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.
€ 1 + 2%
ATM fee for Euro withdrawals
Currency conversion fee
|Product Name||Revolut Standard|
|Monthly fee||€ 0|
|Card delivery||Up to 9 working days|
|Supported currencies||GBP, SEK, PLN, CHF, DKK, NOK, USD, CZK, CNY, ANR, CAD, AUD, NZD, AED, UAH, HUF, BGN, GEL, RON, EUR|
|Card fee||€ 0|
|ATM fee for Euro withdrawals||€ 1 + 2%|
|International ATM fee||€ 1|
|Currency conversion fee||0%|
|Free ATM withdrawal limit||€200 per month|
|Mobile payments||Apple Pay, Google Pay|
|Card type||Visa, Mastercard, Maestro|
|Go to site|
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.
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.
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