Revolut Review, Pricing, Features, Pros, and Cons

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Are you fed up of having to rely on different platforms for different aspects of your money management? Revolut might be the solution.

Revolut is your one-stop shop for all things finance. It provides everything you need to invest, save, send and invest money. Revolut allows you to spend and transfer money overseas without any hassle or extortionate fees.

Sound good? Take a look at Revolut. The mobile app offers comprehensive support for personal and business accounts.

Although Revolut is one of many international payment networks, It still offers some outstanding features that make it one of the most popular finance apps.

Enough preamble. Let’s get into the meat of this review…

A Brief Overview

We just mentioned Revolut, the fastest-growing digital bank, offers an impressive array of features and optional extras. But where did it all start?

Revolut was founded in 2015 by Vlad Yatsenko, a former trader. Storonsky started Revolut because he was frustrated with the unjust conversion rates when transferring money overseas. The app started out as a prepaid card, but quickly expanded to offer a wide range of features. The platform is used by more than 5 million people worldwide to manage their daily finances.

The multi-currency debit card and the complimentary app were created with the aim of helping account holders manage their money better.

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This means that there are no untrue currency exchange fees. Revolut only uses the Real Exchange Rate.

Revolut’s core is a digital payment platform, but the sheer number of services it offers makes it more than that. Revolut is a great tool for anyone looking to understand their money, or a freelancer or business owner who needs a secure way to send and receive business transactions.

Revolut: Pros and Cons

Revolut Pros

  • It is extremely easy to set up an account. You can do it in minutes and have your approval within a few days.
  • There are no credit checks required to open an account.
  • Get access to a multi-currency account that allows you to hold up to 30 currencies.
  • There are no fees to use your card overseas.
  • This app is extremely user-friendly.
  • Unrivalled control over all financial aspects.
  • There is no overdraft so you don’t have to worry about accidentally getting into the red.
  • Get access to 24 hour customer service.
  • Revolut’s vaults feature makes it easy to save money.
  • Great tools for preventing fraud
  • The budget feature is a great way to keep track of not only how much but also where you spend it to find areas that need tightening.

Revolut Con

  • Revolut is not currently licensed as a bank, unlike Monzo and other competitors. You are not covered by the Financial Services Compensation scheme (FSCS) if anything goes wrong. This is up to PS85,000. Revolut is regulated by Financial Conduct Authority (FCA span>). However, this does not mean that you aren’t protected.
  • Weekend fluctuations in the foreign exchange rate.
  • You can withdraw cash only in a limited amount.
  • Face-to-face consultation is not an option as Revolut does not have any branches at the time.
  • It is not possible to open a joint account.
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Revolut’s Pricing

Revolut is easy to get started. You can create a Revolut account for your personal or business today, depending on which feature you are looking for.

First, choose the right plan. Let’s take a look at what plans are available, how much you’ll pay, and what you can get in return.

Standard Account: (Free).

  • Spend in more than 150 currencies (euroses, USD, GBP etc.). The interbank exchange rate is used.
  • You have the option to exchange money in up to 28+ fiat currencies, up $1,000 per month (no hidden charges)
  • Free ATM withdrawals up to $300 per month
  • Revolut card free of charge (with delivery fee)
  • Get 0.25% APY for your savings
  • Instant access to two cryptocurrencies (like Bitcoin).
  • One child can have a Revolut Junior account.

Revolut Premium Plans: $9.99 per month

All the benefits of the Free package plus

  • Get up to $600 per month free ATM withdrawals
  • International medical insurance
  • Global express delivery
  • Priority customer service
  • Your savings will earn 0.50% APY.
  • A premium card with exclusive designs.
  • You’ll get disposable virtual cards.
  • LoungeKey Pass access
  • If your flight is delayed for less than one hour, you’ll get free lounge passes.
  • Revolut Junior accounts are available for up to 2 children.

The Metal Plan: ($16.99 per month)

All the above is included, plus

  • No Surcharge ATM Withdrawals up to $1,200 per Month
  • Delay baggage and delayed flight insurance
  • An Exclusive Revolut Metal card
  • If your flight is delayed for less than an hour, you’ll receive free lounge passes.
  • Revolut Junior accounts are available for up to five children.
  • One free SWIFT transfer per month.
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These plans are for personal accounts. Let’s say you want a business account. If that’s the case, the pricing is different and the structures are more detailed as they can be scaled down or up to match your business growth. Freelancers have their own set of options.

You don’t need a Revolut account to get started. There are three options available: Enterprise, Scale and Grow plans. These plans increase in price. For more information and to determine which plan is best for your business, visit Revolut’s pricing webpage.

Revolut Review: Transfer Fees

Revolut’s most distinctive feature is its affordability. You can get cash transfers for free within your foreign currency allowance limit. If you aren’t looking for affordable exchange rates, this is a great option. If you use cross-currency bank transfer heavily, you may be subject to a 0.5% fee for any amount you exchange beyond your allowance.

The different pricing plans are useful for this reason, as well as others. You can transfer money frequently to one of Revolut’s premium accounts without paying any fees.

Revolut’s exchange rates are typically more competitive than bureau de-changes or most other card suppliers. However, it’s worth noting, Revolut’s rates differ at weekends. You can expect to see a mark-up of between 0.5% and 2.5 %.

Revolut Payments

Revolut lets you pay with a physical or virtual card, whether you’re at home or overseas. You can choose between a virtual or physical card, and both are free (no transaction charges). However, you will need to pay postage costs for a physical card. This varies depending upon the delivery method span>

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Revolut Card

A prepaid Mastercard and Visa are available with contactless capabilities. The one that you receive will depend on where you live. This card can be used at ATMs and most retailers, both domestically and internationally. You have two options: top it up with your local currency or exchange it to another currency. You can choose to lock the card at the current exchange rate. This means that even if the rate drops, it will still work without any problems.

You can also use your card overseas as-is. Revolut will automatically convert the correct currency at the current exchange rate.

To enable magstripe and chip-and-pin card payments, you will need a PIN.

Revolut’s outstanding security settings allow you to instantly freeze your card via the app. If you suspect that your card has been fraudulently used, you can disable cash withdrawals as well as eCommerce transactions.

Revolut Virtual Card

The virtual card works in the same way as the physical one. It connects to your Revolut account via the app. You can also control your virtual card from there.

Virtual cards are free to order and take very little time to set-up. However, since there is no physical card, it doesn’t have a pin and can’t be used to withdraw cash from an ATM.

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The virtual card also lacks certain security features that are included with the physical card.

  • Magstripe payment disabling
  • Location-based security
  • Contactless payment disabling
  • ATM withdrawal disable
  • eCommerce transaction disabling

There are some benefits to using a virtual card, especially if your shopping is online. Virtual cards can help protect you from online card fraud because they are automatically deleted after a few months and replaced by a new one.

Let’s say you choose the Metal plan. You get unlimited virtual cards that you can use for free. This means your card details will be updated after each transaction. Hackers will have a hard time tracking your online billing information and stealing your payment details. You’ll be safe from fraud even if a suspicious website exposes your card credentials.

Revolut Features

Revolut is the best in terms of features. Revolut offers a variety of benefits. It breaks down its features into a few categories that differ depending on whether the account is personal or business. Some features can be used in both types of accounts.

Let’s begin by looking at what personal account users can do:

Account:

  • Revolut’s open bank facilities allow you to enjoy unparalleled spending control through linked accounts To see a complete overview of your finances, connect all of your external bank accounts to the Revolut app.
  • Budgeting and analysis: Monthly budgets can be set based on real time analytics. This will give you a complete picture of your accounts. It is a great tool to help you stay on track throughout the month. Smart technology is used to predict your spending patterns based on previous use. Revolut offers personalized, useful tips to help you budget better.
  • Cards: You have complete control over all aspects of your card settings, from setting spending limits to freezing stolen or lost cards. Revolut also has a single-use card that you can use to shop online, or anywhere else. These cards cannot be used more than once, as their name implies. Once payment is made, your card details are changed so that your account cannot be compromised. These cards can be used in more than 150 countries, with low exchange rates.
  • Revolut’s Junior Account: Remind your children how to manage money in a controlled manner with the Revolut junior account. Although these accounts are intended for children, you can control them completely. It allows you to track their spending and freeze or unfreeze their cards. The app also comes with a Junior app that helps children better understand money management.
  • Pockets: Create money pockets ahead of time to pay your bills and outgoings. The correct amount for these expenses will be automatically transferred from your account to your pocket when you get paid. No more worrying about missing a payment.
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Wealth:

  • Stocks: Have you ever thought about investing your money in stocks? Revolut allows you to do exactly that without commission and within your monthly allowance. The app also offers access to Global Market News, which will allow you to keep up with the stock market and your favorite companies.
  • Revolut makes it easy to invest in cryptocurrency, even if you are just starting out. It’s easy to use the app to exchange Bitcoin, Ether and Stellar, as well as in more than 30 currencies. To stay on top of the crypto market, more experienced investors can set up price alerts or auto exchanges.
  • Commodities You can quickly and easily start exchanging these commodities within Revolut’s mobile app.
  • Vaults: Do you have a particular item in mind? You might be nodding your head as you read this. Consider putting your money in a Revolut vault to save for the things you desire. There are over 30 currencies you can use to save money, including crypto and commodities. You can also open a Group Vault to save money with your friends and family for an event.
  • Spare Change Round-ups:Revolut will round up the total amount of your card purchases to the nearest whole number. The difference is stored in your Vault where it can be safely saved for a rainy-day. You can also convert your spare change into cryptocurrency and make it an investment, depending on what plan you have. You can also multiply your spare change up to ten times before it goes into savings. This is a great option if you are looking to save more.
  • Money transfers: You can pay or receive money from anywhere in the world. Transferring money has never been simpler thanks to the Interbank Exchange rate and more than 30 currencies available.
  • Group bills: With group bills, you won’t have to fumble about paying your part of a bill ever again. You can track, settle and split your bills instantly, all in one place. Revolut can calculate how much debt you owe, regardless of whether you are paying rent monthly or making one-off payments. Simply enter your share. Revolut will also send you a polite reminder if you owe money. This saves you from awkward conversations.
  • Subscriptions: This section provides a quick overview of all subscriptions, direct debits and recurring payments. You can quickly stop any unused subscriptions by tapping, which will help you to tighten your spending.
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Extras:

  • Reward: Enjoy exclusive cashback offers from well-known brands. This reward program not only earns you cash back but also offers personalized offers based upon your shopping habits.
  • Donations: It’s easy to donate to your favorite charity. There are no hidden fees and they will receive 100% of your donation. Revolut partners in a variety of well-known charities around the world and offers many ways to donate including on-off gifts, recurring payments, and more.
  • Revolut’s unique technology allows you to only pay for insurance when you are abroad. Revolut accounts receive reimbursements quickly for this insurance.
  • Mobile phone insurance: For as low as PS1 per week, you can get insurance for your mobile phone against accidental damage, no matter where you are. This covers damage that is not covered by the warranty. It can also be carried over to other mobile devices.

You can also accept payments from any country, at amazing rates. You don’t need to wait for funds to clear with next-day settlements.

You can enjoy the benefits of Business Revolut accounts. You can also open multicurrency accounts. These allow you to transfer international funds in 28 currencies.

All business transfers are made at the actual interbank exchange rate. Revolut Analytics can be used to keep track of all your outgoings, ingoings, and company spending.

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A business Revolut account lets you send, request and receive money securely at the best rates, any time, anywhere.

Revolut Security

Revolut Security has covered every aspect of security to ensure that you are protected. They offer the following security services:

  • Fingerprint Identification: Login to your account securely using your unique fingerprint
  • You can customize features. For example, you could disable eCommerce payments or withdraws where fraud is suspected. With a click, you can quickly freeze your card.
  • Disposable virtual card: You can modify your card details after each online payment. This helps you to protect yourself from scammers online. These cards are not able to be used again if stolen.
  • The Sherlock Anti-fraud System: This system provides real-time alerts concerning fraudulent activity.

Revolut Customer Support

Revolut now offers 24/7 customer support, which was previously a premium feature. You can now launch Revolut’s mobile app from anywhere in the world and speak with a support agent to resolve any issues.

The bottom of your screen has an in-app chat feature that allows you to get a quick response. For less urgent matters, you can also email Revolut’s customer support team at any moment. Revolut users have full access the Revolut community. You can also interact with experts and other Revolut users. This forum is a great place to exchange tips and advice. You can also consult the online help centre. You’ll find answers to your most frequently asked questions, as well as helpful tips and tricks for users.

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Revolut Review: The Application

Revolut is, as you probably know, the central hub of all your activities. You can use it to manage all aspects your finances. It’s free to download, and has a simple interface.

Customers of Revolut can use Apple Pay or Google Pay, contactless, chip and pin payments, or contactless to pay with a physical credit card. You can send all actions to your phone, or Apple Watch, if you have the Apple Watch app. This makes it easy to stay on top of everything.

You can navigate to any of the four areas from the app’s home screen.

  1. Your accounts
  2. Cards
  3. Linked Accounts
  4. Junior accounts

You can also navigate to other parts of the app. You can check your investments, send payments, set up shared bills, and access additional features.

Navigation within the Revolut app can be intuitive. You can quickly learn where everything is in a very short time. It takes just a few clicks to review or take action on an account. This makes it extremely accessible for all users.

Revolut Signing Up

Revolut is the right choice if you want simplicity. Revolut claims that it takes less than one minute to set up a bank account. The process is easier than signing up for a traditional bank account because there’s no tedious paperwork to go through.

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All of the signup steps can be completed via the app. Verify your phone number to complete the signup process. After you have completed your details, you will be invited to deposit money from an existing account. This acts as an initial security screening.

The next step is to upload a photo of your passport or driver’s license as proof of identity. In most cases, you will receive confirmation by text of your identity within a matter of minutes.

After you have completed the setup, you can choose your subscription plan and order your cards to start spending.

Are you ready to start using Revolut?

We’re now at the conclusion of our Revolut review. It’s clear that Revolut provides customers something truly special. Revolut is more than just a place to transfer money overseas. Its services are so diverse and well-tuned, it could even be a sole account for someone if they wanted.

This is a great option for young people who are still learning how to save money. The large number of controls makes it a great choice for beginners. It also offers some of the best exchange rates available, making it an excellent choice for cross-currency transfers.

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