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This Revolut review explores different aspects of this electronic money space, with all its perks and downsides. It gives you a bird’s eye view of what to expect, especially if you are new to using the service.
If you are a regular traveler, you will appreciate the beauty of having all conveniences at your fingertips. It isn’t only about knowing the best hotels or having the money to spend; the most important aspect is spending it without inconveniences and with minimal fees.
This is where Revolut comes into the picture. It is one of the best ways to handle financial transactions without having to go to a bank.
Spoiler alert, Revolut is one of the best and easiest banking apps to use. Keep reading to learn more.
What Is Revolut?
Revolut is a relatively new financial company that opened its doors in 2015. It is a financial technology company that is only available online. In other words, it does not have any physical branches, and it exclusively offers banking services.
The heart of Revolut is to provide an easy and seamless way for people to travel and transact without constraints. Currency conversion can be difficult and expensive, so the service provides a way to get the cheapest exchange rates to help customers save money.
With a British-Lithuanian background, Revolut was founded by Russian Nikolay Storonsky and Ukrainian Vlad Yatsenko and began operating on July 1, 2015, in the UK. Its U.S. services began in 2020 and the company currently has more than 24 million users all over the world.
It has its headquarters in London and works with an app that provides several services, including currency exchange, crypto, card services, stock trading, interesting-bearing vaults, and commodities.
How Revolut Works 🔨
You can easily open an account with the company online without submitting any physical paperwork.
Whether you want a Euro or GBP Sterling account, it can be ready within one minutes because the company does not initially run credit checks or demand that you provide proof of your address.
About the Cards 💳
One of the best features of the fintech company is that you can either have a physical card or just stick with a virtual card, which is not something you see with many other similar companies.
Your physical card is typically be a contactless Mastercard or Visa card, produced free of charge, that can work in major retail stores within the UK and abroad.
But while the card itself is free, there is a cost for sending the physical version to your location. The amount you pay for the delivery will depend on the speed of delivery option you select. The quicker you want it delivered, the more money you are likely to pay. However, if you pay for a Premium Plan and want a physical card, the delivery is usually free.
Easily Exchange Currencies 💱
You can load money into the physical card in the currency of your choice and use it to transact wherever you are. If that does not work for you, there is an option to exchange currencies within the app.
Additionally, the company works with real-time foreign exchange rates at the time of exchange if that is what you want
Meaning, Revolut just applies the exchange rate at the time of using the card, making a direct debit to get the correct amount in sterling. This way you do not worry about calculating the rates or changing the money yourself. Also, you do not lose money during the exchange. It is an automatic process, making it easy and smooth to shop or do business while abroad. This process also works the same way for Revolut users in the U.S..
Besides, you can also use your Revolut card to get money from an ATM without worrying about paying commissions (limits apply). And, they have around 55,000 in-network ATMs.
The best way to use Revolut is to download the app on your smart device. It is quick, free, and easy to manage. You can even connect your app to your Apple watch. But you must have a four-digit password you cannot forget or use the face recognition/fingerprint feature for authentification.
Get Your Free Revolut Card here
Join the 24 million people that use Revolut ⭐️
What Types of Cards Does Revolut Have? 💳
Revolut cards are prepaid debit cards that work with different ATMs and retail outlets. In the UK, you are likely to get a Visa card, but customers in the U.S. may get a Mastercard. However, once you open an account within the Revolut app, you cannot decide the type of card you get.
Different accounts types have different card types, be it metal, personalized or standard. Below is a breakdown of the cards, fees, and key information:
This is a free account that comes with a free card. The plan has great features but is somewhat restricted in specific areas. You can withdraw 5 times with a limit of £200 from ATMs using this card. The fee-free limit abroad is £1,000.
Revolut Plus ➕
The card attached to this account has a monthly fee of £2.99, but it has more perks than the free account, such as the Revolut Junior account access.
With a monthly fee of £6.99, this account has limitless disposable cards, purchase protection of £2,500 per year, and a commission-free ATM limit of £400.
This account has all the perks of the other accounts and cards in higher amounts, but it also has cashback on card payments and overseas medical insurance. The monthly fee is £12.99.
Plans Summary with Features ⭐️
Simply put, Revolut offers free and Premium cards.
The following chart breaks down the available plans with the relevant features and costs:
|Standard Plan||Plus Plan||Premium Plan||Metal Plan|
|Free Card Delivery||No||Yes||Yes||Yes|
|Currency Exchange without fees (Mon-Fri)||£1,000 per month||£1,000 per month||Unlimited||Unlimited|
|Disposable Virtual Cards||Unlimited||Unlimited||Unlimited||Unlimited|
|Commission-free ATM Limit||£200 a month/5 withdrawals max||£200/m||£400/m||£800/m|
|Purchase Protection||Not available||£1,000 per year||£2,500 per year||£10,000 per year|
|Insurance on Delayed Flight and Baggage||Not available||Not available||Available||Available|
|Overseas Medical Insurance||Not available||Not available||Available||Available|
|Priority Customer Support||Not Available||Available||Available||Available|
|Under-18 Account Access||Available to 1||Available to 2 children||Available to 2 children||Available to 5 children|
|Withdrawals for Cryptocurrency||Available||Available||Available||Available|
|Cashback on Card Payments||Unavailable||Unavailable||Unavailable||Available|
There are many benefits available with any account type you open with Revolut. However, accounts that function on the Metal plan have access to the best features and benefits. If you already have accounts with other banks that serve you, using the Standard account may be the best bet.
However, if you need to transact larger amounts of money, using the Premium or Metal account plan may be ideal. Fortunately, you are not restricted to only one account type. You can upgrade or downgrade whenever you need it (although they might charge you a fee depending on different scenarios, more about that here). So, if you to increase your base balance and have access to higher transaction limits according to the chart above, you should definetively upgrade your plan.
General Benefits 💫
Other benefits that are common with Revolut cards, whether free or Premium, include the following:
- Easy payments through Google Pay or Apple Pay using a smart device. You must have the app installed on the device for this feature to work.
- Free international transfers, and even instant with other Revolut users
- Instant notifications on payments to help you make necessary budgeting or categorization.
- Make contactless payments from anywhere as long as you are logged into your app. Your contactless card allows you to make secure payments using near-field communication (NFC) or radio-frequency identification.
- Free withdrawals on your accounts until you reach the maximum point for your plan if you are in Europe. However, for U.S. users, the free withdrawal limit is $300 a month before a 2% fee applies.
- Access to block your card or change your personal identification number (PIN) at any time or point if you suspect fraudulent activities on your account.
Features of the Revolut App 💥
Revolut has a super banking app with numerous in-app features and services to cater to its millions of customers. We have briefly explained some of our favorites features that make using it extremely useful & fun
Expense control 🕹
Revolut has a tracking feature for your expenses to help you monitor your spending limits. It has real-time information about your spending habits so you can make an appropriate budget.
International Transfers ✈️
You can easily make a bank transfer to more than 140 countries in over 30 currencies with no hidden fees through the app. Revolut provides you with a fast, efficient, and cost-effective way to transfer money internationally.
Currency Exchange 💱
Revolut allows you to exchange currencies at interbank rates with no hidden charges or at real-time rates. You can exchange currencies between your Revolut accounts instantly and use the app to transfer money to other accounts in different currencies.
You can buy, hold, and sell cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash directly from the app. It provides real-time market data so you can set up alerts to notify you of changes in the market.
Virtual cards 💻
there are virtual cards available on the app to make secure online purchases. You generate the card within the app when you open an account and set a limit on how much you want to spend.
Contactless pay 👐
The contactless payment option allows you to pay for purchases with your mobile device. You can also use your Revolut card to make contactless payments in-store.
Stock trading 📈
The stock trading feature makes it easy to invest in stocks and exchange-traded funds (ETFs) directly from the app. With real-time data available, the app allows you to use alerts to keep up with market changes.
Saving vault 🔒
Revolut provides users with a feature that allows them to create saving vaults for different purposes. You can set goals for saving and track your progress, as well as schedule automatic transfers to top up your saving vaults.
Cute Messages 💞
Send and receive money with style. Send gifs with cute messages to your friends and family.
Rewards Program 🏆
Revolut has a rewards program that offers you cashback on purchases made with your Revolut card, from 1% to 5% the offers and retailers vary. The rewards program offers cashback at a variety of retailers and restaurants.
Charity Donations 🎁
You can donate to charities directly from the app. Simply choose from a variety of charities and make a one-time or recurring donations.
Personal loans 📩
Revolut offers personal loans to eligible users. Users can apply for a loan directly from the app and receive a decision within minutes.
Things to Consider…
We would like to point out that some app features and benefits are specific to the account type or country of transaction. In other words, not all the available app features are accessible to all users.
You must have a Premium account or a business account to use some of them. Others depend on the country from which you are transacting. Find some of them below:
- LoungeKey airport lounge access: This feature is available to Revolut Metal account holders in certain countries. With LoungeKey, you can access airport lounges around the world and enjoy free food and drinks, comfortable seating, and other amenities.
- Revolut Junior: Only Revolut Premium account holders have access to this feature in certain countries. If you are a parent, you have the option of creating a Revolut account for your child and managing their spending from your account.
- Concierge service: Revolut Premium and Metal account holders can use the concierge service in some countries. You can get help with tasks like booking travel, making restaurant reservations, and finding local services.
- Crypto exchanges: The availability of cryptocurrency exchanges on Revolut can vary by country. In some countries, users can buy and sell a range of cryptocurrencies directly from the app, while in others, the feature may be restricted or unavailable.
- Insurance products: Revolut offers a range of insurance products, including travel insurance, mobile phone insurance, and more. The availability of these products may vary by country and account type.
- Local payment methods: Local payment methods available on the Revolut app can vary by country. In some countries, you can link your account to local payment methods like Sofort and iDEAL.
Easily Compare Plan’s in Revolut’s Website
You can easily review what features are available on Revolut’s official website (Revolut.com) and change your country in the top right corner.
Then, after selecting your country you can scroll to the footer and click on “Compare Plans” which is under the “Plans” section.
In that page there will be a chart similar to ours above fully including all of the inclusions and exclusions of each plan depending on the country you intend to open the account on.
Revolut Cashback: How It Works
We mentioned the cashback feature that Revolut bank UAB offers on its card payments. Cashback is money that accrues to you from your purchases from different merchants. If you pay with your card, the company calculates your cashback based on your transaction’s net purchase price.
This feature does not apply to all purchases or merchants; there are approved items and retailers through whom you can be a part of this Reward. Also, you must use the provided link, stick to the terms and conditions, and ensure you validate your purchase. All these should show in the invoice that your present when requesting your cashback.
It may take up to two weeks or 14 days before the cashback is automatically credited to your bank account. However, if you do not receive the payment within the stipulated period, it may be that your purchase was not validated. A lack of validation may happen if:
- You use the wrong payment method or a discount code
- You take the purchased item back
- You make the purchase online when the offer is for offline purchases and vice versa
Otherwise, make an official complaint through the official website and wait for a resolution.
How Do I Join Revolut?
It is pretty simple to join Revolut but you must be sure that you are at least 18. While there is the option for accounts for children, called Revolut Junior, such accounts are not independent. They are linked to the parent’s accounts.
To join Revolut, the first step is to download the app from the Apple App store or Google Play Store. If you cannot find it on the App Store or Google, you have the option to enter your phone number on the official website and have a download link sent to you.
Immediately after downloading the app, you enter your phone number and a unique 4-digit password for your account. If successful, Revolut should send you a PIN in a text message to verify your account for authentication and security.
Afterwards, you can provide your name, address, birth date, and email address. Once set up, you can deposit money into your new account from another account. When you receive the money, you must verify your identity by selecting the profile icon. Next, find ‘personal details’ and press ‘verify your identity’. At this point, you should take a picture of a valid ID or a passport and upload it. Finally, select your preferred plan and start using Revolut.
Simply put, do the following:
- Download the mobile app on your smart device from the App Store or Google Play. alternatively, send your number through Revolut’s official website and get a download link
- Enter your phone number and a unique 4-digit password once you open the app. A text message with a secure PIN should enter your phone at this point.
- Enter the PIN into the app to verify your account and provide the required personal information
- Deposit some money into the new account from your current account
- Click the profile icon and choose ‘personal details’ before going to ‘verify your identity’. Now, you can upload your picture or a photo of a valid ID.
- Lastly, select the plan you prefer.
Advantages & Disadvantages of Using Revolut
- Quick and seamless account opening process
- Free ATM withdrawals
- Withdrawals in more than 55,000 in-network ATMs across the globe
- No hidden transaction fees
- Option to make recurring payments
- Uses interbank exchange rates
- Provides all you need within its app
- Easy money transfers to more than 200 countries without exorbitant charges
- Card usage all over the world for Revolut customers
- No Revolut ATMs for cash deposits
- Customer support is through live chat only
- The maximum Metal Cashback you can receive in one monthly billing cycle is €13.99.
- Stiff monthly limits
- No FSCS protection yet.
Is Revolut Worth it?
Get Your Free Revolut Card here
Join the 24 million people that use Revolut ⭐️
Revolut Card UK FAQs
Is a Revolut card UK a credit card?
Revolut does not currently offer credit cards in the UK. All its cards are debit cards, although it already has the service in Ireland and Lithuania and is planning to launch it in other European countries.
How much does a Revolut card cost in the UK?
The cost of a Revolut card in the UK depends on the type of card you get.
If you go for a Standard card, it is free. But if you opt for a Premium card, the accompanying fee will depend on the type of plan you choose. It can be £2.99, £6.99 or £12.99 per month
How do you get a Revolut card UK?
To get a Revolut card UK, simply open the Revolut app on your smart device and go to the Card tab. Click the Get card option and choose Debit Card to complete the process. Set a PIN and select the design of the card to customise it.
If it is not a Revolut Standard card, the app automatically upgrades you to a paid plan. Enter your address and submit the order. You will see the price for delivery if applicable before checking out.
Check out our Revolut Review for Spain in spanish, here