In this Revolut review and find out whether this digital bank is a good choice for you.
Spoiler alert: It most likely is!
Revolut review contents
Revolut review snapshot score
Revolut Review: What is Revolut
Revolut was founded in 2015 by two Ukrainians who were working in the UK banking and finance industry. They offer a brilliant digital bank accounts in GBP and EUR with an attached prepaid bankcard. A huge benefit of using it is the fact you can easily transfer money at the interbank rate of up to 5,000GBP/mo and save on transfer fees. They offer currency exchange in 30 different currencies in real time at the interbank rate, within the app. You can also make peer-to-peer instant payments, trade stocks and cryptos (on higher plans) all wrapped up in their well designed, intuitive mobile applications for Google Play and iOS.
The purpose of Revolut is a flexible bank that will allow you to easily do your day to day banking, receive payments, seamlessly exchange currency etc. If you are travelling Revolut can save you a bunch of money on transaction fees as you get the interbank rate and they don’t charge any foreign transaction fees.
Revolut for Personal users
You can use the app and card for your day to day banking, to take you salary, manage your finances, pay your bills, while you are travelling abroad and to send cross border payments if necessary. It’s a solid choice for travelling as they don’t charge you any foreign transaction fees and the exchange rate you get is the interbank rate.
It has it’s own built in currency transfer system which will allow you to transfer and send local currency in app. For example if you are travelling to Japan, you can seamlessly exchange EUR -> JPY (at the interbank rate) and store JPY on your Revolut card with a few taps.
At the time of this Revolut review, it is currently only supporting legal residents in the European Economic Area (EEA), Australia, Canada, Singapore, Switzerland, 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.
For more information on when it will come to your country, visit their site.
Revolut in the US
Revolut is not currently available in the US at the time of writing this Revolut review, but you can sign up and join the waitlist as they are starting to gradually roll it out. Sign up for the waitlist here. We noticed that US users will only be offered a US bank account and not a EUR & GBP accounts.
Revolut for Business
Revolut for business is covered in this revolut business review here.
How does Revolut work?
Revolut is an excellent digital bank which is basically a bank on your phone with a connected prepaid debit card (MasterCard or Visa). They offer you the ability to create GBP & EUR bank account in seconds. The UK bank account comes with a proper account number and sort code. They also give you a Euro IBAN account for making and accepting European payments. You could use either account as your day to day bank account to take your wages and settle bills.
To load funds to your account there are several methods: Bank transfer, Credit/Debit card, Apply Pay and Google Pay.
When you become a member of Revolut you will have the ability to exchange 30 currencies in real time inside the app and make payments and cash withdrawals in 130 countries. If you are using a higher plan (premium or metal) you’ll get stock and cryptocurrency offerings.
In our experience it is not only suited for day to day banking but excels when you are on the road. They not only give you the ability to use your card like a local (no transaction fees) but they offer travel insurance and seamless currency exchange (30 currencies) in real time.
You can of course do the usual things you would do with a traditional bank like block your card, check balances, review transactions, all from the comfort of their excellent mobile apps.
With a Revolut account you will be able to:-
- Use the Debit Visa or MasterCards worldwide without any transaction or currency fees.
- EUR & GBP bank accounts
- Remotely lock the card if lost or stolen
- Seamlessly exchange and keep multiple currencies
- Load currency to the account via bank transfer or card payment
- Request money
- Receive money easily
- Send money instantly in a few taps
- Secure login, including fingerprint (“Touch ID”) & facial recognition (“Face ID”
- Apple & Google Pay support
- Create Vaults for saving
- Spending analytics with automatic categorization
- Set/modify your daily payment and withdrawal limits within the App
- Real-time notifications
- Excellent mobile apps
- Trade Stocks and Cyptos (premium plans only)
- Insurance for travel, possessions
- Create/destroy Virtual cards in the app in real time (premium plans only)
- Disposable virtual card (one time use)
- A bunch of integrations with third party APIs like Xero
What does Revolut cost?
Revolut currently offers thee plans for personal users and a bunch for Business users. For the purpose of this Revolut review, we’ll only look at the personal offerings, starting with the Standard plan which has zero monthly fees, fiat currency exchange of 6,000EUR/mo, 200EUR free ATM withdrawals. If you want a more comprehensive offering the Premium or Metal plans are well worth it. The main difference between the two is the physical metal card, concierge and cashback, which are only available on the higher Metal plan.
How do I signup?
The signup process for Revolut is very simple and convenient and you’ll need a smartphone and your Passport/ official government ID and everything is done via the app. The sign up process takes about 5 minutes and the card is dispatched within a few days and comes in pretty slick packaging too!
We have only good things to say about the customer support as in our experience they are extremely helpful and friendly. They do have virtual AI support which is decent, but you can simply type ‘LIVE AGENT’ and you’ll get a real person in a few minutes. All our requests were answered in a timely and prompt manner and the support agents are kind and glad to help solve your issues.
Safety and security
Revolut has a team of skilled bank secuirty and cybersecurity experts who keep their systems safe and running smoothly at all times.
Revolut is secure and also puts users in control of their security. You can easily freeze and unfreeze your Revolut card via the application if you lose it or it gets stolen. You can also use the application to turn off contactless payments, ATM use, and online payments, then easily turning them back on when you want.
In terms of the safety of your money, client money is kept in ring-fenced segregated client accounts that are held by Tier 1 banking partners. Revolut is authorized by the FCA, which means it complies with all the FCA requirements for safeguarding funds. Revolut are also in compliance with the Payment Services Regulations 2017 and Electronic Money Regulations 2011.
You can be sure you’re money will be safe with them.
Trusty TrustPilot reviews can really reveal a lot about any product or service, so we took a good look and we are genuinely pleased with the score, overall 80% of the 48,052 reviews were excellent and 6% bad. We looked into the negative reviews and most are due to people not getting timely support or knowing that if they type ‘LIVE AGENT’ into the support they get an actual human. Some of the other negative reviews claiming their accounts were locked for a timeframe and they didn’t have access to their money. We have heard this complaint with almost all digital banks, as there are times when they must check the source of funds to comply with Anti Money Laundering requirements. Overall though, if 80% of the reviews are very positive (including ours) you can be sure it’s a decent offering and a good bank to go with.
In our opinion and extensive experience using Revolut (3 years) we give it our top recommendation out of all the digital banks we have reviewed. Not only is Revolut excellent for daily banking it’s perfect for travellers alike.
Starting off with their free account is a no risk proposition as you get to try test Revolut out for free. Although, we would be inclined to go for the Premium or Metal offerings as the are supreme value and we are confident you will get lot’s of use out of them.
If you want to try an alternative read our write up on N26.
We hope you have found our Revolut review useful and find this digital bank just as great as we do 🙂