As of June 2021, the company says that over 15 million users have the app installed on their smartphones. With Revolut’s app, users can:
Send and receive payments instantly 24/7 without any fees between the app users;Monitor transactions;Exchange currencies through the mobile app;Invest and trade U.S. stocks (3 commission-free trades per month (UPDATE: 1 per month for the Standard account as of March 1, 2021);Invest in digital assets such as Bitcoin;Get a personal loan between €2,000 to €30,000 for eligible customers, depending on where you’re based;Apply for a zero-fee credit card;Save money by using Revolut’s smart saving feature (Saving Vault);Open a Junior account for children between 7 and 17 years old;Use in-app budgeting tool;Purchase insurance and more;And more, as the new products are being constantly added into the app.
As mentioned above, Revolut supports free international money transfers, fee-free global spending, and access to cryptocurrencies like Bitcoin and Ethereum. All of this is geared towards breaking down global banking barriers. At the moment, this challenger bank has more than 15 million users worldwide. Founded by Nikolay Storonsky and Vlad Yatsenko, Revolut prides itself as a platform that caters to individuals’ banking needs while on the move. To date, the firm has over eight million customers across the globe.
Getting Started with Revolut
To get started with Revolut, customers must download the mobile application via Google Play Store or App Store. The app is compatible with Apple Watches, iPhones, or iPads with iOS 13.0 or up. For Android, it requires Android 6.0 Lollipop or later versions. In addition, for the app to work, the phone must have a minimum screen size of 3.5 inches. Important: Avoid using your personal Revolut account for any business matters, as it violates Revolut guidelines. For commercial purposes, use Revolut for Business, a specially designed product for freelancers and businesses. This will prevent a possible temporary freeze of funds, which caused many unhappy users to slander Revolut for no reason. With the app, you will be able to open a Revolut account. You will need to provide your mobile number, name, address, payment details, and top up your account to be eligible to use all the features the app offers. Currently, only residents of these regions can open the Revolut account: European Economic Area (EEA), Australia, Singapore, Switzerland, Japan, the United Kingdom and the United States. 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 and Sweden. Due to international restrictions, it’s not possible to top up your Revolut account with a bank card issued in Russia or Belarus. As of the second half of 2020, Revolut is available in the United States! This means that you can send and request money instantly for free even if your friends or family live in Europe. Additionally, U.S. customers will be able to get their salary up to two days in advance via direct deposit at no cost. All deposits for U.S. customers are held by Metropolitan Commercial Bank, Member FDIC, and are insured by the FDIC up to $250,000.
Identity Verification
Like most banking platforms, Revolut requires users to verify their identity as part of ‘Know Your Customer’ (KYC). KYC is necessary as it helps curb corruption and fraud. Verifying your identity for using Revolut is done via the app. In your app, click on ‘Dashboard’ then ‘Profile’ and tap ‘Personal details,’ then verify your identity. Next, you need to provide a photo of your government-issued ID and a selfie of your face. If you are residing in another country, Revolut might request further documents. To assist you through this stage, Revolut keeps you up to date at all times. Simply follow the in-app instructions. While taking a photo of the document, ensure all details are readable using a brightly lit area. Additionally, ensure the details submitted to Revolut match the legal documents.
Revolut Supported Cards and Currencies
You can add money to your Revolut account with a banking card in the following currencies: AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, JPY, NOK, PLN, RON, SEK, USD, ZAR. More currencies will be added soon, according to Revolut. The rule is that you should add money in the currency that your bank account is held in. So, for example, if you have a UK bank account, make sure you add GBP. If you don’t, your bank will convert the money for you and charge a conversion fee. Revolut currently supports card payments and ATM withdrawals in over 140 currencies and works with Mastercard and Visa-enabled ATMs. Unfortunately, American Express cards are not supported. At the moment, Revolut does not support the following currencies; ZWD, CKD, KID, PND, TVD, AMD, FOK, ERN, BTN, EHP, CUC, SHP, GGP, JEP, IMP, SDG, SYP, IRR, PRB, SOS, KPW.
Topping up the Revolut Account
Before proceeding to the next step, Revolut requires users to top up the accounts by taking advantage of the available deposit means. You can add money through a bank transfer or a bank card. The most convenient way to top your Revolut account is by using a debit or credit card: To add via bank, in your app, click ‘Account details’ under the profile section (top left corner of the app). Next, select your preferred currency to add. Note that you need to choose the currency held in your bank account to minimize costly exchange rates charged by the local bank. For example, you can top up using GBP through the unique local account details if you transfer from a UK bank account. Alternatively, you can use the IBAN details with your unique reference number.
Getting the Revolut Card
Once your account is opened, Revolut will send the corresponding card to your given address, which you will activate through the app before you can start using it. However, before you order the cards, you need to understand the types of cards available under Revolut. First, we have the physical Revolut card. Click on ‘Cards,’ choose ‘Physical,’ and set one up on your app. The delivery of a pre-paid Revolut card is completely free (except for Standard account holders). It will be dependent on the delivery method you prefer and is clearly indicated on the app. In addition, the delivery fee may vary depending on where you want to receive the card. In order to request specially designed cards, you need to upgrade to Revolut Premium or Revolut Metal. You can also order the limited-edition Revolut Rainbow card, which is available to all customers from any plan who donate the minimum amount to ILGA-Europe via Revolut’s Donations feature. The minimum donation varies by currency but will be clearly stated on the ILGA-Europe donations page in the Revolut app. To know if your card order is successful, on your app, click the ‘Cards,’ and Revolut will display the details and estimated time of arrival. If you can’t see these details, order the card. Furthermore, Revolut allows users to order five virtual cards that are available in the application. The virtual cards enable users to make online payments. The advantage of the virtual card is that you can’t lose it. To order the virtual card, click on ‘Cards’ and select ‘Virtual’ and choose a virtual card. This card will instantly appear in your app. Remember: You must order an actual card in addition to the virtual card if you want to withdraw cash from an ATM. Note: Revolut payment card designs are constantly changing. For example, recently users could order cryptocurrency-related cards dubbed ‘Wen LAMBO‘, ‘Wen MOON‘, ‘I WHALE‘. We have ordered one as well (see below).
Activating the Revolut Card
You must prove your identity in order to activate your Revolut card. The virtual card may be used for online transactions immediately after your identification has been verified. Nevertheless, it is worth noting that contactless and online payments of the Revolut physical card are only activated after completing a chip transaction in-store.
Types of Revolut accounts
Revolut has four different account and card tiers, including Revolut Standard, Revolut Plus, Revolut Premium, and Revolut Metal. The following are some of the best features for each account type: To see the detailed list of Revolut pricing plans’ features, check the image above. Below is a brief description of each pricing plan.
Standard Account
A Standard account with Revolut is free. The Standard account comes with a prepaid Revolut Visa card that is connected to the app. You may use this card to make purchases in more than 110 currencies at the interbank exchange rate.
Plus Account
It is an advanced version of the Standard Account, with additional features like customizable cards, 24/7 priority customer support, access to exclusive Junior features, ticket protection, return protection and more, including a daily interest on GBP savings of 0,3% AER.
The Premium Account
The Premium Revolut account comes with bonuses to those offered with the Standard account. For example, premium users have unlimited international transfers in 15 major currencies on top of receiving the interbank exchange rate and higher operations limits. Revolut’s Premium Visa card also has customizable colors and is delivered by Global Express for free. Clients under this category get priority customer support within the app. The account also enables users to access airport lounges with SmartDelay (when flights are delayed more than 1 hour) for You + 1 friend. You also get free transfers, free overseas medical insurance, free unlimited FX volumes, a free delayed flight, delayed baggage insurance, free global express delivery to 180 countries in one to three working days, and instant cryptocurrency investing access. It also enables a daily interest on savings of 0,55% AER.
Revolut Metal Account
This is the fourth and highest tier account offered by Revolut. This card comes with all the features under the premium account. Additionally, benefits include a contactless metal card and car hire excess for the first 31 days of your trip. It also enables a daily interest on savings of 0,7% AER and access airport lounges with SmartDelay (when flights are delayed more than 1 hour) for You + 3 friends!
Revolut Pro Account
Revolut Pro is a service that allows existing or new users to quickly and conveniently set up an account to manage their business or freelancing gig within the Revolut retail app. Revolut Pro is similar to Revolut Business. However, while Revolut Pro is accessed via the retail app through your existing Revolut Personal account, the Revolut Business product is a separate account you access through the Revolut Business app and platform. The Revolut Pro offers various side hustle tools to streamline your business income and expense management, including customizable invoice templates, as well as multi-currency payment acceptance through payment links, QR codes, and card readers. Moreover, the Revolut Pro offers 1% cashback on all Pro debit card purchases. The account can be bundled with your existing retail plan, meaning if you already have Premium, you will have Pro Premium. Additionally, your account will be free through the Standard Plan with no joining fees, monthly fees, or balance requirements. Best of all, the account takes 2 minutes to set up within Revolut’s app. If your business goes beyond freelancing, try Revolut Business.
Revolut for Business
The Revolut Business account is tailored to meet the needs of businesses. It also has a separate plan for freelancers. The Business account is designed to help businesses cut extra costs around exchange rates, cross-border transfers, and other fees by reducing unnecessary bureaucracy and paperwork. Revolut for Business is ideal for companies that enjoy an international presence. It can assist business owners in generating invoices or paying suppliers across multiple countries and currencies. Like the personal account, Revolut also has a few different tiers: Free, Grow, Scale, and Enterprise.
Revolut App/Card Features
The Revolut mobile app and card comes with unique benefits tailored to the end-users needs. Among the features are the following:
Automated and personalized transfers
The Revolut app makes it convenient to send money locally or abroad. The app has an automated recurring payment tool that is perfect for subscriptions or paying regular bills. In order to use this function, users need to set up the payments and the intended recipient. The app also allows users to request money quickly and conveniently.
Savings Vaults
The Revolut app enables users to set up vaults for saving. The vaults can be linked to a round-up tool where users can set regular weekly or monthly deposits or make random contributions. The app allows users to customize the saving vaults by giving them a specific name and setting a savings goal. Note: The Savings Vault 4.5% bonus for US customers, will be discontinued effective April 30, 2022. New savings vault customers will no longer be eligible to enroll. As of March 30, 2022, the 4.5% bonus only applies to existing Savings Vault customers.
Budgeting tool
With Revolut, users can set monthly budgets and daily spending limits all within the app’s interface. At the same time, users can also visually gauge their spending with the analytics tab that categorizes all payments under groceries or restaurants. The tool offers precise figures and graphs on how much you spend in percentages.
Travel Insurance for Revolut Premium and Metal Accounts
Revolut Travel limited offers medical insurance overseas. The insurance covers emergency dental and medical treatment while abroad. With the insurance, users get coverage for overseas emergency medical assistance and related expenses for up to £15m and emergency dental treatment for up to £300. The insurance cover is activated immediately when a customer departs their place of residence. The policy is not applicable once the client returns home from a trip, or at midnight on the end date indicated in the most recent insurance statement or when your account is closed of downgraded to the Standard account. Users can also access the delayed flight and baggage insurance that applies to delays of over four hours. For such instances, customers receive a maximum of £340. Baggage delays of more than four hours earn users up to £400 to cover replacing clothing, toiletries, and medication. Users of the Metal accounts receive a 20 percent discount if they opt for device insurance which subsequently protects against liquid and similar damage. Note: For all claims, there is an excess of £75 (the amount you are responsible for paying).
Revolut Personal Loans Up to €30,000
Eligible Revolut customers can apply for a personal loan through the mobile application and get funds directly in the Revolut app. Revolut offers personal loans ranging from €2,000 to €30,000, depending on your location. At first, you will be asked to answer a few quick questions. If approved, you can access the money directly from your Revolut wallet. You will also be able to see the total cost of your loan and how much you’ll be required to pay back monthly. Additionally, you won’t be charged any fees for getting the loan or for paying it off early. Open the app and click the ‘Credit’ section. Then choose – you want to get a loan or apply for a credit card. Then follow the on-screen instructions.
Commission-free Stock Trading
With the Revolut app, you can invest in US stocks easily with no commissions. The app enables you to buy and sell stocks without any hassle. Many investing beginners already applaud this feature as it is one of the easiest ways to start investing in stocks and even get dividends. Moreover, you can start investing from as little as $1 due to the fractional shares buying option offered by Revolut. As of April 2022, 1,447 company stocks (598 NASDAQ, 842 NYSE, and 7 NYSE AMERICAN) are available to buy and sell via the Revolut app. You can set real-time price warnings within the app to track the stocks’ prices to buy shares at an affordable price for you. Furthermore, dividend investors will now receive alerts when payouts are credited to their accounts. The number of zero-fee trades per month by account type: Standard account – 1 commission-free trades per month Plus account 3 commission-free trades per month Premium account – 5 commission-free trades per month Metal account – UNLIMITED commission-free trading IMPORTANT: The custody service fee will change from one basis point of asset value (0.01%) per year to twelve basis points of asset value (0.12%) per year. Appropriate SEC and FINRA fees for trading in U.S. securities may also apply. Disclaimer: Before you start trading with Revolut, it is always recommended to check the latest Revolut trading updates here. Here’s how to buy stocks via the Revolut app (step-by-step guide): Commission-free stock trading is being held via a third-party broker, “DriveWealth.” It allows customers to purchase securities in dollar amounts rather than share quantities. You can read more about the Fractional share program in the Fractional Shares Disclosure document or “DriveWealth” Customer Account Agreement. If you want to know everything about trading with Revolut, visit their trading information center here. Important: If you own more than 1 full share of a specific company that pays dividends – Revolut will credit your account with the dividend amount on the payment date.
Revolut Pockets
Pockets allow you to organize your bills and put money aside for them. As cash for your bills is kept separate, you will never accidentally overspend. In this way, Pockets are relatively similar to Revolut Vaults, except for spending, not saving. You can select Pockets from our suggested presets: Housing, Bills, or Subscriptions, or customize your own and set a recurring transfer to automatically send the money needed to pay your bills from your main account to the Pocket.
Virtual cards
A virtual card is a payment card that only exists in a virtual form and can be used to make purchases online and in-app, as well as pay in-store with mobile payment services like Google Pay and Apple Pay. While your virtual card will be linked to the same account as your physical card, the card number will be different, meaning you can spend without worrying about keeping your account secure. In addition, virtual cards can be regenerated as many times as you require, each with a new unique card number so that your actual card details are never shared with vendors.
Group bills
Group bills makes it easy to control how your group adds, tracks, splits, and settles expenses. So whether you’re sharing household expenses with flatmates or on a group holiday, or whether you’ve paid with cash or a card from elsewhere, you can add all your bills to your group and manage everything from one place.
Commodities trading
At this time, you can buy Gold (XAU) and Silver (XAG) directly through the Revolut app.
Buy & Sell Cryptocurrencies
One of the outstanding features of Revolut is the cryptocurrency buying and selling feature. Through the app, users can buy and sell the supported cryptocurrencies and track market fluctuations. As of September 2022, the platform supports these digital assets*:
Bitcoin (BTC),Bitcoin Cash (BCH), Doge (DOGE), Ethereum (ETH),Litecoin (LTC), Ripple (XRP), Stellar (XLM), EOS (EOS), OMG Network (OMG), 0x (ZRX), Tezos (XTZ), Bancor (BNT), Cardano (ADA),Filecoin (FIL), Loopring (LRC), Numerai (Numerai), Orchid (OXT), Synthetix (SNX), The Graph (GRT), Universal Market Access (UMA),Uniswap (UNI), Yearn Finance (YFI), Cosmos (ATOM), New Kind of Network(NKN), Matic(Matic), Algorand (Algo), Celo (Celo), Band (Band), Chainlink (Link), Tellor (TRB), Aave (AAVE), Compound (COMP), Curve Finance(CRV), Sushi (SUSHI), 1inch (1inch), Mirror (MIR), Origin Protocol (OGN), Basic Attention Token (BAT), Enjin (ENJ), SKALE Network (SKL), Cartesi (CTSI), Storj (STORJ), iExec (RLC), Polkadot (DOT), Solana (SOL), Internet Computer (ICP), Kyber (KNC), Keep Network (KEEP), Decentraland (MANA), Anker (ANKR), NU (NuCypher), Chiliz (CHZ), Balancer (BAL), Maker (MKR), Mask Network (MASK), Fetch.ai (FET), Alchemy Pay (ACH), Quant (QNT),Sandbox (SAND), Gala (GALA), Axie Infinity (AXS), JasmyCoin (JASMY), Ethereum Name Service (ENS), Dash (DASH), Flow (FLOW), Immutable X (IMX), Cronos (CRO), IDEX (IDEX), Ren (REN), Spell Token (SPELL), Perpetual Protocol (PERP), Biconomy (BICO), COTI (COTI),Enzyme (MLN).
*Available cryptocurrencies might differ by country. After purchasing cryptos, the Revolut app securely stores them in a ‘pooled’ virtual currency account combined with hot and cold wallets. This is a repository of virtual currency private keys. Through the Revolut application, users can track how their preferred digital assets perform over time while comparing historical price changes. This feature helps the customer make the right decision on which assets to buy or sell. You can also set up price alerts when crypto reaches a specific target value. Furthermore, users can use cryptocurrency on Revolut just like any other currency. You can also spend cryptocurrency via the Revolut card, automatically converting the amount spent into the local currency. Crypto withdrawal: Customers that subscribe to Revolut’s Metal service in the UK can now withdraw crypto to their external crypto wallets. Currently, you can only withdraw Bitcoin (BTC) from Revolut.
Revolut Fees
Revolut charges different fees for various operations on the platform. Most fees vary depending on the account type. For the Standard account, Revolut does not charge any subscription fee. Furthermore, adding money to the account is free. However, if you top up the account with a card issued outside the EEA region, Revolut charges a small fee to cover the cost.
ATM withdrawals fees
You can withdraw cash from an ATM using your Revolut card for free, up to the limits of your plan; after that, Revolut will charge a fee. The fee-free limits on Revolut plans for ATM withdrawals are as follows:
Standard: €200, or 5 ATM withdrawals per month (whatever comes first); Plus: €200 per month;Premium: €400 per month;Metal: €800 per month.
Beyond these limits, you will pay a 2% fee on all money withdrawn, with a minimum fee of €1 per withdrawal. If you are withdrawing money in a currency you don’t hold in your wallet, this will involve a conversion. Standard fees above your free conversion limits will also apply for that conversion.
International money transfers fees
Revolut’s most popular payment methods, used by more than 90% of its customers, will remain free. They consist of:
free local bank transfers in local currency;free local and international transfers in euros to any SEPA country (they consist of EU / EEA countries, UK, Switzerland);free transfers to other Revolut customers (among themselves) anywhere in the world.
The changed fees will only apply to customer transfers outside SEPA (consisting of EU / EEA countries and the UK, Switzerland) or if you transfer money to a foreign country outside the Eurozone. For payments outside the SEPA region, customers can make free transfers within their plan’s allowance:
Standard and Plus. No fee-free transfers;Premium. One fee-free international transfer per month;Metal. Three fee-free international transfers.
Outside these allowances, a small fee applies for international transfers to non-Revolut recipients. You may find more information regarding fees here.
Other fees
Customers get an exchange fee-free allowance of £1,000 each month. If exceeding this threshold, you’ll see a 0.5% fee, but you can upgrade to Revolut Premium or Metal for unlimited global transfers with no foreign exchange fees. A fee applies for card transfers. This fee will be calculated in real-time and shown to you in the app before confirming the payment. The exact cost will depend on the transaction (how much you are sending and where).
Crypto trading fees
As of October 3, 2022, Revolut fees for buying and selling crypto will change from 2.50% to 1.99% or EUR 0.99, whichever is higher.
Stock trading fees
These are the following fees associated with trading:
How Secure is Revolut?
When it comes to digital banking, the security of funds is vital. Revolut has put in place some measures to ensure the users’ funds remain secure. The Revolut mobile app comes with fingerprint identification for logging into the account. For the Revolut card, you customize some features to minimize the chances of fraud, like disabling eCommerce payments, ATM withdrawals, contactless, and swipe payments. The virtual card is also another security measure where users are allowed to use them once. Additionally, Revolut has enabled the Sherlock anti-fraud system. This system enables Revolut to get real-time alerts of fraudulent activity. At the moment, Revolut is also working on a 3D secure system that allows users to make certain e-commerce payments at the merchant’s discretion. Revolut also has existing partnerships with Metropolitan Commercial Bank to hold client funds. This gives users FDIC insurance on balances up to $250,000, while the debit card transactions are protected by Visa, Mastercard, or Maestro card processing rules. Lastly, Revolut has location-based security. This means that if your card is used in a different location than your phone, you’ll get a notification. Note: You can find more information about the company’s cybersecurity measures in our comprehensive ‘Is Revolut Safe?’ guide.
Revolut Customer Support
Revolut Pros
✔️ Free and instant 24/7 money transfers between the app users. ✔️ Spend abroad in 150 currencies with no or low fees. ✔️Keep accounts in different currencies. ✔️ 24-hour customer service. ✔️ User-friendly app with control over accounts and cards. ✔️ Transfer money at the interbank exchange rate. ✔️ Instant top-ups from your main account. ✔️ Free travel insurance is included for Premium and Metal customers. ✔️ You can temporarily block your card, and unblock it yourself. ✔️ The app is easy to use and has a great design while still keeping it simple. ✔️ You can get a virtual card for online shopping. ✔️ Smart-saving add-on. ✔️ Commission-free US stocks trading. ✔️ Revolut credits your account with dividends (for dividend stocks). ✔️ Commission-free US stocks trading (varies according to plan). ✔️ Instant personal loans up to €30,000. ✔️ Zero-fee credit card. ✔️ Integrated budgeting tool. ✔️ Revolut Junior account for children (7-17 years old).
Revolut Cons
❌ At weekends, when the markets are closed, Revolut applies an unspecified markup to foreign currency transactions. ❌ Some foreign currencies have an additional unspecified markup. ❌ Higher rates over the weekend when the currency exchange markets are closed. ❌ Occasional customer service delays responding for to Standard account users.
Conclusion
Revolut is the best option for individuals who like traveling, especially if you are trying to cut down on the fees. It is advisable to get the Standard account for a start, and if you are impressed, you can upgrade to the next tier. Additionally, this account is free. It is worth trying out this advanced challenger bank’s app and getting familiar with modern banking solutions.
