We take a closer look at the banking app that’s breaking down borders
Since its launch in 2015, Revolut has reached over 2 million users. With an elegant, streamlined smartphone app, Revolut is providing a progressive banking solution for today’s hyper-connected world.
Read on to find out more about Revolut and whether it might be an option for you.
Revolut card: Free delivery worth £5
Use the button below and enter your number to receive a free Revolut card.
- Spend abroad with no fees
- Fee free international money transfers
- Buy Bitcoin, Litecoin and Ethereum with one tap
- Trusted by 2 million users
- Sign up takes just 60 seconds
Looking for a business account? Get 3 months free trial and free business card
Hold over 150 currencies, transfer money internationally, and issue employees with corporate cards for global fee free spending using Revolut’s business account.
What is Revolut?
Revolut is a digital ‘challenger bank’, offering hassle free global spending. Its app is elegant and simple and Revolut prides itself on being a “world beyond banking, working for those who never stop moving forwards.”
With free international money transfers, fee-free global spending and access to cryptocurrency exchange, Revolut is aiming to break down the borders of banking.
Revolut on the rise
- Revolut increased revenue by almost 5x between 1 Jan and 31 Dec 2017
- Users tripled, from 450,000 to 1.3 million in the same period (now approaching to 3 million)
- Monthly transaction volumes jumped from $200 million to $1.5 billion
How does Revolut work?
After you sign up, you can request a contactless Revolut card. Customers have complete control over their card, with the ability to freeze and unfreeze it at the touch of a button, a feature that provides added security and convenience.
The app is simple, easy to navigate and streamlined. Features include:
- Accounts: View the balance and transaction history on your accounts. You can hold a physical balance on the app in 16 currencies.
- Payments: The app enables you to transfer money to 25 countries, fee-free, at the interbank exchange rate (the same rates banks give each other).
- Pay friends: Pay friends with ease or use the split bill feature to divide a group spend.
- Analytics: View your spending habits, categorised by type of transaction, merchant or by country.
- Manage your cards: Freeze a card if you lose it, unfreeze your card if you find it, set monthly spending limits and enable additional security.
When will your Revolut card be delivered?
After you’ve placed your order, 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. It may take longer.
Using Revolut abroad
Revolut’s most unique and appealing feature is that it enables you to spend fee-free at the interbank rate in 150 currencies.
When spending abroad, it’s common that a portion of holiday funds go on transaction fees or hidden charges.
Revolut provides customers with international spending freedom, making the account popular with holidaymakers and travelers.
For more details about sending money overseas, head to our international money transfer section to find everything you need to know to find a cheap deal.
If you're travelling abroad
If you are heading overseas and are thinking about travel money, head to our travel money section for the cheapest deals on foreign currencies, or to our travel section for tips on how to get cheap flights!
Revolut fees, limits and pricing
- Card Transactions: Free in 120 countries.
- Bank Transfer: Fee-free, at the interbank rate, in 24 currencies. Although it charges 0.5% for transfers that exceed £5000 a month.
- Withdrawals: Free ATM withdrawals of up to £200 per month. After this limit there is a 2% fee.
- Overdraft: You cannot enter an overdraft. If a purchase exceeds your available funds the transaction will be declined.
- Delivery: Free with premium subscription, £4.99 with standard subscription.
- Premium Subscription: £6.99 per month or £72.00 annually in advance (saving £11.88). (Read our review of the Premium service here).
Is Revolut safe?
Revolut is regulated by the Financial Conduct Authority (FCA), protecting your money if Revolut face problems.
The 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 has recently launched its disposable virtual card to tackle online fraud. When a customer makes an online payment with a disposable card, Revolut will detect the transaction and automatically destroy those card details, generating new ones that will appear directly in the app.
How to top up with Revolut?
Linking your main bank account with your Revolut card lets you top up instantly. Just head to the app and 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.
How to use Revolut’s virtual card?
It is a card you can only use for online transactions. Buying shoes off ASOS, or paying your Netflix subscription, for instance. Or maybe paying Deliveroo or UberEATS. It can’t be used for recurring payments like paying for rent (though you can still set up a 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. 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. Simply 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%.
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.
Compare Revolut with other banking apps
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.
Pros and cons of Revolut
Pros
- 24 currencies can be held on your account. Exchange between them is instant.
- Spend abroad with no fees.
- 24-hour customer service.
- User-friendly app with control over accounts and cards.
- Interbank exchange rate.
- Instant top ups from your main account.
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.
- You are always charged at least a 1% markup for currencies like the Thai Baht, Russian Rubbles, Ukrainian Hryvnia and the Turkish Lira. This rises to 2% on weekends.
- Foreign exchanges over £5000 a month come with a 0.5% fee.
- The card can take up to nine working days to arrive, so you need to be prepared if you’re travelling!
- Free cash withdrawals are limited to £200 a month.
- No branches, which can put off those who prefer face-to-face customer service.
FAQs
N26
What is it?
App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
Revolut (Standard)
What is it?
App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
Starling
What is it?
Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
Monese (Starter)
What is it?
A multi-currency mobile banking app that aims to be ‘built around you’. Use it to open a fully functional current account instantly, straight from your phone, all supported by a feature-rich mobile app
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
Hi, my husband has just received his Revolut card, ( MasterCard ) I know Revolut states that it is accepted worldwide but from previous experience he knows that Mastercard is not widely accepted in Angola. He is going to be working there long term and really needs the Revolut Visa card. Is there any way he can apply for this?
Hi Fiona,
Thanks for getting in touch with finder. I hope all is well with you. :)
I understand that you want your husband to get the Revolut Visa card instead of the Mastercard. Upon checking, clients of Revolut can’t choose between Visa and Mastercard. Instead, your card scheme will be assigned based on your location. Generally, speaking, Mastercard is widely accepted in Angola and in most cases, where Visa is accepted, Mastercard is also accepted.
If your husband still wants to obtain the Visa card of Revolut, he may directly get in touch with them and check if his request could be granted.
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 am travelling to the US in April and I am concern about the exchange rate. Can I acquire a Revolut card and fund it with 1.5k USD at a locked in rate?
Hi Lord,
Thank you for your comment.
According to Revolut community, at the moment, you can exchange between GBP & Euro & GBP in the app. For other than these currencies, your card will auto-convert your balance to the local currency you’re spending in and they’ll get the best available rate at the time of each transaction, not lock-in, unfortunately.
Regards,
Jhezelyn
Hi,
I have just sent off for a Revolut card and my a/c is verified. I’d like to use the cryptocurrency option because I would like to be able to convert some funds from crypto to fiat to pay some bills.
I see that the PREMIUM a/c (at least) is needed for this.
If possible, can you confirm if Revolut will allow us to exchange into/out of FIAT currency the cryptocurrencies supported?
Many thanks,
acidthunder
Hi Acidthunder,
Thanks for getting in touch with finder. I hope all is well with you. :)
You can take advantage of Revolut’s cryptocurrency features with a basic account. You can invite three friends to use Revolut and from there, it should “unlock” the crypto feature. However, if you don’t want to go through the referral program, you can always go with the premium account to have the crypto feature automatically.
According to Revolut’s website, you can surely convert your cryptocurrency to fiat currency and vice versa. You can do this by using the Exchange section within the Revolut app.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Hi! I am travelling to Tunisia. I am wondering if my Revolut card would work there? Also, can I receive money from home (UK) on it whilst I am there?
Many thanks
Hi Adam,
Thanks for getting in touch with finder. I hope all is well with you. :)
Yes, Revolut should work in Tunisia. There was some issue before but Revolut’s website mentioned that it was already resolved. And Yes, you can also receive money from the UK while you’re in Tunisia.
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 am currently working in the US and looking to pay my hotel bill.
A couple of questions:
– My card currently only has £10.00 on it, so I assume that I have to top it up with say around £500.00 to pay my bill on my card. Is that correct?
– Will this cost me anything?
– If I place more money on my card than I need, can I remove it and transfer it back to my bank?
Hi Sue,
Thanks for getting in touch with finder. I hope all is well with you. :)
Let me answer your question one by one:
1. It would depend on how much money you want to add to your card. As long as you have enough fund to pay your hotel bill then that would be great.
2. Revolut does not charge any fees when you use it abroad. However, please note that if your currency needs to be converted, then Revolut do charge a 1.5% markup for the transaction.
3. Yes, you can always transfer money from Revolut to your bank account and vice versa.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Does a Revolut card show up on a credit report ( Balance etc ) or help towards gaining a better credit rating if it’s your own money?
Hi Dazza,
Thanks for getting in touch with finder. I hope all is well with you. :)
It is understandable that you are concerned with how Revolut could affect your score. Upon checking, Revolut does not perform hard credit enquiry but only soft enquiry. This means that Revolut does not affect your credit score.
Moreover, since Revolut is more of a debit card, it has no effect on your credit score no matter how you use it.
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 want to use the revolut card to pay for my ebay purchases, is it possible to link it to paypal for this purpose ?
Hi Patrick,
Thanks for leaving a question on finder.
As per Paypal, unfortunately the bank account from Revolut cannot be added in PayPal accounts.
Please send me a message if you need anything else.
Cheers,
Joel
I signed up using the link above, but I did not get any offer for free delivery of the card?
Hi Dan,
Thanks for reaching out to finder.
If you signed up through finder, you are eligible for a free Revolut card via standard delivery. You can go to the ‘Cards’ section of the app to order your first standard physical card for free. However, before you can order your card, you need to top up your account with a minimum of £10 which you can also spend, withdraw, or transfer to a bank account anytime.
I hope this helps.
Cheers,
Charisse