It’s estimated that only 8% of the world’s currency can be held in the hand as physical money. With so many banks moving to an online-only presence, it’s only a matter of time before paying for your purchases with cash becomes a thing of the past.
One of the main use cases for this move to paying with plastic and digital currencies manifests in the form of travel. It’s much easier (and potentially safer) to carry your credit card with you when you go abroad than a pocket full of cash.
This fact lies at the core of digital banks like Revolut, which offer not only the perks of online-only banking but also the chance to take your funds abroad without your bank freaking out that you might be the victim of a scam.
In fact, Revolut offers members several perks, from higher annual percentage yields to the convenience of banking wherever you are in the world.
And if you visit a foreign country, you can rest easy in that you won’t have to worry about ensuring your finances are within reach in case of an emergency.
Revolut also offers its members several perks, including the chance to invest in cryptocurrency and pay for purchases with a virtual card. You can even earn up to 4.25% APY on balances you hold in your Revolut savings vaults.
Our Revolut review below includes all the finer details to help you decide if Revolut is right for you. Plus, we’ll also compare the benefits of a Revolut account to the many alternatives that exist.
Are you ready to dive into our Revolut review? Let’s get started!
What is Revolut
Revolut was founded in 2015 as a British fintech company and holds an EU banking license to protect its members. Revolut ranks as one of the best neobanks that offers the same services as traditional banks with a few extra benefits.
Like many of the best digital banks, Revolut seeks to provide the masses with banking services they can use both here and abroad. The banking app has over 25 million users and deals in over 29 currencies across 200+ regions and countries.
Revolut offers standard checking accounts for the majority of its members, in addition to business and multi-currency accounts.
You can facilitate currency exchanges with Revolut, in addition to using the physical or virtual card that comes with an account like you would any other debit card from Visa or Mastercard.
How Does Revolut Work
Revolut incorporates several features, from getting paid up to two days early and freezing your card if it gets lost or stolen to sharing bills with friends and receiving international payments. You can also perform quick currency conversions with Revolut and earn cashback on purchases.
With the Revolut credit card, you can choose to have a physical card mailed to you or pay with a virtual card. Add your new Revolut card to your Google Pay or Apple Pay Wallet and earn cashback on purchases you make in-person and online.
Revolut also offers budgeting tools and will send you an alert if you’re closer to overspending. As you can see, Revolut offers most of the features you’d associate with a traditional checking account, with all the benefits of a virtual bank account.
Create an Account
Revolut is available on both the App Store and Google Play Store. It’s free to download and create a Standard account.
After downloading the Revolut app, you’ll need to create an account with your basic personal information. Revolut will also ask for your Social Security Number to verify your identity.
Review and agree to the terms and conditions to continue. You’ll receive your new Revolut card within the mail in about two to three weeks and you can fund your account using the various supported methods.
Revolut Plans
Revolut offers a Standard free plan that gives you the following benefits:
- A free Revolut physical or virtual card
- No-fee withdrawals from over 55,000 in-network ATMs
- Up to five Revolut Junior accounts
- 3.25% APY on savings balances
- No hidden fees on exchanges of up to $1,000 in over 28 fiat currencies
You can also take advantage of a one-month free trial of the Premium membership. This saves you $10 and gives you the chance to take advantage of:
- Exchanges in over 28 fiat currencies up to $10,000
- 4.25% APY on savings balances
- Temporary virtual cards
- LoungeKey Pass access
- Overseas medical insurance
- Global express delivery
Normally, Premium membership costs $9.99 per month. You can also upgrade to the Metal tier, which costs $16.99 per month and unlocks:
- All the features listed above for Standard and Premium members
- An exclusive Metal card
- 4.25% APY on savings balances
- Delayed baggage and flight insurance
If you opt for one of the paid Revolut plans, you can take advantage of personalized cards, savings vaults, higher monthly withdrawal caps, interest compounded daily on your savings, 24/7 priority customer support, and concierge services.
Revolut also offers their paid members travel insurance, cashback on select purchases, free airport lounges, and the chance to invest in cryptocurrency.
Revolut rewards Standard members with a single free international transfer each month. Premium plans get up to three free transfers while Metal account holders get up to five per month.
Note that both non-U.S. domestic and international transfers count towards these free monthly transfers.
Savings Vaults
Revolut also offers savings vaults to help you achieve your savings goals. While interest rates are lower than most high-yield savings accounts, Revolut lets you set up group vaults with family and friends to save up for larger purchases such as vacations.
With a Revolut savings vault, you can also round up your spare change to add to your balance. Set up recurring transfers to save on a schedule or add cash periodically when you have a little extra.
Fees
Revolut has low transfer fees and foreign currency exchange fees. There are no fees if you send money to European countries but you will pay for international transfers unless you have a paid Revolut business account.Â
When it comes to withdrawing money from your Revolut account via an ATM, Revolut lets you take advantage of over 55,000 ATMs without incurring any fees. Just make sure you withdraw less than $1,200 per month to avoid additional fees.
Note that exchange rates go up by an entire percentage point on weekends. This is to account for fluctuations in the market and encourage you to wait until Monday morning when rates are lower.
Besides the monthly subscription fees, Revolut also charges a $4.99 standard delivery fee for your physical card. You can pay a $19.99 express fee if you want it sooner.
Revolut also charges $5 for replacing physical and virtual cards. If you lose your Metal card for the second time, you’ll pay a $70 replacement fee.
Security
Metropolitan Commercial Bank holds funds for Revolut members, with the added FDIC insurance of up to $250,000. Revolut is also regulated in the United States, Europe, the UK, Australia, and Singapore.
If you need to get in touch with Revolut customer service, you can reach out via chat 24/7. However, there is no customer support available over the phone.
How to Buy Cryptocurrency with Revolut
Revolut might not be the best place to buy Bitcoin if you’re new to the whole cryptocurrency movement, but it does offer members the chance to invest right from the app. You can even round up your spare change to purchase crypto.
Though it doesn’t offer free Bitcoin, Revolut does offer fractional shares starting at $1. All cryptocurrency services are offered through Paxos Trust Company.
Revolut allows you to buy, sell, and trade up to $200,000 worth of crypto per month without paying a single commission fee. You can invest in 60 different cryptocurrencies, from Bitcoin and Ethereum to altcoins such as Sushi, Uniswap, Decentraland, Solana, and Dogecoin.
Platforms such as Robinhood and Webull offer more comprehensive investment services when it comes to cryptocurrency. However, Revolut does offer a sort of jack-of-all-trades approach to both banking and investing with the option to dabble in virtual investments.
Advantages and Disadvantages of Revolut
Looking for that bigger-picture overview? Here’s how Revolut scores based on what it does well and where it falls a bit short compared to the competition.
Pros:
- No-fee ATM withdrawals
- Free Standard account
- Easy to open an account
- Invest in cryptocurrency right from the app
- Several plans to choose from
- 30 currencies available worldwide
- Offers foreign currency exchange services
Cons:
- No sign-up bonus
- Most services require a paid subscription
- Cannot deposit cash
- Overdrafting prohibited
- Weekend exchange rates tack on a 1% fee
Revolut Alternatives
Offering a well-wrapped financial package isn’t something Revolut came up with on its own. Many other alternatives exist, including the following:
- Monzo: You can download Monzo on both your Android and Apple device. This neobank offers travel cards, savings pots, and joint accounts, not to mention the fact that you can apply for an overdraft. Like Revolut, Monzo does charge a monthly fee, but it’s protected by the Financial Services Compensation Scheme (FSCS).
- Wirex: Available in over 130 countries, Wirex deals in over 35 cryptocurrencies and nine fiat currencies. However, funds are not protected by the FDIC with Wirex.
- PayPal: Most people are familiar with one of the oldest payment platforms on the web. In contrast to Revolut, PayPal can slap you with tons of fees when it comes to exchange rates and international transfers.
- Wise: This free financial app caters to individuals and businesses with low conversion fees, quick payments, and a virtual card. It is available in over 60 countries and supports more than 50 currencies.
- Uphold: Though Uphold lacks FDIC insurance for the funds it holds, it is available in 36 countries, 27 fiat currencies, and six cryptocurrencies. Uphold is more of a trading platform than it is a digital bank.
The lines between payment platforms and neobanks seem to blur as more and more banks recognize the value in offering a digital experience their customers enjoy. Traditional banks face stiff competition with every new bank that hits the virtual waves.
FAQs
Yes, Revolut is legitimate. This neobank offers several perks, from a free plan to investing in cryptocurrency right from the app.Â
Revolut charges a monthly fee for higher-tiered accounts. Depending on what services you take advantage of, Revolut may also charge you for delivering a physical card to you and replacing those cards if they get lost or stolen. When it comes to conversion fees and transfer fees, Revolut comes in at a fair rate given competing rates. You can save money by exchanging on a weekday, as weekends see a 1% raise in fees to account for market fluctuations.Â
Yes, you can use a Revolut card at an ATM. If you withdraw money from an in-network ATM, you don’t pay any fees if you pull out less than $1,200 per month.Â
Yes, you can use Revolut on Amazon. Both physical and virtual Revolut cards work on Amazon purchases.Â
Evolve Your Finances with Revolut
Banking these days has changed from even 10 years ago, with more digital banks and neobanks popping up to serve those who are traditionally underserved and underbanked. Revolut stands out as a neobank that works with you to manage your finances, whether you’re cozy at home or making new memories abroad.Â
We hope this Revolut review has helped you evaluate this neobank to see how it might fit into your life. With so many perks, including the chance to invest in cryptocurrency right from the app, it’s a potent mix of options and rewards.
If you have a traditional bank account and want to give a neobank a try, you can always take advantage of Revolut’s free Standard plan. Take it for a test drive to see how banking has changed and how it can better serve you.
What will you do with a new Revolut account?
