Revolut Review 2021   

Revolut has in many ways lived up to its name and revolutionized online banking since its launch in 2015. The days of standing in line at a bank or an ATM are over. This sophisticated app makes life easier for more than 15 million users and 500,000 business in more than 30 countries and in multiple currencies.

Because it is so easy to open an account, fast to verify, and comes with a VISA bank card, online casino players, poker players, and sports bettors have signed up in droves.

Once you’re up and running, you can send and receive funds to other Revolut accounts in an instant, use the accompanying bank card for shopping and withdraw money from ATMs around the world at very low fees.

Worried about making ends meet at the end of the month? With the app you can monitor your budget and keep track of all spending from your account. It will even break it down into categories for you.

Not impressed yet, how does buying and selling cryptocurrencies sound? With this bad boy you can, and you can create several different IBANs for multiple currencies for when you travel. One of the nicest things about Revolut is that they are very transparent and there are no hidden fees, which is especially great for international money transfers.

Since Revolut launched in the UK in 2015 we will use GBP (£) throughout this review when we mention fees and charges, but keep in mind that these may vary depending on your jurisdiction.

How to open a Revolut account

All you need to get started is a mobile device with an internet connection. We know, signing up and registering for any new account can be a drag, which is why Revolut went out of their way to make the process as easy as possible. Just follow these simple steps:

  1. Download the Revolut app from the App Store or Play Store
  2. Open the app, enter your phone number and create a 4-digit pin (not the same as your phone’s)
  3. Revolut sends you a 6-digit pin for you to enter into the app
  4. Enter the usual stuff (name, mailing address, email, and SSN or ITIN (required by law for verification)
  5. Review and Agree to the cardholder agreement
  6. Top up your account with $20 to get your Revolut VISA card in a few business days.

So far, everything is FREE! The $20 deposit to get your bankcard is simply a collateral and as soon as you have ordered your card you can use your money however you see fit. Before you get your bankcard, you can still transfer money from an existing IBAN account with ease or have it topped up from another Revolut account instantly.

This is all included in the Basic Account, and once you have your bankcard you can withdraw up to $200 from ATMs every month without fees, but of course it does not end here.

Revolut Premium        

The Revolut Premium plan costs £6.99 per month and it comes with a whole bunch of nifty features and upgrades, especially if you enjoy travelling. Worldwide travel insurance with emergency coverage for medical and dental treatments is just one of many perks.

And if your flight is delayed or there are some issues with your luggage you could be eligible for compensation straight into your Revolut Premium account, and a free pass to the airport lounge for you and a travel companion.

When you sign up for this account you will receive credits for shopping and access to cryptocurrencies. Members of the plan can also spend, exchange, and transfer money without limits through the interbank exchange rates. There are also no limits on the conversion of the over 30 currencies the wallet supports.

You can withdraw up to £400 for free at ATMs. After that, there is a 2% fee with a minimum charge of £1. In the plan, there are also virtual cards available that are automatically cleared after every online transaction and then new cards can be used through the application.

There is purchase protection as well in the premium plan where you can receive up to £2,500 if something you bought is accidentally damaged or stolen.

Revolut Metal 

Revolut Metal is the highest plan with a monthly cost of £12.99. The name of the plan comes from the metal bankcard you will receive as part of the deal. Talk about flashy! On top of all the good stuff you get from the Premium Plan, you will get some truly insane benefits.

For example, get up to 1% cashback in any currency, including cryptocurrencies, and you can get refunded between £50 and £300 for items purchased if the retailer you bought from does not agree to take it back.

Globetrotters get even better service with a concierge to help with finding bookings for flights, hotels, and restaurants.

Withdraw up to £800 every month for free and receive up to £10,000 if something you bought is accidentally damaged or stolen. Use the Revolut Savings Vault to build up your savings with competitive interest rates, and with the Metal Plan you can create up to five junior accounts to teach your children how to deal with money.

You can upgrade a Basic Account to either Premium or Metal in an instant in the app.

revolut metal

Revolut Transfer Fees  

It is free to transfer money that is within the limit of your foreign exchange allowance. If you are a member of the Premium or Metal plan there is an unlimited foreign exchange allowance. If there is a cross-currency transfer that is higher than the foreign exchange allowance, then there is a 0.5% charge on the amount of that transfer.

It is also free to transfer money between Revolut users and to transfer to accounts that are not Revolut that are within the SEPA (Single Euro Payments Area) region. If there is a transfer that is outside of the SEPA region members will receive payments that have no fees but up to a set allowance.

If you are a Standard or Plus member you will not have an international payment allowance free of fees. Members of the Premium plan will get one international payment without a fee per month and Metal members will get three of them. Besides the aforementioned allowances, customers will be charged an international payment fee that is variable.

In terms of international transfers if they are in the local currency of the country sent to members that have gone over their allowance have a fee of 0.3% of the transfer amount. There is a minimum fee for this of £0.30 and the maximum one of £5.

If there is a transfer that is in a currency different from the country sent to there is a fee of £3 for the currencies of US Dollard, Great British Pounds, Euros, and Swiss Francs. For any other currency, the flat fee is £5.

Revolut Exchange Rates           

Revolut uses the interbank exchange rate, which is one that where the bank will change currencies with other ones. The rate used is real-time and because of this it is always constantly changing in the Revolut application as well as the website. The digital wallet gets its rates from third parties.

If you decide to exchange currencies Monday through Friday (DST) there is not any markup on the interbank exchange rate for any currency. The only exception to this is the Thai Baht (THB) and for that currency, there is a 1% markup. Also, you should be aware that any amount over $1000 US Dollars will have a 0.5% fee attached.

On Saturday and Sunday (DST) the rates that are given are fixed ones in order to get fluctuation protection. Also, for every currency, there is a 1% markup on the weekend and for the Thai Baht, there is a markup of 2%.

The interbank exchange rate is one that is always changing and because of this, the weekend locked-in rates may be different from those on Monday morning when the markets open.

One of the cool things about the Revolut application is that you can check out the current foreign exchange rate prior to the exchanging of currency or transferring funds to a bank using foreign exchange. Making a payment on a card or taking out money in a currency that Revolut does not support is possible, and they will give you the best rate available.

Other Fees at Revolut  

There are not too many other fees at Revolut but it also depends on the plan you have. The higher the plan you are in the more you will pay per month but the fewer fees you will have.

In terms of cryptocurrency exchange, the rate of exchange used does not include the Revolut fees. They will have a minimal fee for any cryptocurrency exchanges and you can see that fee on the Fees Page on the website. They will also show the fee charged in your application prior to making a crypto exchange. It will also be shown on your app after you finish the exchange in the details of the transaction completed.

If you are a member of the Premium or Metal plan you have the ability to come up with an amount of monthly free of charge cryptocurrency exchanges, commodities exchanges, and foreign currency exchanges. After you surpass that set amount there will be a usage fee you will have to pay. The amount that is set is dependent on the base currency that you use. This is a fair-usage fee is on top of any fees for cryptocurrencies.

When it comes to no ATM fees using the Revolut card they are:

  • Standard Plan – £200 per month or 5x withdrawal limit
  • Plus Plan – £200 per month
  • Premium Plan – £400 per month limit
  • Metal Plan – £800 per month limit

Is Revolut Safe and Secure?     

The app itself is as safe as Fort Knox, the problem is inevitably the user. Revolut transactions are military-grade encrypted and a small army of security staff monitor all activities around the clock. Make sure you never share your app’s PIN with anyone and do not open emails unless you know they are from Revolut. As far the app goes, here are some of the many built in security features:

  • Fingerprint ID – You have the option to use your fingerprint to log in to your Revolut account on the mobile app. We recommend this to all who find it hard to remember PIN numbers.
  • Customized Features – You can block and unblock all your Revolut bankcards in the app without having to call support. Both actions are instant. This greatly protects you if your card is lost or stolen.
  • Virtual Cards – Besides the physical card you will receive, depending on what plan you sign up for, you can also use virtual cards that are disposed after a single transaction. Great for limiting your shopping, but not for depositing into an online casino account since you will be asked to withdraw to the same card used for the deposit.
  • Sherlock Anti-Fraud System – This is a unique program in the app that alerts staff in real-time of any fraudulent-looking activity. Suspicious activities raise red flags and your account may be suspended temporarily for your own protection.

The latest 3D Secure Feature is currently rolling out to all users. This latest safety measure notifies you whenever someone is using your account or card to purchase something online. You will be prompted to log into the app and approve the transaction.

Revolut Summary        

Overall, Revolut has enjoyed massive growth in the eWallet industry since launching in 2015 and is gradually moving into to the realm of online banking. It offers customers a ton of features through its mobile app and there is so much you can do with it besides making purchases and transferring money.

It could not be any easier to open a Revolut account and to top it off, they not only offer low fees and competitive exchange rates, but also the possibility to buy and sell cryptocurrency, and the vault can truly help you with your savings.

The app is fantastic for when you are travelling or simply enjoy living abroad as an expat. Revolut’s bank cards can be used in ATMs around the world, and you can rest assured that all your transactions are safe and secure.