The Ultimate Revolut Review: Safety, Card, App, Fees and Monito's 2022 Verdict
Co-Founder of Monito and money transfer expert, François has been helping Monito’s users navigate the jungle of money transfer fees, bad exchange rates and tricks for the last six years.
A writer at Monito, Byron possesses a keen interest in the intersection of personal finance and technology. A former journalist, he strives to bring complex information to life in a way that can be widely understood and appreciated.
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Revolut offers an excellent card and currency account product (8.6/10) recommended by Monito's experts, particularly for its savvy app UX and range of interesting account features (7.9/10), strong brand reputation (8.9/10), and phenomenal feedback from its user base (9.4/10). Similarly, Revolut's pricing is also reasonably cheap all-round (8.3/10), particularly for online and card spending.
What Monito Likes About Revolut
- An extensive range of bank-like and multi-currency options;
- Debit card is well-priced for international spending;
- Investment options;
- Slick mobile app with many features;
- Foreign transfers up to £1,000 (or equivalent) exempt from FX fees.
What Monito Dislikes About Revolut
- Access to some services is restricted to 'Standard' account users;
- Although often free, some foreign transactions will incur a fee;
- Higher currency conversion costs on weekends.
Among the best bank-like products available on the market, Revolut is a highly-recommended spending option next to a main bank account. Escape the high fees associated with high-street banks services with Revolut's free Standard account.
Revolut is particularly well-suited for travelling abroad, especially if you plan to spend less than £1,000 (or equivalent), use a card over withdrawing cash, and want to easily track your expenses and budgets.
Watch Monito's Review of Revolut in video:
Key Questions About Revolut Answered
Who Is Revolut For?
Revolut cards and accounts are available to customers residing in the UK, the US, the EU/EEA, Australia, Singapore, Switzerland, and Japan.
How Monito Reviewed Revolut's Services
As with all services reviewed by Monito, Revolut underwent a rigorous evaluation to assess the quality of its service. To begin with, our experts analysed several key criteria, including customer reviews, the percentage cost of various transaction types, top-up options, access to customer service, as well as business and legal metrics such as revenue, appropriate authorisation, and company size. As with all Monito Scores, Revolut's score was peer-reviewed by at least one Monito expert.
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Trust & Credibility
Regulated by the FCA in the UK and licensed as a bank by the Bank of Lithuania in the EU.
Security & reliability
Accounts are fully secured using segregated user accounts and HTTPS and cards are 3-D Secure.
Over 16 million personal customers and 2,000 employees, making Revolut is one of the largest fintech companies on the globe.
A full overview of pricing is very accessible, although it doesn't provide every fee as per the regulator-standard fee schedule.
Is Revolut Safe?
Revolut has received a lot of investment, and it has developed a wide range of innovative banking and money transfer services. The business is regulated by the FCA, and client funds are stored under a segregated account at Lloyd’s or Barclays.
As an FCA authorised institution, Revolut safeguards funds as per FCA requirements, the Electronic Money Regulations 2011, and the Payment Services Regulations 2017. In the event of an insolvency of Lloyd’s or Barclays, users will be able to claim funds from this segregated account, and claims will be paid above all other creditors.
All card transactions are processed by the Mastercard or Visa network and are protected by Mastercard or Visa rules.
Revolut's policies and procedures are designed to protect personal information. It stores and processes personal data using third-party servers located in secure data centres protected by firewalls and have restricted access in compliance with applicable regulations. All data passed between Revolut mobile apps, servers, and third parties are 2048-bit SSL encrypted.
Is Revolut a Bank?
Strictly speaking, Revolut is licensed as a bank, but only in Poland and Lithuania.
Having been granted a European Banking Licence from the Bank of Lithuania and the European Central Bank in 2018, Revolut also offers specialised banking operations in the following European countries:
The fintech has yet to be granted a banking licence in the rest of the EU, the UK, the US, or anywhere else in which it operates.
Read more about the extent to which Revolut counts as a bank in our guide here.
Service & Quality
Using the mobile app
One of the best-designed and best-rated on the market with many interesting features, including recurring payments.
Managing the account
Many top-up methods and currencies are available, but overdraft and interest on the standard account are not.
FAQ and live chat are readily available to users of all plans but phone support is lacking.
Making card payments
Contactless, online payments, Apple Pay, Google Pay, and social payments are all supported.
Revolut's Service Quality
What Is Revolut?
Revolut is an innovative banking and currency exchange business that uses an advanced mobile app and several interesting offerings, including current accounts and a wide range of money transfers and other services to personal and business customers.
Revolut International Money Transfer Fees
Over the years, Revolut has soared in popularity due to its (nearly) fee-free international money transfers at competitive rates to over 140 countries. As of August 2020, Revolut decreased its free global exchange limit significantly from £5,000.00 to £1,000.00 (or currency equivalent), with additional weekend fees being charged too.
In early 2021, the platform announced that it would merge its cross-border transfers and SWIFT transfers and that Revolut will no longer offer free international payments of any kind for 'Standard' and 'Plus' account holders. Meanwhile, as of 23 April 2021, 'Premium' account holders have access to one free international payment per month and 'Metal' account holders are allowed three free international payments per month.
Additionally, users sending money to non-SEPA countries in their own currency will incur a fee of 0.30% of the sum transferred, ranging from a minimum fee of £0.30 and a maximum of £5.00 (or equivalent). Users sending money in a different currency than that of the recipient's country will face one of two different fees in addition: £3.00 to send US dollars, Euros, British pounds, or Swiss francs; or £5.00 to send any other currency.
Revolut Cash Withdrawal Fees
When withdrawing money from a Revolut account, 'Standard' account holders can withdraw up to £200 per month for free (limited to five free withdrawals).
'Plus' account holders can withdraw up to £200.00 a month per month for free (with no limitation on the number of withdrawals), 'Premium' account holders can withdraw up to £400.00 per month for free, and 'Metal' account holders can withdraw up to £800.00 per month for free.
All cash withdrawals beyond these limits come with a 2.00% withdrawal fee that will cost a minimum of £1.00*.
Revolut Multi-Currency Account
Both individuals and businesses can enjoy multi-currency accounts, allowing users to hold, transfer and exchange money in 24 foreign currencies. These intra-account transfers are made at close to the mid-market exchange rate (i.e. the one you see on Google). Revolut's advanced, feature-rich mobile app lets you transfer money quickly, receive notifications and split bills.
Revolut currently serves around 500,000 business customers. In addition to multi-currency accounts, it also provides fast international money transfers to other businesses, corporate cards, integration with accounting software and platforms, instant settlements, and expense reports.
Is Revolut Worth It?
Revolut has over 16 million personal customers¹ and is available to legal residents throughout the European Economic Area (EEA), Australia, Canada, Japan, Singapore, Switzerland, the United Kingdom, and the United States.
Despite its 2020 and 2021 fee hikes, Revolut remains a convenient and practical banking service that is especially useful for travel, card services, and various premium accounts. However, due to its different fee increases, we firmly recommend using Monito's real-time comparison engine to check fees and exchange rates on international transfers before using Revolut to send money from one country to another.
The Revolut Card
One of Revolut’s main innovations is the Revolut card. Depending on your plan, your Revolut card will either be a Visa or a Mastercard debit, which you can use to make purchases around the world wherever Visa and Mastercard are accepted. You can spend in multiple currencies and get automatic money conversion at close-to-baseline exchange rates. This makes international purchasing very fast and easy.
Revolut Cryptocurrency Conversion and Exchange
Revolut allows people to exchange traditional fiat currency (like dollars or euros) into several major cryptocurrencies such as Bitcoin, Ethereum or Litecoin. Revolut makes this process very quick and straightforward compared to other methods for purchasing cryptocurrency. It should be noted that cryptocurrency is very volatile and speculative, so make sure you understand any risks before buying it.
In March 2019, Revolut was in the news for many wrong reasons, including allegations of using improper anti-money laundering rules and systems in 2018, a complaint to Action Fraud regarding a missing £70k payment and a report highlighting toxic work culture at the young startup by Wired.
Revolut Mobile App Review
Revolut stands out for its fully-featured mobile application. The app allows you to access all of Revolut’s main benefits, including:
- Fast and simple money transfers to family and friends;
- Instant payment notifications and analytics;
- Budgeting and automatic saving for your Revolut current account;
- Bill splitting so you can easily send and request money;
- Cryptocurrency rates, alerts, and transactions.
Additional Perks and Services from Revolut
- Current (checking) account services in the UK and Europe, with several novel banking features like automatic saving, mobile integration and money transfers built-in;
- Premium and Metal accounts that provided extra perks like higher transfer limits, better rates, and insurance;
- Easily make recurring money transfers into other currencies;
- Revolut allows individuals to convert traditional fiat currencies into popular cryptocurrencies, including Bitcoin, Ether and Litecoin.
* Fees quoted on 23/04/2021
Fees & Exchange Rates
No everyday costs such as monthly fees and transfer fees, although exceeding the free ATM withdrawal limit will cost.
Withdrawals over £200 (or equivalent) per month come at the cost of 2%.
Ordinary online spending comes at no cost, neither in the default currency nor in a foreign currency.
Low fees for overseas spending, although minor conversion fees and weekend surcharges can apply.
Revolut's Fees and Exchange Rates
Revolut’s exchange rates are based on the mid-market exchange rate, the base rate used by large banks to transfer currencies. The mid-market exchange rate typically beats the consumer rate offered by banks by around 3.00% to 5.00%.
For a few less liquid currencies like RUB, THB, and UAH, Revolut offers the best rate it can and applies a 1.00% markup on the exchange rate.
Foreign Currency Exchange Rates and Weekend Markups
During the weekend, Revolut takes the rate from Friday 23:59 and apply a markup of 0.50% on major currencies like USD, GBP, EUR, AUD, CAD, NZD, CHF, JPY, SEK, HKD, NOK, SGD, DKK, PLN and CZK. A 1.00% markup applies on other currencies outside of FX market hours. For less liquid currencies like Russian Ruble, Thai Baht and Ukrainian Hryvnia, there is a 1.50% markup on the weekend.
As of 23 April 2021, Revolut no longer distinguishes between cross-border transfers and SWIFT transfers. Revolut will no longer offer free international payments of any kind for Revolut Standard and Revolut Plus account holders.
Revolut Premium account holders, meanwhile, will get one free international payment per month, and Revolut Metal account holders will be allowed three free international payments per month.
The Revolut Card's Foreign Transaction Fees
In addition, Revolut charges the following fees on foreign transactions:
- Sending money to a non-SEPA country in the local currency will incur a fee of 0.30% of the sum transferred, with a minimum fee of £/€0.30, and with a cap at £/€5.00.
- Sending money in a different currency than that of the recipient’s country will still have two additional fees: it will cost £/€3.00 to send USD as well as GBP, EUR or CHF, while sending any other currency will cost £/€5.00.
Be aware that if the beneficiary bank is located outside of the EU, the beneficiary bank and intermediary banks may also charge fees to receive or process your transfer.
Find a Cheaper Service Than Revolut For Your International Money Transfer
Best Multi-Currency Cards Compared
To get a better picture of how Revolut's pricing compares to that of other multi-currency alternatives, take a look at the table below:
Currency Conversion Cost
2.50% on weekdays (3.50% on weekends)
0.00% (first €1,000.00, 2.00% thereafter)
0.35% - 2.85%
Foreign ATM Fee
£1.50/€1.50 + 2.00%
0.00% (first €200.00 per month, 2.00% thereafter)
0.00% (first €200.00 per month, 2.00% thereafter)
Card Delivery Fee
Enter MONITO21 when signing up to get £5 after the first card transaction (excl. ATM) and £15 after spending £500*.
Free card delivery with the link below
|Go to N26||Go to Monese||Go to Revolut||Go to Wise|
Customer review score
Average Trustpilot rating of 4.4 out of 5 stars.
Number of positive reviews
Nearly 80,000 four- and five-star reviews.
Revolut has excellent reviews on Trustpilot with a satisfaction score of 4.4/5. Over 91,300 people have left reviews, and we provide a summary of pros and cons below.
Positive Revolut Reviews
- Clear communication with responsive customer service;
- The ease-of-use and convenience of the mobile app;
- Good at dealing with issues and solving problems.
Negative Revolut Reviews
Some customers reported the following negative points of feedback:
- Delays sending money internationally;
- Accounts blocked due to cards expiring and not being replaced;
- Difficulties contacting customer service.
Revolut at a Glance
Regulated by the FCA in the UK and the Bank of Lithuania in the EU.
Mobile app has among the best UX on the market.
Fees are very low all-round, especially for online payments.
Overwhelmingly praised by users around the globe.
Mastercard, Visa, or Maestro debit
Bank transfer, debit/credit card
UK, US, EU/EEA, Australia, Singapore, Switzerland, Japan
English, German, French, Portuguese, Spanish, Dutch, Slovenian, Polish, Romanian, Italian, Mandarin, Czech, Norwegian, Swedish, Danish, Hungarian, Bulgarian, Greek, Crotian, Latvian, Lithuanian
London (GB), Kraków (PL), New York (US), Berlin (DE), Porto (PT), Singapore (SG), São Paulo (BR), and 28 others
Company of the Year 2020 (UK Tech Awards), Innovation of the Year 2020 (British Bank Awards), Fastest-Growing Technology Company 2019 (Deloitte UK Technology Fast 50)
✅ Fun Fact
Revolut became the most valuable UK tech startup in history after a funding round in July 2021 brought its valuation to US$33 billion.
Frequently Asked Questions About Revolut
Is Revolut the cheapest way to send money abroad? 💸
Revolut offers fee-free international money transfers at competitive rates to over 140 countries. However, if the beneficiary bank is located outside of the EU or if the transfer is not in Euros, then your transfer will be sent via SWIFT, and you may incur international wire transfer fees. That's why before making an international money transfer, it's important to compare the costs of the different options on Monito to make sure you will find the best deal possible.
Is it safe to use Revolut to send money overseas? 🚨
Yes, Revolut is a legitimate company and a secure option to send money abroad. The company is authorized by the Financial Conduct Authority (FCA). However, your money is not covered by the Financial Services Compensation Scheme. That's why before making an international money transfer, always compare the costs of the different options on Monito to make sure you will find the best deal possible.
How much does it cost to send a Revolut transfer? 💰
You can always estimate Revolut fees in its thapp. But it's always worth comparing Revolut fees with other providers with Monito's live comparison widget and discover if Revolut offers the cheapest option. Rates and fees often change, so for the best deal, make a comparison before every transfer — they may have changed since you last sent money. The tool lets you quickly calculate how much you’ll pay, whether you’re transferring online or visiting a local agent. It also tells you exactly how much the beneficiary will receive, based on the exchange rate offered by Mastercard.
Is Revolut safe?
Yes, Revolut is a trustworthy company. As an FCA authorised institution, Revolut undergoes high standards set by the FCA, Electronic Money Regulations 2011, and Payment Services Regulations 2017 to safeguard your funds. Your accounts are segregated from their accounts, meaning that your money will not be affected in the rare case of Revolut's insolvency.
Is Revolut bad?
Monito highly recommends Revolut as a secure and user-friendly neobank for debit card payments, domestic money transfers, and budgeting. Revolut's sleek app is highly rated by customers for keeping track of expenses and organizing personal finances.
For international money transfers, however, Monito highly recommends searching for a cheaper alternative: run a search on Monito's comparison engine to find the best rates and services for your specific international transfer.
Is Revolut worth it?
With its free plan, you can't go wrong with opening a Revolut account and trying out its secure app and card.
With travel insurance, interest on savings, and higher international transfer and ATM limits, Revolut's paid plans are recommended for frequent fliers, clients with large enough savings to profit from an annual equivalent rate, and those with friends and family abroad.
What can you do with Revolut?
With the Revolut app and its analytics, you can keep track of your expenses and budgets. The multi-currency card allows you to hold dozens of international currencies and spend like a local whenever you travel. You can easily and digitally send money to friends and family with your account too.
While you can send money internationally with Revolut, we recommend using Monito's comparison engine to find better exchange rates and lower fees.
Who owns Revolut?
Revolut was founded in 2015 in London, UK by Nikolay Storonsky and Vlad Yatsenko.
Sources Used in This Review
1. UK banking app Revolut seeks Australian banking licence (Reuters, 27.8.21)
2. Revolut revenue grew by 57% in 2020 (TechCrunch, 21.6.21)
3. Revolut, Craft.co (Accessed on 14.9.21)