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Revolut Netherlands review
Benefit from simple international money transfers, budgeting tools and €0 card option.
Revolut is a digital banking app and card that is centred around technology, low fees and premium features. It’s designed for those who want a convenient way to manage their money, make foreign currency transfers, travel, make purchases and budget.
This review covers everything you can do with Revolut in the Netherlands, including how it works, what it costs and its pros and cons, to help you establish whether Revolut is right for you.
Elizabeth Barry is Finder's global fintech editor. She has written about finance for over five years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at the IT Journalism Awards. Elizabeth has found writing about innovations in financial services to be her passion (which has surprised no one more than herself).
How does Revolut work in the Netherlands?
Revolut is a digital banking app that lets you spend and manage your money globally at a minimal cost. When you sign up, you will need to choose between four account tiers, starting at €0 per month for the Standard account.
For all account tiers, Revolut gives you a free IBAN account, a free UK current account, and a bank card so you can spend your money. You can spend in over 150 currencies at the interbank exchange rate and exchange 29 fiat currencies. There are a number of features that come with each account tier, such as free ATM withdrawals, as well as exclusive features that come with the paid accounts.
Key features of Revolut
Current account and IBAN. You get a UK account number and sort code as well as a European IBAN. You can set up recurring payments, withdraw cash at ATMs, make contactless payments and use both Apple Pay and Google Pay. You’ll be able to view your balance on a spending-visualisations screen.
Make international payments. The app lets you transfer money to 30 currencies at the interbank exchange rate (the same rates banks give each other).
Spend globally fee-free. All spending abroad is also charged at the interbank rate.
Apple Pay and Google Pay. You can pay with either Google Pay or Apple Pay using Revolut.
Pay friends. You’re able to pay other people with ease or use the split-bill feature to divide a group spend.
View spending habits. Using analytics, your spending will be categorised by type of transaction, by merchant or by country.
Control your card and account. You can lock and unlock your card in the Revolut app as well as set monthly spending limits.
Save money. Revolut’s Vault feature let you build up funds for a specific funding goal. Keep in mind it doesn’t pay any interest like a normal savings account, but it can be helpful for saving towards short-term goals.
Teach financial skills. Revolut Junior is a money management platform aimed at children aged seven to 17 years old. This feature lets parents or guardians securely manage their child’s spending in a sub-account within the app.
Invest in cryptocurrency. You can invest in over 30 cryptocurrencies including Bitcoin, Ether, Ripple and Stellar. Revolut lets you invest from just €1. You can then sell and transfer your crypto, set up price alerts and auto exchanges and track mark movements in real-time.
Deposit protection. Revolut has recently earned a bank licence in Europe. This means that users who open a Revolut Bank account in the Netherlands stand to enjoy free deposit protection of up to €100,000.
Coming soon: Revolut Stays
With Revolut Stays, you’d be able to discover and book amazing accommodation all around the world within a few taps on the app. So whether you’re seeking bargain B&Bs or luxury lodges, you can get them all sorted out quickly through Revolut – with exclusive rates and no extra booking fees*.
If you’re on a Revolut Premium or Metal plan, you’d also get to enjoy up to 10% instant cashback, plus a whole suite of other travel perks.
At the time of writing (20 January 2022), Revolut Stays is not yet available but the team has announced that it’ll be coming to the Revolut app soon. So keep your eyes peeled for more updates!
*Do note that fees and charges from accommodation providers may apply.
How do the Revolut accounts work?
Revolut offers four account tiers: Standard, Plus, Premium and Metal. Each of these accounts comes with different levels of benefits and a different monthly fee.
Monthly fee. You’ll pay €0 per month for this account.
UK and IBAN accounts. You get a free UK and free IBAN account that you can access in your Revolut app.
Spend in over 150 currencies. You can spend in multiple currencies using the interbank exchange rate.
No charge for currency exchange. You’re able to exchange your funds into 30 fiat currencies for no fee at the interbank rate 0%
No ATM fees. Use ATMs for free up to a limit of €200 per month, after which there’s a 2% fee.
No overdraft. This means there’s no chance of you going into the red on your account. If a purchase exceeds your available funds, the transaction will be declined.
Card delivery. The Standard plan does not offer express delivery and can take up to nine days. You will also have to pay a fee for delivery on this plan.
Cryptocurrencies. You’ll get instant access to five different cryptocurrencies in your Revolut app.
Revolut Junior. You can set up a Revolut Junior account for one child.
Monthly fee. The Plus account comes with a €2.99 monthly fee. You can also pay €29.99 for the year and save around 20%.
UK and IBAN accounts. You get a free UK and free IBAN account that you can access in your Revolut app.
Spend in over 150 currencies. You can spend in multiple currencies using the interbank exchange rate.
No charge for currency exchange. You’re able to exchange your funds into 30 fiat currencies for no fee at the interbank rate Up to € 1,000 per month, after which a 0.5% fee is charged.
Free standard card delivery. You get free standard delivery on your card, which can take up to nine days.
No ATM fees. Use ATMs for free up to a limit of € 200 per month, after which there’s a 2% fee.
No overdraft. This means there’s no chance of you going into the red on your account. If a purchase exceeds your available funds, the transaction will be declined.
Cryptocurrencies. You’ll get instant access to five different cryptocurrencies in your Revolut app.
Insurance. Your purchases will be covered up to €1,000 for one year.
Enhanced returns window. You can get a refund on items that cost you between €50 and €300 up to 90 days after making the purchase.
Reimbursed tickets. If you miss events through no fault of your own, you can get up to €1,000 back per year for your tickets.
Revolut Junior. You can set up Revolut Junior accounts for two children.
Monthly fee. The Premium account comes with a monthly fee of €7.99. You can also pay €82 for the year and save around 20%.
UK and IBAN accounts. You get a UK and IBAN account that you can access in your Revolut app.
Spend in over 150 currencies. You can spend in multiple currencies at the interbank exchange rate.
Free express global card delivery. You can have your card express delivered globally for free in Up to 3 working days.
Card design. Have your choice of card designs.
Free, unlimited currency exchanged. You can exchange money at the interbank rate into 30 currencies with no monthly limit.
Money transfers. You’re able to make unlimited cross-border transfers and you can make 1 SWIFT transfer per month for free.
Overseas medical insurance. Get covered worldwide for emergency medical and dental treatment plus compensation for delayed flights and luggage.
Revolut Junior. You can set up Revolut Junior accounts for up to two children.
Priority customer support. Get priority access to Revolut’s customer support team.
Purchase protection. You’ll be covered up to €2,500 for one year.
Reimbursed tickets. If you miss events through no fault of your own, you can get up to €1,000 back per year for your tickets.
Cryptocurrencies. You’ll get instant access to five cryptocurrencies.
Insurance. Receive overseas medical insurance with winter sports cover.
Enhanced returns window. You can get a refund on items 90 days after making the purchase.
SmartDelay. Cover for delayed baggage and delayed flight insurance.
Airport and flight benefits. Access over 1,000 airport lounges with LoungeKey. If your flight is delayed for more than an hour, you’ll also receive free lounge passes for you and a friend.
Free ATM withdrawals. You can make fee free ATM withdrawals up to €400 per month.
Virtual cards. Shop online with card numbers that are cleared after every online transaction.
Airport and flight benefits. Access over 1,000 airport lounges with LoungeKey. If your flight is delayed for more than an hour, you’ll also receive free lounge passes for you and a friend.
You get all the features of the Standard and Premium account, plus the following exclusive features:
Monthly fee. You’ll need to pay a monthly fee of €13.99, or pay €135 for the year and save around 20%.
UK and IBAN accounts. With Metal, you get a UK and IBAN account that you can access in your Revolut app.
Exclusive Metal card. The Metal card weighs 18g and is made from a single sheet of reinforced steel.
Spend and exchange money into multiple currencies. You can spend in over 150 currencies at the interbank exchange rate. You’re also able to exchange money into 30 fiat currencies with no limit.
Free ATM withdrawals. You won’t be charged a fee for ATM withdrawals up to €800 per month.
Money transfers. You’ll receive one free SWIFT transfer each month plus unlimited cross border transfers.
Global express delivery. Receive your exclusive Metal card in Up to 3 working days.
Revolut Junior. You’re able to set up a Revolut Junior account for up to five children.
Cryptocurrencies. With Metal, you receive instant access to five cryptocurrencies in your Revolut account.
Insurance. Receive overseas medical insurance and cover on winter sports.
Car hire excess. Up to 31 days of car hire excess cover for your trip.
Enhanced returns window. You can get a refund on items 90 days after making the purchase.
Purchase protection. Cover on your purchases up to €10,000 a year.
SmartDelay. Cover for delayed baggage and delayed flight insurance for you and up to three friends.
Airport and flight benefits. Access over 1,000 airport lounges with LoungeKey. If your flight is delayed for more than an hour, you’ll also receive free lounge passes for you and three friends.
Cashback in the Netherlands and abroad. You’ll receive 0.1% cashback on purchases made within Europe and 1% back on purchases made outside Europe on all card payments in any currency and any of Revolut’s supported currencies including Bitcoin, Litecoin and Ether.
Concierge service and priority customer support. Get access to an exclusive concierge service and priority customer support within the Revolut app.
What are the fees and limits of Revolut?
Monthly fees. You won’t pay a monthly fee with the Standard account. Plus comes with a €2.99 monthly fee, Premium comes with a €7.99 monthly fee and Metal comes with a €13.99 monthly fee.
ATM fees. Each of the accounts allows you to withdraw cash for free in Europe up to a certain limit. You can enjoy fee-free ATM withdrawals up to €200 per month with Standard, € 200 per month for Plus, €400 per month for Premium and €800 per month for Metal. Once the limits are reached, a 2% fee applies per withdrawal.
Foreign currency conversion. You won’t pay a fee for foreign currency conversion with the Standard and Plus accounts Up to € 1,000 per month, after which a 0.5% fee is charged. Premium and Metal offer unlimited free foreign currency conversions.
Card delivery fee. You have to pay for card delivery with the Standard account. Card delivery is free with Plus, Premium and Metal.
Cryptocurrency markup. There is a 2.5% crypto markup for the Standard and Plus accounts and a markup of 1.5% with Premium and Metal.
Verdict
Revolut is a great option for those that travel often, trade cryptocurrency or want budgeting tools and premium banking features. With its new deposit protection feature, users who upgrade to a Revolut Bank account can enjoy the perks of Revolut with even greater security. Each of the Revolut accounts suit different needs, so take time to consider the features and decide which account level will be useful to you. If you’re going to use all the features on offer, the Premium and Metal accounts are excellent options to consider.
If you’re unsure if you’ll use the features in the higher tier accounts, sign up for a free account first. Then, if you find yourself wanting more after getting to grips with the entry-level accounts, you can easily upgrade to Revolut Premium or Revolut Metal later on.
If you’re looking for exclusivity in the form of concierge, priority customer support and cashback on purchases, it’s the Revolut Metal account that you’ll want to turn to. You’ll find all these features and more. Just be sure to shop around and compare your options first.
How to apply
You sign up to Revolut by downloading the app to your smartphone and registering. Click Go to site on this page to get started. You will need to verify your identity by providing a valid ID and taking a selfie. After you sign up, you can request a contactless Revolut card and begin using your account.
Create an account with Revolut using the following steps:
Head to the Revolut website and click on the ‘sign up’ button
Enter your mobile number to receive an SMS invitation
Download the Revolut app and proceed to create a new account
Follow the steps and fill in the required information
Upload a photo of your ID and take a selfie for identity verification
Your Revolut account will be active and ready to use within five minutes
Make your first deposit and send a request for your Revolut card
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Disclaimer: The products listed on this page are not representative of the whole market.
Frequently asked questions
Revolut received its European banking licence from the European Central Bank in December 2018. This means that if you open a current account with Revolut in the future your funds will be protected up to € 100,000.
In terms of smartphone security, Revolut’s 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. You can take further control by turning online, ATM and contactless payments on or off.
There are subscription fees with the Plus, Premium and Metal accounts and Revolut also earns a nominal fee paid to it by merchants every time you spend on your Revolut Card. There are also other fees including excess ATM withdrawals, card delivery fees and exchange rate fees under some circumstances. Business customers also pay fees depending on their top-up limits.
The Revolut Vaults make it possible to put aside savings separate from your main account balance. Although your balance won’t accrue any interest either way, Revolut Vaults can help you avoid overspending and reach your saving goals effortlessly. These are some of its key features:
Personal Vaults. Open multiple sub-accounts to set money aside in 30+ currencies, as well as crypto and commodities.
Group Vaults. Save together with family and friends to achieve common goals faster.
Set financial goals and deadlines. This way you can keep track of your savings process and how much longer you have left to reach your goal.
Customise your vaults. You can make deposits in the vaults in three different ways – by rounding up payments and automatically transferring these small differences to a preset vault, set up periodic transfers or make deposits whenever you wish to.
Easy fund retrieval. Transfer the money from the Vault back to your main account at any time for immediate payments or transfers.
Yes! Revolut is accepted in all retail outlets that accept prepaid cards from Mastercard.
To verify your identity, you will need to go to “Profile” under the “More” section of the Revolut app, tap “Personal details”, and verify your identity. You will need to take a picture of a valid government-issued photo ID and a picture of your face.
Travel insurance. You can take out pay-per-day or annual travel insurance conveniently via the Revolut app. Thanks to smart geolocation technology, Revolut can automatically detect when your departure and return to your home country – and turn your cover on or off accordingly. This way, you’d only pay for the days that you’re actually abroad.
Mobile phone insurance. You may also take out mobile phone insurance through the app. You can opt to pay for annual coverage or have a small amount automatically debited per from your account every week.
Rental car. The Metal account also includes coverage for the deductible of your rental car.
Note: Terms and conditions apply to these Revolut insurance policies
Not at all. If you top up your card in your home currency, Revolut will automatically exchange your money to the local currency of wherever you use your card.
With Revolut, you can also engage in hassle-free share trading. One attractive feature is that you don’t necessarily have to buy a full share, but may choose to buy only a part of it. For example, you can buy 10% of a Tesla share and therefore, only pay 10% of the share price.
it’s incredibly easy for anyone to use cryptocurrencies such as Bitcoin with Revolut. Revolut’s aim is to make cryptocurrencies accessible. Customers have access to five different cryptocurrencies: Bitcoin, Litecoin, Ether, Bitcoin Cash and XRP. However, you have to hold a Premium account or higher to access the cryptocurrency feature automatically. Otherwise, you will need to invite three or more friends to use the app to unlock the feature.
Revolut shows you real-time cryptocurrency graphs which shows you current rates. You can also set up price alerts to hear when your cryptocurrency hits a certain value.
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, the Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland and the United Kingdom for now. But it is launching across the world soon, so stay tuned.
Yes, you need the app installed on your Android or iOS device.
Yes. Revolut acts like a traditional current account. It is accepted in all retail outlets and venues that accept Mastercard prepaid cards.
Yes. The amount may vary, but for most new users, there is a daily top-up limit between € 1,000 and € 3,000. Some users may have a lower limit, although this will increase over time.
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 confirm specific country coverage.
No, you can’t add and use your Revolut card with your PayPal account.
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