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Revolut app and debit card review
This financial super app comes with a debit card, investing features and much more.
finder.com’s rating: 4.8 / 5.0
★★★★★
Revolut is a financial super app that includes spending, saving and investing features. When you open an account, you get access to global spending, savings and international money transfers. Revolut accounts come with virtual and physical debit cards, and based on your plan, you can earn up to 4.25% annual percentage yield (APY) on your savings. But you may pay foreign currency fees or a monthly service depending on which plan you choose.
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From $0 per month
Fee
Up to 4.25%
APY
$0
Minimum deposit to open
Details
| APY | 4.25% on balances of $0+ 3.25% on balances of $0 to |
|---|---|
| Fee | From $0 per month |
| To waive the fee | Open a Standard plan with $0 monthly fee. Paid plans: • $9.99 monthly fee for Premium plan • $16.99 monthly fee for Metal plan |
| Minimum deposit to open | $0 |
| Intro or bonus offer | Use Revolut Premium for three months for $0 when you sign up for Revolut. Just make one qualifying transaction of $1 or more with your Revolut card during the promotion period. |
| ATMs | 55,000+ in-network ATMs nationwide |
| ATM transaction fee | $0 |
| Out-of-network ATM fee | $0 |
| Learn more | Apply now |
Deal
Use Revolut Premium for three months for $0 when you sign up for Revolut
Just make one qualifying transaction of $1.00 or more with your Revolut card during the promotion period. The trial will then be credited automatically.
Who is Revolut best for?
The Revolut card is best for frequent travelers because of its $0 currency exchange of up to $1,000 monthly. And with its 10 complimentary international transfers every month, it’s also a great option for people who send money overseas regularly. The icing on the cake is its ATM access with $0 withdrawals at any 55,000 Allpoint ATM and no out-of-network fee when you withdraw up to $1,200 per month.
The maximum APY you’ll earn is 4.25%, which is above the national average. But there are a few hidden fees to watch out for. For instance, if you withdraw more than $1,200 from out-of-network ATMs in a month, which is a serious possibility when traveling abroad, expect to pay a fee.
How do I open a Revolut account?
Follow the steps below to open an account:
- Select Apply now.
- Go to Revolut.com and select Get started
- Enter your phone number and select Continue.
- Enter the six-digit code you receive.
- Enter your first and last name, date of birth, home address and email.
- Provide your SSN or select “I am not a US citizen.”
Eligibility
To open an account, you’ll need to meet the following requirements:
- At least 18 years old
- Valid Social Security number or Taxpayer Identification number
- Valid US address
Required information
Make sure you have the following information handy when you open an account:
- Name and date of birth
- Mailing and email address
- Government-issued ID
- Social Security number or Taxpayer Identification number
How the Revolut card works
The Revolut card works like most other prepaid debit cards in that you can use it to pay for goods and services from any merchant that accepts Mastercard. You can also use it to withdraw funds from ATMs without paying any fees.
Existing Revolut customers can also buy, sell and hold select crypto through Revolut, but this feature isn’t available for new users. You also can’t use the Revolut card to spend crypto directly and you won’t earn crypto rewards with the card. Some crypto-linked debit cards, such as the Coinbase Card, let you choose a form of crypto as a payment method linked to your card, and you can earn crypto rewards on everyday spending.
The Revolut app and online platform help customers manage their money. You’ll have the ability to spend and transfer money, set up monthly budgets, freeze your card, get paid up to two days early and more. When you sign up, you’ll have the option of opening up a standard, premium or metal account.
How much does Revolut cost?
There are three Revolut plans to choose from — each with different features and cost:
| Plan | Monthly Price | Features |
|---|---|---|
| Standard plan | $0 |
|
| Premium plan | $9.99 | Everything in the Standard plan, plus:
|
| Metal plan | $16.99 | Everything in the Premium plan, plus:
|
How much interest can I earn with Revolut?
You could earn up to 4.25% APY with your Revolut account depending on which plan you’re under. You’ll earn 3.25% APY on your savings under the Standard plan and 4.25% APY under the Premium or Metal plan. Revolut savings is a variable rate and subject to change at any time.
Is Revolut safe?
Revolut is partnered with Metropolitan Commercial Bank to hold client funds, giving customers standard FDIC insurance on balances up to $250,000. But if you use Revolut Vault to hold your savings, those funds are kept with Sutton Bank, not Metropolitan Commercial Bank.Revolut‘s cryptocurrency services in the US are provided by Paxos Trust Company, but digital assets in your account are not insured by the FDIC or SIPC. Investments in cryptocurrency may also lose value at any time.If your card is lost or stolen, you have the option to freeze or unfreeze your card in the app or online platform.
Revolut also has location-based security — if your card is used in a different location than your phone, you’ll receive a notification and you can block the purchase.What are the benefits of a Revolut account?
Revolut includes FDIC-insured funds up to $250,000 and an app that lets you manage your finances. Other benefits include:- Live chat 24/7. Chat with customer service weekly through Revolut‘s app.
- Lower exchange rate. Many banks apply a margin on top of the interbank exchange rate, but the Revolut app doesn’t.
- No credit check. Banks typically run your credit when you apply, but Revolut doesn’t check your credit.
- Pay friends. You can pay friends through the app or use the split bill feature to divide a group spend.
- Earns interest. You can earn 4.25% APY with the Premium or Metal plan or 3.25% with the Standard plan. But you’ll need to opt into the Savings Vault feature.
What should I look out for?
Although Revolut comes with a lot of benefits and features, it’s not without its disadvantages:
- Foreign currency transaction markups and fees. On weekends when the markets are closed, you’ll get a 2% markup on your foreign currency transactions. But Thai Baht and Ukrainian Hryvnia will always get a 1% markup even during open markets. Also, if you surpass the $1,000 a month currency transfer limit with the standard plan, you’ll pay a fee.
- International money transfer fees. Standard customers get up to ten international or domestic non-USD transfers per month before incurring fees. But your recipient’s bank and an intermediary bank may also charge a fee for the same transaction.
- Additional fees. Revolut charges several miscellaneous fees, including a charge to load your card when using a debit card issued outside of the US, fees to replace and ship replacement cards and $10 for incoming and outgoing domestic wire transfers.
- Proof of funds. As part of its anti-money laundering procedures, Revolut may ask to check your source of funds to determine where your money came from. Documentation may include salary pay stubs, bank statements and more. Revolut may deactivate your account if they can’t verify your source of funds.
- Website lacks features. You can log into your Revolut account via the website, but the web interface has far fewer features than the app.
- Crypto only for current users. Revolut’s crypto exchange is only available for existing users. Although Revolut is trying to remedy this, new customers must look elsewhere for their crypto needs.
If a fully digital app to store your funds isn’t what you’re looking for, compare other mobile banking options.
Revolut supports over 30 cryptocurrencies
Existing Revolut customers have support for over 90 tokens and over 30 coins, including:
- Aave (AAVE)
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Chainlink (LINK)
- Ethereum (ETH)
- Litecoin (LTC)
- Matic/Polygon (MATIC)
You can trade up to $200,000 every month without incurring any commission charges. Trades above this allowance are charged a 2.5% fee for Standard users and 1.5% for Premium and Metal customers.
Revolut‘s ATM network and fees
Revolut gives you access to more than 55,000 AllPoint ATMs. Revolut doesn’t charge a fee for out-of-network ATMs, up to $1,200 a month under the Standard, Premium and Metal plans. If you surpass this limit, you’ll pay a 2% fee.Compare Revolut with digital banks
See how Revolut stacks up against digital banks based on their ATM networks, minimum deposits and other features.
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How do I deposit or withdraw money?
Revolut offers multiple ways to access your funds:
- Revolut card. Access funds in your account by using your Revolut card.
- Mobile payment systems. Use Apple Pay or Google Pay at checkout, where contactless payments are accepted.
- ATM. Access more than 55,000 AllPoint ATMs.
- Peer-to-peer transfers. You can transfer to other Revolut account holders for $0.
- Bank transfers. Transfer money to your Revolut account from another bank account.
How to contact Revolut
If you have questions or need help with your account, you can contact Revolut in two ways.
- Chat with a live agent via the app’s chat function, but response times may vary.
- Send a message to Revolut on Facebook and Twitter at @revolutapp.
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