Are you considering Revolut, and want some more reviews? You’re at the right place, since I am a huge fan of Revolut and use it everyday, and here is my honest-to-god-review.
Revolut; One of the two biggest, digital-only banks on the scene right now. In terms of services, they are available in 30 countries: Australia, Austria, Belgium, Bulgaria, Canada, 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, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, the United Kingdom and the United States.
But! Before we go any further, what more can one say about Revolut? I’ll let their own website be the spokesperson: ‘Revolut Ltd is a UK financial technology company that offers banking services including a prepaid debit card, fee free currency exchange, commission free stock trading, cryptocurrency exchange and peer-to-peer payments.’ It’s an app bank and hence does not have a web application; it only works on the mobile.
Why did I start using Revolut? Pure convenience, which is the biggest plus point for any 21st Century user. I get ApplePay in-app self transfers within seconds and that alone is honestly such a positive.
Since I have been using this service for so long, I feel like I’m equipped to give you both sides of the story. Choosing a bank is no easy feat, but hopefully this blog will answer some of your questions and quell some of your inhibitions.
So without further delay, shall we begin?
Plans and Fees
Compared to your traditional bank, digital banks are always a much cheaper alternative. They are overall a holistic utility but their biggest plus point is the little fees on international currency payments, inexpensive money transfers and free ATM withdrawals. However, of course, Revolut have their own specifications and terms in regards to what they offer. The following table will give you the details of their Free Plan in one look:
|ATM withdrawals abroad||0% on the first €200/month, 2% after crossing that limit.|
|Commission on card transactions in a foreign currency||0-2% on the first €6,000, 2% after crossing that limit.|
|International money transfers||0-2% on the first €6,000, 2% after crossing that limit.|
|Card Delivery Fee||Standard: €5.50/£4.99Express: €19.99|
|Card Delivery Speed||Standard: Up to 9 business daysExpress: 3 business days for the United Kingdom, United States, Australia and Canada. 4 business days for other countries.|
But a free plan is just the tip of the iceberg. Let’s dive deeper on what other plans they have to offer:
- Standard at €0/month, with free UK and euro IBAN bank accounts, no withdrawal fee up to €200 and no currency exchange fee up to €6,000/month.
- Premium at €7.99/month, with free UK and euro IBAN bank accounts, no withdrawal fee up to €200, no currency exchange fee up to €6,000/month, money transfers within 2 days, medical and travel insurance, priority support, 5 different cryptocurrency access, virtual cards and no currency exchange fee of any amount.
- Metal at €13.99/month, with free UK and euro IBAN bank accounts, no withdrawal fee up to €200, no currency exchange fee up to €6,000/month, medical and travel insurance, priority support, 5 different cryptocurrency access, virtual cards, no currency exchange fee of any amount, 0.1% cashback in Europe and 1% cashback outside Europe on card purchases and an exclusive concierge service.
- Business tailored for your needs; alongside all the benefits listed above, this plan also instantly transfers money to any other Revolut account free of cost, schedules batch payments, tracks expenses on each employee’s prepaid card, integrates XERO, Slack and Zapier, and has an open API for easy assimilation.
Sounds pretty good right? This will sound even better; Revolut offers a wide array of free services:
- Online banking; which includes financial planning and budgeting, money statistics, recurring payments, push notifications and support. However, this is based on you prepaying into your Revolut account
- Adding money to your account (the exception being if it comes from a commercial card or a card that is not issued by the EEA/European Economic Area).
- Issuing your first Revolut card, exclusive of delivery charges.
- Issuing your first virtual card.
- ATM withdrawals up to €200/month.
- Transferring money to other Revolut users.
But! With the good comes the bad, and so there must be services that you must pay for. These are the ones:
- 2% of the amount withdrawn after crossing the first €200/month limit.
- €6 for Turbo transfers.
- Charges for payments to accounts that are not held in Revolut, depending on which bank.
- 0.5-2% commission fee of the total amount on some currency exchanges.
- Charges to top-up account with a debit or credit card.
- €6 to replace cards.
- Delivery charges; €5.50 for standard delivery, €19.99 for express delivery.
When it comes to spending, Revolut offers it in 150 currencies in interbank rates. It is free for the first £5,000/month, with a 0.5% free after crossing that limit.
Interested in cryptocurrencies? Revolut has got them! Namely:
- Bitcoin Cash
Topping Up Your Account
All bank accounts start with putting money in them, so knowing how services allow topping up your account is vital when thinking about where to invest in. This is what you need to know:
|Funds top-up method||Bank transferDebit CardCredit Card|
|Local unique personal account details availability||GBP (for British residents)NOK (for Norwegian residents),PLN (for Polish residents),EUR (for residents in the Eurozone)|
|Multi-currency balance||CHF, GBP, EUR, AED, AUD, BGN, CAD, CZK, DKK, HKD, HRK, HUF, ILS, JPY, MAD, MXN, NOK, NZD, PLN, QAR, RON, RUB, SAR, SEK, SEK, SGD, THB, TRY, USD, ZAR|
|Direct debit currencies||EUR|
|Interests on savings||No interest on balance|
|Joint account availability||No|
Ways to Send Money
There are two options available to do this:
- Revolut to Bank
- Revolut to Revolut
Transferring money to a UK bank account typically takes 1-2 business days. However, depending on the recipient’s bank, it may be 3-5 days.
Turbo-boost is also something Revolut offers and the speed can increase up to 5 times! • Standard users will have to pay a fee, but this service is free for Premium and Metal members.
If you are looking to transfer money internationally, Revolut lets you transfer to 29 currencies with a 0.5% fee for anything above a set limit, plus a flat markup on weekends and in certain currencies.
Service Coverage and Customer Satisfaction
To reiterate, N26 is available in the following 30 countries:
Australia, 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, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland and the United Kingdom.
They also have a waiting list for the United States and Canada.
They support the following languages:
Yes, that is indeed a lot.
But it is warranted when you have a whole 3.9 million users! Revolut offers a 24 hour, in-app live chat as a customer support channel, and the languages it supports are only English and Polish. Their TrustPilot review score, as of this date, is a good 8.9 out of 10.
App Features and Reviews
|Google Play Store review score||4.9/5|
|Apple App Store review score||4.9/5|
|Card Freeze from the App||Yes|
|Automatic Spending Categorization||Yes|
|Spending Insights||Offers insights by breaking down spending by category, merchant, country and month.|
|Saving Goals||Vaults feature; set budgets in app and store money away in a metaphorical vault.|
|Visualizations||Insights shown through graphs, including daily breakdowns of when you have spent most and least money.|
Everyone likes special little treats and bank users are no different! Revolut offers the following incentives:
- Prepaid Visa or MasterCard
- Disposable digital cards
- Buying cryptocurrency
- Access to airport lounges
- Concierge service
- Track employee spending
- Open API for integration
- Schedule batch payments
- Integrate XERO, Slack and Zapier
What I Like & What I Don’t
Here comes the opinion part of this blog; my personal likes and dislikes in regards to Revolut. Keep in mind that this is according to my needs and uses. You may end up having a different experience.
What I like:
- I have the ability to immediately add money from my European account to my Revolut account. This is because of their Apple Pay feature.
- I have two currencies available for use. So, when I go to the UK, I can pay with my pounds account.
- Revolut offers money transfers in 29 different currencies.
- I can very easily schedule my payments every month.
- Cash withdrawal is free, though until the €300 limit. You do get charged after crossing that.
- There was no country requirement; anyone could use Revolut’s app if they are a legal resident of the countries the company has listed.
What I don’t like:
- It only has a mobile app. It would be great to have a web app; sometimes I want to dive deeper into my spending and access it on my laptop.
- Receiving money from other banks takes more than 3 days.
- Since it is not a proper bank, funds are not protected by Deposit Protection Scheme.
Somehow revolut has not been able to give good support. I am happy with it but there are outliers. I’ve got my response 24/7 anytime. However, I found these comments on Facebook, which was shocking.
Another one just below it.
I’d definitely still suggest to have Revolut bank account and card, but use it as a secondary bank. I also assume that their paid cards have better services.
And that’s that! Does this help? If yes: