Revolut has taken the finance world by storm over the past year. With its valuation soaring by five times in its most recent round of funding (to $1.7 billion), Revolut has become the first British digital only bank to reach ‘unicorn’ status.
In this article, we take a look at Revolut’s Premium package and see how it stacks up against the Standard ‘freemium’ experience.
|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|
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:
If you started your Revolut Premium membership after the 12th December 2017:
If you cancel your Revolut Premium membership within 14 days of upgrading:
If you cancel outside of the 14-day period:
The jury’s still out on the value of the premium card. It’s hard to see where the value comes from unless you’re regularly transferring 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, the Standard option is better for you. Check out our in depth review to find out more. It’s also worth checking out the other competitors, which you can find on the left in the sidebar.
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