Put the Pedal to the Metal
People often choose banks close to home or big traditional ones. However, the digital era offers various fintech apps with better benefits and customer satisfaction. Today, we’ll discuss Revolut, one of the world’s largest fintech apps.
Revolut provides a range of financial services like multi-currency bank accounts, multiple debit card options, budgeting features, cryptocurrency trading, and stock trading. You can sign up for free using the button on this page.
TL;DR
- Free access to the airport lounge for you and three family members if your flight is delayed by more than one hour.
- Unlimited free cross-border money transfers and 1 free SWIFT transfer per month.
- Unlimited commission-free stock market transactions.
- Medical insurance abroad, luggage and flight delay insurance and winter sports insurance.
Revolut: free Visa card
The Revolut Standard card is a free card1 with the main features offered by the British Fintech giant for all its cards. This means of payment allows you to pay anywhere in the world with transparent fees, visible in the Revolut app, with your physical or virtual card (via Google Pay or Apple Pay). Transparent fees visible in the Revolut app on the payment, and interbank exchange rate (on more than 150 currencies) since Revolut is aligned with the interbank exchange rate. Among the useful features, Revolut allows you to block your card in one click on the mobile application (in case you forget it in a cab, for example) and to report the loss or theft of your card just as quickly. The mobile application also allows users to manage their budget: they are alerted when they exceed their monthly budget. In the same way, Revolut allows you to save money automatically thanks to rounding up (example: you pay your coffee 2€ instead of 1,80€ to save 20 cents in your kitty). Money transfers are also free to all banks. Moreover, Revolut users will be able to send money to each other without having to add a RIB beforehand. All they have to do is connect their Revolut app to their phone contacts.
Revolut mobile app allows you to buy and sell stocks
Revolut Review: 5/5
This review about Revolut reflects our experience and tests. It is limited to this section for general information purposes only and does not constitute financial advice. The rest of this page is informative and objective (except Customers Reviews about Revolut at the bottom of the page).
Revolut Review
Revolut provides a wide range of financial services like multi-currency bank accounts, multiple debit card options, budgeting features, cryptocurrency trading, and stock trading.
Revolut offers four plans: standard (free), plus (£3/month), premium (£8/month), and metal (monthly cost). The standard account covers basic banking needs with features like international transfers and great exchange rates. Plus plan adds accident protection cover up to £1,000/year for purchases made within 90 days window period; ticket cancellation protection; daily interest on savings at 0.65%; customizable debit cards.
Premium plan includes previous benefits along with added travel perks such as free lounge access if your flight is delayed by more than an hour.
In conclusion, Revolut offers a variety of plans catering to different needs while providing better benefits compared to traditional banks.
Benefits
- Excellent application
- International payments free of charge + best exchange rate
- Savings and investments
Disadvantages
- The customer support is not always helpful
Revolut’s strengths
- Standard Card is 100% free. No subscription or usage fees (payments or account maintenance). Free shipping when ordering your card from Spendways.
- Transparent fees visible in the Revolut app on foreign expenses and foreign currency payments. The exchange rates might be subject to change (locality of payment, type of payment, etc.).
- Account creation in 8 minutes with your phone
- No income requirements
- Interbank exchange rate (Visa or Mastercard at no extra cost)
- Real-time notifications and expenses on the Android or Apple mobile application
- Personal budget management and automatic savings functionality (kitty)
- Easy and immediate transfer between Revolut users
- Free instant SEPA transfers to all compatible banks (new in August 2020)
- FX fees2
- Revolut Rewards3
- Casback (T&Cs apply).
- Free trial for premium cards4
Revolut mobile application lets you manage your stock investments
Points to consider
- Lithuanian IBAN (LT…)
- No check issuing or cashing possible. Revolut offers no checkbook, no cashier’s check, and no check cashing facility.
- Cash deposit not possible.
- No physical branch.
- 200€ free withdrawals/month at the ATM of your choice then 2%/withdrawal
- No authorized overdraft
- No joint account
- No insurance with the free card
- Card shipping costs €4.99 (offered through Spendways)
Is the Revolut card right for you?
The free Revolut bank card is a great addition to your current bank account without replacing it entirely. It will allow you to manage your daily expenses much more easily thanks to the absence of unfair fees and the very well designed mobile application. You’ll also appreciate being able to receive and send money to a friend or family member if they also have a Revolut account. You’ll also appreciate it when traveling abroad, as you’ll benefit from interbank exchange rates and no fees on payments and withdrawals. On the other hand, the Lithuanian IBAN is still a hindrance in everyday life. For example, your employer may be reluctant to pay your salary to a foreign account even though he is obliged to do so. In any case, this card is 100% free of charge, so you don’t take any risk by offering this card at the forefront of modern payment methods.
Frequently asked questions
I have a standard Revolut Mastercard. Is it possible to take a Revolut Visa Standard card as well? Revolut only offers Visa cards for the standard version. You can indeed order a new card (virtual or physical) which will be a Visa card. The creation of a new card is free of charge, but the sending of a new physical card is charged at 5,99€ (standard delivery) or 19,99€ (express delivery).
- Fees and limits might apply depending on plan type, weekend vs weekday, capped amount (e.g. withdrawals), potential fees charged by partner banks etc. [↩]
- For FX fees, following disclaimers are needed: Standard + Plus: Fair usage limits apply. Premium + Metal: unlimited and fee-free in 30+ currencies (as exotic currency mark-ups apply, and only fee-free on weekends). All plans: Weekend mark-ups apply [↩]
- Reward amounts may vary and are subject to availability. T&Cs may apply. [↩]
- For new customers only, T&Cs apply, see them here. Premium plan subscription fees will apply after the free trial period. You’ll be able to cancel for free at any point before the end of the free trial period. Once activated, you can order a Premium card. If you switch back to your current plan during the free trial period, you’ll be charged for the card and applicable break fees. Read more in our Plus, Premium, and Metal Terms here. [↩]
Fabien –
I’m using this Revolut card for almost a year and I have nothing to complain about. I use it to avoid all kind of fees that banks charge in foreign countries and to send money to my friends. Pretty much everybody is using Revolut with makes small transfers very easy.
Choko –
I’m a world traveler and I’ve been using Revolut for more than 4 years already. It’s very convenient whenever you need to pay in another currency, it can store up to 5 currencies, there is no exchange fee, and the exchange rate used is the real time one. I totally recommend it if you need to deal with multiple currencies.
YEON SOOK KIM –
Useful information for me, thanks a lot !!
Aussie –
Joined Aussie Revolut 2 weeks ago. Transfered funds between friends……no problem. Tried to send money from my bank account. First time took 24 hours. Second time…….60 hours and counting. Card not arrived yet. Supposed to arrive last Friday. Now it is Monday night and still waiting.
Andrew –
I use four currencies frequently as well as other currencies when on holiday. Revolut is really easy and useful , especially the one-time virtual cards: a feature which Wise.com is still to make available.
Simon –
Don’t do it over 11 hours on chat with them and just closed it without fixing the problem
Put money in 2 times can’t spend it anywhere can’t draw it or even transfer it
Can’t talk to anyone can’t even get my card after 2 weeks from trying
Here’s the copy of my chat so you know I’m not exaggerating
Lisa –
Worst company ever used
Don’t do it
Rob –
Using Revolut over 3 years very good coke a long way and only getting better
Christine –
I have just done an update & the watchlist has disappeared!! I feel this is a retrograde step as one cannot now track how a currency is performing. Also I cannot understand the new list that shows my base currency of GBP as 100.37!
Chris –
I have been using for a few months. I like to use it but i got a problem that why someone cannot send me more than €200 in a day? how to fix that monthly limited problem?
Maximilian –
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