Revolut Review 2024

In our comprehensive review of Revolut for 2024, we delve into its array of financial services designed to provide users with a versatile banking experience. From seamless currency exchanges to convenient banking operations, including cryptocurrencies and investment options, Revolut aims to offer a one-stop solution for modern financial needs.

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Table of Contents

Revolut at a glance

Revolut introduced itself to the market in 2015, initially presenting a prepaid card and an app-based service specifically designed for international payments. Since then, it has undergone rapid expansion, amassing a user base of 35 million individuals globally. Its service portfolio has grown significantly, encompassing a wide array of payment solutions tailored for both personal and business customers. Additionally, Revolut now provides savings and investment products.

Despite Revolut operating under the authorization of the Financial Conduct Authority (FCA) based on electronic money (e-money) regulations, it does not possess a banking license within the UK. Consequently, funds held by customers do not automatically fall under the protection of the Financial Services Compensation Scheme (FSCS).

Nevertheless, Revolut asserts that its customers’ funds can benefit from FSCS protection, capped at a maximum limit of £85,000 per individual. This safeguarding is achieved through the holding and segregation of cash with Revolut’s partner banks, which have the capability to offer the aforementioned financial protection.

Key features

  1. Multi-Currency Accounts: Users can hold and manage multiple currencies within a single account, enabling convenient currency exchange at interbank rates and allowing for international transactions without additional fees.

  2. Revolut Cards: Physical or virtual debit/credit cards linked to the account, usable globally for purchases, ATM withdrawals, and online transactions.

  3. Global Money Transfers: Facilitates quick and cost-effective money transfers globally, including instant transfers between Revolut accounts and competitive rates for bank transfers.

  4. Budgeting Tools: Offers various tools for budgeting, spending analysis, and setting financial goals, helping users track their expenses and manage their finances more effectively.

  5. Cryptocurrency Services: Allows users to buy, sell, and hold cryptocurrencies within the app, providing access to major cryptocurrencies like Bitcoin, Ethereum, and Litecoin.

  6. Stock Trading: Enables users to invest in stocks directly through the app, offering access to a range of stocks from different markets.

  7. Savings Vaults: Allows users to create separate savings vaults within their account to set money aside for specific goals, providing options for round-up savings and recurring deposits.

  8. Subscription Tiers: Offers subscription plans (Standard, Premium, Metal) with varying features and benefits such as higher ATM withdrawal limits, travel insurance, cashback, and access to premium customer support.

  9. Security Features: Focuses on security with features like two-factor authentication, card locking/unlocking via the app, location-based security, and the ability to set transaction limits.

  10. In-App Customer Support: Provides customer support directly through the app, allowing users to resolve queries and issues quickly without having to visit a physical branch.

These key features collectively make Revolut a popular choice for individuals seeking a convenient, flexible, and tech-savvy banking solution with various financial services available at their fingertips through a mobile app.

 

 

Accounts and pricing

Revolut offers five distinct personal account options. The entry-level Standard account is free and comes with a complimentary debit card allowing fee-free spending overseas. However, due to Revolut not being a bank, none of its accounts provide an overdraft facility.

Under this Standard account, customers can make up to five cash withdrawals or withdraw up to £200 per rolling month (whichever limit is reached first) anywhere globally, without incurring any withdrawal fees. Subsequently, a 2% fee (minimum £1 per withdrawal) applies thereafter.

Revolut presents fee-based accounts such as Plus (£3.99 per month), Premium (£7.99), Metal (£14.99), and Ultra (£45 per month). Each account tier offers additional perks and advantages, which elevate with the account’s cost. Notably, Premium, Metal, and Ultra accounts feature higher cash machine withdrawal limits.

These added benefits include access to airport lounges, discounts on shopping, cashback on card expenditures, baggage insurance, and investment privileges like commission-free share trading, among other offerings.

Interest rates for savings, available in UK Sterling, US dollars, or euros, vary based on the account tier: 2.29% for Standard, 2.39% for Plus, 3% for Premium, 4% for Metal, and 4.75% for Ultra. Withdrawals from the savings account can be made without any penalties.

Bank transfers within the Single Euro Payments Area (SEPA) are free through Revolut, but transfers outside SEPA incur variable fees. Additionally, card transfers are subject to fees, the amount depending on the transaction size and could potentially be up to £5, for instance. Transfers to other Revolut customers are both free and instantaneous. Revolut provides a selection of business accounts tailored for companies and freelancers, featuring four pricing tiers, including an account option without fees. Accounts that require a monthly fee provide supplementary advantages and privileges. Notably, business accounts offer forward contracts for currency transfers, a feature not accessible in Revolut’s personal accounts. With a forward contract, users can secure an exchange rate in the present for a transaction scheduled for a later date.

 

 

What are the benefits of Revolut?

The primary advantages of utilizing Revolut include the absence of fees for spending on cards while abroad and the convenience of low-cost international bank transfers. For transfers below £1,000 per month, there are no charges if the currency exchange occurs between Monday and Friday. Moreover, transfers between Revolut users remain consistently free of charge.

Customers appreciate Revolut’s inventive budgeting and savings features available within the platform. Additionally, there’s a cashback offer on lodging reservations made through Revolut Stays, its travel booking service.

It’s noteworthy that this money transfer service boasts a Trustpilot rating of 4.3 out of 5, indicating high satisfaction among users.

What are the drawbacks of Revolut?

While Revolut stands out for its money transfer services, it falls short in offering the comprehensive banking features provided by some of its rivals, such as Monzo or Starling Bank.

As a result, individuals seeking services like cash and cheque handling, access to an overdraft, or various lines of credit might find Revolut unsuitable for their needs.

Moreover, it’s essential to recognize that Revolut operates solely as a digital platform, lacking physical branches or call centers, which could limit customer service options for those using the free account tier.

Revolut’s exchange rates may occasionally be less competitive compared to other providers. However, the absence of fees for weekday transfers (up to £1,000 per month) could potentially make it a more cost-effective choice than competitors, depending on the specifics of your transaction.

Is Revolut the right choice for me?

Although Revolut lacks the comprehensive banking features found in traditional banks—such as the absence of overdrafts, credit services, and the inability to handle cash or cheques—it remains an ideal choice for individuals seeking an account primarily for travel and foreign exchange services with competitive rates, rather than as their primary day-to-day banking solution.

Despite fee-free overseas debit card spending having no limitations, the standard Revolut account imposes a £1,000 cap on cash withdrawals, which might prove restrictive for certain customers.

Consumers interested in additional benefits like travel discounts, cashback on holiday bookings, and reduced-cost access to airport lounges might find Revolut appealing. However, it’s important to note that these premium perks are exclusively available to customers subscribed to fee-based accounts, such as Metal and Ultra.

It’s worth highlighting that prospective account holders must be at least 18 years old to open an account with Revolut.

Alternatives to Revolut Bank

Here’s an overview of two popular financial service providers, N26 Bank and Wise (formerly known as TransferWise):

N26 Bank:

N26 is a digital bank that offers various financial services through its user-friendly mobile app. It provides a range of banking products, including checking accounts, savings accounts, investment options, and insurance products. Here are some key features of N26:

  1. Mobile-First Banking: N26 operates primarily through its mobile app, providing easy access to banking services on the go.

  2. Fee-Free International Transactions: N26 offers fee-free transactions in foreign currencies, making it advantageous for travelers and individuals dealing with international transactions.

  3. Sleek Design and User Experience: The app’s interface is known for its modern design and ease of navigation, providing a seamless user experience.

  4. Various Account Options: N26 offers different account types, each with varying features and benefits, catering to different needs, including N26 Standard, N26 Smart, N26 You, and N26 Metal.

  5. Cash Withdrawals and Spending: N26 provides options for fee-free withdrawals within certain limits and fee-free card spending abroad.

  6. Budgeting Tools: It offers features to track expenses, categorize spending, set financial goals, and manage budgets effectively.

Wise (formerly TransferWise):

Wise is an online money transfer service that specializes in international transfers at transparent and low-cost rates. Here are some key aspects of Wise:

  1. International Money Transfers: Wise allows individuals and businesses to transfer money across borders at low and transparent fees, offering real exchange rates with no hidden charges.

  2. Multi-Currency Account: Users can hold and manage multiple currencies within a single account, facilitating cost-effective currency conversions and international payments.

  3. Borderless Account: Wise offers a borderless account that allows users to receive money in different currencies, making it beneficial for freelancers, businesses, and individuals receiving payments globally.

  4. Transparent Fees: Wise prides itself on its transparency regarding fees and exchange rates, offering competitive rates and displaying all charges upfront.

  5. Wise Debit Card: Wise also provides a debit card, allowing users to spend in multiple currencies directly from their Wise account.

Both N26 Bank and Wise offer innovative financial solutions tailored to modern banking needs, emphasizing user-friendly interfaces, cost-effective international transactions, and transparent fee structures. Depending on your specific requirements, considering these options alongside Revolut can help you choose the most suitable financial service provider for your needs.

N26 BANK
N26 Review
Wise
Wise Review

Revolut and investments

Consider exploring the options available for peer-to-peer lending through companies we’ve reviewed. These companies offer a variety of investment opportunities in different financial products, such as peer-to-peer loans, investments in business loans, and more. Besides our reviews for Peerberry, Esketit, Crowdpear and Robocash you can explore various platforms providing such services to find the most suitable one for your investment needs

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