Revolut Card Review 2020

Learn about Revolut, an online finance and banking service that also lets you transfer money overseas.

Revolut Review

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Revolut is a mobile-first 'bank' that makes it fast and easy for you to manage your money. Money can be transferred online directly to mobile phones, bank accounts or home, in a safe, reliable and quick way.

In this Revolut review we will explain:

Revolut is good for

  • Fast and simple mobile phone money transfers
  • Helpful personal finance and other bank services
  • Best exchange rates and low fees with card accounts

Revolut rating: 4.6 / 5.0

Learn more

Money transfers can be sent from these countries:

Europe & UK
  • Austria
  • Belgium
  • Bulgaria
  • Croatia
  • 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
North America, UK, Asia & Oceania
  • United States
  • Canada
  • United Kingdom
  • Australia
  • Singapore
Revolut Review 2020: Countries where Revolut cannot send money:

Countries you cannot send money to:

There are some countries and currencies around the world where Revolut can’t make international money transfers. These include:

  • USD transfers to Barbados, Curaçao, Gibraltar, Jersey, Malta, St Maarten, Georgia, Malaysia or Monaco
  • EUR transfers to St Maarten
  • CHF and NOK transfers to Malta
  • IDR, INR, MYR and PHP transfers outside of Indonesia, India, Malaysia and Philippines respectively

There are a multitude of other countries, mostly in Africa and the Middle East that Revolut do not send money to.

Money transfers can be made in these currencies:

Europe and UK
  • British Pound
  • Euro
  • Danish Krone
  • Norwegian Krone
  • Swedish Krona
  • Swiss Franc
  • Czech Koruna
  • Hungarian Forint
  • Polish Zloty
  • Romanian Leu
  • Bulgarian Lev
  • Croatian Kuna
  • Turkish Lira
Asia
  • Hong Kong Dollars
  • Indonesian Rupiah
  • Indian Rupees
  • Japanese Yen
  • Malaysian Ringgit
  • Philippine Peso
  • Singapore Dollars
  • Thailand Baht
Americas
  • US Dollars
  • Canadian Dollars
  • Mexican Peso
Oceania
  • Australia Dollar
  • New Zealand Dollar
Middle East
  • Israeli Shekel
  • Qatari Rial
  • Saudi Riyal
  • United Arab Emirates Dirham
Africa
  • South African Rand

Who is Revolut?

Revolut Review -  International Money Transfers

Revolut is a mobile-first bank that makes it fast and easy for you to manage your money by providing a current bank account, debit card, and foreign currency exchange services.

Revolut is known as a “challenger bank” because they’re changing the way people like you manage your money. Rather than trudging out to a bank branch, you can use the fully featured Revolut app to view and make transactions, which is handy.

The Revolut card lets you easily spend money in the countries they operate in, and they will automatically convert money into the destination currency.

Revolut offers three main plans: A free one and Revolut premium plans:

  • Standard, which is free
  • Premium, costs you US$9.99 a month with a discount if you pay upfront
  • Metal, available in the UK, Europe and Singapore

The higher-priced premium account give you more options, and could be a better choice if you travel internationally. Otherwise, the standard plan still has some pretty good services.

If you run a business, there’s some good news, as Revolut does offer business accounts. It lets you take domestic and international payments and makes it faster and easier to do that tedious bookkeeping! You can also set up bulk payments and recurring transactions.

This range of services has made Revolut popular — they have over 10 million customers, and they’ve managed over 350 million transactions with a total value of US$50 billion. Wow!

We think Revolut is a great option, especially if you’re sending or spending money abroad.

Revolut is also coming soon to Brazil, Canada, New Zealand, UAE, Hong Kong and Japan.

Is Revolut a real bank?

Yes, it is. Revolut offers many of the services of a traditional bank current account, but it doesn’t provide absolutely everything you might want from your local bank.

For example, although Revolut does provide direct debits (automatic bill payments) for UK and European current accounts, you can’t create standing orders. On the plus side, Revolut does allow for recurring payments.

You’ll need to top up your Revolut account so you have money to spend. Additionally, Revolut doesn’t offer authorized overdrafts, so if you spend more than is in your account, you must return it to a positive balance within seven days.

Revolut will also provide you with a linked debit card, on either the Mastercard or Visa networks, depending on where you’re located. You can use this to pay in the US or overseas, via Chip and PIN or contactless.

Revolut Review 2020: Is Revolut a real bank?

Pros and cons of using Revolut

For most of your international money transfers needs, Revolut is a great choice. Let’s break it down and explain what Revolut is great at and where they have a few issues.

  • It’s really easy to open an account, and you can get one in minutes
  • They have a ton of helpful digital services, even with the free plan
  • You get a linked debit card, for easier spending
  • Money transfers are normally fast, simple, and cheap
  • They provide the “Interbank” mid-market foreign exchange rate, which is the best you can get
  • You will pay more to send money overseas if you send over a certain amount, or at certain times of the week
  • You need to top up your account from elsewhere so you have enough of a balance
  • You can’t add money to your account with cash or a cheque
  • The bank account doesn’t do absolutely everything a traditional bank account can (yet)
  • At the moment, you can only have local currency accounts in pounds and euros
  • Taking money out from an ATM will cost you extra when you use up your monthly limit

Learn more

Revolut Review 2020: Card accounts and services

Revolut personal card accounts

Looking at the services Revolut lists, it’s clear who their target audience is — people who are mobile-savvy, like technology and travel, and transfer money abroad. In other words, probably you.

Here is a list of what you get with the  Standard, Premium and Metal accounts:

All accounts (Standard, Premium and Metal) receive:

  • A linked Revolut card (Mastercard or Visa)
  • Card payments in the US and overseas
  • Foreign currency exchange services to send money abroad
  • Built-in budgeting which makes it easier for you to manage your finances
  • A free UK bank current account and Euro IBAN account (not available outside UK and Europe)
  • Access to 5 cryptocurrencies like Bitcoin and Ethereum (not available outside UK and Europe)
  • Apple Pay for faster payments on iPhones
  • Revolut “Vaults” where you can put aside money, so you can save for that amazing holiday or house project
  • Send and request payments with other Revolut users
  • Round-up the amount you spend and put the difference into a Revolut Vault to help you save
  • Free cash machine ATM withdrawals up to a certain amount
  • Instant spending notification

The Premium plan also gives you:

  • Overseas medical insurance
  • Travel insurance and airline lounge passes if your baggage or flight is delayed
  • Priority customer support
  • Global express delivery
  • Disposable virtual cards that you can use to make online purchases
  • Premium cards with exclusive designs
  • Free ATM withdrawals up to a certain amount
  • Revolut Junior accounts for up to 2 kids (not available outside UK and Europe)

The Metal plan also gives you:

  • Revolut Junior accounts for up to 5 kids
  • A metal, premium card
  • Perks and discounts when you're shopping for certain brands
  • Cashback on all card purchases
  • Higher limits for free ATM withdrawals
  • 1 free SWIFT transfer each month
  • Unlimited cross border free transfers

You can top up your Revolut account by having your salary paid in, using a bank transfer, adding money with a card, using Apple or Google Pay, or requesting money from others. Note, in the US you can't top up your account using a credit card.

How fast is Revolut?

How long it takes to transfer funds really depends on where you are transferring to and what currency you are sending:

  • It can be instant to other Revolut users
  • Or it can take a few hours to 3 days for a money transfer for GBP transfers to a UK bank account
  • EUR transfers to a European bank account usually takes up to 2 working days
  • IDR, INR, MYR transfers to a bank account in Indonesia, India and Malaysia usually takes up to 1 working day

However, it can take from 3-5 days for an international money transfer for standard customers.

Revolut Review 2020 - How fast is Revolut?

How much does it cost to send money with Revolut?

The fees for a subscription with Revolut depends on which level of service you buy in the table below. We have included prices for the Metal account for when it eventually gets released in the US.

 

Standard Premium Metal
Monthly Free $9.99 $14.99
Yearly Free $94.99  $149.99

all prices are in US dollars

In Europe and the UK, where the Metal subscription is already available, it costs €13.99/month or €135/year (£12.99/month or £120/year).

While Revolut do offer free international transfers, and very favourable exchange rates it is important to know there are monthly limits.

Revolut charges extra if you make money transfers under these circumstances:

  • There is a 0.5% charge for international transfers after you’ve reached your monthly limit
  • If you send money over the weekend, Revolut will charge between 0.5 to 2.5% of the transaction amount - this is the fee you really need to watch for
  • While you can use the cards to withdraw money at ATMs all over the world, there is a 2% extra fee after you’ve reached your limit
  • If you exchange currency into Thai Baht or Ukrainian Hryvnia, you’ll pay one percent extra.

To save money we suggest you:
Send money overseas on a weekday instead of the weekend and stay under your monthly limits

Revolut monthly limits

These depend on which level of subscription you have:

Standard Premium Metal
International money transfers $6,500 Unlimited Unlimited
Cash withdrawals from ATMs $300 $600  $600

Revolut exchange rates

Revolut offers the mid-market, interbank exchange rate between currencies, which is the best exchange rate you can get. Bargain!

However, Revolut does charge an extra percentage-based fee when transferring money to an overseas bank account and for certain conversions. This may change according to when and how frequently the currencies are traded. Find out more on Revolut’s fees page.

Revolut Review 2020 - How much does Revolut cost?

How much for the Revolut card?

It depends on your subscriptions, but here is the list:

Standard Premium Metal
First Revolut Card $0 $0 $0
Delivery Charge $4.99 (standard)
$19.99 (express)
$0  $0
Replacement Revolut Cards $5.00 plus delivery $0  $0 for first replacement
$70 thereafter
Virtual Revolut Cards $0 for first virtual card
$4.99 thereafter
$0 $0

How much can I transfer?

Revolut doesn't have limits on how much money you can transfer, except for GBP transfers to the United Kingdom. There's both a value cap per transfer as well as daily and weekly limits.

  • Each transfer limit is £250,000, while the daily limit is £500,000 combined, meaning that you cannot transfer more than £500,000 out of the account within 24 hours.
  • The weekly limit is £1,000,000 combined. You cannot make more than 50 transfers every 24 hours and 200 transfers per week.

Learn more

How to send money with Revolut

  1. Download Revolut app from Apple App store or Google Play store
  2. Login and create an account. Once that's done, you'll need to top up the account with some money
  3. Choose the country and how much currency you want to send
  4. Provide details of where the international money transfer is going including full name, bank account details or mobile phone number
  5. Pay Revolut (link to ways to pay)
  6. They will advise you where your money is and when it arrives via text message
Revolut Review 2020: How to send money with Revolut

Why do I need to verify my identity?

Revolut needs to keep everyone’s money safe, and that means verifying your identity, whether you are opening a personal or business account.

They’ll ask you for a picture of a valid identity document and a picture of your face — this will happen when you first create your account. Occasionally Revolut requests a copy of your U.S. resident visa. We know it can be a bit of a pain, but here are some tips to make it easier for you.

  • Take a clear (non blurry) picture of your identity document in a brightly lit place
  • Turn off your flash to avoid glare
  • Don't take a picture of a picture
  • Make sure your account details match the details on your legal document

Types of identification that are acceptable:

Examples of forms of identification

Passport or Visa

Driver's License

State ID

Immigration ID or Residence Permit

Matricula Consular

U.S. Military ID

Helpful hints

Make sure your id has at least 3 months validity and not expired
Make sure it isn't blurry and shows your full name, your current address and date of birth

What details do I provide to Revolut when I send money?

Here’s the info you’ll need to provide to send money to someone:

  • The amount of money you’re sending
  • The countries you’re sending money from and to
  • The currencies that you’re sending money between
  • The recipient’s full name and address
  • Bank details of the recipient’s account (such as an IBAN or International Bank Account Number)
  • Bank identifier code also known as a sort code or routing number and the account number. For example, a BIC/SWIFT code, ACH routing number, or IFSC

Hint:
Sending money to a Revolut user is instant and free anywhere in the world. You just need to know their phone number.

 

What about receiving money?

To receive money from another Revolut user you just need to provide your phone number. If they don't have a Revolut account you just need to provide them with your Revolut account details or a payment link.

Learn more here

Revolut Review 2020 - How to pay?

Ways to pay for your transfer

Paying for your international payment is simple. Revolut accept bank transfers to your Revolut account number. You can also add money instantly by card payment. U.S. customers can only pay with Mastercard and Visa debit cards.

Note: US customers can't pay by credit card or American Express due to regulations

For customers outside the US Revolut recently added ApplePay and GooglePay as acceptable payment methods. For UK customers, Revolut can pay and connect their American Express and bank accounts with Revolut to view everything in the one place.

Unfortunately, you can't pay by cheque or cash deposits to top-up your Revolut account.

Is Revolut trusted?

4.6 / 5 star rating on Trustpilot

The answer is yes.

Plenty of people have shared their opinions about Revolut on Trust Pilot. The good news is that Revolut scores well. Just over nine in ten people rate Revolut highly, while seven percent rate it poorly.

Positive reviews liked the ease-of-use of the app, the digital services that Revolut offers, and customer service. Negative reviews were mainly about accounts being blocked or disabled, and not being able to find out why.

Customers who love Revolut

“Very easy process to obtain a card. Guided step by step. The card arrived very quickly. Very easy to use. Great you receive notification about each transaction. Love the vault system as it helps to keep track of everything.”

Customers who had issues with Revolut

“My account was deactivated with no explanations whatsoever. After I successfully used it for more than 2 years and spent about 50k throughout this time. That's not the attitude I was expecting towards loyal customers.”

Revolut Customer Care

Is Revolut reliable?

Despite the issues that some customers had, overall Revolut had high scores with its customer base. So long as you understand the limitations, we’d recommend them, especially if you want to send money abroad.

Revolut Review 2020 - Is Revolut safe?

Will Revolut keep your funds safe?

Yes. Your funds are held by Metropolitan Metropolitan Commercial Bank, Member Federal Deposit Insurance Corporation, and are insured by the Federal Deposit Insurance Corporation for up to US$250,000.

Revolut's policies and procedures are designed to protect the security of your information. They do the following:

  • Protect your information by firewalls and restricted access in compliance with applicable regulations
  • All data passed between Revolut mobile apps, their servers, and third parties are 2048-bit SSL encrypted

Revolut is also regulated in all the countries they operate in, including:

  • Financial Conduct Authority (FCA) in the UK
  • European banking licence from the European Central Bank, plus funds you deposit are protected up to €100,000 under the European Deposit Insurance Scheme (EDIS)
  • Australian Securities & Investments Commission (ASIC) and holds an Australian Financial Services Licence (AFSL number 517589) in Australia
  • Revolut has a remittance licence from the Monetary Authority of Singapore
  • They also safeguard your money by keeping it in a “ringfenced” account that’s separate from their operational business account

It’s important to note that the money in your account isn't covered by the Financial Services Compensation Scheme (FSCS). You can find more information on their terms page.

Business accounts

Revolut's business accounts are specially designed for modern businesses to save time and money while making domestic and international payments. Plans are tailored for both corporate and freelance subscription accounts.

The best feature is being able to access multi-currency accounts. As well as being able to hold up to 28 different currencies, it also lets you have local bank details in the UK and Europe.

Your business also gets:

  • Virtual and prepaid corporate cards
  • Bulk payments
  • Multiple administrators
  • Integration with common accounting or messaging software (e.g. Xero, Quickbooks, Slack)
  • Open API
  • Dedicated 24/7 business support team

 

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