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, highly recommended by many full-time travelers and digital nomads.
As of January 2021, the company says that over 12 million users have the app installed on their smartphones to date.
With Revolut’s app, users can:
- Send and receive payments instantly 24/7 without any fees between the app users;
- Monitor transactions;
- Exchange currencies through the mobile app;
- Invest and trade U.S. stocks (3 commission-free trades per month (UPDATE: 1 per month for Standart account starting March 1, 2021);
- Invest in digital assets such as Bitcoin;
- Get a personal loan between €1,000 and €8,000;
- Apply for a zero-fee credit card;
- Save money by using Revolut’s smart saving feature (Saving Vault);
- Open a Junior account for children between 7 and 17 years old;
- Use in-app budgeting tool;
- Purchase insurance and 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 was 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 individuals’ banking needs on the move. To date, the firm has over eight million customers across the globe.
Getting Started with Revolut
To get started with Revolut, customers must 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.
Important: Avoid using your personal Revolut account for any business matters, as it violates Revolut guidelines. If you want to do business with Revolut, use Revolut for Business, a specially designed product that fits freelancers. This will prevent a possible temporary freeze of funds, which caused many unhappy users to slander Revolut for no reason.
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, the United Kingdom, and even in the United States (limited features).
As of the second half of 2020, Revolut is available in the United States! This means that you can send and request money instantly for free even if your friends or family lives in Europe. Additionally, 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 held by Metropolitan Commercial Bank, Member FDIC, and are insured by the FDIC up to $250,000.
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 further documents. Revolut keeps you on track in every step to help you through this part. Just follow the steps you’ll see in-app.
While taking a photo of the document, ensure all details and readable 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 banking card in these currencies: AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, JPY, NOK, PLN, RON, SEK, USD, ZAR. More currencies will be added soon, according to Revolut.
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.
The most convenient way to top your Revolut account is by using a debit or credit card. Open the Revolut app and tap ‘Add money’ (main starting window, upper left, right under the balance). Submit your correct banking 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.
To add via bank, in your app, click ‘Account details’ under the profile section (top left corner of the app). 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.
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 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 four different account and card tiers, Revolut Standard, Revolut Plus, Revolut Premium, and Revolut Metal. Here are outstanding features for each account type.
To see the precise list of Revolut pricing plans’ features, check the image above. Below is a brief description of each pricing plan.
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.
It is an advanced version of the Standart Account, with an additional features like customisable cards, 24/7 priority customer support, access to exclusive Junior features, ticket protection, return protection and more, including a daily interest on savings of 0,3% APY.
The Premium Account
The Premium Revolut account comes with bonuses to those offered with the Standard account. Premium users have unlimited international transfers in 15 major currencies on top of receiving the interbank exchange rate and higher operations limits. 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 access airport lounges with SmartDelay (when flights are delayed more than 1 hour) for You + 1 friend.
You also get free 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 investing access. It also enables a daily interest on savings of 0,3% APY.
Revolut Metal Account
This is the fourth and highest tier account offered by Revolut. This card comes with all the features under the premium account.
Additionally, features include a contactless metal card and car hire excess during the 31 days of your trip. It also enables a daily interest on savings of 0,65% APY and access airport lounges with SmartDelay (when flights are delayed more than 1 hour) for You + 3 friends!
Revolut for Business
The Business 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 companies that enjoy an international presence. It can help business owners generate invoices or pay suppliers across multiple countries and currencies.
Like the personal account, Revolut also has a few different tiers: 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. Here’re 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.
Moreover, the U.S. users can now earn up to 0.50% Annual Percentage Yield on Savings Vault balances and a 4.50% bonus on top of that!
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 Personal Loans Up to €8,000
Eligible Revolut customers can apply for a personal loan through the mobile application and get funds directly in the Revolut app. Revolut offers personal loans between €1,000 and €8,000.
At first, you will be asked to answer a few quick questions. If approved, you can access the money directly from your Revolut wallet. You will also be able to see the total cost of your loan and how much you’ll be required to pay back monthly. Additionally, you won’t be charged any fees for getting the loan or for paying it off early.
Open the app and click the ‘Credit’ section. Then choose – you want to get a loan or apply for a credit card. Then follow the on-screen instructions.
Commission-free Stock Trading
With the Revolut app, you can invest in US stocks easily with no commissions. The app enables you to buy and sell stocks without a hassle. Many investing beginners already applaud this feature as it is one of the easiest ways to start investing in stocks and even get dividends.
Moreover, you can start investing from as little as $1 due to the fractional shares buying option offered by Revolut. As of January 2021, over 800 US stocks are available to buy and sell via the Revolut app.
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, and hundreds more.
Within the app, you can set real-time price warnings to track the stocks’ prices to buy shares at an affordable price for you. Moreover, dividend investors will now receive notifications when their account is credited with dividends.
The number of zero-fee trades per month by account type:
Standart account – 3 commission-free trades per month (Update: 1 per months starting March 1, 2021)
Plus account 3 commission-free trades per month
Premium account – 8 commission-free trades per month (Update: 5 per months starting March 1, 2021)
Metal account – UNLIMITED commission-free trading
IMPORTANT: The custody service fee will change from one basis point of asset value (0.01%) per year to twelve basis points of asset value (0.12%) per year. Appropriate SEC and FINRA fees for trading in U.S. securities may also apply.
Disclaimer: Before you start trading with Revolut, it is always recommended to check the latest Revolut trading updates here.
Here’re the step-by-step guides we have prepared on how to buy stocks via the Revolut app:
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. You can read more about the Fractional share program in the 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.
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 Fees (Changes starting April 23, 2021)
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.
ATM withdrawals fees
The Standard account also comes with a free card. You will still cater to the delivery fee based on the delivery method you select (starting April 23, 2021, Revolut will indicate what is charged for standard or express delivery before ordering a Revolut card in the app. As always, the delivery fee may vary depending on where you want to send the card).
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 (starting April 23, 2021, Revolut will start applying the cash withdrawal limit. When you exceed it, a fee will also apply. The withdrawal fee will be 2% as before, but the company set a minimum tax amount of EUR 1. This means that you paid either € 1 or 2% of the amount per withdrawal).
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 (starting April 23, 2021, free cashout limits for Plus, Premium, and Metal customers will remain unchanged, and Revolut will not limit the number of free cashouts for these plans. If these limits are exceeded, the applicable cash withdrawal fees will remain unchanged (2%), but this is how the company starts applying the minimum fee of EUR 1 per cash withdrawal transaction).
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 the currency equivalent per rolling month is 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 instead of 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. ATM Withdrawals up to £600 or currency equivalent per rolling month is free when it comes to withdrawals. 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.
International money transfers fees
Revolut’s most popular payment methods, used by more than 90% of its customers, will remain free. They consist of:
- free local bank transfers in local currency;
- free local and international transfers in euros to any SEPA country (they consist of EU / EEA countries, UK, Switzerland);
- free transfers to other Revolut customers (among themselves) anywhere in the world.
The changed fees will only apply to customer transfers outside SEPA (consisting of EU / EEA countries and the UK, Switzerland) or if you transfer money to a foreign country outside the euro.
Revolut currently provides two types of international transfer services: international transfers and SWIFT transfers. There are separate limits for each of them:
- Standard and Plus plan customers can make one free international transfer per month, after which they can pay 0.5 EUR for additional transfers. SWIFT transfers cost EUR 3 or EUR 5, depending on the currency.
- Premium and Metal customers do not pay fees for international transfers and can make one free SWIFT transfer per month, and for additional transfers, they can pay 3 EUR or 5 EUR, depending on the currency.
What is changing starting April 23, 2021?
Revolut will combine international and SWIFT transfers into one simple and clear category, which we will call “international payments”.
The fee for cross-border payments will range from € 0.3 to € 5, depending on the amount transferred and the recipient country. Premium and Metal customers will continue to use the free transfer limit, and euro transfers in SEPA countries (including the UK) will remain free for all customers.
- Standard and Plus. No free transfers. These plans are best suited for customers who only occasionally make international transfers.
- Premium. One free international transfer per month. Best for customers who make international transfers every month.
- Metal. Three free international transfers. Best suited for those who frequently send international transfers.
Information in details about the new prices and examples can be found here.
One of the outstanding features of Revolut is the cryptocurrency buying and selling feature. Through the app, users can buy and sell the supported cryptocurrencies and track market fluctuations. As of April 9, 2021, the platform supports these digital assets:
- Bitcoin (BTC),
- Bitcoin Cash (BCH),
- Ethereum (ETH),
- Litecoin (LTC),
- Ripple (XRP),
- Stellar (XLM),
- EOS (EOS),
- OMG Network (OMG),
- 0x (ZRX),
- Tezos (XTZ),
- Bancor (BNT),
- Cardano (ADA),
- Filecoin (FIL),
- Loopring (LRC),
- Numerai (Numerai),
- Orchid (OXT),
- Synthetix (SNX),
- The Graph (GRT),
- Universal Market Access (UMA),
- Uniswap (UNI),
- Yearn Finance (YFI).
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 perform 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, automatically converting 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 on 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 €8,000.
✔️ Zero-fee credit card.
✔️ Integrated budgeting tool.
✔️ Revolut Junior account for children (7-17 years old).
❌ 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 a Standard account users.
Revolut is the best option for individuals who like traveling, 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.