In order to comprehensively understand one of the UK’s most prominent exchanges, we take a deep dive into the platform, uncovering its features, fees, and services. The exchange supports a wide range of cryptocurrencies, and its competitive fees attract new and experienced traders alike.
Established in 2015, Revolut is a digital bank that started as a travel card, offering very low exchange rates. It is one of the fastest-growing digital banks providing many new features. Revolut UK is an excellent choice, especially for those who are mostly travelling. However, it only functions partially as a bank in the United Kingdom.
Although Revolut will only partially replace your banking services, it provides many that can facilitate many banking requirements. In early 2022, customers from the Netherlands, Spain, Sweden, Iceland, Lichtenstein, Luxembourg, Belgium, Finland, Germany, and Denmark can upgrade to Revolut Bank from within the Revolut App.
With the upgrade, deposits made by the users are protected under the deposit guarantee scheme. Customers can have their deposits saved and protected up to EUR 100,000, secured by the Lithuanian State Company Deposit and Investment Insurance.
However, regarding mobile banking, Revolut offers more than conventional services and allows customers to trade crypto. This Revolut review brings the crypto exchange into the light and answers the question: Is Revolut good for crypto?
|Supported Fiat Currencies||30+|
|Supported Countries||European Economic Area (EEA), Australia, Singapore, Switzerland, Japan, & United States|
|Transaction Fees||It depends on the type of Plan|
|Withdrawal Fees||It depends on the type of Plan|
|Customer Support||Live Chat and Phone Support|
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 complete control.
The best crypto exchange for UK 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 international spending along with international money transfers without charging any hidden fees.
However, it is essential to note that Revolut is not a wallet; 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 cash deposit protection.
How Does Revolut Work?
Revolut works as a digital bank alternative to the traditional banking system. The platform allows users to set up a current account without any paperwork. Other Revolut 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 must provide 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 money at the ATMs, use Google Pay and Apple Pay, and make contactless payments.
The app allows users to transfer money free of cost in over 30 fiat currencies at 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 Revolut customers have to pay.
Hold Several Major Currencies
Users can maintain a balance on the app that supports 30 different currencies.
Pay Your Friends
Users can quickly pay their friends or use the split bill option 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.
Freeze Card and Set Spending Limit
If the Revolut card is lost, users can freeze it and then unfreeze it again once it is found. Users can also enable additional security and set spending limits monthly on the card.
Save Money and Buy Cryptocurrency
Users can keep their money aside on Revolut Vaults through regular payments. Revolut does not pay any interest on the savings, but 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.
The Savings Vault, that’s accessible on the Revolut App, allows users to deposit cash and have it possibly be protected by the Financial Services Compensation Scheme (FSCS). Users can start saving money with Revolut.
Add Medical Insurance and Device Insurance
Users can add their device and medical insurance on the Revolut platform with the touch of a button. They can also have mobile phones insured 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:-
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.
Revolut sends instant alerts and notifications for transactions in and out of the account.
Users can connect with other banks using the Open Banking option and track all their money balances in one place.
Revolut helps in splitting bills easily with friends and family. Users can send and request money from contacts registered on their accounts.
Revolut promises to give rewards and cashback to their exclusive customers while purchasing Revolut cards.
Send Money Abroad
Users can send money abroad in 30 currencies 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 abroad across nations without worrying about hidden charges. However, certain limits apply.
Round Up the Spare Change
Users can save while they spend with the additional round-up feature.
There are pockets available on the platform where 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.
Users can also pay using their phone’s Google Pay and Apple Pay apps.
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
- 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
Pros and 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 Registration Process
To start using the excellent features of the Revolut platform, follow the steps mentioned below:–
- Go to Google Play Store or App Store and download the Revolut App.
- On the Revolut Login page, enter the account 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 use the app and accept payments through third-party payment apps before the physical card arrives.
Types of Revolut Account
Revolut offers free European IBAN or UK current accounts without any address proof or credit check. With these accounts, users can hold and exchange money in 30 currencies.
Revolut Standard Account
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 withdrawals every month.
Revolut Premium Account
The Revolut 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. The holders also get a 14% discount on the fees if they pay upfront.
Revolut Metal Account
The Metal Account is brand new, costing £12.99 per month, with a further increase in the ATM withdrawal to €600 or £600. This physical card also offers a free exclusive Revolut 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 abroad, along with hotel reservations, flight bookings, exclusive events, and many more.
Click here to learn more about the pricing structure of various Revolut accounts.
Revolut Business Account
Although the above accounts are available to customers for their personal requirements, businesses can utilize Revolut for their business finances with the Revolut Business Account. With this account, companies can make money transfers globally with security and even access it in more than 25 countries.
Smart cards, physical or virtual credit or debit cards, are available for the team. Along with smooth API integration, the account is available on mobile for more convenient access. Security is offered with the best tech available.
Revolut Fees, Limits, & Pricing
A standard account on Revolut comes with the following fees and limits:–
Weekend Markups on Foreign Currency Exchanges
Users making any foreign currency exchange on weekends will be charged a markup due to fluctuations in the interbank rates. So, the rate on a Friday will be different on a Monday. This markup fee ranges from 0.5% to 1%, depending on the currency.
Users can transfer money in 30 fiat currencies, without any fee, at the interbank rate. However, Revolut charges 0.5% for money transfers above £5,000 a month.
Users can withdraw cash fee-free up to £200 per month. Any withdrawal above this limit will be charged a 2% fee.
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 cashbacks are effortlessly sent straight to the user’s UK bank account.
To start enjoying the Revolut Rewards, users must open their app and go to Rewards. Choose the offers and tap through them on the offer page to get more information. However, reading the Terms and Conditions is important to make the most out of these Rewards.
Revolut mobile app offers several on-the-go products and services. The Home page on the app is divided into five sections:–
- Linked accounts
- Junior account
The Wealth page allows users to manage their investments and check their wealth growth. The money management feature is divided into three sections:–
The Payments page in the app allows users to send money to and from their bank accounts through bank wire 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 purchase 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:–
- Lounges and SmartDelay
One of the best innovations of Revolut is the Revolut card. Users can use this card to make contactless purchases worldwide without paying hidden fees. Purchases can be made in 30 currencies without relying on exchanges or brokers who offer unreasonable exchange rates.
Additionally, buying, exchanging, or holding cryptocurrencies with the Revolut card becomes easier. Users can swap Bitcoin, Ethereum, and Litecoin with any of the 30 currencies at the best crypto exchange rates.
Revolut cards are either Visa or Mastercard, but this is given out at random. Though users cannot pick according to their preference, they can choose the design and colour 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 recurring purchases like rent or bill payments. Users can freeze the virtual card in case the card 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%.
Is Revolut Safe?
Revolut is one of the most secure and safest platforms that allows its business 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 card features like contactless purchases, online transfers, and ATM usage on and off.
- 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 the Electronic Money Regulations 2011 and Payment Services Regulations 2017.
Revolut Security Measures
Revolut has boosted its security features by gaining a lot of investment and developing several banking services. The FCA regulates the platform, 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 client’s personal information. It processes and stores its information using a third-party server, again protected by firewalls in compliance with necessary regulations. All personal data between the app and third parties are 2048-bit SSL encrypted.
Moreover, the Revolut smartphone app has excellent security features. A fingerprint ID or password can protect the app.
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 is an excellent banking service for those who travel a lot. Revolut customers can quickly 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 travellers.
Note: Revolut reviews are not considered an endorsement or investment advice. Lenders and borrowers are requested to seek independent financial advice from experts before trading on cryptocurrency exchanges.
Is Your Money Safe With Revolut?
Although Revolut is not a proper bank yet, keeping money in a Revolut account is still safe. 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 has no 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 Revolut Card payments, online transfers, and ATM use.
Is Revolut Better Than a Bank?
Yes, Revolut provides more financial services than traditional banking systems. Users with accounts in Revolut can hold funds in 30 different currencies and use them to purchase in other parts of the world. They can also make cryptocurrency purchases with Revolut’s Virtual card. Most banks do not offer medical, travel, or device insurance schemes. However, Revolut has yet to become a bank even though the FCA regulates it.
Is Revolut Safe?
Revolut is one of the most secure and safe financial platforms that enable users to control 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 fulfils 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 requirements. 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 returned to all the creditors if Revolut goes bust.