Revolut review: The digital bank for travellers

Revolut is a digital-only banking app and offers several accounts, including premium options. It sets itself apart from traditional banks with a focus on technology, low fees, flexibility and extra features like its share trading and crypto sections within the app. It’s especially aimed at those who travel a lot, with no or low fees for spending abroad and international money transfers.

Compare Revolut accounts

Sort by:

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)	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)	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)	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)	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...

loading

Compare up to 4 providers

Clear selection

Compare

What is Revolut?

Launched in 2015, Revolut has more than 16 million customers worldwide, who make more than 150 million transactions a month.

Opening a “Standard” free account with Revolut (which we’re reviewing here) will give you a UK current account, a Euro IBAN account, and a blue-ish, pink-ish payments 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 or low-cost international money transfers and global spending, plus access to cryptocurrency exchange.

If you’re a small business you can read our Revolut Business review to find out more about that account, and if you’re looking for 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 9 working 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 rate that banks give each other).
• Spend globally fee-free (on weekdays). All card spending abroad on weekdays 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. 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 travel insurance. At the touch of a button, you pay by the day.
• 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, which is free. 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 in return for paying a monthly fee. 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 (including card spending and ATM withdrawals), 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 Revolut markup is 0.5% for major currencies and 1% for other currencies.
• Bank transfers. You get free money transfers to any UK account, as well as other Revolut accounts worldwide, plus its free to transfer euros to any account in the SEPA region. Fees for all other transfers depend on the currencies involved and can range from 30p to £5.
• Withdrawals. You can make free ATM withdrawals up to a total of £200 per month (and across a maximum of 5 withdrawals), either in the UK or abroad. After this limit, there is a 2% fee.
• No overdraft. You cannot go into the red with a Revolut account, so there are no overdraft fees. If a purchase exceeds your available funds the transaction will be declined.
• Card delivery. This is £4.99 with standard subscription.

A bit more on the weekend markup: keep in mind that overseas card payments, international ATM withdrawals and money transfers sent 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.

And a note on “fair usage”: Revolut’s free Standard account comes with a fair usage limit of £1,000 per month for currency exchange transactions – which again applies to overseas card payments, international ATM withdrawals and money transfers sent abroad. After that, a 0.5% fee applies (in addition to any 0.5% weekend markup).

Using Revolut abroad

One of Revolut’s most appealing features is that it lets you spend fee-free (on weekdays) at the interbank exchange 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 the weekend markup and the £1,000 per month free limit on currency exchanges (both outlined above), plus the fact that 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 (a subject we cover in more detail below). 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 working 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 are Revolut Savings Vaults?

Revolut operates a system of “Vaults”, which are essentially pots where you can put money aside. You can open a standard Vault and top it up through regular payments, or by rounding up your spare change from transactions and automatically adding it to your Vault. You can also set up a “Group Vault” with your friends and family and save for a common goal, such as a holiday.

“Savings Vaults” are one of the brand’s latest launches. These are interest-earning deposits you place with banks via the Revolut app. Unlike Revolut accounts themselves, Savings Vaults are covered by the FSCS scheme because these savings pots are held at licensed banks, even though they are managed through the Revolut app (more on Revolut and the FSCS scheme can be found below). Savings Vaults are currently available in GBP to all customers whose sole tax residency is the UK.

What is Revolut’s Group Bills feature?

One of Revolut’s newer features 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, setting up a Netflix subscription, ordering from Deliveroo, and things like that. It can’t be used for recurring payments like paying rent (though you can still set up recurring payments 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 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” at a licensed UK bank. 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 covered by the FSCS (Financial Services Compensation Scheme), which protects deposits up to a maximum of £85,000 in the event a bank goes bust. The exception to this is Revolut’s “Saving Vaults” – even though these interest-earning savings pots are managed through the Revolut app, the customer funds themselves are deposited at licensed UK banks which have partnered with Revolut to provide savings products.

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

Revolut customer reviews

Revolut came fifteenth in our independent 2021 customer satisfaction awards, with 3.5 out of 5 stars and 69% of users saying they would recommend the service. The ability to spend abroad with no added fees was a particular favourite with customers.

What is Revolut cryptocurrency?

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

What’s more, it’s incredibly easy for anyone to buy 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 many different cryptocurrencies, including popular ones such as Bitcoin, Litecoin, Ethereum, Bitcoin Cash and XRP.
• Exchanges. Exchange one of the base currencies in the app for one of the crypto options. So, change pounds 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 charges a 2.5% markup on cryptocurrency transactions for Standard and Plus users (and 1.5% for Premium and Metal users). Revolut says it gives the best possible exchange rates, but it could still be worth taking a look at other options if you’re seeking to delve into cryptocurrencies.
• Send to friends. Transfer cryptocurrencies to other Revolut users if you want to.
• Risks. Revolut does 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.

What is Revolut Stays?

New for summer 2021, “Revolut Stays” is a tool where account holders can search for and book holidays to a wide range of destinations through Revolut, with no booking fees.

The idea is that you can then take advantage of Revolut’s competitive card spending fees for your purchases when you get to your overseas idyll – with Premium and Metal account holders also getting an extra 10% cashback on their holiday spend.

Premium and Metal customers also get travel insurance and airport lounge access included in their subscription plans, while Standard and Plus account holders have the option of booking pay-per-day travel insurance with Revolut as well.

Pros and cons of Revolut

Our 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 no worry about paying too many extra fees.

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

But if you’re looking for a range of features, then Revolut is tough to beat – you won’t find the international options, cryptocurrencies, share trading or auto-exchange in the same place pretty much anywhere else. If you need a combination of those features, Revolut is probably your best bet.

Frequently asked questions

• How does Revolut make money?

  There is the optional paid-for account subscription fees and Revolut also earns a nominal fee paid to it by merchants every time you spend on your Revolut card. There are also other customer fees including excess ATM withdrawal charges, card delivery fees and exchange rate fees under some circumstances. Business customers also pay fees depending on their account plan.

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

  Yes! Revolut sends out cards issued by either Mastercard or Visa, and these will be accepted in all retail outlets that accept Mastercard or Visa respectively.

• 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 then 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 call Revolut’s automated telephone service on 020 3322 8352 if you need to block your card. You can also block your card via the app, and Revolut’s in-app chat is available 24 hours for all other queries too.

• 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 (e.g. GBP) and then let Revolut automatically exchange your money into the local currency whenever you use your card. Revolut will exchange the money at the interbank exchange rate and won’t charge you any additional fees on a weekday.

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

  No. If you top up your card in your home currency (e.g. GBP), Revolut will automatically exchange your money into the local currency of wherever you use your card.

• Which countries can you get a Revolut card in?

  Revolut currently supports (and grants cards to) residents in the European Economic Area (EEA), Australia, Singapore, Switzerland, Japan, the United States and the United Kingdom. Countries in the EEA are: 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 and Sweden.

• 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 menu. Then click on “Account details”. Here you’ll find your Revolut GBP account number and sort code, that you’ll need to make the transfer to.
  • 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 (SEPA). 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, 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 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.

• 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. Revolut sends out cards issued by either Mastercard or Visa, and these will be accepted in all retail outlets and venues that accept Mastercard or Visa respectively.

• 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 confirm specific country coverage.

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

  You can top up your Monzo account using Revolut. On Monzo it just shows as a top-up, while on Revolut it shows it as a 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.