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Revolut is a digital-only banking app and card that sets itself apart from traditional banks with a focus on technology, low fees and flexibility. It wants to help those who travel a lot, offering spending abroad and international money transfers with no hidden fees. Revolut allows its customers to manage their money easily. Splitting the bill with friends, freezing a lost card and setting a spending goal has never been easier. Revolut offers a number of accounts with its free one being the standard, a plus account, a premium one and a metal account that comes with a metal card.
Pros and cons of Revolut
- Free multi-currency current account, you can hold 30+ different currencies.
- Quick to apply for and set up, no credit checks.
- Use the card abroad with no fees.
- User-friendly app with control over accounts and cards, spending control visualisation and a lot of great features.
- Fee-free money transfers in 30+ currencies, at the interbank exchange rate.
- You can put money aside in a Vault and set a spending goal for it. Group Vaults are also available.
- 24-hour customer service is available.
- You can get travel insurance directly from the app, at a competitive price.
- At weekends, when the markets are closed, Revolut applies a mark up of 0.5% on major currencies and 1% on other currencies on its rates.
- Free cash withdrawals are limited to £200 a month.
- You can’t set up a direct debit on your UK account.
- No other banking products available, such as overdrafts, credit cards or interest-paying savings accounts.
- No branches, which can put off those who prefer face-to-face customer service.
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