Risk Warning: Your Capital is at Risk.
Revolut is an online banking service renowned for industry-standard currency exchange rates and practical benefits for international clients. Revolut gained popularity in the EU and UK and has recently arrived in the US.
The company offers various services from cryptocurrency trading to financial analytics in a savings account.
This review explains what banking and trading services Revolut offers, what account types you can choose from, and what fees you can expect.
Read on to find out how to register a free account, what’s included in the free plan, and how Revolut compares with competitors like Monzo and Transferwise.
Important: US and UK customers are subject to different offers, as highlighted throughout this review.
Revolut’s range of services is broad. The company’s primary service is banking — users can fund their account and spend that money online or in brick-and-mortar stores.
At present, Revolut operates in over 35 countries, primarily in Europe. As of 2020, the company also began to offer services to US customers.
International currency transfers are cheaper with Revolut are at the standard interbank exchange rates. They also include travel, baggage, and health insurance in some of their premium plans.
Revolut has recently announced a new partnership with F.C Copenhagen as a sponsored sports team.
There are six account types offered by Revolut which we compare side-by-side — these are Standard, Plus, Premium, Metal, Business, and Junior.
The app has several functions, including financial analytics, an automatic savings feature, and trading. Revolut users can also trade stocks, commodities (gold and silver), and ten different cryptocurrencies (two for US customers).
Please Note: Availability subject to regulations. Cryptocurrency CFDs are not available to UK retail traders.
Pros & Cons of Revolut
|Free account with $/£200 no-fee withdrawals per month||High crypto (1.5%) and commodity (2.5%) markups with the standard account|
|Ten cryptocurrencies available to trade||Limited availability outside Europe and the US|
|In-app stock and commodity trading||Cashback is limited to Metal card holders|
|Priority customer support for only $\£2.99 per month||Standard and Plus account holders must pay a delivery fee to receive a physical card|
|Six different account types to choose from|
What Do You Get With The Free Revolut Card?
The standard account with Revolut is free. As a free account holder, you receive the following perks from Revolut:
- Personal current account (Cash account)
- International IBAN account
- Free ATM withdrawals up to $/£200 per month
- Ability to open one Revolut Junior account
- Spend over 150 currencies worldwide at the interbank exchange rate
- No-fee currency exchange in 30 fiat currencies up to $/£1000 per month (28 fiat currencies for US customers)
The only fee standard account holders are required to pay is the shipping cost to have the Revolut card delivered to a home address.
See how the free account compares to additional perks of the Plus, Premium, and Metal accounts.
Revolut’s Banking Services
Rather than a broker, Revolut is primarily seen as a bank. The company holds an EU banking license granted by the European Central Bank and has also applied to receive a UK banking license in 2021.
That said, the mobile application is designed to be more than a fund-and-spend platform. The main features include:
- Current and international accounts
- International currency transfer in 30 fiat currencies (28 for US customers)
- Financial analytics and automatic saving pre-sets
- Various insurances with premium accounts
Current and IBAN Account
Revolut’s cash current account allows you to pay others and be paid by them in turn. The cash account is suitable for domestic bank transfers in your country of origin, though funds can be spent abroad in over 150 currencies.
Spending abroad is charged interbank exchange rates by Revolut.
Users also get an International Bank Account Number (IBAN), allowing them to send and receive funds from different currency accounts internationally.
International Currency Transfer
There are a total of 30 fiat currencies (28 for US customers) between which Revolut clients can exchange money.
With the free account, the no-fee limit to exchange currencies is $/£1,000 each month.
- AED – United Arab Emirates Dirham
- AUD – Australian Dollar
- BGN – Bulgarian Lev
- CAD – Canadian Dollar
- CHF – Swiss Franc
- CZK – Czech Koruna
- DKK – Danish Krone
- EUR – Euro
- HKD – Hong Kong Dollar
- HRK – Croatian Kuna
- HUF – Hungarian Forint
- ILS – Israeli New Shekel
- ISK – Icelandic Krona
- JPY – Japanese Yen
- MAD – Moroccan Dirham
- MXN – Mexican Peso
- NOK – Norwegian Krone
- NZD – New Zealand Dollar
- PLN – Polish Zloty
- QAR – Qatari Rial
- RON – Romanian Leu
- RSD – Serbian Dinar
- RUB – Russian Rouble
- SAR – Saudi Riyal
- SEK – Swedish Krona
- SGD – Singapore Dollar
- THB – Thai Baht
- TRY – Turkish Lira
- USD – US Dollar
- ZAR – South African Rand
Interbank exchange rates apply to all fiat currencies.
Financial Analytics & Auto-Saving
One of Revolut’s analytics features is expenditure tracking via categories. When you spend money from your account, Revolut places each outgoing transaction in a category you can track.
You can also create a budget plan where you can set daily, weekly, and monthly spending limits on particular types of expenses.
When you exceed your pre-set budget plan or overspend in a category, the Revolut app will send you a notification, if you choose to make use of that setting.
Revolut Vaults For Incremental Savings
The vault feature allows you to set automatic incremental savings towards a particular goal.
This is how the vault functionality works in the Revolut mobile app:
- Click the blue button labeld + Create Vault button under the Wealth tab (second tab from the left)
- Choose the type of vault
- Savings vault — this will earn you 0.2% annual interest on GBP and 0.4% on USD
- Personal vault — save any asset, including cryptocurrencies, commodities, or cash
- Group vault — a shared vault with other Revolut users
- Set up and customize your vault
- Start saving
Based on the type of vault you create, you set a savings target, a deadline, and pre-set rules for how much and how often Revolut may deposit value into that vault
You can personalize your vaults with custom titles and images to visually manage different savings groups.
Insurance With Premium Accounts
Given the benefits offered to frequent travelers, Revolut includes various types of insurance with paid account types. These are:
- Discounted device insurance
- Overseas medical insurance
- Delayed bag and flight insurance
Revolut is licensed by the Financial Conduct Authority (FCA) to legally distribute such insurance perks under the FCA license number 780586.
To see how account types differ, jump to the comparison between Standard, Plus, Premium, and Metal accounts.
Trading With Revolut
Aside from on-the-go banking, Revolut has an entire section dedicated to trading. You can find the Wealth section in the second tab from the left of the lower mobile menu.
Revolut traders are presented with choices to trade stocks, commodities, and ten cryptocurrencies (two for US customers).
Please Note: Availability subject to regulations. Cryptocurrency CFDs are not available to UK retail traders.
Asset watchlists and favorites lists can be created by marking assets with the star (“✰”) in the upper right corner. Price alerts for an asset can be turned on by clicking the bell icon.
Important: Revolut stock and commodity trading is not available to US clients.
Commission-Free Stock Trading
The Revolut app lists over 400 stocks for traders. When you enter the stock trading screen, you’re presented with a risk warning and a four-slide mini-tutorial on how the stock trading feature works.
The minimum trade amount for stocks is $/£1.
Stock categories on the main trading screen are split into three sections:
- Popular Stocks This Week
- Collections (e.g. Newly added, 50 most popular stocks, as well as sub-categories like energy, technology, and basic commodities)
- Discover All Stocks
All stocks traded on Revolut are commission-free.
Commodity Trading From $1
There are only two commodities available on Revolut’s trader. These are gold and silver.
The trading dashboard presents your total commodity balance with an Invest button where you can find the two tradable commodities. When you select either silver or gold, you’re presented with an asset screen that shows you a:
- Live price chart of the commodity (either candlestick or line graph)
- News related to the commodity
- Your prior transactions of the commodity
If you want to buy or sell the asset, you can find the corresponding buttons at the bottom of the screen.
While there are no chart analytics tools available, the price history can be viewed in daily, weekly, monthly, three-monthly, six-monthly, and yearly increments.
Built-In Cryptocurrency Exchange
Alongside the ten cryptocurrencies for EU and UK customers and two cryptocurrencies for US clients, Revolut’s crypto exchange offers two distinct features where traders can:
- Buy, sell, or exchange ten different crypto coins
- Set up a Recurring buy where selected cryptocurrencies are automatically bought based on US dollar value
Recurring buys are a unique feature only available with Revolut’s crypto markets.
The trading screen is the same as that of commodities like gold and silver containing a price chart, past transactions, and the option to add cryptocurrencies to watchlists and set custom price alerts.
Account Types Compared
While Revolut offers a total of six account types, two of these are separate from the main tiers.
Business accounts and Junior accounts are to be applied for separately, while the main Revolut account tiers are Standard, Plus, Premium, and Metal.
Revolut Plus is NOT available for US customers.
Here’s a comparison of everyday features of the latter four :
|Price||Free||£2.99/mo||£6.99/mo (UK) or $9.99/mo (US)||£12.99/mo (UK) or $16.99/mo (US)|
|Free UK Current & IBAN Accounts*||✅||✅||✅||✅|
|No-Fee ATM Withdrawals||£200/mo (UK) or $300/mo (US)||£200/mo||£400/mo (UK) or $600/mo (US)||£800/mo (UK) or $1,200/mo (US)|
|Custom Card Designs||❌||✅||✅||✅|
|Cashback On Card Payments||❌||❌||❌||✅|
|Free Card Delivery||❌||❌||✅||✅|
|Priority Customer Support||❌||✅||✅||✅|
|Revolut Junior Accounts||1 child||2 children||2 children||5 children|
|Junior Account Customization||❌||✅||✅||✅|
|Earn Interest On Savings||0.15% (US only)||Up to 0.4%||0.28% (US) or Up to 0.5% (UK)||0.28% (US) or Up to 0.65% (UK)|
|Crypto Exchange Markup*||2.5%||2.5%||1.5%||1.5%|
|Commodity Exchange Markup*||1.5%||1.5%||0.25%||0.25%|
|*Does NOT apply to US customers|
Alongside the above offers, Revolut also has insurance and protective cover in place, depending on the account type held:
|Theft & Accident Cover (Up to 365 days)*||❌||Up to £1,000/yr||Up to £2,500/yr||Up to £10,000/yr|
|Event Ticket Cover (Up to £1,000/yr)*||❌||✅||✅||✅|
|Returns Cover (Up to 90-days)*||❌||✅||✅||✅|
|Disposable Virtual Cards||❌||❌||✅||✅|
|20% Off Device Insurance*||❌||❌||✅||✅|
|Interbank Rates On 150+ Currencies||✅||✅||✅||✅|
|No-Fee Exchange||Up to £1,000/mo (UK) or $1,000/mo (US)||Up to £1,000/mo||Unlimited (UK and US)||Unlimited (UK and US)|
|Overseas Medical Cover||❌||❌||✅||✅|
|Delayed Flight & Bag Cover*||❌||❌||✅||✅|
|Free Lounge Access||❌||❌||1 friend||3 friends|
|Car Hire Excess||❌||❌||❌||✅|
*Does NOT apply to US customers
Revolut Business Account
Alongside the features offered to Standard Revolut account holders, Business account holders receive:
- Automated expense tracking
- Free transfers between other Revolut Business accounts
- Team spend management for a group of Business account holders
- Subscription management (e.g. Facebook ads, Google ads)
- Built-in anti-fraud system
- Accounting software integrations (e.g. Xero, Clearbooks, Quickbooks)
- Project management software integrations (e.g. Slack, Zapier)
- Discounts from partner services (e.g. Apple, Adobe, Google, Deliveroo, Amazon)
- 24/7 priority support
The basic requirement to open a business account is to have a company in the EU, UK, or Switzerland. Revolut defines companies as:
- Sole traders and freelancers
- Private limited companies
- Public companies
- Other partnerships
Revolut Junior Banking for Youngsters
The Revolut Junior account is designed to provide top-up cards for youth, controlled by a guardian.
Standard account holders are eligible for one junior account with no customization features.
Plus, Premium, and Metal account holders can create various custom pre-sets on a Junior account, like:
- Instant spend alerts
- Controls over what the junior cardholder can and can’t pay for
- Ability to freeze the account
- Custom Revolut Junior app with money-management tools designed for kids
- Custom card designs
- Tasks and goal setting based on financial thresholds
Plus and Premium account holders may open two Junior accounts, while Metal cardholders can open five.
How to Set Up a Revolut Account
You can open a Revolut account in minutes, without the time-consuming procedure of a conventional bank. Users can register and be approved directly on mobile.
To register an account, Revolut requires the following information:
- Full name
- Date of birth
- Residential address
- Mobile number
- E-mail address
Once these essentials are provided, you need to verify your account.
How to Verify & Top-Up Your Account
To verify your Revolut account, you need two distinct types of documentation:
- Proof of identity (e.g. passport or driver’s license)
- Proof of address (e.g. utility bill, bank statement)
The process is completed digitally and can be done from mobile devices. Revolut states that accounts can be opened within minutes, but could take up to five days.
Standard Revolut Fees
The following fees are based on charges you may incur as a standard account holder. Plus, Premium, and Metal cardholders may have additional charges or exempt from some.
|Replacement Cards||£5 (or currency equivalent)|
|Custom Card Design||£5 (or currency equivalent)|
|Special Edition Card||Varies based on edition|
|ATM Withdrawals||2% after the first £200 (or currency equivalent)|
|Payments Outside SEPA Region||£0.5 per transaction (or currency equivalent)|
|SWIFT Payments||£3 for USD transactions, £5 for other currency transactions|
|Standard Currency Exchange||0.5% after £1,000 limit (or currency equivalent)|
|Weekday Exchange Fees||THB & UAH - 1.0%, Cryptocurrencies - 2.5%, Precious Metals - 1.5%|
|Weekend Exchange Fees||Fiat Currencies - 1.0%, TBH & UAH - 2.0%, Cryptocurrencies - 2.5%, Precious Metals - 2.25%|
See this account comparison to find out how account types differ, or head over to www.Revolut.com to learn more about applicable fees to the account type you’re interested in.
Can I Trust Revolut?
Revolut holds a European Banking License as granted by the European Central Bank. The company is registered as Revolut Ltd in England and Wales under company no. 8804411.
Current account holders’ funds with Revolut are protected by the European Deposit Insurance Scheme (EDIS) up to €100,000.
As a marketer of insurance under the Plus, Premium, and Metal plans, Revolut is also regulated by the Financial Conduct Authority (FCA) in the UK, under license no. 900562.
Under the FCA, Revolut has operated as an e-money institution in the UK until now. As of January 2021, Revolut applied for a UK Banking License and the filing is underway.
Should the Bank of England approve Revolut’s application, customers will also receive protection under the Financial Services Compensation Scheme (FSCS).
Revolut vs Transferwise vs Monzo
When it comes to travel bank cards, you have plenty of options and Revolut is just one of them.
We took the bare-bones information we consider important from TransferWise and Monzo’s equivalent standard travel accounts to compare what you get when opening the lowest-tier account:
|Account Opening Fee||Free||Free||Free|
|Monthly Membership Fee/strong>||Free||Free||Free|
|No-Fee ATM Withdrawals Abroad||Up to £200 limit||Up to £200 limit||Up to £200 limit|
|ATM Withdrawal Fees||2% (after no-fee limit)||3% (after no-fee limit)||2% (after no-fee limit)|
|SWIFT Transfer Commission||£3 for USD transactions, £5 for other currency transactions||Unavailable in-app (possible via TransferWise)||0.35% to 2.85% (depends on currency)|
|Card Delivery Fee||£5 standard, £19.99 express||Free||Free|
|Paid Plans & Others||Plus (£2.99), Premium (£6.99), Metal (£12.99), Business (Free), Junior (Free)||Plus (£5), Premium (£15), Monzo 16 - 17 (Free), Business, (Free) Joint (Free)||Business (Free)|
Is Revolut a real bank?
In technical terms, Revolut operates as an e-money institution in the UK, where the company is also registered. Revolut has applied for a UK Banking License from the Bank of England in 2021, which if approved, will officially name Revolut a UK bank. In the meantime, Revolut holds a European Banking License as issued by the European Central Bank.
Is Revolut for free?
Revolut’s standard account can be created free of charge. The only fee customers are required to pay is the card delivery fee, priced at £5 for standard and £19.99 for express deliveries. The free account has several benefits, like free ATM withdrawals abroad up to £200 or currency equivalent.
Where can I use Revolut?
As a Revolut account holder, you may use Revolut in over 150 countries. You can also exchange at interbank rates between 30 currencies (28 for US customers). Revolut also offers SWIFT transfers to other international bank accounts at a rate of £3 for USD transactions and £5 for other foreign currency transactions.
What are Revolut’s conversion fees?
There are several fee structures that Revolut account holders are subject to, based on the account type held. The standard currency exchange fee following the initial £1,000 (or currency equivalent allowance) is 0.5%. However, weekday and weekend exchange rates differ for exchanging funds to other assets, including the currencies THB and UAH. See the full list of Standard Revolut account fees.
How does Revolut verify the source of funds?
When topping up larger sums of money to your Revolut account, the company may ask for verification of funds. This can range from payslips, proof-of-savings, asset sale documentation, loan contracts, or even inheritance wills. When Revolut asks you to verify your funds’ source, you need to provide the exact sum received with its origin. Then, you need to upload the required documentation proving it.
Is Revolut a Visa or Mastercard?
Before a significant expansion of services, Revolut issued Mastercard cards exclusively. Since the company’s emergence in over 20 new European regions, the Revolut team also partnered up with Mastercard’s rival, Visa. Now, Revolut offers customers both Mastercard and Visa cards.
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