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.
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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 23 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 120 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 23 currencies.
- 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 Revolut card?
Linking your main bank account with your Revolut card lets you top up instantly. Just head to the app and do the following:
- If this is your first time topping up, go into the app and link your standard bank card to your Revolut account. 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.
- After this enter the amount you want to top up and, if successful, the amount will appear in your Revolut wallet instantly.
- The next time you want to top up press the ‘+’ symbol on the home screen.
- You can always choose the automatic top up feature to. You can get the app to automatically top up your Revolut account from your main card if it drops below a certain amount.
How does Revolut’s cryptocurrency feature work?
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.
What is a virtual Revolut 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.
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 delete the virtual card every few months, making it harder for fraudsters to steal your details and clone your card.
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%.
Pros and cons of Revolut
Pros
- 25 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.
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.
- 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.
What other options are available?
Monzo and Starling are two of the biggest competitors with Revolut. Many people are also looking at Monese as a key player in this dynamic new space. Monese offers a similar service to Revolut, Monzo, and Starling so it might be of interest to you! You can find out more by reading our Monese review.
Like the sound of Monese? Open an account now
Open an account instantly, without a UK address, receive and make payments, set up direct debits, shop online and in person. All FCA registered and 100% secure.
Hello.
I’ve just opened a Monzo account as I need to transfer my money from my home country to the UK (where I’m living right now).
But only after receiving my Monzo card I found out that Monzo cannot receive transfers from abroad for now.
Therefore I’ve opened a Revolut account (which I didn’t do on the first place only because I’ve read Monzo gives all traditional banking guarantees that Revolut doesn’t).
Now, since I wouldn’t want to pay the delivery of a Revolut card because I already have a Monzo card, and since Revolut IS enabled for international transfers, MY QUESTION IS: can I use a Revolut virtual card to top up my Monzo account?
I am basically thinking of
1. transferring money from my home country bank to my Revolut account and then of
2. using a Revolut virtual card to top up my Monzo account.
Is this possible?
Thank you
Hi Alessandra,
Thanks for leaving a question on finder.
You can certainly top up your Monzo using Revolut. On Monzo it just shows as top-up, Revolut shows it as payment.
Please send me a message if you need anything else. :)
Cheers,
Joel
I can not open my account on my mobile It keeps asking for a code and then says try later how do I access my account to top up?
Hi Margaret,
Thanks for leaving a question on finder.
The number will be n in the “Pending transactions section” of your online account. If you do not find it there, you will have to contact support via the Revolut app or Twitter and Facebook. They are very responsive to messages and will sort this out for you.
Please send me a message if you need anything else. :)
Cheers,
Joel
Can I change my address from a uk residence to a USA residence because I move. Secondly would my travel insurance still be valid, when I leave to USA or is it only valid in the UK.
Hi Garret,
Thanks for getting in touch with finder. I hope all is well with you. :)
You can change your address anytime if you haven’t verified your account yet. However, if you have already verified it, you need to contact Revolut’s in-app support and provide a proof of address of your new address.
It would be a good idea to review your policy’s terms and conditions to confirm. However, the insurance policy of Revolut covers overseas emergency medical assistance and expenses. So, you should be covered even if you leave the UK.
To get a more personalised answer, please check with Revolut directly.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Is Revolut available in the Middle East or only for European residents? If not, when it will be available?
Hello Nasser,
Thank you for your comment.
Upon checking, Revolut currently supports legal residents in the European Economic Area and Switzerland only. They will be launching across the world soon, so just continue to check back.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
Hi.
How will the card work in Argentina and Chile?
Hi Steve,
You can use Revolut card for purchases in any shops or restaurants in Argentina and Chile where Visa/Mastercard is accepted. If the currency you have in your card is in GBP, Revolut will do an automatic conversion to local currency.
You can also use your Revolut card for cash withdrawals at local ATMs in Argentina and Chile. Please note that cash withdarawals are limited to £3,000 or currency equivalent per 24 hours and ATM withdrawal fees may apply.
You can visit Revolut’s FAQ page for more information about how it works when travelling to other countries.
I hope this helps.
Cheers,
Charisse
Hi. I want to purchase services from the US which are selling for $100 dollars, but when I make a payment via my visa card I get charged £100 instead of the exchange rate, which as of 27.09.18 would make it £76.39. Can I use the Revolut card to make a payment in dollars?
Hello,
Thank you for your comment.
Yes, you can use your Revolut card to make a payment in a USD currency. Essentially, you don’t have to do anything it will just auto exchange. If USD is insufficient on the card, it will use the next available currency in the order. The rate will still vary to the current exchange rate.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
Hi, I may be taking on a job in the Netherlands while still living in the UK, commuting over for 3 days a week.
I will be paid in euro’s and was recommended Revult.
Is there a limit how much I can transfer to my UK account every month (euros to £) ? And is there a fee?
Can I transfer a chunk of my salary on a monthly basis, then leave the rest in the Revult account as my spend account when away?
Hi Luke,
Thanks for reaching out to finder.
To answer your questions:
Is there a limit how much I can transfer to my UK account every month (euros to £)? – Yes. You cannot transfer more than £75k in or out of the account per 24 hours and the weekly limit is £125k combined.
Is there a fee? – 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.
Can I transfer a chunk of my salary on a monthly basis, then leave the rest in the Revolut account as my spend account when away? – Yes, you can choose the amount you would like to transfer in GBP and leave the rest of the balance in Euros.
You can also visit Revolut’s FAQ page for more information about Revolut account features and services or send a message via their in-app support chat.
I hope this information helps.
Cheers,
Charisse
Hi,
My daughter is taking a holiday in Australia. Can I transfer money to her revolut account from mine? Will it transfer in GBP or Australia dollar?
Hi Mike,
Thanks for your inquiry.
Definitely, you may transfer money to your daughter’s Revolut card and it will automatically convert into Australian dollars. To learn more about Revolut’s features and how it works, please click on the “Go to Revolut’s website” and it will redirect you to their official webpage.
Kind regards,
Bella
I am national of EU, but living in Phillipines for a while. Can I get the card to be delivered to Phillipines?
Hi Alex,
Thank you for leaving a question.
As advised in the Revolut Community page. For your 1st card you would need an EU address where the card could be delivered. One option looks to have worked for Revolut users is to order the basic via your legal address in the EU and then upgrade to premium and have it delivered to your current address. You may also reach Revolut via their in-app chat support team for more information. Hope this helps!
Cheers,
Reggie
Does Revolut have a UK banking license which would cover clients if it goes bust? Does it have any license?
Hi Brian,
Thank you for leaving a question.
As advised in the terms and conditions page of Revolut. Please see their current licenses below:
“The Revolut Cards are issued by Revolut Ltd a company incorporated in England and Wales with company number 08804411 and whose registered office is at 9th Floor, 107 Cheapside, London, United Kingdom, EC2V 6DN. Revolut Ltd is authorised by the Financial Conduct Authority as an Electronic Money Institution under the Electronic Money Regulations 2011 for the issuing of electronic money. Revolut Ltd (Form Reference Number: 900562) is included in the FCA’s Register of Electronic Money Institution firms, which can be found on the FCA website. By agreeing to these Terms, you are deemed to have agreed to the relevant Revolut Cardholder Terms as stipulated by Revolut (acting as Card Issuer).”
Hope this helps!
Cheers,
Reggie