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Fee-free spending in 150+ currencies
Weekend mark-up on spending abroadRevolut review
Get our expert view on the Revolut app, card and current account being used by millions.
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Fee-free spending in 150+ currenciesWeekend mark-up on spending abroadWhat's in this review?
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What is Revolut?
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’s especially aimed at those who travel a lot, offering spending abroad and international money transfers with no hidden fees.
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 for Business review to find out more.
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 to 29 countries, 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 29 currencies.
- Pay friends. Pay other people with ease or use the split bill feature to divide a group spend.
- 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 three tiers: Standard, 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.
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 29 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 – unless you use this link, in which case it’s free!
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 29 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 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.
Compare Revolut’s products
Updated March 29th, 2020
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 unless you use this link, which will get you free delivery.
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:
- 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.
- Make sure the address is correct otherwise the payment might fail to go through.
- Press the “+” symbol in the top left corner of the accounts screen.
- Add the card you want to top up from, and choose the amount you want to add into your Revolut account.
- 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 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?”).
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.
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.
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.
Compare Revolut against its competitors
Updated March 29th, 2020
Pros and cons of Revolut
Pros
- Free multicurrency current account, you can hold up to 29 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 29 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.
- You can get travel insurance directly from the app, at a competitive price.
Cons
- 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.
- 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.
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.
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For Finder’s rating (“We say”) our experts evaluated fees and key features of banking apps – including how good they are if you travel abroad.
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Ask an Expert
Does using Revolut help build your credit score?
Hi Hippo,
Thanks for your comment and I hope you are doing well.
To answer your question if Revolut helps build your credit score, as Revolut doesn’t do any credit checks it also doesn’t report to credit bureaus. Therefore, Revolut doesn’t help build your credit score not does it impact your credit score.
Hope this helps and feel free to reach out to us again for further assistance.
Best,
Nikki
Can I use Revolut Card in Israel?
Hi Nesta,
Thanks for contacting Finder.
I’m afraid Revolut is currently only supporting legal residents in the European Economic Area (EEA), Switzerland, and Australia. The EEA includes:
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, and the United Kingdom.
I hope this helps.
Kind Regards,
Faye
Do you get charged for not using your Revolut card and if you cancel your Revolut account?
Hi Kaz,
Thanks for reaching out to Finder.
Revolut does not charge any fee for closing a standard account and for keeping it open if it is not in use.
If you wish to close your Revolut standard account, you can speak with a Revolut agent who can assist you with the process. Before closing your account, you will first need to withdraw all currency balances and make sure you do not have any pending transactions (payments, transfers).
Please also note that, all Revolut cards linked to your account will be terminated and you won’t be able to link them to another account or use it again.
I hope this helps.
Cheers,
Charisse
I would like to use my Revolut Card for Garmin Pay which says it does support it, however, every time I load my card details it is declined saying that it doesn’t yet subscribe to Garmin, try again later. I don’t want to change to the Starling Card but want to find out why this is not working?
Hi Jo,
Thank you for getting in touch with Finder.
Sorry to hear your trouble on using Garmin Pay with your Revolut card.
Upon checking Garmin Pay’s official page, it states that Revolut Mastercard supports Garmin Pay. Since we do not have access to their system to check this, I suggest that you get in touch with Revolut via their in-app chat support service to get further info on this matter.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
My son is travelling to south Africa shortly, he has a revolut card with the visa logo, will he be able to use this card widely for purchases and money withdrawals or is he likely to encounter problems without the MasterCard logo.
Hi Susan,
Thanks for your enquiry.
Visa and Mastercard can be used online, as well as virtually anywhere in the world that accepts card payments. It’s very rare to find a location where one is accepted but not the other.
Hope that helps.
Regards,
Ellie
Please can you update us if this is now available for under 18’s.
Hi Sah,
Thank you for reaching out to Finder.
The current set up for the Revolut card is that it is available for users 18 and up. You may need to check on Revolut updates in the future to check if this would be available to users who are under 18 years of age. Please contact Revolut directly or check their website from time to time for any updates on this.
Cheers,
Reggie
I’m trying to order new card however is asking e to top up. I did that with 10£ and tried to order again and asked again to top up so I did it again with 10£ but still wont let me to order a card. I gave up as I dont want to keep topping up…
How can this be resolved pls surely I dont have to top up with fortune
Hi Magda,
Thank you for reaching out to Finder.
The Finder page provides details on how to top-up the Revolut card when you have it with you already. Since you mentioned that you are unable to top-up the card during your order of the new card, you may need to contact Revolut directly to get directions on how this could be completed as well as fix any errors you may receive during the process. Hope this helps!
Cheers,
Reggie
Can I withdraw money out of my Revolut account?
Hi Scott,
Thanks for getting in touch with Finder. I hope all is well with you. :)
Yes, you can withdraw money out of your Revolut account through the ATM. ATM withdrawals are free but only up to £200 per month. After this the limit there is a 2% fee.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
I will be travelling to multiple destinations over a 5 month period namely Australia, Far East Asia and India. Which of these area will I be able to use Revolut?
Hi Nassar,
Thank you for leaving a question. According to Revolut they are currently only supporting legal residents in the European Economic Area (EEA), Switzerland, and Australia. The EEA includes:
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, and the United Kingdom.
Hope this helps.
Regards,
Val
Hi, you mention that Revolut is secure as they are FCA regulated and this means my money would be protected. Is that the case as I thought it is the Financial Services Compensation Scheme that protects deposits in the UK, not the FCA?
If Revolut ceased trading, I’m guessing my money might be hard to trace & access?
Hi Jonny,
Thanks for getting in touch with finder. I hope all is well with you. :)
The FCA is a conduct regulator for financial services firms and it has the power to enforce its mandate, including rule-making, investigative and enforcement powers. Since Revolut is regulated by FCA, if it doesn’t follow the rules of FCA, it would be penalised. In this way, FCA is able to protect your money.
On the other hand, the Financial Services Compensation Scheme (FSCS) is the statutory consumer insurance provider. So, if something happens to Revolut and they are not able to restore your money, the FSCS would step in and pay you. It is worth noting as well that it is the FCA who made the FSCS scheme rules. Moreover, upon checking, Revolut Bank current accounts are protected by FSCS up to the sum of £85,000.
So, if Revolut ceased trading or working, then you can still get your money back with the help of FCA and FSCS.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua