The All-In-One Platform For Your Money
Revolut isn’t merely a bank; it embodies a transformation in the world of finance. With over 35+ million customers spread across 50+ countries, this London-based fintech powerhouse has been, along with other companies, rewriting the rules since its inception in 2015.
I use Revolut’s account daily, appreciating many of its features (while not all). To put together this Revolut analysis, I’ve thoroughly explored their products, pricing structures, and user reviews. As a former bank employee, I’m amazed by the technology they crafted their app with, still it has some pitfalls. That’s why I’m sharing my real experience after having used Revolut (and similar platforms) for a few years now.
Josep GarciaEFPA Financial Advisor
But is Revolut all glitter and no gloom? I beg to differ. There are a few bumps on the way you should watch out for. In this comprehensive Revolut review, I’ll delve into the details of their fees too.
Revolut Review Verdict
Revolut is a fantastic bank and comes with a free plan. It offers a host of advantages (e.g., operating with multiple currencies) and features that can help you manage your finances more efficiently. It’s undoubtedly one of the top bank accounts for travelling as they offer a decent exchange rate.
However, there are many more advantages, such as in-app investment options, an intuitive interface, and savings accounts. But, of course, there are also a couple of drawbacks (e.g., no local accounts for all currencies), and the free version of Revolut will only take you so far. And yes, it is an online-only bank; if you prefer a face-to-face approach, Revolut won’t cut it.
Revolut Pros & Cons
Pros
Free
In its basic version, and if you don’t request a physical card, Revolut is completely free.
100% Online
Managing Revolut is entirely online, and its well-designed interface and app always leave me impressed.
Multiple Currencies
Revolut lets you manage multiple currencies, including euros, pounds, U.S. dollars, and offers both UK and European IBAN accounts. Access may change from country to country.
Investment Options
From its platform, you can invest in fractional shares of 2,000+ global companies, cryptocurrencies, and commodities.
Savings Spaces
Revolut lets you create savings spaces for different goals, like setting aside money for a vacation.
Premium Perks
Paid plans include enticing add-ons such as personal insurance, partner subscriptions (e.g., Nord VPN), and a higher APY for your money.
Revolut Junior
Give your kids access to money with a card you can monitor and control.
Cons
No Physical Offices
Revolut operates entirely online, which is why it doesn’t have its own physical offices for in-person customer service. Also, no ATM to make cash deposits.
Premium Features
Revolut reserves its most appealing features and services (e.g., cashback or higher APY) for paying users.
Limited Services
It doesn’t provide all the banking services that traditional banks might, like overdrafts.
Customer Care
At times, it can be slow, and not being able to speak directly to a person (e.g., on the phone) can be frustrating.
What Do Revolut Customers Have to Say?
It’s a fact that Revolut has garnered plenty of positive customer reviews online, and it’s pretty surprising. Users rave about features like no fees, ease of use, and the perks of using the card abroad. But, on the flip side, they also point out issues with customer support, account lockouts, and technical glitches.
Here at Upcashwise, we’ve taken the initiative to categorize and thoroughly study Revolut’s online reviews, sourced from various websites and social media platforms. Our main focus has been on negative user feedback to pinpoint the aspects of Revolut that didn’t quite meet users’ expectations.
It appears that many customers encounter issues with transfers, with 19.55% expressing their dissatisfaction. This makes sense, considering that Revolut is widely used for currency transfers. Right behind that, we have complaints about customer support, making up over 18% of the concerns.
A notable portion of customers, approximately 15%, reported problems related to account or fund blocks. Another key point is card-related issues, which make up 8% of the complaints. Furthermore, about 6% of customers voiced frustrations regarding card delivery.
We’ve conducted a comprehensive analysis of Revolut, examining 259 online reviews. We employed Natural Language Processing (NLP) techniques and made manual adjustments to ensure the reviews’ relevance. Our goal is to provide valuable insights into the user experience with Revolut. Source: Upcashwise.com.
My Experience with Revolut
The truth is that I use Revolut very often, not only for travel and international payments, but also because I really like its app and system, I use it regularly in my day-to-day life. After having tested many online bank accounts for this blog, Revolut is definitely one of my top choices.
We also have a Revolut Business account, which is fantastic for organizing payments in several currencies. It’s great because it’s also free, something hard to find among business accounts.
I’ll leave you a screenshot of my personal account with Revolut, so you can see I know what I talk about.
Let me tell you a bit about what I love about Revolut in my daily life, and what sometimes makes me want to throw my phone out the window.
The good about Revolut:
- Who doesn’t like being able to have a free account without a catch.
- Signing up was easy and quick, and Revolut’s usability always impresses me. It’s well-designed.
- I’m genuinely impressed by the ease of adding or removing virtual cards.
- I think Revolut <18 is a fantastic way to manage their finances.
- Of course, being able to work with many currencies is a big plus for me.
- The optional paid plans offer plenty for those willing to spend extra on perks.
- Love their savings and sub-accounts for future expenses.
- Haven’t tried at home, but it’s possible to link several Revolut accounts to share expenses.
- Revolut offers investments, and extra services (e.g., insurances or cashbacks).
Ah, but don’t let my enthusiasm for some of Revolut’s features confuse you; it also has aspects that frustrate me.
- The absence of ATMs and branches, coupled with the modest free withdrawal limit, personally frustrates me a lot.
- Revolut fails to provide some banking services like a checkbook, overdrafts, and others, which annoys me at times.
- Getting in touch with their customer support can be a pain, especially in the free tier.
- We had a bad experience with my wife’s premium card’s travel cancellation insurance due to slow response times and poor treatment by the insurance company that works for Revolut.
- Compared to Wise, you can have few currency accounts. For example, with Wise, I can have local account numbers for dozens of countries. With Revolut only UK-accounts and IBAN.
- Of course, there is a lot of aggressive promotion in their app to end up becoming a premium customer, which can become annoying.
- When using Revolut on the computer, many functions are disabled. While the well-designed app is great for most tasks, sometimes I prefer a larger screen.
Revolut Features in Detail
Comparing Revolut Plans: What Do They Offer?
As I mentioned briefly, Revolut offers various account options. They range from the completely free account (Standard) to the Ultra account, which costs €45 per month.
| Revolut Features | Standard | Plus | Premium | Metal | Ultra |
|---|---|---|---|---|---|
| Monthly fee | $0 | 3,99 € | $9.99 | $16.99 | €45 |
| UK-account & IBAN | Yes | Yes | Yes | Yes | Yes |
| Free physical card | One-time delivery fee | Yes | Yes | Yes | Yes |
| Virtual cards | Yes | Yes | Yes | Yes | Yes |
| Zero-fee cash retrieval | $200 / month | $200 / month | $400 / month | $800 / month | $2,000 / month |
| Priority customer care | No | Chat | Chat | Chat | Chat & call back |
| Purchase insurance Revolut card | No | Yes | Yes | Yes | Yes |
| Revolut <18 account | 1 account w/ limited options | 2 accounts w/ limited options | 2 accounts | 5 accounts | 5 accounts |
| VIP airport launches | No | No | Discounted | Discounted | Included |
| Abroad health insurance | No | No | Yes | Yes | Yes |
| Partner memberships | No | No | Yes | Yes | Yes |
| Car renting insurance | No | No | No | Yes | Yes |
| Card cashback | No | No | No | Yes | Yes |
| Event & travel cancellation | No | No | No | No | Yes |
Please remember that some of the perks above may have T&C attached.
Use-Cases for Revolut’s plans.
- Revolut Standard: Ideal for those who don’t want to pay a single penny for having an online account with no attachments.
- Revolut Plus: It offers priority customer support, higher interest on savings, and purchase insurance with its prepaid card.
- Revolut Premium: Enhance your Revolut account with medical and travel delay insurances, partner subscriptions (like WSJ, NordVPN), and complete access to Revolut <18.
- Revolut Metal:Iincludes a metallic card, cashback on transactions, car hire insurance, and some other goodies.
- Revolut Ultra: The most exclusive Revolut account offers platinum-plated cards, VIP airport lounge access, travel and event insurance cancellation, and call-back support as its standout perks.
Revolut Accounts & Features
Revolut platform allows its users to have accounts in various currencies, including GBP (British pounds), EUR (euros), USD (US dollars), and CHF (Swiss francs), among others. This feature makes it easier to manage money in different currencies without having to have other bank accounts. Additionally, Revolut provides a card linked to your account, allowing for convenient payments and cash withdrawals in different currencies.
Let me share with you some of Revolut’s account features:
- Adding Funds: Add money to your Revolut account via bank transfers, cards, or from another Revolut account. No cash deposits.
- ATM Withdrawals: Free ATM withdrawals up to €200 or 5 times monthly. Beyond that, consider upgrading your account.
- Savings Spaces: Use Revoluts’ “Pockets” to save money in your chosen currency for different goals, individually or with others.
- Expense Tracking: Revolut’s system categorizes your spending to improve financial management.
- Currency Options: Manage your money in multiple currencies like USD, EUR, GBP, among others.
Revolut Saving Plan
Revolut has stepped up its game by offering its customers the option to open what they call “Saving Account” which is essentially an investment fund where you earn interest on your money. You can choose to earn interest in GBP, EUR, or USD. It’s important to note that this account has several features to consider.
- Not Guaranteed: This account invests in money market funds without deposit guarantee scheme insurance. These funds are stable and low-risk, focusing on short-term assets, but they do involve some risk as any investment.
- Multi-currency: It’s possible to invest in accounts in pounds, euros and dollars. Each account earns interest according to the currency.
- Variable Yield: The interest rate you receive for your money will depend on the currency you use, but also on the plan you have subscribed to (e.g., Standard users receive less interest than Ultra users).
- Daily Interest: Users receive interest on a daily basis.
- No Investment Limits: You can have an interest-bearing account with them starting from 1 cent with no maximum.
- Withdrawals: You can withdraw money from your account at any time.
Revolut <18
Revolut <18 offers an excellent start for kids and teens to manage their finances. I’ll briefly outline how Revolut <18 works, without delving into every feature. They can set up savings goals, transfer money to friends, and even earn cashback.
When your child opens a Revolut <18 account, they receive an account and a debit card, which you can monitor and fund. Be aware that it’s only available from 6 to 17 years old.
The app allows your child to request money from you, like for sweets, or even a real emergency. Plus, if your child has a phone, they can add their card to Apple and Google Pay.
Revolut Joint Account
Revolut Joint Account streamlines shared finances, allowing equal access for managing bills or savings. It includes individual cards and app-based management, simplifying collective financial tasks.
With features like direct salary deposits and digital payments, it offers a no-frills approach to handling shared expenses, making it a practical choice for partners or families seeking efficient financial collaboration.
Revolut Business Account
I’m not going to tell you everything about Revolut for companies and freelancers, but we’ve been using it for a while and think it’s a good product.
We use the free version, which is great for small businesses like ours, but if your company requires more options and better rates when dealing with foreign currencies, one of their paid plans might be worth considering.
Be aware that Revolut probably won’t be your main business account because it doesn’t have some basic features that companies may need. Allow me to elaborate on its pros and cons.
There are a few interesting things:
- The fact that it’s completely free is unbeatable.
- Is dead simple to use.
- Opening the bank account was easy, unlike opening our other company bank account, which was a nightmare.
- I love that I can create sub-accounts, which is a great help for keeping our upcoming expenses organized.
- The flexibility with the cards and account users is pretty handy. I can invite other users and even our accountant to the platform.
- Being able to make and receive payments for clients and providers in other currencies at decent rates is very valuable to us.
- There are numerous additional features that we don’t use: accepting payments via cards, team roles and permissions, expense management and approval, the creation of invoices, payroll, and even an API.
And some other things that aren’t that great:
- If your business relies on cash, it will be difficult to make deposits into your Revolut account.
- Not sure about other countries, but in Spain (where our company is located), you can’t pay taxes using Revolut.
- Revolut doesn’t have credits and loans available.
- At times, support can be slow, but it really depends on your issue.
Revolut Cards
Revolut brings several card (Visa) options connected right to your account. Opt for the no-cost plan, and you get to tap into the world of virtual cards – pay with your phone using either Google or Apple Pay. Fancy a tangible card to hold? It’s yours for a small shipping fee.
Remember how I mentioned Revolut’s paid plans hook you up with a physical card for ‘nada’?
Now, let me spill some beans about the Revolut card’s nifty features:
- Security: Revolut’s app is like your personal card bodyguard. Want to put your card on ice when it’s not in use? Done. Fancy a PIN change or setting a spending cap? Easily done.
- Global Payments: This no-fee bank account is your passport to making payments abroad in various currencies without the sting of hefty fees and competitive exchange fees.
- Credit Card Potential: After a quick peek at your finances, Revolut might roll out the red carpet for a credit card. But remember, you may face credit card fees if you don’t pay on time.
- Disposable Card: For the online shopping lovers, Revolut’s (virtual) disposable card is like a magic trick – new numbers, expiry dates, and security codes with every purchase.
- Virtual Cards: Need more than one card? Create virtual cards in seconds and seamlessly sync them with your Apple or Google Pay.
Investing with Revolut
For a while now, Revolut has been offering an investment section. Personally, I don’t use Revolut as my broker because I have other platforms I like better (read more here). But if you like the idea of having everything in one app, you might find this interesting.
I would rather not bore you too much with the topic, so let me briefly mention the options you have for investing using Revolut.
- With its ‘vault’ functionality, you can create spaces to save money for your goals. You can even share them with third parties.
- You can seamlessly invest in fractions of stocks and ETFs, a couple of thousands to pick from. Please make sure to understand the limitations of fractional stocks before you dive in.
- In Revolut, you can buy and sell a couple of dozens of cryptocurrencies. Please be aware of the (high) risk associated with buying cryptocurrencies.
- Using Revolut, you can also invest in precious metals like gold, silver, palladium, or platinum; this is an unregulated service.
Revolut’s investment options are limited. Consider dedicated investment platforms for a broader experience. Exercise caution with cryptocurrencies and note that precious metal investments on Revolut lack regulatory oversight.
Final Thoughts: Is Revolut a Good Choice?
I hope this guide to Revolut’s platform and services has given you a clearer picture of what this British-origin bank has to offer, and whether its account and investment platform might be the right fit for you.
Just a heads-up if you’re leaning towards Revolut: some of its more advanced features and perks are exclusive to paying members. And if you’re in the market for traditional banking services like a chequebook or overdraft options, you might want to look elsewhere.
That said, its benefits can be pretty appealing for many (like getting great deals on currency exchange), and the no-strings-attached approach to fee-free banking is definitely a plus.
Got questions or feel like sharing your thoughts (keep it friendly) on Revolut? Drop a comment; I’d love to hear from you.
Revolut FAQs
Imagine a slick, digital-first bank born in the UK back in 2015, thanks to innovators Vlad Yatsenko and Nikolay Storonsky. With a team that spans the globe, Revolut is redefining how over 2,000 employees think about banking in numerous countries.
Their offering is extensive, including a free online bank account, a no-cost virtual debit card, investment options, and pockets to save for goals. They even have accounts for kids and teens.
Hailing from the UK, Revolut has a diverse founding team with roots in Russia and Ukraine. Yet, it’s made itself right at home in over 50+ countries; including the UK, US, Australia, Spain, France, Germany, etc.
Revolut ensures top-notch security by adhering to strict financial regulations, offering deposit protection up to €100,000 under the European deposit insurance scheme, and maintaining rigorous oversight by leading financial authorities like the UK’s Financial Conduct Authority.
Revolut is recognized as a bank within the European Economic Area (EEA) thanks to its banking license granted by the Bank of Lithuania. This allows Revolut to offer a wide range of financial services, including traditional banking functions.
In regions such as the UK or US, where Revolut lacks a banking license, it either collaborates with local banks to offer its services or operates with an e-money license approved by financial regulators.
Revolut isn’t just for storing your salary. It’s a versatile tool for managing your money, offering everything from basic account services to investment options, junior accounts, and more, all designed to make your financial life easier.
Yes, with Revolut’s EU-based banking license, your deposits up to €100,000 are protected. In the unlikely event of a problem, you can expect a swift resolution within 10 days.
In the UK, Revolut protects customer funds through “safeguarding,” not covered by the FSCS but through dedicated accounts or low-risk investments as per UK Electronic Money Regulations. This ensures your money is secure and set aside, ready for repayment in case of financial difficulties, offering a reliable alternative to traditional bank protections.
Definitely. Revolut is mobile-first, meaning you can manage your money effortlessly through its app on Android or iPhone. Remember, a smartphone is a must for accessing Revolut’s services.
With Revolut, handling direct debits for recurring payments is possible but with limitations. This option is available in GBP and EUR, depending on your account base.
Just be over 18 and live in a country where Revolut operates. That’s all – no complicated requirements. If you are underage, you can ask your parents to open a Revolut <18 for you.
Revolut allows you to contact them via their app. For urgent matters, there’s a dedicated emergency phone line, but it’s reserved for immediate needs like blocking a lost card. Sadly, their support team can take some time to answer your questions.
Currently, Revolut doesn’t support cash or cheque deposits. If that’s a deal-breaker, you might want to explore other digital banking options.
Transfers between Revolut accounts are instant. Domestic bank transfers typically clear within a day, whereas international ones may take 3-5 days. At times, bank transfers can process instantly. Funding your Revolut account via card or mobile is swift, though bank transfers may require more time.
1 comments
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