Revolut

Revolut

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Written by Lorraine Roberte
Edited by Jordan Potenza

About Revolut

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

Revolut is an app-based banking alternative with a focus on international use and currency exchanges. It offers a free plan as well as two paid plans with extra features. Accounts include perks like free ATM withdrawals at in-network machines (and out-of-network machines up to a $1,200 limit). Revolut Junior helps teach children good money habits through a parent-controlled account.

Pros

  • Handles multiple currencies
  • Travel perks with paid plans
  • Free withdrawals at more than 55,000 ATMs

Cons

  • Weekend markup on foreign exchange rates

Bottom Line

Revolut lets you send, spend, save and invest in multiple currencies from a single account. There are free and paid plans available, and you can invest in both stocks and cryptocurrency.

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What is Revolut?

Revolut is a mobile-focused alternative to traditional banking, but it also offers a variety of services not available from traditional banks.

As a self-proclaimed “superapp,” the company’s goal is to provide one app for all your financial needs. This includes spending, saving, investing, sending money and exchanging currencies. Revolut lets you transfer money internationally in over 30 currencies, and you can use your Revolut card to make purchases around the world without hidden fees.

Revolut lets you invest not only in stocks but also in the cryptocurrency market. You can trade stocks with no commissions and trade up to $200,000 in cryptocurrencies per month without fees.

How does Revolut work?

Revolut allows you to set up an account in just a few minutes straight from your smartphone. Once set up, you can manage your account easily through the app.

You’ll eventually get a physical card that you can use to make purchases in the U.S. and abroad, but Revolut’s paid plans also provide you with disposable virtual cards.

Using the app, you can also trade stocks and cryptocurrencies. Revolut provides simple investment tools and lets you trade in fractional shares. It also helps you stay up to date with in-app news and notifications when stocks or cryptocurrencies reach your desired price.

Revolut plans

Revolut has three plans for you to choose from. These include one free account (Standard) and two accounts that require monthly fees (Premium and Metal).

All three accounts offer:

  • Spending in over 140 currencies at the market exchange rate
  • The ability to exchange in over 28 fiat currencies with no hidden fees (limits vary by plan)
  • No-cost out-of-market ATM withdrawals up to $1,200 per month
  • Free ATM withdrawals at the more than 55,000 machines in Revolut’s network
  • Commission-free cryptocurrency trade up to $200,000 per month
  • Instant access to a range of cryptocurrency tokens (not available to Tennessee residents)
  • Revolut Junior account for up to five children
  • 10 fee-free international transfers per month to any bank account

However, each plan builds on these basic features in a unique way:

This free account offers the basic features listed above as well as:
  • A free Revolut card
  • A $1,000-per-month limit on fiat currency exchanges
  • 0.05% APY on your savings
A Premium account is the next step up from Standard. For a small monthly fee, you get all of Revolut’s basic features, as well as:
  • No monthly limit on fiat currency exchanges
  • Overseas medical insurance
  • Global express delivery
  • Priority customer support
  • 0.07% APY on your savings
  • A premium card with exclusive designs
  • Disposable virtual cards
  • LoungeKey Pass access
  • Free airport lounge passes for you and a friend if your flight is delayed by more than an hour
Metal is the most robust plan available from Revolut. Along with all the basic features, the Metal plan offers:
  • No monthly limit on fiat currency exchanges
  • Overseas medical insurance
  • Delayed-baggage and delayed-flight insurance
  • Global express delivery
  • Priority customer support
  • 0.07% APY on your savings
  • An exclusive Revolut Metal card
  • Disposable virtual cards
  • LoungeKey Pass access
  • Free airport lounge passes for you and up to three of your friends if your flight is delayed by more than an hour

Revolut fees

Revolut fees depend on what level of service you choose. At the time of publishing:

  • The Standard plan has no monthly cost.
  • The Premium plan costs $9.99 per month.
  • The Metal plan costs $16.99 per month.

Revolut advertises having no hidden fees, but there are some fees to be aware of:

  • Using out-of-network ATMs comes with a 2% fee after you pass the $1,200 threshold.
  • Replacement cards cost $5.00 with the Standard plan, $30.00 with the Premium plan (after one free replacement) and $70.00 with the Metal plan (after one free replacement).
  • There’s a weekend markup on foreign exchange rates.

Revolut FAQ

How does Revolut make money?
Revolut makes money in multiple ways, including plan subscription charges and fees.
Is Revolut a real bank?
No. While Revolut has an EU banking license, (legally speaking) it currently operates as an electronic money institution.

Banking services through Revolut are provided by Metropolitan Commercial Bank or Sutton Bank.

What services does Revolut offer?
Revolut offers a number of services, including:
  • Banking
  • Budgeting
  • Sending and receiving payments
  • Investing
  • Exchanging currency
Is Revolut a prepaid card?
Revolut’s card options are prepaid cards issued by Metropolitan Commercial Bank pursuant to licenses from Visa and Mastercard; however, the company also offers many other services.

Is Revolut safe?

The money in your Revolut account is FDIC-insured up to $250,000, thanks to Revolut’s partner banks. The company also takes steps to keep your finances safe and make digital banking an easy experience, like offering customizable feature access, disposable virtual cards, optional fingerprint identification and the Sherlock anti-fraud system.

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Revolut Company Information

Company Name:
Revolut
Website:
www.revolut.com