Revolut Review - All you need to know before using Revolut
Is Revolut the best option for sending money abroad? Compare your options to make sure you get the best exchange rate and lowest fees for your transfer.
Our independent review of Revolut
Revolut is an innovative banking and currency exchange business that uses an advanced mobile app and several other interesting approaches. They offer current accounts and a wide range of money transfer and other services to personal and business customers.
For personal accounts, they provide an international Visa or Mastercard card. They also offer largely fee-free international money transfers at competitive rates to over 140 countries.
Please note that 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. The beneficiary bank and intermediary banks may also charge fees to receive or process your transfer. These fees are likely to be similar to the following amounts — these fees are charged by banks, not by Revolut: 35 AUD, 20 CAD, 50 AED, 16-32 EUR (outside of SEPA), 7500 JPY, 35 NZD, 20-40 USD.
Cross-currency exchanges are free up to £5,000 or currency equivalent per rolling month, after which a 0.5% fair usage fee applies. Turbo transfers may also attract an additional fee, unless you have a premium Revolut account.
When you’re travelling, you can withdraw money from ATMs without a fee, up to a specific amount.
Both individuals and businesses can enjoy multi-currency accounts, allowing people to hold, transfer and exchange money in 24 other currencies. These intra-account transfers are made at close to the baseline exchange rate. Their advanced, feature-rich mobile app lets you transfer money quickly, receive notifications and split bills.
Revolut currently serves around 20,000 businesses. In addition to multi-currency accounts, they also provide fast international money transfers to other businesses, corporate cards, integration with accounting software and platforms, instant settlements and expense reports.
Revolut has over two million customers and has managed over 125 million transactions with a value of over £14 billion. They estimate that they have saved customers over £740 million in fees.
Revolut is available to residents in the following countries: 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, Sweden, Switzerland, and the United Kingdom.
The service is also launching in the United States.
The Revolut Card
One of Revolut’s main innovations is the Revolut card. This is a card you can use to make purchases around the world. 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 popular cryptocurrencies like Bitcoin, Ethereum or Litecoin. Revolut makes this process very quick and simple, 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 purchasing it.
In March 2019, Revolut has been in the news' spotlight for a lot of the 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.
What we like about Revolut
A very wide range of banking and money transfer services
The Revolut Card for international spending
Advanced mobile app with many features
Competitive exchange rates
What we dislike about Revolut
You will need a “Premium” current account (£6.99 a month) to access some services
Although some regular money transfers are free, certain transfers will attract a fee
Business plans start at £25 a month and can go up to £1,000 a month
Compare international money transfer services
How Revolut works
Download Revolut Mobile app
Download the app from the app store or play store.
Go through the verification process
Register an account with Revolut—they will need your name, address, contact details and proof of identification.
Select the service you want
Choose the services you need from Revolut, for example money transfers, a current account or an international card.
Fund your transfer
Decide the currencies that you want to exchange money between. Use the Revolut mobile app to transfer money to your beneficiary.
Let Revolut do the rest
Revolut converts the money and sends it to the recipient.
Fees & Exchange Rates
Revolut’s exchange rates are based on the Interbank exchange rate, which is the base rate used by large banks to transfer currencies. The interbank exchange rate typically beats the consumer rate offered by banks by around 3 - 5%.
For a few less liquid currencies like RUB, THB and UAH, Revolut offers the best rate they can and applies a 1% markup on the exchange rate.
During the weekend, they take the rate from Friday 23:59 and apply a markup of 0.5% on major currencies like USD, GBP, EUR, AUD, CAD, NZD, CHF, JPY, SEK, HKD, NOK, SGD, DKK, PLN and CZK. A 1.0% 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 1.5% markup on the weekend.
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. The beneficiary bank and intermediary banks may also charge fees to receive or process your transfer.
Cross-currency exchanges are free up to £5,000 or currency equivalent per rolling month, after which a 0.5% fair usage fee applies. If you have a premium account, this fee is waived.
Credibility & Security
Revolut has clearly received a lot of investment and they have 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.
Their policies and procedures are designed to protect personal information. They store and process personal information using third-party servers located in secure data centres, that are 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.
Revolut has good reviews on Trustpilot with a satisfaction score of 7.4 (out of 10). Almost 5,000 people have left reviews, and we provide a summary of positive and negative comments below.
- Clear communication with good and responsive customer service
- The ease-of-use and convenience of the mobile app
- Good at dealing with issues and solving problems
Some customers reported:
- Delays sending money internationally
- Having accounts blocked due to cards expiring and not being replaced
- Difficulties contacting customer service
Revolut mobile app
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
- Premier account available for £6.99 a month that provides extra perks like higher transfer limits, insurance and faster transfers
- Easily make recurring money transfers into other currencies
- Revolut allows individuals to convert traditional, fiat currencies into popular cryptocurrencies including Bitcoin, Ether and Litecoin
Compare Revolut fees and exchange rates
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Questions you may have
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