Revolut app and debit card review
We take a closer look at the banking app that's breaking down borders.
finder.com’s rating: 4.5 / 5.0
★★★★★Revolut is a digital bank that launched in Europe in 2015 and has recently expanded into the US. It aims to offer hassle-free global spending, free international money transfers, fee-free global spending and access to cryptocurrency exchanges. But some of its features aren’t available to Americans yet.
Minimum deposit to open
Alexa Serrano is a banking and investments editor at Finder, helping to guide readers to the best savings, checking and investments accounts for their financial goals. A certified anti-money laundering specialist, Alexa's expertise in financial crime, real estate, gaming and counseling has been highlighted on MSN and Reviews.com. She earned a BA in English from Wesleyan College and enjoys reading memoirs in her spare time.
Expert reviewRevolut is best for travelers, spenders and savers. It’s mostly recognized for offering account holders the option to spend and transfer money with the interbank exchange rate and no added fees other banks pile on top.
But there are a few fees you’ll want to watch out for if you’re not under its premium plan. And if you make more than $300 or $600 ATM withdrawals a month, expect to pay a fee.
How does Revolut work?
The Revolut app helps customers manage their money. You’ll have the ability to spend and transfer money, setup 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 free or premium account — each with different features and cost:
Is Revolut safe?Revolut has partnered with Metropolitan Commercial Bank to hold client funds, giving customers standard FDIC insurance on balances up to $250,000.
If your card is lost or stolen, you have the option to freeze or unfreeze your card in the app. 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 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 accounts. Other benefits include:
- Customer service available 24/7. Call or chat with customer service weekly through Revolut‘s app.
- Lower exchange rate. Unlike most banks that apply a margin on top of the interbank exchange rate, this one doesn’t.
- No credit check. Unlike other banks, this one won’t check your credit.
- Pay friends. You can pay friends through the app or use the split bill feature to divide a group spend.
- ATM withdrawals. ATM withdrawals are free as long as you don’t surpass your withdrawal limit. Otherwise you’ll pay a 2% fee.
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. On weekends when the markets are closed, you’ll get an unspecified markup on your foreign currency transactions. But Thai Baht will always get a 1% markup even during open markets.
- Fee for foreign currency transfers. If you surpass the $6,500 a month limit with the standard plan, you’ll pay a 0.5% fee.
- Online only. There are no branches, which can put off those who prefer face-to-face customer service.
- Additional fees. You’ll pay a a shipping fee to receive your card, unless you’re under the Premium plan. There are also fees to replace your card and to load your card if you use a debit card issued outside of the US.
- Missing features. Some features are not yet available in the US. These include: cryptocurrency exchanges, high-yield savings accounts, metal cards, youth account options, and more.
- 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.
- Unclear deposit limits. Although Revolut claims that there are no specific deposit limits, new cards will have an unspecified temporary deposit limit for 24 hours. Some users may have a lower daily deposit limit that increases over time.
If a fully digital bank is not what you’re looking for, you’ll want to compare banks that offer mobile banking options.
Revolut‘s ATM network and feesRevolut gives you access to over 55,000 free AllPoint ATMs. Your withdrawals are limited to $300 a month if you’re under the standard plan or $600 a month under the premium plan. If you surpass this limit you’ll pay a 2% fee.
Compare with other digital banks
How do I open a Revolut account?
Follow the steps below to open an account:
- Download the Revolut app.
- Open the App and enter your phone number.
- Create a password.
- 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.”
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
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 do I deposit or withdraw money?
Revolut offers three ways to access your funds:
- Debit card. Load your account with your debit card. If it’s a card issued outside the US, you’ll pay a 3% fee.
- ATM. Access over 55,000 AllPoint ATMs for free as long as it’s within your monthly limit.
- Transfers. You can transfer to other Revolut account holders and to bank accounts outside of Revolut.
How does Revolut compare to other transfer services?
Frequently asked questions
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