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What is Revolut?
Revolut is a digital challenger bank that aims to offer hassle-free global spending. With free international money transfers, fee-free global spending and access to a cryptocurrency exchange, Revolut is aiming to break down the borders of banking.
Revolut is currently not available in Canada
Revolut hasn’t launched in Canada yet, but plans to do so in the near future. In the meantime check out some Revolut alternatives in Canada.
Compare digital banking products that are similar to Revolut
Until Revolut becomes available in Canada, you might like to consider the following digital banking providers which have many of the features that have made the Revolut app so popular in other countries. Some of these features include easy money transfers, spending habits analytics, online card management and the ability to set up monthly budgets.
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How does Revolut work?
Once the Revolut app is available in the Canada, you’ll be able to sign up and request a contactless Revolut card. Customers have complete control over their card, with the ability to freeze and unfreeze it at the touch of a button — a feature that provides added security and convenience.
The Revlolut app is simple, easy to navigate and streamlined. Features include:
Accounts. View the balance and transaction history on your accounts and set up monthly budgets in the app.
Payments. The app enables you to transfer money to 150 currencies at the interbank exchange rate (the same rates banks give each other). You will have to pay a 0.5% fee for anything above $8,000 a month, and the app may mark up sending on weekends or to certain currencies.
Pay friends. Pay friends with ease or use the split bill feature to divide a group spend.
Analytics. View your spending habits categorized by type of transaction, merchant or country.
Manage your cards. Freeze a card if you lose it, unfreeze your card if you find it, set monthly spending limits and enable additional security.
Revolut also offers a premium tier where users can sign up for the Revolut Metal Card and enjoy additional benefits.
Using Revolut abroad
Revolut‘s most unique and appealing feature is that it enables you to spend at the interbank rate in 150 currencies. You may be charged a fee of 0.5% for payments above a $8,000/month.
You’ll also need to pay a 2% fee on international ATM withdrawals over $400 a month.
Is Revolut safe?
The smartphone app is protected by a password or fingerprint ID. Immediately freeze or unfreeze your card in the app if it’s been misplaced, lost or stolen. Add further control by turning online, ATM and contactless payments on or off.
Revolut also has location-based security — if your card is used in a different location than your phone, you’ll get a notification and the purchase can be blocked.
How does the Revolut app look in other countries?
Real-time info
Even contactless payments show up instantly in the app.
Visualise your spending
See exactly how much you have left to spend and see your transactions broken into categories.
Split the bill
Split a bill with anyone from your phone contacts. Divide it up evenly or choose specific amounts.
Freeze your card if it gets lost
If your card is lost or stolen, you can temporarily freeze the card in the app and stop anyone using it.
When it comes to cryptocurrencies, Revolut stands out from its competitors. In 2017, it became the first challenger bank to let customers buy cryptos in its app. UK users are currently able to buy and sell five major cryptocurrencies and track market fluctuations in the app, but it’s too early to tell if Canadian users can expect the same features.
Pros and cons of Revolut
Pros
Spend abroad in 150 currencies with no or low fees.
24-hour customer service.
User-friendly app with control over accounts and cards.
Transfer money at the interbank exchange rate.
Instant top ups from your main account.
Cons
At weekends, when the markets are closed, Revolut applies an unspecified markup to foreign currency transactions.
Some foreign currencies have an additional unspecified markup.
Foreign transfers over $8,000 a month come with a 0.5% fee.
No physical branches, which can put off those who prefer face-to-face customer service.
If cryptocurrency isn’t what you’re in for, or you just want to get a good look at what your other options are, compare your mobile banking options before joining the waitlist.
How does Revolut compare to other international money transfer services and banks?
Revolut Metal is the fintech company’s most premium subscription plan. It comes with several exclusive features, including:
Airport lounge access
A concierge service
Cashback on purchases abroad
Travel insurance
Of course, customers have to pay for these add-ons. Basic account holders pay no monthly or yearly fee.
Other benefits of Revolut Metal
Revolut Metal gives customers a concierge service. Make requests to the concierge in the app and a member of the team will answer your request via email.
You might want a restaurant suggestion or you need to book a last minute trip. The concierge sets up the transaction, but won’t process the deal until you’ve accepted to the final price.
You also get the same perks of Revolut premium, like its comprehensive travel insurance. This covers worldwide emergency medical and dental treatment. On top of this you get compensation for delayed flights and luggage.
How to order a Revolut Metal card
If you’re already on Revolut Premium, then you can upgrade to Metal instantly. Under the “More” section of the app, go to “Upgrade” and press “Go Metal!”.
Whether you’re on the monthly or annual Premium subscription, Revolut will refund you for the month or months you didn’t use your Premium account.
If you have a Revolut basic account, go to the “Upgrade” section to make the request. However, due to Revolut’s limited number of Metal cards, you’ll have to wait a couple of weeks. Revolut will then get in touch to let you know it’s time to upgrade. At this point you can opt out or go ahead.
Revolut App FAQs
Premium subscribers pay a monthly fee, and Revolut also earns money from merchants every time you spend on your Revolut Card. It also makes money on ATM withdrawal fees, card delivery fees and exchange rates. Business customers also pay fees depending on their top up limits.
Yes, Revolut is accepted in all retail outlets that accept prepaid Mastercards.
Yes, Revolut is a great option for travelling to multiple countries. You can top up your card in your home currency (eg. CAD). Revolut is geared toward travelers and lets you spend in 150 currencies.
No, Revolut will automatically exchange your money to the local currency of wherever you use your card.
Revolut currently only supports countries in the European Economic Area and Switzerland. So, you can only get a card if you're a legal resident from one of the following countries: 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, Slovakia, Slovenia, Spain, Sweden, Switzerland, and the United Kingdom for now. But they are launching across the world soon, so stay tuned.
Yes, you need the app installed on your Android or iOS device.
Revolut supports over 150 currencies, so you can travel and use the card around the globe. Europe, South America, North America, Africa, Asia and Australasia are all covered to some extent. Check Revolut's website to make confirm specific country coverage.
No, unfortunately Revolut is not currently able to be linked with PayPal.
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Charlie Barton was a publisher at Finder. He specialised in banking and investments products, including banking apps, current accounts, share-dealing platforms and stocks and shares ISAs. Charlie has a first-class degree from the London School of Economics, and in his spare time enjoys long walks on the beach.
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