Contributor, Benzinga
March 9, 2023
Revolut
Overall Rating:
securely through Revolut's website

Looking for a powerful financial tool that can help you manage and improve your finances? Revolut is a digital money app launched in 2015 that allows you to make instant international money transfers and spend in 140+ countries at excellent exchange rates. Revolut is the smart way to spend, send, manage and invest money – all in one app.

Designed with the needs of international students, travelers, and families in mind, Revolut is a comprehensive money management app that offers a wide range of features and benefits to meet your needs.

Best For
  • Globally active consumers and businesses who need to transfer, send, and receive money across borders
  • Travelers who want travel benefits and easy access to cash internationally
  • Investors who want to stay updated with the market and invest without hidden fees
Pros
  • Fast and seamless online international money transfers
  • Spend and save money in 25 plus currencies
  • Travel features such no charge lounge access and access to excellent exchange rates
  • Money transfer between accounts
  • International prepaid debit card
  • Convenient hotel booking and no charge lounge access
  • Excellent cashback offers from popular brands
Cons
  • No physical branches
  • Customer service chat support is limited at times

Revolut Ratings at a Glance

Customer Service
Security
Pricing
Mobile App
User Experience
Overall

Revolut Product Offering

Revolut is an all-in-one online financial super app that allows users globally to save securely spend, invest, and transfer funds. On the Revolut platform, users can:

  • Create an account in multiple currencies

Users of the Revolut app can create an instant online account in minutes from a smartphone. Creating an account on Revolut platform requires no upfront fee for standard plans, and users can begin funding their account in 30+ currencies within minutes of signing up. Currency exchange is also handled without a fee on the Revolut platform on weekdays during foreign exchange market hours up to $1000 per month.

  • Pay and get paid globally, and with no hidden fees

Revolut’s platform allows you to send and receive money globally with no hidden fees. You can enjoy 10 zero fee international transfers every month, and flexibility in receiving payments, with options such as Apple Pay and Google Pay support, shareable payment links, and instant QR codes. You can also send money to banks abroad from the app. Additionally, instant transfers between Revolut users come with no charge.

  • Get a prepaid debit card usable in multiple countries

As a Revolut user, you can get a physical prepaid debit card delivered within ten business days and enjoy payments in more than 140 countries. While waiting for your physical card, you can use your digital card right away. You can also link your Revolut card with your Google Pay or Apple Pay and enjoy instant payments even when your card is not handy.

  • Budget and manage finances

On the Revolut app, users can explore multiple features to manage their finances and save more. You can set limits to ensure that you stick to a budget, get weekly insights on your financial progress, and get a clear view of your spending breakdown with smart analytics. 

  • Invest and trade

Revolut’s platform allows users to trade and invest in multiple assets, from to stocks to commodities. users can invest in over 1500 companies with as little as $1. Revolut also allows users to set alerts when investments reach desired prices.

  • Travel stress-free

Revolut offers several features for travelers to enjoy their international trips. The app allows users to enjoy cheap exchange rates, and spend cash in multiple currencies worldwide. With paid plans, customers get additional perks like travel insurance and airport lounge access. 

Revolut Customer Service

Customer service with Revolut is via multiple options. Users who need help can access three main support options – the Revolut blog, community support, and live chat. 

The Revolut help blog is comprehensive, providing detailed steps for getting started with the app and investing on the platform. The blog is divided into two distinct sections catering to individuals and businesses. 

Besides the extensive help blog, Revolut has a large community support platform, providing access to over 25 million users. 

In addition to its DIY options, Revolut offers customers access to 24/7 customer support through its automated phone line. On the Revolut app, customers can chat with a live agent through the ‘Chat’ option. Users also have the option to reach out to the support team on social media and via email for personalized solutions.

Revolut Security

While no security system is 100% foolproof, Revolut works to ensure that your spending, saving, and investing are safe and secure. Revolut stores user funds in FCA-regulated banks, so financial fair play is assured. Additional digital security options that Revolut offers include:

  • Fingerprint identification
  • Disposable virtual cards
  • Real-time alerts of fraudulent activity
  • Customizable features to regulate account activity

Revolut also helps users ensure that their prepaid debit cards stay safe, with features like card freezing, instant PIN changes, and instant payment notifications to update users in real-time. Because of its robust security offering, Revolut receives a 5. 

Revolut Pricing

Getting started on Revolut requires no upfront investment, as users can get access to a Standard account with baseline features without payment. For users who would like to enjoy more on the platform, two other tiers of subscriptions are available. We look at each one below:

  • Standard: No cost. Some of its features are:
  • No fees on ATM withdrawals below $1,200 per month.
  • Earn 2.5% APY (Annual percentage yield) with Savings Vaults
  • 10 zero fee international transfers every month.
  • Amazing exchange rates without markups, no charge currency exchange up to $1,000 per month on weekdays during foreign exchange market hours. The app charges 1% on exchanges made over the weekend.
  • Premium: This plan costs $9.99 per month. Its features include:
  • All Standard features.
  • Zero fees on ATM withdrawals up to $1,200 per month.
  • Earn 4.25% APY (Annual percentage yield) with Savings Vaults
  • Amazing exchange rates without markups, no charge currency exchange up to $1,000 per month on weekdays during foreign exchange market hours. The app charges 1% on exchanges made over the weekend.
  • Overseas medical insurance.
  • Discounted airport lounge access.
  • No cost lounge passes for you and a friend if your flight is delayed by >1 hour
  • Metal: This package costs $16.99 per month. Its features include:
  • All Premium features.
  • No cost airport lounge access for your and up to 3 friends if your flight is delayed >1 hour.

Revolut Mobile App

Revolut also offers a mobile app for its users. The mobile app is available on Google PlayStore and the App Store. Its sleek user interface makes the user experience feel seamless. Using the mobile app is a convenient and consistent way to access your money. 

Revolut User Experience

The user experience on Revolut’s platform is excellent. Features and options are easy to locate, and navigation is smooth throughout the app’s interface.

Also, if you run into a problem, you can always explore the blog to find a solution if it’s a common problem or reach out to the support team through live chat or email.

Because of how smooth and convenient the Revolut app is, we give it a 5-star rating on the user experience.

Revolut vs. Competitors

In a world where fintech apps have become popular channels for money, a few similar apps are fighting for the spotlight with Revolut. Some of these competitor apps are Wise, Payoneer, Starling Bank, Bunq, and N26. When compared to Revolut, these apps have a few similarities and differences. We’ll explore them in the table below:

RevolutWiseBunqStarling Bank
Multicurrency accountYesYesOnly Pounds and EurosOnly Pounds and Euros
ATM withdrawal feesNo charge up to $1,200 per monthFree up to $200 per month + then $1.50 per transactionFirst four withdrawals at no costFree
International transfer fees0.3% on cross-border transfer. $5 to send USD, GBP, EUR, and CHF with swift*0.4% + 0.2 GBP + Additional fees if destination is outside SEPAFixed SWIFT transfer fee of 5 EU for up tp 10,000 EU0.4% currency conversion + 5.50 EU for delivery with SWIFT
Countries where you can open an accountEEA countries, Australia, Singapore, Switzerland, Japan, United Kingdom, USOver 100 countriesEEA countriesUK
Virtual cardsYesYesYesYes
Credit cardsNoYesYesYes
Trading and investmentsYesNoLimitedNo
FSCS protectionSavings Vaults and Vaults are FDIC insured up to $250,000NoFDIC insured up to $250,000Yes
Money loaded on your prepaid card is held at Metropolitan Commercial Bank, and is FDIC insured up to $250,000 in the event of Metropolitan Commercial Bank's failure. Securities products are not FDIC Insured, not bank guaranteed and may lose value.

*10 ZERO fee international transfers every month, & afterward, you can transfer money abroad to India, Mexico, UK or 25 other countries with fair exchange rates and no hidden fees.

Revolut Overall

Revolut is a digital e-money app that makes international money transfers, saving, investing and spending easier to navigate, especially for travelers and people who like to be flexible. 

The Revolut app has tiered pricing for packages with standard offerings that are reminiscent of digital banking.The user experience on Revolut is smooth and seamless. Revolut receives an overall 4.7 rating.

Frequently Asked Questions

Q

Can I use Revolut without the app?

A

Yes, you can use Revolut without the app. Since 2020, Revolut has released a web app that users can access from a desktop or laptop.

Q

Is Revolut a card or an app?

A

Revolut is an app that also offers a prepaid debit card that you can use to pay for things. You can use the card to withdraw cash at accredited ATMs, or use your app for other transactions.

Disclaimers: 

Please note that Revolut is frequently updating its products and features, see the Revolut Terms and Conditions for the latest offerings. Revolut is a financial technology company. Banking services provided by Metropolitan Commercial Bank, (Member FDIC). The content of this review does not concern any customers that are based outside of the US. 

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