Revolut are based in London but are very much a European challenger bank, given that they offer a free Euro IBAN account, use of the interbank exchange rate and currency exchange available in-app. They reported in March 2019 that their customer-base had surpassed 4.5 million, with over 1.6 million being UK-based.
Ideal for customers looking to spend in different currencies, Revolut has positioned itself as an accessible challenger bank for those looking to travel, with many different perks and features to choose from. We’ve put together a full review of Revolut to help you decide whether it is the right challenger bank for you. Read on to find out more.
Offers 3 types of current account
Premium and Metal account available for a monthly fee
Save money easily with Vaults, including rounding up spare change
Free transactions abroad as standard
Ability to exchange to cryptocurrencies
Earn cashback on purchases with Metal card
Supports Google Pay and Apple Pay
Generate up to 5 virtual cards to pay for items online
Exchange up to 5 cryptocurrencies in-app
Unless you have a promotion a physical card costs £4.99
Card delivery takes up to 9 working days
Android tablets not supported for the app
Fees charged if you withdraw more than £200 in cash per month (limit differs for Premium and Metal)
Transfers can take 3-5 working days unless you have a Premium or Metal account
- Standard – when you get a standard account with Revolut you can expect a free digital current account and free ATM withdrawals for up to £200 per month
- Premium – as a premium Revolut customer your free ATM withdrawals are doubled to £400 and you will receive travel insurance, the ability to convert 5 cryptocurrencies and priority customer support along with many other useful perks
- Metal – receive all of the best perks including cashback on every purchase, access to a concierge service, free ATM withdrawals on up to £600 per months and an exclusive metal card
- At least 18 years old
- Are a legal resident of the EEA (European Economic Area)
- Own a compatible smartphone with a screen larger than 3.5 inches (Apple watches, iPhones or iPads running iOS 10 or phones running Android 6.0 or above)
- Have a government-issued form of ID
The Revolut app gives you easy access to your account, along with a whole host of other features that will improve your money management. You also have several options to keep your money safe, including virtual cards to reduce fraud and the ability to freeze your card from the app.
Vaults are the easy way to save with Revolut, giving you a dedicated space to transfer money every month and save towards goals such as a summer holiday, new car or even for Christmas presents.
Cryptocurrencies can be exchanged through the app, allowing you to access Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and Ripple (XRC). This feature is only available for Premium and Metal customers.
Budgeting options are available through the Analytics tab on the app, allowing you to set budgets for things like travel and food, giving you a daily limit for you to stick to and track during the month.
Virtual cards are a great way to keep your details safe and to reduce the likelihood of fraud. It allows you to generate up to 5 new card numbers via the app for making a purchase online. Premium and Metal customers can also generate a one-use disposable card that changes every transaction to protect you from online card fraud.
Revolut give you the option to completely control how you use your card, including enabling or disabling Magstripe payments, Contactless payments, ATM withdrawals and E-commerce transactions. You can adjust these at any time as well, meaning your money is kept safe.
Another useful setting to help prevent fraud is Location-based security, which allows you to track the location of each of your transactions. This means that if you are in the UK but someone tries to use your details in Germany, Revolut will stop the transaction from going through.
The Virtual cards feature is another great way of keeping your details safe, as Revolut will generate new card details to use online, which can reduce the likelihood of you being a target for online fraud.
Moreover, with Disposable Virtual Card (Premium and Metal customers) generates a new set of details for every transaction online, keeping your main details completely safe. In conjunction with 3D Secure integration, you will feel much safer when shopping online.
The main attraction for many customers is that Revolut offers fee-free spending abroad, with their interbank exchange rate meaning you will get a favourable markup.
In fact, they even tell customers that you can receive no markup on the interbank exchange rate between Monday and Friday (except for Thai Baht and Ukrainian Hryvnia where there’s a 1% markup and 0.5% fee for any spending over £5,000. On a Saturday and Sunday, the markup is 0.5% for major currencies and an added 1% for Thai Baht and Ukrainian Hryvnia (making it 2% over the weekend)
Fees and charges
Whilst the standard current account is completely free to use on a monthly basis, you also have the option of upgrading to two other paid accounts.
The Premium account costs £6.99 per month and the Metal account costs £12.99 per month. Each account offers various perks including travel insurance, access to virtual cards, access to 5 cryptocurrencies, a higher limit for free ATM withdrawals and cashback on all purchases.
Other fees include:
- ATM withdrawal fees – 2% on all withdrawals over £200 per month for the standard account, over £400 per month for the Premium account and over £600 per month for the Metal account
- Currency exchange – 0.5% on all currency exchanges over £5,000 per month, unless you have a Premium or Metal account, where there is no limit
You can access Revolut’s help centre at any time via their website, allowing you to solve most issues through an informative article. They also have a thriving community page where they post the latest updates and issues that are being encountered. You can usually find the answer you’re looking for here, or you can even post your own questions instead.
Overall, Revolut are a popular choice amongst customers looking to switch to a challenger bank, not least because they provide a lot of useful features for modern customers, as well as the ability to spend abroad without being stung by additional fees.
They are well-established amongst their peers and therefore trustworthy, providing a whole suite of unique benefits, including virtual cards and the ability to exchange cryptocurrencies. This really sets them apart as a forward-thinking provider who is constantly evolving with the help of a large community of customers.
Does Revolut sound like the challenger bank for you? Find out more details about Revolut over on their provider page, or start browsing our current account tables using the link below.
Written by Robert Bester
Published on 3rd September 2019