Revolut Review 2021

Established in 2015, Revolut is a digital bank that initially started as a travel card, offering very low exchange rates. It is one of the fastest-growing digital banks offering a wide range of new features. Revolut UK is an excellent choice, especially for those who are mostly traveling. However, it does not function fully as a bank in the United Kingdom.

What Is Revolut?

Revolut is a popular banking app that also works as a payment card. It acts as an alternative to the traditional banking system, and its main objective is to adapt to the client’s needs, giving them full control.

Revolut is designed to suit a global lifestyle, providing the financial flexibility that regular banks fail to offer. Regular customers and businesses can open bank accounts as Revolut offers global spending along with international money transfers without charging any hidden fees.

However, it is important to note that Revolut is not a wallet, and hence, it does not store any funds on its platform. It extends this option of storing funds to Lloyds and Barclays as Revolut does not have deposit protection.

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Revolut Summary

Headquarters London, England
Found in 2015
Native Token None
Listed Cryptocurrency 40+
Trading Pairs
Supported Fiat Currencies 30+
Supported Countries European Economic Area (EEA), Australia, Singapore, Switzerland, Japan, & United States
Minimum Deposit $0
Deposit Fees Free
Transaction Fees Depends on Type of Plan
Withdrawal Fees Depends on Type of Plan
Application Yes
Customer Support Live Chat and Phone Support

How Does Revolut Work?

Revolut works as a digital banking alternative to the traditional banking system. The platform allows users to set up a current account without any paperwork. Users can order virtual or physical cards on the website. These cards are prepaid contactless Visa cards that can be used anywhere in the world.

The Revolut account is maintained through the app that can be downloaded free of cost on any iPad or smartphone device. The app is extremely straightforward to use and well-designed. Revolut also offers an Apple Watch application that displays notifications on the face of the watch. The same is available on smartphones. To set up the smartphone app, users need to provide either face/fingerprint recognition or a four-digit password. 

What Can You Do With Revolut?

The Revolut trading app is easy to navigate, simple and streamlined. Users using Revolut can perform the following:–

UK Current Account

If users have their UK account numbers and sort codes, they can use their recurring payments, withdraw cash at the ATMs, use Google Pay and Apple Pay, and make contactless payments.

International Payments

The app allows users to transfer money free of cost in over 30 fiat currencies at the interbank exchange rates. These rates are similar to the ones that banks give each other.

Free Global Spending

Users do not pay any extra fees for spending abroad, but only the interbank rate which is the only fee customers have to pay.

Hold Several Currencies

Users can maintain a balance on the app that supports 30 different currencies.

Pay Your Friends

Users can pay their friends with ease or use the split bill option available on the platform to divide spending among the group members.

View Your Spending Habits

The analytics feature on the platform can be used to view the spending, and users can sort their spending by country, merchant, or type of transaction.

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Freeze Card and Set Spending Limit

If the Revolut card is lost, users can freeze it and then again unfreeze it once it is found. Users can also enable additional security and set monthly spending limits on the card.

Save Money and Buy Cryptocurrency

Users can keep their money aside on Revolut Vaults through regular payments. Though Revolut does not pay any interest on the savings, it can help develop short-term saving goals. Users can also set up Group Vaults with their friends and family to save for a shared purpose, like a holiday.

Add Medical Insurance and Device Insurance

Users can add their medical and device insurance on the Revolut platform with the touch of a button. They can also insure mobile phones against accidental damage with the premium accounts on the Revolut platform.

Key Features of Revolut

Revolut has additional features available on its platform, and a few of them have been mentioned below:-

Spending Analytics

Users can view weekly insights into their spending along with the categorization functionality.

Set Monthly Expenditure Budget

Users have complete control over their spending and can set their monthly spending budget.

Instant Notifications

Revolut sends instant alerts and notifications for transactions in and out of the account.

Managing Finance

Users can connect with other banks by using the Open Banking option and track all their money balances in a single place.

Split Bills

Revolut helps in splitting bills easily with friends and family.

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Save Funds

Revolut promises to give rewards and cashback to their exclusive customers while making purchases with Revolut cards.

Send Money Abroad

Users can send money abroad in 30 currencies by using the Interbank Exchange Rate. They usually charge a fee of 0.5% for balances over £1,000.

Earn Interest on Saving

Revolut users can hold funds in their vaults and earn interest on their balances.

Fee Free Spending Abroad

With Revolut, one can spend money abroad without worrying about any hidden charges. However, certain limits apply.

Round Up the Spare Change

Users can save while they spend with the additional round-up feature.

Pockets

There are pockets available on the platform in which users can sort their subscriptions and bills so that Revolut can move out the money from the account on payday and pay the bills from its pocket. So, there is no need to worry about missing a payment.

Google/Apple Pay

Users can also pay using their phone’s Google Pay and Apple Pay apps.

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Product & Services Offered by Revolut

Revolut offers several products and services on its platforms. Here are a few products Revolut account holders can enjoy:-

  • Current Account
  • Junior Account 
  • Business Multi-currency Account 
  • Debit Card
  • Virtual Card
  • Saving Vaults
  • Overseas Medical and Device Insurance
  • Revolut Application
  • Banking Transfer Services
  • Cryptocurrency and Fiat Currency Exchange Services
  • Payment and Exchange Services
  • International Transfers

Revolut Review: Pros and Cons

Pros Cons
Multiple currencies current account. Limited free cash withdrawals.
The card can be used abroad without additional fees. No live customer support through telephone.
User-friendly platform. No check or cash deposit.
Travel and medical insurance are available at competitive prices.  
24-hour customer service.  

Revolut Sign Up Process

To start using the excellent features on the Revolut platform, follow the steps mentioned below:–

  • Go to Google Play Store or App Store and download the Revolut application.
  • On the Revolut Login page, enter the details, including name, home address, email address, and date of birth.
  • Verify the personal and bank details, including the phone number via the app with an ID card or passport.
  • It usually takes 3 to 5 business days to receive the Revolut card once the account gets verified and approved.
  • Users can start using the app through Apple Pay or Google Pay before the card arrives.

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Types of Revolut Account

Revolut offers European IBAN or UK current accounts for free without any address proof or credit check. With these accounts, users can hold and exchange in 30 currencies.

The Standard Account is a basic Revolut account that delivers free bank transfers in 30 different currencies, interbank FX rates, and €200 or £200 free ATM withdrawal every month.

The Premium Account costs £6.99 per month with similar facilities and increased withdrawal limits of €400 or £400. This account also offers free turbo transfers, unlimited FX volumes, free overseas medical insurance, delayed baggage and flight insurance, instant access, exclusive premium plans, and disposable virtual cards. Revolut Premium Account holders also get a 14% discount on the fees if they pay upfront.

The Metal Account is brand new and it costs £12.99 per month with a further increase in the ATM withdrawal to €600 or £600. Additionally, this card also offers a free exclusive Metal card, concierge service, and access to additional and special offers. Users using the Metal Account get a 23% discount for paying upfront. The cards weigh 18 grams and are made of a single reinforced steel sheet. The concierge services include several services at home and even abroad, along with hotel reservations, flight bookings, exclusive events, and many more. Click here to know more about the pricing structure of various Revolut accounts.

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Revolut Fees, Limits, & Pricing

Standard account on Revolut comes with the following fees and limits:– 

Weekend Markups on Foreign Exchanges

Users making currency exchanges on weekends will be charged a markup due to fluctuations in the interbank rates. So, the rate on Friday will not be the same on Monday. This markup fee ranges from 0.5% to 1%, depending on the currency.

Bank Transfers

Users can transfer money in 30 fiat currencies, without any fee, at the interbank rate. However, Revolut charges 0.5% for transfers above £5,000 a month.

Withdrawal Fees

Users can withdraw cash fee-free up to £200 per month. Any withdrawal above this limit will be charged a 2% fee.

Revolut Rewards

Revolut Rewards is another excellent feature on the platform that allows users to earn discounts and cashback from the top-most brands and retailers such as Nike, Starbucks, Asos, Booking.com, and many more. Users can save when they shop with Revolut cards and get insider offers. The cash-backs are effortlessly sent straight to the user’s bank account. To start enjoying the Revolut Rewards, all users have to do is open their app and go to Rewards. Choose the offers and tap through them on the offer page to get more information. However, it is important to read the Terms and Conditions to make the most out of these Rewards. 

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Revolut App

Revolut mobile app offers several on-the-go products and services. The Home page on the app is divided into five sections:–

  • Accounts
  • Cards
  • Linked accounts
  • Pockets
  • Junior account

The Wealth page allows users to manage their investments and check their wealth growth. It is again divided into three sections:–

  • Stocks
  • Cryptocurrency
  • Vaults
  • Commodities

The Payments page in the app allows users to send money to and from their bank accounts through bank transfers and payment links, set up monthly bills, pay contacts, and split bills among friends and family.

The Rewards page enables users to earn cashback and rewards when they make purchases from certain retailers like Nike, Starbucks, Booking.com, etc. The Hub section shows the Revolut plan users are currently signed up for. It also allows them to invite friends to the app and customize their dashboards with the widgets given below:–

  • Donations
  • Insurance
  • Gifts
  • Lounges and SmartDelay
  • Business

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Revolut Card

One of the best innovations of Revolut is the Revolut card. Users can use this card to make contactless purchases anywhere in the world without paying any hidden fees. Purchases can be made in 30 currencies without relying on exchanges or brokers who offer unreasonable exchange rates. Additionally, it becomes easier to buy, exchange, or hold cryptocurrencies with the Revolut card. Users can swap Bitcoin, Ethereum, and Litecoin with any of the 30 currencies at the best cryptocurrency exchange rates. Revolut cards are either Visa and Mastercard, but this is given out at random. Though users cannot pick according to their preference, they can choose the design and color of the cards from rose gold to grey. But this is available only on Premium cards. 

Revolut Virtual Card

The Revolut virtual bank card is used to make online transactions like buying from top retail brands like Netflix, UberEATS, ASOS, and many more. It can also be used for making recurring purchases like rent or bill payments. Users can freeze the virtual card in case it gets stolen. They can also set monthly spending limits on the card to stay within budget. Additionally, these virtual cards can be deleted every few months, making it difficult for fraudsters to hack or steal information from the virtual cards. 

However, the disposable Revolut virtual card is available only in Premium and Metal accounts. Revolut keeps deleting every online transaction and provides a new one. This has effectively reduced the risk of fraud by almost 30%.

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Is Revolut Safe?

Revolut is one of the most secure and safest platforms that allows its customers to always be in control of their funds. The following reasons prove why:–

  • In case of loss or theft, users can instantly freeze or unfreeze their Revolut cards through the app.
  • Users can also turn on and off card features like contactless purchases, online transfers, and ATM use.
  • Revolut is authorized and licensed by the FCA. This implies that the platform meets all the FCA requirements to safeguard funds. It is also regulated under Electronic Money Regulations 2011 and Payment Services Regulations 2017. 

Revolut Security Measures

Revolut has boosted its security features as it has gained a lot of investment and has developed several banking services. The platform is regulated by the FCA and the user funds are managed and stored in segregated accounts at Barclays or Lloyd’s. The funds are safeguarded by meeting all the FCA requirements, Electronic Money Regulations 2011, and Payment Services Regulations 2017.

The Revolut card transactions are safely processed by Visa or Mastercard network and rules. The procedures and policies are specially designed to protect the clients’ personal information. It processes and stores their information using a third-party server that is again protected by firewalls, in compliance with necessary regulations. All personal data that passes between the app and third parties are 2048-bit SSL encrypted. Moreover, the Revolut smartphone app has excellent security features. The app can be protected by fingerprint ID or password.

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Revolut Customer Support

Customer service on Revolut is impressive, with a dedicated support team. However, it does not offer live support by telephone which is expected from a financial banking company. Customers can contact Revolut through:–

  • Live chat
  • Phone (which is automated and can be used only to block Revolut cards) 

Revolut Review: Conclusion

Revolut is an excellent banking service for those who spend a lot of time traveling. Revolut users can easily move their cash from the Revolut account without worrying about hidden charges. The platform offers free international spending, auto-exchange or shares trading, medical and travel insurance, and many more impressive and extra features that make Revolut one of the best options for travelers.

FAQs

Is Your Money Safe With Revolut?

Though Revolut is not yet a proper bank, it is still safe to keep money in a Revolut account. The platform is regulated by the FCA and licensed under Electronic Money Regulations 2011. The funds are held in a segregated account either at Lloyds or Barclays. This means that Revolut does not have any control over the funds and hence, they cannot invest it. Additionally, the security features are impressive on Revolut since the application is password or fingerprint-protected. Users can also free and unfreeze their cards from the app in case of loss or theft. Users can also control contactless card payments, online transfers, and ATM use whenever they want. 

Is Revolut Better Than a Bank?

Yes, Revolut offers more financial services than traditional banking systems. Users with Revolut accounts can hold funds in 30 different currencies and use them to make purchases in different parts of the world. They can also make cryptocurrency purchases with the Revolut Virtual card. Most banks do not offer insurance schemes like medical, travel, or device insurance. However, Revolut is yet to become a bank even though it is regulated by the FCA. 

Is Revolut Safe 2021?

Revolut is one of the most secure and safe financial platforms that enables users to be in control of their funds at all times. It is authorized and regulated by FCA as it meets all the FCA requirements to safeguard its clients’ funds. It also fulfills all the financial requirements under the Electronic Money Regulations 2011 and Payment Services Regulations 2017. 

What Happens to My Money if Revolut Goes Bust?

Since Revolut is an authorized institution, it safeguards the funds according to the regulatory requirement. In the case of Revolut insolvency, users can immediately claim their funds from the segregated account either from Barclays or Lloyds. The entire claim will be given back to all the creditors if Revolut goes bust.

Note: Revolut reviews are not to be considered an endorsement or investment advice of any kind. Lenders and borrowers are requested to seek independent financial advice from experts before trading on cryptocurrency exchanges.

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