Challenger banking brand Revolut has several digital current account plans to choose from, all with different price plans and features. In this review we take a look at the Revolut Premium package to see how it stacks up against the Standard ‘freemium’ experience.
The differences between Revolut Standard and Premium
|Name||Revolut (Standard)||Revolut (Premium)|
|Banking Services||Current account, Free Euro IBAN account, Interbank FX rates, Free bank transfers in 25 currencies, £200 ATM withdrawals per month.||Current account, Free Euro IBAN account, Interbank FX rates, Free bank transfers in 25 currencies, £200 ATM withdrawals per month.|
|Cards||Blue/Pink Mastercard||Premium Revolut Card (choose from 3 colours)|
|Fees||Card delivery: £4.99||Subscription fees: £6.99 a month (or £72 in advance)|
|UK ATMs||Free up to £200 a month||Free up to £400 a month|
|Foreign ATMs||ATM withdrawals up to £200 or currency equivalent per month are free. Anything charged over the above limits is charged at 2% of value of ATM withdrawal.||ATM withdrawals up to £400 or currency equivalent per month are free. Anything charged over the above limits is charged at 2% of value of ATM withdrawal.|
|Currencies||USD, GBP, EUR, AUD, CAD, NZD, CHF, JPY, SEK, HKD, NOK, SGD, DKK and PLK||USD, GBP, EUR, AUD, CAD, NZD, CHF, JPY, SEK, HKD, NOK, SGD, DKK and PLK|
|Currency exchange Rate||The interbank rate. The interbank rate is provided by financial exchanges and may be delayed as specified by financial exchanges or our data providers.||The interbank rate. The interbank rate is provided by financial exchanges and may be delayed as specified by financial exchanges or our data providers.|
|Credit||It’s not possible to do an overdraft yet. Transactions will simply be declined.||It’s not possible to do an overdraft yet. Transactions will simply be declined.|
|Crypto||BTC, ETH, LTC|
|Insurance||Free overseas medical insurance|
|Read our review||Read our review|
How can I cancel Revolut Premium?
If you’ve tried it and it isn’t for you, you can send a message to Revolut’s in-app support so they can help cancel your subscription.
If you started your Revolut Premium membership before 12/12/2017:
- After your 1-month free trial period, your Revolut Premium membership has a 12-month duration. If you order a physical Revolut card during your 1-month trial and cancel your Premium membership during this time, a £10 delivery fee will be deducted from your Revolut account.
- If you cancel after your 1-month free trial, the cancellation only becomes effective on the end date of your membership (exactly 13 months after you signed up). And unless you cancel your membership up to 1 month before the end of your 12 month contract, your membership is automatically renewed for another year.
If you started your Revolut Premium membership after 12/12/2017:
If you cancel your Revolut Premium membership within 14 days of upgrading, Revolut says:
- If you have used any service exclusive to Premium, or Standard services at a level above that is provided free of charge to Standard users, we will issue you a partial refund based on your usage of the Premium services. So if you order a physical Revolut card and cancel your Premium membership, card and delivery fees of £10/€12, or currency equivalent will be deducted from your Revolut account before the Premium fee is refunded.
- If you haven’t used any of the Premium services provided, no money will be deducted from your Revolut account.
If you cancel outside of the 14-day period:
- If you are on the annual plan, we will cancel your automatic renewal for another year provided that you cancel via our in-app chat at least 1 month prior to the end of your 12-month contract. This means that you would be able to use your plan only until the end of your initial 1-year subscription period.
- If you are on the monthly plan, you have the option for early termination at any time within the first 10 months. A £14/€16 fee will be deducted from your Revolut Premium account and your Premium membership will be cancelled. If you cancel in month 11, as you are inside the 1-month notice period you will receive your subscription for the remainder of your 12-month monthly plan. Your subscription will not be auto-renewed for the next year.
Pros and cons of Revolut Premium
- Includes all the features you’d get with a Revolut Standard account.
- Different card design and choice of three colours.
- Higher free ATM withdrawal limit of £400 per month.
- Lower cryptocurrency service fee of 1.5%.
- Quick application and set-up process.
- No credit check required.
- If you’re not drawing out more cash or exchanging any cryptocurrency it’s probably not worth the subscription fee.
- Revolut accounts are not covered by the Financial Services Compensation Scheme (FSCS).
Compare the differences between the different Revolut cards
The jury’s still out on the value of the Premium account. It’s hard to see where the value comes from unless you’re regularly transferring or withdrawing large sums of money, or buying and exchanging high volumes of cryptocurrency.
If you’re looking for a day-to-day option or a simple way to travel abroad and spend money cheaply, Revolut’s Standard account is probably better for you. Read our in-depth review on it to find out more.
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