A Radically Better Account Revolut

Revolut set it’s mission to revolutionize banking and with currently over 8 million active users it might achieve it in the near future. It claims to be Europe’s fastest growing fintech with houndreds of thousands of new users jouning Revolut each month. With it’s upcoming expansion to the US Revolut is confident to shake up the next large market.

Source: Revolut

Short notice

Disclaimer: This review is not sponsored by Revolut. Everything I share is my honest opinion.

If you want to join Revolut use the button below to get your first physical card delivered for free and get a gift on top as well.

The basics

So after that let’s start with the interesting part. Revolut is a British Fintech, founded in 2014. It offers banking services including a prepaid debit card (MasterCard or Visa), fee free currency exchange, commission free stock trading, cryptocurrency exchange and peer-to-peer payments. The app, available for Android and iOS, has a nice design and is updated frequently with new features. Revolut supports spending and ATM withdrawals in 120 currencies and sending money in 29 currencies directly in the app. All cards have contactless capabilities and can be added to Google Pay or Apple Pay immediately after requesting it in the app. That contends also for the virtual cards you can create in the app.

Since December 2018 Revolut has an european banking licence which enables them to provide the full palette of services a traditional bank does (and probably even more).

Opening an account with Revolut is fast and easy, it just takes minutes. There are different priced options for your account. In my opinion the free “Standard” account is more than adequate for most users. If you’d like to have some extra perks there is also a “Premium” option and a “Metal” option, which will get you a beautiful metal credit card and the most benefits on top.

Prices in the EU (see UK & US prices below – source: Revolut)

I for my self have a standard account at the moment, which is more then enough for me right now.

So, what can you expect from Revolut? The features below apply to private users. They also offer a solution for businesses with much more advanced features. I can however only review the product for private users. For more information on the busines plan you can start here.

The Pros

No yearly charges : Revolut does not have any standing charge without any minimum spending. As mentioned there are premium options, which are – well – totally optional.

: Revolut does not have any standing charge without any minimum spending. As mentioned there are premium options, which are – well – totally optional. First card free : With the link above you can get your first card for free. You can order additional cards (see below).

: With the link above you can get your first card for free. You can order additional cards (see below). Free ATM cash withdrawals : With the free account you can withdraw 200€ each month for free. After that you are charged 2% of the withdrawn amount. This limit increases with the premium account options (400€ for Premium, 600€ for Metal).

: With the free account you can withdraw 200€ each month for free. After that you are charged 2% of the withdrawn amount. This limit increases with the premium account options (400€ for Premium, 600€ for Metal). 0% fees abroad : You can spend an unlimited amount with your Revolut card abroad without any fees. When withdrawing cash the limit above does apply. Be sure to check the ATMs for additional fees which are charged by the operating bank, these won’t be refunded by Revolut. You can spend in over 150 different currencies worldwide.

: You can spend an unlimited amount with your Revolut card abroad without any fees. When withdrawing cash the limit above does apply. Be sure to check the ATMs for additional fees which are charged by the operating bank, these won’t be refunded by Revolut. You can spend in over 150 different currencies worldwide. Bank account functions : You can use Revolut for traditional transactions and standing orders as you will get a (british) IBAN alongside your account. You’ll get one for each currency you have in your wallet. For SWIFT transactions outside the European Union you have to use an additional reference number.

: You can use Revolut for traditional transactions and standing orders as you will get a (british) IBAN alongside your account. You’ll get one for each currency you have in your wallet. For SWIFT transactions outside the European Union you have to use an additional reference number. 30 different currencies : As mentioned you can have multiple currencies in your account at the same time. If you have a positive balance in the currency you’d like to spend in that will be charged first after Revolut exchanges it automatically from your main currency with the current exchange rate.

: As mentioned you can have multiple currencies in your account at the same time. If you have a positive balance in the currency you’d like to spend in that will be charged first after Revolut exchanges it automatically from your main currency with the current exchange rate. Currency exchange : You can exchange an unlimited amount of money between any of the 30 different currencies at any time in the app. You can also use the Auto-Exchange feature for getting the best rate possible.

: You can exchange an unlimited amount of money between any of the 30 different currencies at any time in the app. You can also use the Auto-Exchange feature for getting the best rate possible. Optional Maestro-Card : For countries that don’t accept credit cards widely, there is the possibility to order a Maestro Card for a one time fee of 6.99€ plus 5.99€ for shipping.

: For countries that don’t accept credit cards widely, there is the possibility to order a Maestro Card for a one time fee of 6.99€ plus 5.99€ for shipping. Additional physical and virtual cards : You can order additional physical cards if you want (which will cost you 5.99€ and 5.99€ for shipping each time). Moreover you can create a virtual credit card in the app for free (and additionals for 5.99€).

: You can order additional physical cards if you want (which will cost you 5.99€ and 5.99€ for shipping each time). Moreover you can create a virtual credit card in the app for free (and additionals for 5.99€). Contactless payment : All cards are equipped with NFC for contactless payments without entering your PIN under 25€. This can be deactivated.

: All cards are equipped with NFC for contactless payments without entering your PIN under 25€. This can be deactivated. Apple Pay & Google Pay : Alternatively all cards can be used with Google Pay on Android and Apple Pay on iOS for mobile payment, even the virtual ones.

: Alternatively all cards can be used with Google Pay on Android and Apple Pay on iOS for mobile payment, even the virtual ones. Easy verification: For verifying your identity all you need is an image of your identity card and a selfie. The account is usually ready within minutes.

App features

The app is needed for everything as there is no web interface. It is available for iOS and Android and get’s updated regularly with new features and patches.

Push Notifications : With every transaction you get a push notification on your phone. This is a nice security feature.

: With every transaction you get a push notification on your phone. This is a nice security feature. (Auto) Top up : You can top up your account via credit card, bank transfer or Google Pay / Apple Pay. You can also choose to top up automatically if your balance falls below a certian amount.

: You can top up your account via credit card, bank transfer or Google Pay / Apple Pay. You can also choose to top up automatically if your balance falls below a certian amount. Currency Exchange Rates: Right from your account page in the app you can watch currency exchange rates, use a exchange calculator and monitor your actions with the small arrow icon in the top left cornor. From there you can also exchange the desired currencies without any fee.

Main Screen/Accounts (left) & Rates (right)





Manage card features : In the cards section you can manage your cards. You can lock them immediately, show the PIN, enable/disable contactless payments, the magnetic stripe, location-based security, online transactions or cash withdrawals. Location-based security is optional but can help to improve safety by locking card payments if they are performed far away from your phone’s location. You can also reset the limit for contactless payments introduced with the recent EU law. You can also set a spending limit and name the card within your app.

: In the cards section you can manage your cards. You can lock them immediately, show the PIN, enable/disable contactless payments, the magnetic stripe, location-based security, online transactions or cash withdrawals. Location-based security is optional but can help to improve safety by locking card payments if they are performed far away from your phone’s location. You can also reset the limit for contactless payments introduced with the recent EU law. You can also set a spending limit and name the card within your app. Vaults : Say hi to your digital piggy bank with Revolut’s vaults. You can manually put money there or choose to round up every payment you make and store the change in the vault. You can speed this up from 1 to 10 times. So if you pay 3.90€ for you next coffee and have enabled 10x speed up 1.00€ will be added to your vault.

: Say hi to your digital piggy bank with Revolut’s vaults. You can manually put money there or choose to round up every payment you make and store the change in the vault. You can speed this up from 1 to 10 times. So if you pay 3.90€ for you next coffee and have enabled 10x speed up 1.00€ will be added to your vault. Donations : Revolut currently offers donations for three organizations within the app. These can be made manually or you can also choose to donate your change or you enable a recurring plan.

: Revolut currently offers donations for three organizations within the app. These can be made manually or you can also choose to donate your change or you enable a recurring plan. Budgets : You can enable different budgets for different categories and the app will inform you if you exceeded your budget.

: You can enable different budgets for different categories and the app will inform you if you exceeded your budget. Bank transfers : You can execute SEPA transfers with your Revolut account and you can set up standing orders.

: You can execute SEPA transfers with your Revolut account and you can set up standing orders. Payment request links : You can generate a link to request money from someone else which can be paid via credit card.

: You can generate a link to request money from someone else which can be paid via credit card. Send money via link : You can also send someone money from your Revolut account via a link. This person does not have to have a Revolut account, the bank data is sufficient.

: You can also send someone money from your Revolut account via a link. This person does not have to have a Revolut account, the bank data is sufficient. Send/request money from Revolut users near you : This is a nice feature for splitting bills for example in a restaurant. All involved devices need to have the location feature enabled.

: This is a nice feature for splitting bills for example in a restaurant. All involved devices need to have the location feature enabled. Crypto trades : You can buy/sell crypto currencies directly in the app. This is possible for Bitcoin, Ether, Litecoin, Ripple and Bitcoin Cash. Revolut will charge you 1,5% of fees for each trade. This fee is charged within the exchange rate that is shown. For more information take a look at Revolut’s terms.

: You can buy/sell crypto currencies directly in the app. This is possible for Bitcoin, Ether, Litecoin, Ripple and Bitcoin Cash. Revolut will charge you 1,5% of fees for each trade. This fee is charged within the exchange rate that is shown. For more information take a look at Revolut’s terms. Stock trades: A feature first introduced for Metal users only is now available for free users as well. You can buy/sell stocks that are traded in the US. For more information head over to Revolut.

Vaults (left) & Stocks (right)





The Cons

Just like any credit card or finencial product in general there are some things to keep in mind.

No credit limit : The card is a prepaid card which means you cannot overdraw your balance. This might be a problem in some hotels or car rentals, as they only except “real” credit cards most of the time.

: The card is a prepaid card which means you cannot overdraw your balance. This might be a problem in some hotels or car rentals, as they only except “real” credit cards most of the time. Fixed exchange rates on weekends : Revolut freezes the currency exchange rates in the weekends and charges around 0.5-2.0% depending on the currency on top of the exchange rate from Friday 23:59 UTC. They do this to protect them from fluctuation. The applied exchange rates however are displayed in the app.

: Revolut freezes the currency exchange rates in the weekends and charges around 0.5-2.0% depending on the currency on top of the exchange rate from Friday 23:59 UTC. They do this to protect them from fluctuation. The applied exchange rates however are displayed in the app. Possible problems with debit : Some retailers might not accept the british IBAN (this however never happened to me).

: Some retailers might not accept the british IBAN (this however never happened to me). American Express not supported : You currently cannot top up your account with an American Express card.

: You currently cannot top up your account with an American Express card. You have to use the App : There is no web interface for any of the banking features. You have to use the App for everything. This might not be a problem for the most of us, but I thought I mention it.

: There is no web interface for any of the banking features. You have to use the App for everything. This might not be a problem for the most of us, but I thought I mention it. Revolut determines the exchange rates : Officially Revoult says it will use the best possible exchange rates all the time. Most of the time I checked the rates were really good and nearly exactly the ones from the European Central Bank. If you are unsure you can check that for yourself here.

: Officially Revoult says it will use the best possible exchange rates all the time. Most of the time I checked the rates were really good and nearly exactly the ones from the European Central Bank. If you are unsure you can check that for yourself here. No refund of third party fees : Some banks might refund charged fees from ATM operators, Revolut doesn’t.

: Some banks might refund charged fees from ATM operators, Revolut doesn’t. Startup : You should keep in mind that Revolut is a pretty new player in the market. Although most services are currently free that might change in the future.

: You should keep in mind that Revolut is a pretty new player in the market. Although most services are currently free that might change in the future. No branches: Revolut is a pure internet bank, so it does not have any branches.

Benefits of a Premium/Metal subscription

Depending on your country that might be different (see Appendix). In the UK and in Germany the perks are the following:

Higher limits : 2x (3x for Metal) the withdrawal limit and unlimited foreign exchange.

: 2x (3x for Metal) the withdrawal limit and unlimited foreign exchange. Worldwide travel insurance : You get a medical insurance while abroad and a delayed baggage & delayed flight insurance.

: You get a medical insurance while abroad and a delayed baggage & delayed flight insurance. Free global express delivery : There won’t be any shipping costs for cards you order and they will be delivered with higher priority.

: There won’t be any shipping costs for cards you order and they will be delivered with higher priority. Priority customer support : The support will take care of your inquiries even faster.

: The support will take care of your inquiries even faster. Premium cards : There are some exclusive card designs you can choose from (see images).

: There are some exclusive card designs you can choose from (see images). Disposable virtual cards : You can set up disposable virtual credit cards in the app that will only be valid for one payment each. This is a nice security feature.

: You can set up disposable virtual credit cards in the app that will only be valid for one payment each. This is a nice security feature. LoungeKey pass access : You can order passes to access airport lounges that collaborate with the LoungeKey program. The first pass will be free. Some of the lounges are listed here.

: You can order passes to access airport lounges that collaborate with the LoungeKey program. The first pass will be free. Some of the lounges are listed here. Cashback (Metal only): You can get a cashback of 0.1% in Europe and 1% outside of Europe for all your spendings in any supported currency – including crypto currencies.

(Metal only): You can get a cashback of 0.1% in Europe and 1% outside of Europe for all your spendings in any supported currency – including crypto currencies. Concierge (Metal only): You have access to a 24/7 concierge service to help you book flights, do reservations and so on.

(Metal only): You have access to a 24/7 concierge service to help you book flights, do reservations and so on. Metal card (Metal only): You get a beautiful matte black, gold or rose gold full metal card.

Final thoughts

In conclusion I can very much recommend Revolut, as I use the card as my main card since 1.5 years now. I travelled with it to different countries across Europe and since today I never had any problem with it and I love the app with all it’s features. As soon as I could I activated the card in Google Pay and this is how I pay nearly everything since then. The only problem I have is that unfortunately some retailers still don’t accept contactless payment or credit cards in Germany, which is a shame.

You should consider signing up on Revolut, if you are interested in a bank alternative or just a really nice credit card, especially for traveling. Use my link to get your first card for free and a gift on top.

Thank you and have a nice day.

Chris

Appendix

Different pricing options for different currencies:

Pricing options in the UK.