterprise (£1000/m)
- Free payments to Revolut accounts: ∞
- Free team members (£5 per user per month above free allowance): ∞
- Free local transfers (£0.2 per transfer above free allowance): ∞
- Free international transfers (£3 per transfer above free allowance): ∞
- Allowance of FX at interbank rate (0.4% mark-up on FX above free allowance):∞
- Hold and exchange 24 currencies
- Local accounts in GBP and EUR
- International IBAN
- Prepaid debit cards
- Mobile app for cardholders
- Virtual cards
- Connect
- Open API
- Priority 24/7 support
- User permissions
- Payment approval
- Bulk payments
- Perks
What are Revolut´s Fees?
Account opening and maintenance fee
Opening and maintaining your Revolut account is free.
Revolut card fees
If you choose a Free plan, it will cost you €5.99/£4.99 to receive your physical card. However, you will get your Revolut card for free if you choose a Premium plan.
ATM fees
First €200/£200 is free when withdrawing money from any ATM and after it will cost you 2%. However, that limit is every month.
Transfer fee
Transferring money from your Revolut account to any international bank with standard wire transfer is free. However, there are charges when using SWIFT.
Currency exchange fee
Exchanging currencies are free up to €6,000/£5,000 per month on weekdays; however, if you cross that amount, it costs 0.5%.
On weekends it will cost you between 0.5-2.0% to exchange.
Revolut review of the Revolut card
The best feature that Revolut has to offer is the Revolut card. You can use the Revolut card to make purchases all around the world. You can spend money in many currencies and get simultaneous money conversion.
Revolut card is available from both Visa and Mastercard. The bad thing is that you can’t pick your preference, so you can either get a Visa or a Mastercard. However, if you choose a premium plan, you can select a design for your card. You can choose from a couple of colors, like grey or rose gold.
Since we covered all of the features and fees that you have when using a Revolut account, all of those features and fees are also implied for the Revolut card.
Revolut review – Customer Support
You can contact Revolut’s customer support via an in-app chat, an email, or over the phone. Also, they have an extensive FAQ knowledge base, which is available in the Revolut app and on their website.
Does Revolut accept cryptocurrency?
There are Pros and Cons when it comes to the Revolut cryptocurrency feature, and we are going to go through them in this Revolut review so you can decide if it is worthwhile.
Pros of Revolut cryptocurrency
The Revolut cryptocurrency feature makes buying and selling cryptocurrencies easy and speedy. This feature is pretty high for crypto newbies, which will help the crypto market get more people on board. Also, it can be perfect for crypto price action.
One thing that I love is that you can instantly send cryptos to anyone who has a Revolut account. And this is why I said that the Revolut cryptocurrency feature is excellent for crypto newbies because it makes their life a lot easier when handling all the crypto-related stuff.
Also, with the Revolut cryptocurrency feature, you can avoid extreme currency conversion fees. In addition to that, you can use the Revolut card for transactions with your cryptos.
Cons of Revolut cryptocurrency
The first and probably the most important drawback is the security of the Revolut cryptocurrency feature. What that means is that any crypto that you have stored on Revolut is not protected. So, if by any chance your cryptos get stolen or lost, you will not get compensated.
And, the second con is that you cannot send any cryptos outside of Revolut.
Also, if you want to know more about Revolut cryptocurrency, you can take a look here.
The conclusion
There you go, ladies and gentlemen, the Revolut review you have been looking for. As you saw, there a lot of useful features that Revolut has to offer to you and their clients. If you are a frequent traveler, it might be something that you would find interesting.
Of course, like choosing a bank, it is all about preferences. So, there is nothing much left to say, except, I hope that you found this Revolut review helpful; since I tried to write it in such detail that you could make a decision easier.
If you want to get a FREE Revolut card now, we suggest to get it asap, as you have seen in this Revolut Review, its pros are better than its cons.
However, if you are looking for more reviews that you might find useful, you can check them out here.
