Revolut review: The digital bank for travellers

We say
★★★★★
Finder expert rating

You say
★★★★★
Customer satisfaction

Fee-free spending in 150+ currencies

Weekend mark-up on spending abroad

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Name	Product	Account fees	UK ATM fees	Overseas transaction fees	Overseas ATM fees		Incentive
Revolut Standard		£0	Free up to £200 per month	£0, currency conversion charge of 0%	Free up to £200 per month, currency conversion charge of 0% on weekdays up to £1,000 per month (excl. THB and UAH)	Go to site More Info	Enjoy one free international transfer each month plus exclusive discounts on top brands with Perks Plus.		loading Fetching your data...
Revolut Plus		£2.99	Free up to £200 per month	£0, currency conversion charge of 0%	Free up to £200 per month, currency conversion charge of 0% on weekdays up to £1,000 per month (excl. THB and UAH)	Go to site More Info			loading Fetching your data...
Revolut Premium		£6.99 per month	Free up to £400 per month	£0, currency conversion charge of 0%	Free up to £400 per month, currency conversion charge of 0% on weekdays up to £1,000 per month (excl. THB and UAH)	Go to site More Info	LoungeKey Pass access, unlimited free international transfers plus exclusive discounts on top brands with Perks Plus.		loading Fetching your data...
Revolut Metal		£12.99 per month	Free up to £800 per month	£0, currency conversion charge of 0%	Free up to £800 per month, currency conversion charge of 0% on weekdays up to £1,000 per month (excl. THB and UAH)	Go to site More Info	0.1% cashback, LoungeKey Pass access, unlimited free international transfers plus exclusive discounts on top brands with Perks Plus.		loading Fetching your data...

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What is Revolut?

Launched in 2015, Revolut has more than 8 million customers who, according to Revolut, have completed more than 350 million transactions with a total value of over £40 billion.

Opening a standard free account with Revolut will give you a UK current account, a Euro IBAN account, and a blue-ish, pink-ish bank card.

As well as all the usual things you can do with a current account like send money to friends and withdraw money from an ATM, you can use an impressive range of other features, including free international money transfers, fee-free global spending and access to cryptocurrency exchange.

If you’re a small business you can read our Revolut Business review to find out more and if you are looking to find a banking app for your child, you should read our Revolut Junior review.

How to sign up to Revolut

1. Download the Revolut app from the App store or Google Play Store
2. Provide and verify your phone number
3. Provide your name, email address, home address & date of birth
4. Verify your identity through the app with a passport or ID card
5. Once approved you should receive your card within 3-5 days
6. Before the physical card arrives, you can set up the app to use Google Pay or Apple Pay
7. Start spending using your Revolut account

What can you do with Revolut?

Once you’ve decided that Revolut is for you, signing up is simple. You just need to download the app and register – you won’t need a proof of address and there are no credit checks, which speeds up the process.

However, you will need to verify your identity by taking a picture of both yourself and a valid ID document. After you sign up, you can request a contactless Revolut card.

The app is simple, easy to navigate and streamlined. With Revolut you can:

• Use it as a UK current account. You get a UK account number and sort code. You can set up recurring payments, withdraw cash at ATMs, make contactless payments, and use Apple Pay and Google Pay.
• Make international payments. The app enables you to transfer money in 30 currencies, fee-free, at the interbank exchange rate (the same rates banks give each other).
• Spend globally fee-free. All spending abroad is charged at the interbank rate, which is as good as it gets for consumers.
• Hold different currencies. You can hold a balance on the app in 30 currencies.
• Pay friends. Pay other people with ease or use the split bill feature to divide a group spend (more on “Group Bills” below).
• View spending habits. Using analytics, you can see your spending, categorised by type of transaction, by merchant or by country.
• Freeze your card and set spending limits. Freeze a card if you lose it, unfreeze it if you find it, set monthly spending limits and enable additional security.
• Save money. Put money aside through regular payments or round up your spare change with Revolut’s Vaults. It doesn’t pay any interest, but can be helpful for saving towards short-term goals. You can also set up a Group Vault with your friends and family and save for a common goal, such as a holiday.
• Add device insurance and medical insurance. At the touch of a button, you pay by the day, and the rates are low.
• Buy cryptocurrency. We explain more about crypto below.

How does the app look?

Real-time info

Even contactless payments show up instantly in the app.

Visualise your spending

See exactly how much you have left to spend and see your transactions broken into categories.

Split the bill

Split a bill with anyone from your phone contacts. Divide it up evenly or choose specific amounts.

Freeze your card if it gets lost

If your card is lost or stolen, you can temporarily freeze the card in the app and stop anyone using it.

‹ ›

Revolut fees, limits and pricing

Revolut has four tiers: Standard, Plus Premium and Metal. This review covers the Standard offering. We’ve also reviewed Premium (which costs £6.99 a month) and Metal (£12.99 a month) – they both essentially offer more features and benefits. Revolut’s latest tier is Revolut Plus which comes in at £2.99 a month.

The Standard Revolut account comes with a few fees:

• Weekend markup on all foreign exchanges. If you make a currency exchange during the weekend, you’ll be charged a markup. That’s because the interbank rate is always fluctuating and may not be the same on a Monday as it was on the previous Friday. The markup is 0.5% for the 15 major currencies and 1% for the others.
• Bank transfers. Fee-free, at the interbank rate, in 30 fiat currencies – although it charges 0.5% for transfers that exceed £5,000 a month.
• Withdrawals. Free ATM withdrawals of up to £200 per month. After this limit, there is a 2% fee.
• No overdraft. You cannot go into the red. If a purchase exceeds your available funds the transaction will be declined.
• Card delivered. This is £4.99 with standard subscription

A bit more on the weekend markup: keep in mind that card payments, ATM withdrawals and money transfers abroad all imply a currency exchange, so the weekend markup applies in all these cases. There’s an easy way around it though: if you know you’ll be travelling or sending money abroad over the weekend, exchange the currency in advance on a weekday and you’ll avoid the fee. This will be possible with all the 30 currencies that Revolut lets you hold.

Using Revolut abroad

One of Revolut’s most appealing features is that it lets you spend fee-free at the interbank rate in 150 currencies.

When you’re spending abroad, you typically get hit with transaction fees or hidden charges. That’s because most financial institutions will either charge you extra fees to use your card abroad, or they change money at a less competitive rate, or both.

Revolut doesn’t do that, which is why it’s popular with those who have a global lifestyle. Using it abroad is much like using it in the UK. However, don’t forget that while there’s no spending limit for card payments, free ATM withdrawals are limited to £200 a month – after which you’ll be charged a 2% fee, whether you’re in the UK or abroad.

What is Revolut’s auto-exchange?

The app lets you switch from, say, sterling to euros with a couple of taps – and it does the exchange automatically for you. If you’re planning to go abroad, there’s a useful feature that tracks a rate for you to watch for a drop in your favour; use the app to select the currency you’re interested in changing your money into, and set a target exchange rate. When it’s reached, Revolut will convert your money. If you use it correctly, you can get better value on your funds without making much effort.

You can also do it with cryptocurrencies. The only limitation Revolut imposes is that if the market is especially volatile, it’ll stop the conversion – it can move a maximum 0.75% over or below the target for regular currencies, and 5% for cryptocurrencies.

When will my Revolut card be delivered?

After you’ve signed up on your phone, your Revolut card should be dispatched the next working day. Standard delivery can take up to 9 days, while express delivery to the UK, US and Canada will get you your card in 2 working days. For all other countries, express delivery should take 3 business days.

Customers are warned, though, that these are estimated delivery times and it may take longer.

Card delivery is £4.99.

How to top up with Revolut

Linking your main bank account with your Revolut card lets you top up instantly. In the app, do the following:

1. The first time you top up you have to link a main bank account with your Revolut card. Go into the app and put in your 16-digit card number, expiry date, CVC code, and billing postcode.
2. Make sure the address is correct otherwise the payment might fail to go through.
3. Press the “+” symbol in the top left corner of the accounts screen.
4. Add the card you want to top up from, and choose the amount you want to add into your Revolut account.
5. Tap top up and the money will go into your account instantly.

Another top-up option Revolut offers is the automatic top-up feature. With this, you get the app to automatically top up your Revolut account from your main card if it drops below a certain amount.

What is Revolut’s Group Bills feature?

One of Revolut’s newest features (launched in August 2020) is its “Group Bills” tool. It makes it easier for Revolut users to manage group expenses – whether that’s splitting the bill with housemates for a pizza takeaway or settling up the spending on a group holiday.

Revolut customers can create and customise a Group with a name and photo, and then invite friends and family to join. It works for between 2 and 20 people, although you’ll all have to be Revolut account holders.

You add a bill to the Group on the banking app, tell Revolut how you want to split it, then it makes the calculations and sends out a notification to everyone requesting their individual payments.

What is Revolut’s virtual card?

The virtual card is for making online transactions – buying stuff from ASOS, a Netflix subscription, Deliveroo, UberEATS and things like that. It can’t be used for recurring payments like paying rent (though you can still set up a normal recurring payment in the app). So what’s the point of it this card? Can’t you just use your physical card for everything?

Well, the idea is that it’s safer. You can freeze your virtual card, and set monthly spending limits to keep within your budget. On top of this, you can delete the virtual card every few months, making it harder for fraudsters to steal your details and clone your card.

To use it, head to the “Cards” section in your app and scroll to your virtual card. Use the displayed card number and CVV at checkout.

However, Revolut’s real show pony is its “disposable” virtual card. They’re only available to Premium users, though. After every online transaction Revolut deletes your virtual card and gives you a new one. Revolut says this has reduced fraud by 30%.

Is Revolut a real bank?

Revolut isn’t officially a bank yet, but is well on the way to becoming one. At the end of 2018, Revolut got a European banking licence from the European Central Bank but the licence isn’t fully operational yet, and depends on a series of tests and improvements Revolut is currently working on.

Once this phase is over, the UK regulator, the Financial Conduct Authority (FCA), will lift the restrictions on Revolut’s licence, the company will be able to call itself a bank and it could roll out new features such as overdrafts. At that point, customers’ money would get extra protection (see “Is Revolut safe?”) in the event that the company went bust.

It’s also worth noting that it’s still uncertain what will happen after Brexit. At the moment, European banking licences are “passported” to the UK (which just means they’re equally valid). If things were to change, Revolut has said that it will apply for a full UK banking licence as well.

Is Revolut safe?

Despite not being a bank yet, Revolut is regulated by the FCA. The company is licensed as an institution that deals in electronic money and has to hold all client funds in a “segregated account”.

This means that users’ money is kept separate from Revolut’s finances and that Revolut cannot invest it. So, even if something were to happen to Revolut as a company, your money couldn’t be used to pay off its debts.

However, until it officially becomes a bank, funds held with Revolut aren’t protected by the FSCS (Financial Services Compensation Scheme, which protects deposits up to a maximum of £85,000), nor by its European equivalent. The FSCS covers deposits in the event a bank goes bust.

When it comes to security, Revolut’s smartphone app is protected by a password or fingerprint ID. Immediately freeze or unfreeze your card in the app if it’s been misplaced, lost or stolen. Add further control by turning online, ATM and contactless payments on or off.

Revolut customer reviews

Revolut came third in our independent 2019 customer satisfaction awards, with 4.5 out of 5 stars and 87% of users saying they would recommend the service. The ability to spend abroad with no added fees was a particular favourite with customers.

On Trustpilot, Revolut has 4.4 out of 5 stars and a rating of Excellent, based on more than 70,000 reviews. The ease of use and level of service was praised by those who left positive reviews, while technical glitches and account lockdowns were flagged as the main reasons for negative feedback (updated 2 November, 2020).

What is Revolut cryptocurrency?

When it comes to cryptocurrencies, Revolut stands out from its competitors. In 2017, it became the first challenger bank to let customers buy cryptos in its app.

What’s more, it’s incredibly easy for anyone to use cryptocurrencies like Bitcoin with Revolut. Revolut’s aim is to make them accessible, so you don’t have to be a tech whizz to get your hands on them.

• Cryptocurrencies. Customers have access to 5 different cryptocurrencies: Bitcoin, Litecoin, Ethereum, Bitcoin Cash and XRP.
• Unlock. With a basic Revolut account you have to invite three friends to app before you can “unlock” the crypto feature in the app. Premium account holders get it automatically.
• Exchanges. Exchange one of the 25 base currencies in the app for one of its crypto options. So, change Pound Sterling into XRP, or change Euros into Bitcoin. The choice is yours.
• Real-time rates. Real-time cryptocurrency graphs show you current rates. Plus set up price alerts to hear when your cryptocurrency hits a certain value.
• Fees. Revolut do charge a 1.5% markup for the transaction. Revolut says it gives the best possible exchange rates, but it’s certainly worth taking a look at your other options if your looking at delving into cryptocurrencies.
• Send to friends. Transfer cryptocurrencies to other Revolut users for free.
• Risks. Revolut does still warn that the value of cryptocurrencies can rapidly increase or decrease at any time, so you the customer are at risk. As well as gains, you could make some serious losses. Unlike the rest of Revolut’s services, cryptocurrencies are not regulated by the FCA.

What is Revolut Essentials?

In July 2020, Revolut rolled out a new price comparison service for utilities and homes services, exclusively for its banking customers.

Called Revolut Essentials, the new offering means that account holders can compare and switch their gas, electricity, broadband, TV or mobile phone provider directly through their Revolut banking app.

Revolut says there’ll be a range of suppliers and exclusive deals available, and that the service means their customers “can now get great deals on their energy bills, easily and quickly, with just a few clicks”.

To unlock the Essentials feature, UK banking customers just need make sure their Revolut app is updated to the latest version, then they can start exploring and using the service.

Pros and cons of Revolut

The verdict

Revolut is really good for travelling. If you’re planning a holiday, or travel often for work, you can easily move the cash you need to your Revolut account, and then basically forget about extra fees.

Fee-free spending abroad isn’t as unique as it used to be. Other challengers, such as Starling and Monzo, also offer fee-free card payments abroad, and unlike Revolut these also have a full UK banking licence.

But if you’re looking for range of features, Revolut is tough to beat – you won’t find fee-free international bank transfers, cryptocurrencies, share trading or auto-exchange pretty much anywhere else. If you regularly need one or more of those, Revolut is probably your best bet.

Get your Revolut card today

• No hidden fees
• Free transfers to other Revolut users
• Can also transfer cryptocurrency

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Frequently asked questions

• How does Revolut make money?

  There is the optional premium subscription fee and Revolut also earns a nominal fee paid to it by merchants every time you spend on your Revolut Card. There are also other fees including excess ATM withdrawals, card delivery fees, exchange rate fees under some circumstances. Business customers also pay fees depending on their top up limits.

• What are the benefits of a Premium Account?

  Free overseas medical insurance, Free global express delivery, Priority 24/7 customer service and Free disposable virtual cards.

• Are there fees when purchasing cryptocurrencies?

  There are no deposit fees, no subscription fees and no exit fees. However, Revolut charge a 1.5% markup on the average exchange price.

• Can I use the Revolut card to pay in shops overseas?

  Yes! Revolut is accepted in all retail outlets that accept prepaid Mastercards.

• How do you verify your identity in the app?

  To verify your identity you will need to go to ‘Profile’ under the ‘More’ section of the Revolut app, tap ‘Personal details’, and verify your identity. You will need to take a picture of a valid government-issued photo ID and a picture of your face.

• How can I contact Revolut and what is their UK number?

  You can contact Revolut on +442033228352 or through the in-app chat. The in-app chat is available Mon-Fri 6am-10pm and Sat-Sun 12pm-6pm

• If I'm travelling to multiple countries, is Revolut a good spending solution?

  Revolut is a great option for travelling to multiple countries. You can top up your card in your home currency (eg. GBP) and then let Revolut automatically exchange your money to the local currency whenever you use your card. They will exchange the money at their advertised exchange rate and won’t charge you any fees.

• Do I have to exchange my money into the local currency of where I'm going?

  Not at all. If you top up your card in your home currency (eg. GBP), Revolut will automatically exchange your money to the local currency of wherever you use your card.

• Which countries can you get a Revolut card in?

  Revolut currently only supports countries in the European Economic Area and Switzerland. So, you can only get a card if you’re a legal resident from one of the following countries: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, and the United Kingdom for now. But they are launching across the world soon, so stay tuned.

• Do I need a smartphone to check my Revolut account?

  Yes, you need the app installed on your Android or iOS device.

• How to transfer, or get transferred money, into your Revolut account?

  • UK account to GBP Revolut account. First, you need to access your profile by going to the ‘more’ option in the app’s drop-down. Then click on ‘account details’. Here you’ll find your GBP account number and sort code.
  • European account to GBP Revolut account. You’ll need your IBAN details with your unique reference code. Find them through the same process as above.
  • European account to Euros Revolut account.Perhaps you live in a European country outside the UK? Or you’re holidaying in Europe? Either way, you might want to top-up in euros from another European currency (like GBP). Follow a similar process to the above steps but create a Euro account. Use your personalised IBAN and send the funds as a SEPA payment with REVOGB21 as BIC and not via SWIFT if you transfer from a European bank account.
  • Account outside Europe into European account. Use the SWIFT details with your unique reference number when you transfer from outside the Single Euro Payments Area. Any SWIFT transfer to your local Revolut account will be rejected and returned with applicable fees applied. So if you’re trying to get paid by an American company in pounds, get them to do it via SWIFT. Or it will cost you money!
  • Other currencies. To top-up currencies other than pounds or euros, then ensure the reference/description for your transfer is the 8-digit reference number highlighted in pink with no other text.
  • A final word of warning. Revolut advises you to create an account which has a currency reflecting that the bank the money is being transferred from – to avoid bad exchange rates. So if you’re working in Australia, make an account for AUD. Or in the UK, make a GBP account. So you might want to avoid the second step from above.

• Is the Revolut card accepted at shops/venues in the UK?

  Yes! Revolut acts like a traditional UK current account when you use your card in the UK. It is accepted in all retails outlets and venues that accept prepaid Mastercards.

• Is there a maximum amount I can top-up my account with?

  Yes. The amount may vary but for most news users there is a daily top-up limit of between £1,000-£3,000. Some users may have a lower limit, although this will increase over time.

• Which countries can I travel to and use my Revolut Card in?

  Revolut supports over 150 currencies, so you can travel and use the card around the globe. Europe, South America, North America, Africa, Asia and Australasia are all covered to some extent. Check Revolut’s website to make confirm specific country coverage.

• Are there limits on how much you can put into your Revolut account?

  Yes. You cannot transfer more than £75k in or out of the account per 24 hours and the weekly limit is £125k combined.For international cross-currency transfers, it is free of charge to send up to £5,000 or €6,000 each month. Anything more than that amount, a fee of 0.5% will be applied. However, if you’re paying from euros you can choose how much you want to convert into pounds and leave the rest in euros. So you don’t necessarily have to be charged the 0.5%.

• Do you get medical travel insurance with Revolut premium?

  Yes. The insurance will cover unforeseen events, accidents, serious illness or bodily injury during your period of insurance. However, they will not cover pre-existing conditions which are not on their “acceptable conditions” list.

• Can I use a Revolut virtual card to top up my Monzo account?

  You certainly can top up your Monzo using Revolut. On Monzo it just shows as top-up, Revolut shows it as payment.

• Can I link my Revolut card to my Paypal account to make purchases online?

  No, unfortunately you can’t add and use your Revolut card with your Paypal account.

• Can I use a Revolut virtual card to top up my Monzo account?

  You certainly can top up your Monzo using Revolut. On Monzo it just shows as top-up, Revolut shows it as payment.

• Are there any alternatives to Revolut?

  Yes, there are a number of similar banking apps. You can find a list of alternatives to Revolut here.