ℹ️ Revolut is now available in the United States! So if you have Revolut in Europe, and your friend or a family member has Revolut in America, you can send and request money to each other instantly, and for free. Additionally, the U.S. customers will be able to get their salary up to two days in advance via direct deposit at no cost. All deposits for U.S. customers are FDIC insured up to a value of $250,000. Goodbye, financial borders!
Revolut is a financial technology firm based in the United Kingdom that offers several modern neo banking services through a mobile application and free debit card, which is highly recommended by many full-time travelers and digital nomads.
With Revolut’s app, users can open accounts and send/receive payments instantly 24/7 without any fees between the app users, monitor transactions, exchange currencies through the mobile app, and much more.
As mentioned above, Revolut supports free international money transfers, fee-free global spending, and access to cryptocurrencies like Bitcoin and Ethereum. All this towards the goal of breaking down banking borders across the globe. At the moment, this challenger bank has more than 10 million users worldwide and is expected to grow its userbase to 16 million by December 2020.
Founded by Nikolay Storonsky and Vlad Yatsenko, Revolut prides itself as a platform that caters to banking needs for individuals on the move. To date, the firm has over eight million customers across the globe.
Tip: Avoid using your personal Revolut account for various business matters, as it is a violation of Revolut guidelines. If you want to do business with Revolut, instead use Revolut for Business, a specially designed product. This will prevent a possible temporary freeze of funds.
Getting Started with Revolut
To get started with Revolut, customers are required to download the mobile application via Google Play Store or App Store. The app is compatible with Apple Watches, iPhones, or iPads with iOS 10.3 or newer. For Android, it is compatible with Android 5.0 Lollipop or newer. For the app to work, the phone must have a minimum screen size of 3inches.
With the app, you will be able to open a Revolut account. You will need to provide your mobile number, name, address, payment details, and top up your account at least $10 to be eligible to use all the features the app offers.
Currently, only residents of these regions can open the Revolut account: European Economic Area (EEA), Australia, 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 Canadian citizens – you can join the waitlist and get notified when Revolut becomes available in your country.
Like most banking platforms, Revolut requires users to verify their identity as part of ‘Know Your Customer’ (KYC). KYC is necessary as it helps curb corruption and fraud. Verifying your identity for using Revolut is done via the app.
In your app, click on ‘Dashboard’ then ‘Profile’ and tap ‘Personal details’, then verify your identity. You need to provide a photo of your government-issued ID and a selfie of your face. If you are residing in another country, Revolut might request for further documents like the Visa.
While taking a photo of the document, ensure all details and readable by using a brightly lit area. Additionally, ensure the details submitted to Revolut match the legal documents.
Revolut Supported Cards and Currencies
You can add money to your Revolut account with a card in AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, JPY, NOK, PLN, RON, SEK, USD, ZAR. The rule is that you should add money in the currency that your bank account is held in. For example, if you have a UK bank account, make sure you add GBP. If you don’t, your bank will convert the money for you and charge a conversion fee.
Revolut currently supports card payments and ATM withdrawals in over 140 currencies and works with Mastercard and Visa enabled ATMs. Unfortunately, American Express cards are not supported.
At the moment, Revolut does not support the following currencies; ZWD, CKD, KID, PND, TVD, AMD, FOK, ERN, BTN, EHP, CUC, SHP, GGP, JEP, IMP, SDG, SYP, IRR, PRB, SOS, KPW.
Topping up the Revolut Account
Before proceeding to the next step, Revolut requires users to top up the accounts (at least $10) by taking advantage of the available deposit means. You can add money through a bank transfer or a banking card.
To add via bank, in your app, click ‘Account details’ under the profile section. Next, select your preferred currency to add. Note that you need to select the currency held in your bank account to minimize costly exchange rates charged by the local bank. You can top using GBP through the unique local account details if you transfer from a UK bank account. Alternatively, you can use the IBAN details with your unique reference number.
If you are adding the EUR, use the unique IBAN, along with the BIC REVOGB21. Note that bank wire transfers can take up to 3-5 working days.
The most convenient way to top your Revolut account is by using a debit or credit card. Simply open the Revolut app and tap ‘Add money’. Add your correct card details, including the 16-digit card number, expiry date, CVC code, and billing postal/ZIP code. Enter the amount you would like to top up, and it will instantly reflect on your Revolut account.
Getting the Revolut Card
Once your account is opened, Revolut will send the corresponding card to your given address, which you will activate through the app before you can start using it. However, before you order the cards, you need to understand the types of cards available under Revolut.
First, we have the physical Revolut card. On your app, click on ‘Cards’, choose ‘Physical’, and set one up. The delivery of a pre-paid Revolut card is completely free, but ins some countries, it might be a minimal fee for delivering the card. It will be dependant on the delivery method you prefer. To order specially designed cards, you need to upgrade to Revolut Premium or Revolut Metal.
You can also order the limited-edition Revolut Rainbow card. Only 30,000 of the pride cards are available for both new and existing customers across the European Economic Area (EEA). This card is issued on a first come, first serve basis.
To know if your card order is successful, on your app, click the ‘Cards’, and Revolut will display the details and estimated time of arrival. If you cant see these details, order the card.
Furthermore, Revolut allows users to order five virtual cards that are available in the application. The virtual cards enable users to make online payments. The advantage of the virtual card is that you can’t lose it. To order the virtual card, click on ‘Cards’ and select ‘Virtual’ and choose a virtual card. This card will instantly appear in your app.
Note that, with the virtual card, you are also supposed to order a physical card for ATM cash withdrawals.
Activating the Revolut Card
To activate your Revolut card, you need to verify your identity. After your identity is verified, the virtual card can be used right away for online transactions. Note that contactless and online payments of the Revolut physical card are only activated after completing a chip transaction in-store.
Types of Revolut accounts
Revolut has three different account and card tiers, Revolut Standard, Revolut Premium, and Revolut Metal. Here are outstanding features for each account type.
A Standard account with Revolut is free. The Standard account comes with a prepaid Revolut Visa card that is connected to the app. With this card, you can spend in over 110 currencies at the interbank exchange rate.
The Premium Account
The Premium Revolut account comes with bonuses to those offered with the Standard account. On top of receiving the interbank exchange rate, Premium users have unlimited transfers in 15 major currencies. Revolut’s Premium Visa card also comes has customizable colors and is delivered by global express for free.
Customers under this category get priority customer support within the app. The account also enables users to gain access to over 1,000 airport lounges around the world through LoungeKey Passes. These passes can be purchased within the app.
You also get free turbo transfers, free overseas medical insurance, free unlimited FX volumes, a free delayed flight and delayed baggage insurance, free global express delivery to 180 countries in one to three working days and instant cryptocurrency access.
Revolut Metal Account
This is the third tier account offered by Revolut. This card comes with all the features under the premium account. Additionally, features include a contactless metal card and the ability to earn about 1% cashback in any currency, including cryptocurrencies.
Revolut for Business
The Revolut for Business account is tailored to meet the needs of businesses. This account is a segment of the standard Revolut account, and it is offered via a mobile app on both Android and iOS devices.
This account is designed to help businesses cut on extra costs around exchange rates, cross border transfers, and other fees through cutting unnecessary bureaucracy and paperwork.
Revolut for Business is ideal for businesses that enjoy an international presence. It can help business owners generate invoices or pay suppliers across multiple countries and currencies.
Just like the personal account, Revolut also has a few different tiers, namely; Free, Grow, Scale, and Enterprise.
Revolut App/Card Features
The Revolut mobile app and card comes with unique features tailored to the end-users needs. Some of the features include:
Automated and personalized transfers
The Revolut app makes it convenient to send money locally or abroad. The app has an automated recurring payment tool that is perfect for subscriptions or paying regular bills. To use this feature, users need to set up the payments and the intended recipient. The app also allows users to request money quickly and conveniently.
The Revolut app enables users to set up vaults for saving. The vaults can be linked to a round-up tool where users can set regular weekly or monthly deposits or make random contributions. The app allows users to customize the saving vaults by giving them a specific name and setting a savings goal.
With Revolut, users can set monthly budgets and daily spending limits all within the app’s interface. At the same time, users can also visually gauge their spending with the analytics tab that categorizes all payments under groceries or restaurants. The tool offers precise figures and graphs on how much you spend down in percentages.
Medical Insurance for Revolut Premium and Metal Accounts
Revolut Travel limited offers medical insurance overseas. The insurance caters to emergency dental and medical treatment while abroad.
With the insurance, users get cover on overseas emergency medical assistance for £15m while the emergency dental treatment costs £300. The insurance cover is activated immediately a customer departs his or her place of residence.
The cover is not applicable once the client returns home from a trip, or at midnight on the end date indicated in the most recent statement of insurance or when your account is closed of downranked to the standard account.
Users can also access the delayed flight and baggage insurance that applies to delays of over four hours. For such delays, customers receive a maximum of £320. Baggage delays of more than four hours earn users up to £320 to cover replacing clothing, toiletries, and medication.
For the Metal accounts, customers receive a 20 percent discount if they opt for device insurance. This insurance includes global protection against liquid damage, drops among others.
Revolut Loan up to £25,000 (UK Residents Only)
Eligible Revolut customers can apply for a personal loan through the mobile application and get funds directly in the Revolut app within the 2 minutes. You can request amounts ranging from £500 up to £25,000 and adjust your repayment terms between 12 to 60 months. You will also be able to see the total cost of your loan and how much you’ll be required to pay back monthly.
All monthly repayments are automatically processed as a direct debit from your bank account with no fees to repay the loan on time. Currently, only UK residents are eligible for Revolut credit. Once you have accepted your credit agreement, Revolut gives users up to 14 days to cancel the loan.
Simply open the app and add new credit under the ‘Credit’ section and enter the amount you need to borrow, your monthly income, residential status. Revolut will then give you a quotation of the amount you can get.
Commission-free Stock Trading
On December 20, 2019, the company announced that it had included another 350 US stocks available to buy and sell via the Revolut app, bringing the total number available US stocks for the trading to more than 800.
Most of these companies are world-renowned, and their shares can be bought for as little as $1. From Amazon to Apple, Netflix to Nike, Peloton to PepsiCo, including Richard Branson’s Virgin Galactic Holdings (SPCE), and many more.
You can also set real-time price warnings to track the price of the stocks, so you can buy shares at a price that is affordable for you. Moreover, dividend investors will now receive notifications when their account is credited with dividends.
PLEASE NOTE: The Standart account has 3 commission-free trades per month. If you make more than three trades per month – it’s worth choosing the more expensive Premium plan, which gives you 8 free trades per month or Metal plan for unlimited commission-free trading. Below – prices per trade after you reach your free trades limit.
Commission-free stock trading is being held via a third-party broker “DriveWealth”. It allows customers to purchase securities in dollar amounts rather than share quantities. More about the Fractional share program, you can read in Fractional Shares Disclosure document or “DriveWealth” Customer Account Agreement. If you want to know everything about trading with Revolut – visit their trading information center here.
ℹ️ IMPORTANT: If you own more than 1 full share of a specific company that issues a dividend – Revolut will credit your account with the dividend amount on the payment date.
Revolut charges different fees for various operations on the platform. Most fees vary depending on the account type. For the Standard account, Revolut does not charge any subscription fee. Furthermore, adding money to the account is free. However, if you top up the account with a card issued outside the EEA region, Revolut charges a small fee to cover the cost.
The Standard account also comes with a free card, but you will cater to the delivery fee based on the delivery method you select. To replace a card under the Standard account, users will part with £10. The Standard account comes with one virtual card, and an extra one will cost £4.99.
The Standard account also has free ATM withdrawals up to £200 per rolling month, then a fee of 2% of all withdrawals above this. Sending money to other Revolut users is also free.
The Premium account attracts a subscription fee of £6.99 a month or £72 a year. To top up the premium account, no fees will be charged. Just like the standard account, topping up with cards outside the EEA will attract a small fee.
Your first Revolut card will also come free, while the first replacement will cost you £20 per replacement. With the Premium account, the ATM withdrawal is up to £400 or currency equivalent per rolling month are free. Anything above this is charged at 2%. Note that the Revolut Premium card offers higher limits on free ATM withdrawals and a dedicated travel insurance package as opposed to the free Revolut Standard card.
For the metal account, the subscription fees are £12.99 a month or £120 a year. Topping up the account is free for cards within the EEA region. When it comes to withdrawals, ATM Withdrawals up to £600 or currency equivalent per rolling month is free. Anything over the above limits is charged at 2% of the value of ATM Withdrawal.
Under Revolut Business, the different tiers attract different charges. The Free tier is free, as there are no monthly charges involved. The Grow tier attracts a monthly subscription fee of £25, while the Scale account attracts a monthly subscription fee of £100. Lastly, the Enterprise account costs £1000 per month in the subscription fee.
One of the outstanding features of Revolut is the cryptocurrency platform. Through the app, users can buy the supported cryptocurrencies. The platform currently supports Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP). Through the app, UK users can buy and sell supported cryptocurrencies and track market fluctuations.
After purchasing cryptos, the Revolut app securely stores them in a ‘pooled’ virtual currency account combined with hot and cold wallets. This is a repository of virtual currency private keys.
Through the Revolut application, users can track how their preferred digital assets are performing over time while comparing historical price changes. This feature helps the customer make the right decision on which assets to buy or sell. You can also set up price alerts when crypto reaches a specific target value.
Furthermore, users can use cryptocurrency on Revolut just like any other currency. You can also spend cryptocurrency via the Revolut card, which will automatically convert the amount spent into the local currency.
How Secure is Revolut?
When it comes to digital banking, the security of funds is vital. Revolut has put in place some measures to ensure the user’s funds remain secure. The Revolut mobile app comes with fingerprint identification for logging into the account.
For the Revolut card, you customize some features to minimize chances of fraud like disabling eCommerce payments, ATM withdrawals, contactless, and swipe payments. The virtual card is also another security measure where users are allowed to use them once.
Additionally, Revolut has enabled the Sherlock anti-fraud system. This system enables Revolut to get real-time alerts of fraudulent activity. At the moment, Revolut is also working a 3D secure system that allows users to make certain e-commerce payments at the discretion of the merchant.
Revolut also has existing partnerships with Metropolitan Commercial Bank to hold client funds. This gives users FDIC insurance on balances up to $250,000, and debit card transactions are protected by Visa, Mastercard or Maestro card processing rules.
Lastly, Revolut has location-based security. This means that if your card is used in a different location than your phone, you’ll get a notification.
Revolut Customer Support
Revolut has a dedicated customer support desk. The team is reachable through the mobile application via the chat feature. Note that Premium and Metal customers get priority when reaching out to customer service. Additionally, the website has a well-detailed FAQ section that answers most of the customer queries.
✔️ Free and instant 24/7 money transfers between the app users.
✔️ Spend abroad in 150 currencies with no or low fees.
✔️ 24-hour customer service.
✔️ User-friendly app with control over accounts and cards.
✔️ Transfer money at the interbank exchange rate.
✔️ Instant top-ups from your main account.
✔️ Free travel insurance is included for Premium and Metal customers.
✔️ You can temporarily block your card, and unblock it yourself.
✔️ The app is easy to use and has a great design while still keeping it simple.
✔️ You can get a virtual card for online shopping.
✔️ Smart-saving add-on.
✔️ Commission-free US stocks trading.
✔️ Revolut credits your account with dividends (for dividend stocks).
✔️ Instant personal loans up to £25,000 (for UK residends).
❌ At weekends, when the markets are closed, Revolut applies an unspecified markup to foreign currency transactions.
❌ Some foreign currencies have an additional unspecified markup.
❌ Foreign transfers over $6,500 a month come with a 0.5% fee.
❌ Sometimes customer service delays responding.
For individuals who like traveling, Revolut is the best option, especially if you are trying to cut on the fees. It is advisable to get the standard account for a start, and if you are impressed, you can upgrade to the next tier. Additionally, this account is free. It is worth trying out this advanced challenger bank’s app and getting familiar with modern banking solutions.
What are the benefits of using Revolut?
Revolut offers free, fast, and secure money transfers between application users worldwide. Also, sending money via international wire is up to 10 times cheaper than in a traditional commercial bank. You can also buy more than 800 US stocks from as low as $1 with no commissions. Revolut will make it easier to save money, as an in-app smart guide will round out pennies from transactions to you and will store it in the application, according to your preferences. Travelers get the option to purchase travel insurance very easily. These are just a few of the key benefits of advanced banking with Revolut.
Is it worth having a Revolut card?
Revolut card is a great choice when traveling to different countries. You can top up your Revolut card in your country’s currency (eg EUR), and Revolut will automatically convert money to local currency as soon as you use the card. The currency will be converted at the current rate and will not charge you any fees. Besides, when you go on a trip to a foreign country, you will be able to refill the card only as much as you need, without a need to take your main bank’s payment card with you.
How many customers does Revolut have?
According to estimates[end of 2019], Revolut already has more than 10 million private and business customers worldwide and is still growing rapidly.
What is the valuation of Revolut company?
Revolut is currently valued at $5.5 billion after the latest investment round closed in February 2020. However, Revolut’s founder Nik Storonsky in one interview said that despite the company is still running at a loss; he sees a $10 billion valuation in the near future.