Revolut is a unique financial technology company, or “neobank,” that combines the features of a traditional bank with a P2P payment service like Venmo or PayPal.
That means users will enjoy features like interest earning savings accounts, direct deposit capabilities, and debit cards with access to more than 55,000 ATMs. Plus, Revolut offers an easy way to send and receive money between friends and family at no cost.
Unlike many other financial apps, Revolut offers stock trading directly within the app, foreign currency trading on Forex, and a robust rewards program, too.
Revolut Review: Is Revolut the right choice for you?
If you are looking for an all-in-one financial app, P2P payment system, and online bank account, Revolut could be the solution you need. Let’s dig deeper and decide if Revolut could be the option for you.
If it is, this complete Revolut review could help you decide which Revolut account is best for you.
Revolut offers three tiers of personal accounts, one business account, and an account for people under 18. Our Revolut review will cover all the options.
FDIC Insurance at Revolut
As a fintech, Revolut partners with a traditional bank for Federal Deposit Insurance Corporation Coverage. Rest assured, your funds are safe with Revolut.
Your deposits are held and backed by Metropolitan Commercial Bank, Member FDIC and are protected up to the federal limit of $250,000 per account.
Is Revolut like PayPal?
Revolut is similar to PayPal in that it offers an easy way to pay friends and family with no fees. Like PayPal, Revolut offers a debit card to access funds held in your account. But there are some key differences between the two companies.
First, Revolut acts more like a traditional bank, with multiple online bank accounts (called Vaults) to store your money.
While PayPal just recently added savings features, Revolut also has a savings vault. Your money can earn 3.25% interest on the free plan or 4.25% with one of the upgraded subscriptions. PayPal’s savings account offers 4% at this time, which is still 11 times the national average!
Revolut accepts ACH transfer direct deposits, which PayPal does not at this time. You can even access ACH cash deposits two days earlier than you would otherwise with Revolut as your digital bank.
Revolut also offers travel rewards. You may consider Revolut like a bank, P2P payment system, stock exchange, and more all in one. PayPal, on the other hand, is a P2P payment system with a few added features.
The Revolut app lets you access all the features of Revolut from your smartphone or any internet enabled device. The app is available on The App Store for iOS users and in the Google Play store for Android or Samsung users.
The Revolut app earned an average of 4.5 stars with more than 10 million downloads on Google Play, which shows many people trust the app. iPhone and iPad users gave the Revolut app an average of 4.7 stars with 34,000 reviews.
Revolut Review: The Top Features Revolut Offers
Revolut calls itself, “One app, all things money.” Essentially, it combines money management features, P2P, along with some traditional banking features like card payments, too. Let’s look at some of the top features Revolut offers to see how it compares to other banks and financial apps.
Get Paid Early
Many financial apps and online banks offer early direct deposit. Revolut has jumped on this trend to provide direct deposit two days before the funds would normally clear.
Free Standard Account
Revolut has multiple bank account options to fit your needs and your budget. The standard account, which includes a debit card you can use for ATM withdrawals at more than 55,000 ATMs nationwide, comes at no cost.
No-fee ATM Withdrawals
In addition to a free standard account – or a choice of low-cost premium accounts, every Revolut account provides a debit card you can use to withdraw money at the AllPoint network of 55,000+ ATMs.
Additionally, if you use an out-of-network ATM, you’ll only pay a fee if you exceed the monthly withdrawal limit of $1,200. If you withdraw more than $1,200 per month from out-of-network ATMs, you’ll pay a 2% transaction fee on top of whatever fees are charged by the ATM owner.
Money Management Made Easy
When you deposit money into your Revolut account, you can choose to put it into various “vaults” that can help you manage your budget.
Set spending limits for different categories of purchases and track spending in the app. Track your finances weekly to take an honest look at where your money goes. You can even see how your spending compares to the average user and potentially find ways to save money.
In addition to money management features, Revolut makes wealth-building easy with stock trading, forex trading, and savings vaults where your money can grow at a rate of 4.25% for Premium or Metal users.
Most traditional banks don’t offer rewards for their debit cards or checking accounts, although a few do. Revolut offers cash back rewards whenever you shop with the app or debit card.
Revolut shopper combines features of cashback apps like Rakuten and Swagbucks with a rewards debit card. The app will find promo codes for your favorite brands and websites and will also provide cashback when you shop with your Revolut debit card.
Your cash back will be deposited directly into your Revolut bank account, where you can choose to transfer it to one of your vaults. You’ll earn interest if you put cash back into your Savings Vault, which can really help accelerate your savings.
While Revolut makes it easy to pay yourself with cash back, you can also donate easily to your favorite charities. You can set up a recurring donation, round up spare change on purchases, or make a one-time donation directly in the app when you find you have a little extra cash or have received a windfall.
Multi Currency Account: ForEx Currency Exchange
Revolut is well known as a multi currency account, with multiple currencies, making it perfect for international customers. With excellent exchange rates and low fees, Revolut is the choice for millions of users who need a reliable, low-cost way to make international transfers.
Keep track of foreign investments in real-time directly in the Revolut app. You can exchange money in more than 25 currencies without any fees and spend money in more than 150 currencies. Keep in mind that limits apply for international transfers.
- Standard account: up to $1,000/mos. with no fees
- Premium account: up to $10,000/mos. with no fees
- Metal account: Unlimited foreign exchanges with no fees
Build wealth faster with commission-free stock and ETF trading in Revolut. Investments can start as low as $1. The app permits before-hours and after-hours trading, with trading hours running from 4 AM EST to 8 PM EST. With active trading, you can help your money work harder for you round the clock, regardless of what time zone you’re in.
Be aware that money held in your brokerage account at Revolut is not backed by the Federal Deposit Insurance Corporation. Trading accounts are not banks and do not offer the same protection.
Revolut has accounts for consumers, consumers under 18, and for businesses.
Revolut account holders over the age of 18 can establish up to 5 Revolut <18 bank accounts on their parent account and younger users can gain access to all the features.
You can choose from three tiers with a Revolut personal bank and paid account plans. The standard tier has no monthly fee. But it lacks a few of the features of the paid account plans. Premium and metal users have higher currency exchange limits, purchase protection, and travel benefits not available with the free plan.
Standard Account Features and Benefits
Your Standard Revolut account provides a complimentary debit card with cash withdrawals through the AllPoint network of 55,000 ATMs nationwide. It also provides bank transfer capabilities, Apple Pay and Google Pay support, and 24/7 customer support through the app. You won’t get purchase protection or other features that come with the Premium or Metal accounts. You are also limited to one fee-free international transfer per month.
All Revolut users are allowed to customize their cards with words, drawings, and emojis, similar to the way you can personalize a Cash app card. Revolut customers also gain access to unlimited disposable virtual cards for safer online payments.
Your Revolut Premium account costs $9.99 per month. For this money, you’ll gain priority customer support and some benefits you’d expect with a top-tier rewards credit card.
- These benefits include:
Purchase protection when you use your Revolut debit card
- Travel insurance
- Overseas medical insurance
- Baggage protection
- Free lounge access for you and a friend (for flights delayed more than 1 hour)
- Discounted airport lounge access
You can also make up to three international money transfers per month with a Premium account.
Your Metal Revolut account, with a $16.99 monthly fee, offers many of the same benefits as the Premium account. You’ll get 5 free international transfers per month, instead of 3 that a Premium account offers. Fee-free currency exchanges are unlimited with the Metal plan, which could be helpful if you deal with multiple currencies frequently.
The top-tier Metal account, as the name implies, also includes an exclusive Revolut Metal card crafted from 18G solid steel. You can even personalize this card the way other Revolut users can personalize their debit cards.
Revolut customers under the age of 18 can enjoy all the benefits of a Revolut <18 account. Young people between the ages of 6 and 12 can get an account under their parent or guardian’s Revolut account. Those over the age of 13 can sign up for their own Revolut account. They can also link it to their parent or guardian and even earn extra cash when they share an exclusive link with their friends to open an account of their own.
Both Revolut <18 for kids and <18 for teens accounts include a customized card that can connect to Apple Pay and Google Pay for easy payments directly from their smartphone. The account includes spending and savings account.
Kids and teens can set savings goals for specific purposes and track their money as it grows. Unfortunately, Revolut savings accounts in a <18 account do not pay interest.
Parents can set up tasks and challenges for kids and teens. Money will be directly deposited into their account from the parent account upon completion of the task.
Revolut <18 accounts are free with any regular Revolut plan.
More On Revolut Travel Insurance
Revolut’s robust travel insurance and trip insurance benefits are worth a deeper dive.
First, it’s worth spotlighting event ticket insurance: Account holders on the two top accounts can have event tickets refunded up to $1,000 per year, which is a benefit you don’t find with many rewards credit cards.
Travel insurance includes:
- Primary accidental medical insurance to $10,000
- Trip delay expense coverage up to $900
- Trip cancellation and interruption protection up to $5,000
- Flight insurance: Delayed baggage coverage up to $600
- Flight insurance: Baggage protection against loss or damage up to $3,000
Revolut Fees Breakdown
In addition to the monthly fee for Premium and Metal users, Revolut does have some other fees associated with its services.
Local bank transfers or money transfers between family and friends are typically free.
International Currency Exchange
Revolut offers competitive exchange rates for international currency exchange. You will always know how much you will pay based on exchange rates before you complete the transaction.
Standard users can exchange up to $1,000 per month in foreign currency for free. Premium users have a $10,000 limit for international exchanges. Metal users enjoy unlimited currency exchanges with no fees.
Revolut has fees associated with sending and receiving money overseas based on the interbank exchange rate and offers competitive exchange rates.
The first money transfer made is free of fees for Standard users. Premium users get up to 3 international money transfers free per month, while Metal users enjoy five overseas money transfers per month free.
ATM Withdrawals Overseas
U.S. users enjoy unlimited ATM withdrawals at 55,000+ ATMs. However, there may be fees associated with international ATM withdrawals.
Revolut monthly fees in the U.S. are as follows:
- 0 for a Standard Account
- $9.99 for a Premium Account
- $16.99 for a Metal Account
Revolut for Wealth Building
Revolut is touted as a money management app, and it provides many tools to help you budget your money, track your spending, and even invest.
Although Revolut lacks money market accounts, CDs, IRAs and other accounts you may find in most banks, the products it does offer have high interest rates and low fees.
The Revolut vault system is at the heart of tracking your spending. You can place money into different vaults for various living expenses or savings. This helps you track and control your spending.
Revolut allows you to put money in specific “vaults” to spend or save. Money in a savings vault earns 3.5% interest with a free account and 4.25% with a paid account.
You can set your Revolut card to round up each purchase and transfer the additional funds to a savings vault to help your money grow faster.
Revolut functions well as an investment app to trade stocks and exchange-traded funds (ETFs).
Reviewers note that the trading platform is easy to use. It provides access to more than 2000 stocks and ETFs. You can begin investing with as little as $1.
Revolut Debit Cards
Just to recap, your Revolut debit cards are good for no-fee access to your money at 55,000+ ATMs nationwide through the AllPoint network.
Customize your card with emojis, text, and drawings. Link your Revolut card to Apple Pay or Google Pay for easy digital payments.
Types of Revolut Cards
- The type of Revolut card you receive depends on the account you have:
All Revolut cards can be personalized, linked to digital wallets, and locked easily in the event of loss, theft, or fraud by calling 844-744-3512.
You can generate unlimited disposable virtual cards for online shopping, too. These account numbers are used once, on a specific website or app, and cannot be used again.
Revolut Card Review
When it comes to a travel rewards debit card, there aren’t many options available. But even if Revolut weren’t one of the only games in town, it would still be a winner.
From excellent fraud protection to travel rewards you’d expect from top-tier credit cards, Revolut delivers a lot of value for a low monthly fee.
The Standard (free) account lacks the rewards of the two paid accounts. However, it provides what you would expect from a bank card, with access to 55,000 ATMs nationwide. As an added benefit, there is a cashback rewards program that can help with saving money.
Revolut Card Pros and Cons
Overall, the Revolut bank card has more pros than cons. Let’s take a look.
Revolut Card Pros
- Fee-free withdrawals at 55,000+ ATMs
- Customizable card
- Free delivery of your card
- Unlimited virtual cards
- Cashback and discounts
- Travel rewards and insurance with paid plans
- Metal card available
- 800-number to lock your card in the event of loss, theft or fraud
Revolut Card Cons
- No out-of-network ATM fee reimbursements
- Best benefits not available with free plan
Is Revolut Safe?
Revolut takes the safety and security of their customers’ money, as well as their personal information, seriously. The company uses a number of measures to keep Revolut safe. Extensive security features are in place to protect your account, including facial recognition if you forget your passcode.
You can freeze your card if you believe it’s been lost or stolen or if you believe you’ve been a victim of fraud. Revolut also monitors your account for suspicious transactions and sends alerts when necessary.
Disposable Virtual Cards
One of the easiest ways to stay safe when shopping online is by using a virtual card number. Simply generate a unique number for each online transaction. Once it’s been used once, it cannot be used again or traced back to your account by a bad actor.
Revolut also has a robust business account for small businesses, freelancers, and entrepreneurs. As with a personal account, Revolut offers multiple levels of cards and business accounts:
- Free plan with basic features
- Grow plan, with one free Metal card and unlimited plastic and virtual cards
- Scale, with 2 free Metal cards plus all the features of the Grow plan
- Enterprise Custom, with pricing and features tailored for your business
Revolut Business Rewards
Not all business accounts offer a generous rewards program on the most popular business apps. Revolut does.
Extend your 14-day free Shopify trial to 14 days when you use Revolut to pay. Earn a 25% discount off Slack for 12 months. Get free ad credits on Snap ads. Or save 20% off your first purchase from Fiverr.
These are just a few of the rewards you can take advantage of with a Revolut business account.
National and International Bank Transfers
Revolut makes it easy and affordable to send money and international payments via bank transfer. You can open a multi-currency account to send money, request payments, and receive funds in 30+ currencies with no hidden fees.
Payment approvals and controls keep your account secure when you send money or make card payments anywhere in the world.
When Should You Use Revolut Business?
You should consider one of the Revolut business accounts if you are an enterprise-level business owner or CFO in charge of banking decisions for your firm. Revolut business is also good for freelancers, entrepreneurs, gig workers, and small business owners who frequently receive or send money internationally.
If you are looking for an account and an app that provides API integrations with popular business and productivity software or the ability to build custom integrations, Revolut may meet your needs.
Revolut Business Card
Consider using Revolut for card payments for your team if you want an easy way to track expenses. You also get no-fee ATM withdrawals across a large network of ATMs, and love the look of a Metal card with one of the paid plans.
Revolut Review: What do Revolut Customers Say (including Negative Reviews)?
Maybe you’re already impressed by all the features of Revolut. Or maybe you’re wondering what other Revolut reviews and consumers say.
Out of 128,830 reviews on TrustPilot, the company earned 4.3 stars. The Google Play Store gave it 4.5 reviews. And various finance sites gave it a rating of 4 to 5 stars.
Customers like the fast money transfers and how easy it is to send money to friends and family, even overseas.
Another recent reviewer commented on both the speed and ease of use, writing, “With Revolut I don’t have to worry anymore when I’m travelling to a country that does not use my country’s currency. No more paying fees when paying people directly into their bank accounts and I have a record of everything.”
Negative reviews largely focused on slow customer service and a tedious verification process to open an account – which is more of a testament to Revolut’s security measures.
However, a few users noted that their accounts had been restricted for unknown reasons, leaving them without access to their money. Although customer support ultimately straightened out the situation, it can be stressful to lose access to your funds.
How to Sign Up for Revolut
After reading our thorough Revolut review, are you ready to open an account?
When you are, you’ll want to visit Revolut.com and click the black “sign up” button in the upper-right corner of your screen. Or, you can download the app in The App Store or on Google Play and click the sign-up button at the bottom of the screen.
You’ll need to enter your phone number to get started and then enter the authentication code provided. After that, enter your name as it appears on your driver’s license or state ID. You will also need your mailing address, Social Security number, and, of course, an email.
Finally, you’ll use your phone to take a quick selfie that is used for authorization. Next, create a passcode. Finally, choose the reasons you plan to use Revolut.
Account Opening and Card Delivery
Once you’ve signed up, you’ll want to choose the account. Many people start with the free plan and decide to upgrade later. If you think you want the Premium or Metal plan, you can try Premium for a month free.
Whatever account you choose, the app sends Revolut cards for free. Premium and Metal customers will receive their Revolut cards shipped Express delivery at no cost.
Even before you receive your debit card, you can generate unlimited virtual Revolut cards for safe online shopping.
Fund and Start Using
Before you begin shopping or paying bills, you’ll want to fund your account. You can do this by entering your debit card or bank details, entering the amount you want to add, and clicking “Add money” to finalize the transaction.
You can also add funds using the Cash Deposit feature. You will need to visit a Participating Retailer (listed in the Revolut app) with your Revolut card and the money you want to deposit, which typically ranges from $20 to $500, depending on the retailer’s rules.
Keep in mind there is a daily limit of $1,500 or a maximum of 3 deposits, a limit of $3,500 or 10 deposits across any seven-day period, and a $5,000 limit or 15 deposits within any 30 day rolling period.
Fees may be associated with cash deposits, as they are a service offered by Green Dot.
How to Top Off Your Revolut Accounts
Once you’ve made your initial deposit, you have additional options to add more money to your account.
Top off your account in multiple ways:
- Have your salary direct deposited via ACH transfer,
- Bank transfer from your account or someone else’s
- Use Google or Apple Pay
- Request money from friends and family by sharing your exclusive payment link
You cannot top off your account using a credit card in the U.S. currently.
How to Send Money with Revolut
Revolut also makes transferring money to family and friends easy – even if they aren’t Revolut customers.
First, tap “payments.” Then, choose the person you’d like to transfer money to. You can select from your contact list or ask the app to “Find people near me.”
The “find people” feature is handy if you are out to dinner with a group and transferring money to split the bill; the app will even do the math for you.
Sending Money Internationally
International money transfers are one of the many strengths of Revolut. The service has excellent exchange rates when you’re receiving or sending money overseas. You can complete an international money transfer to other Revolut users with no fees.
International money transfers are similar to any other money transfer. Enter the exchange currencies, the amount of the money transfer, and a few details about the bank transfer recipient. Your money transfer should appear in the recipient’s account within a few seconds, and you can track it in real-time in the app.
Revolut Customer Support
Revolut provides customer support through a company email, which is becoming more common with online businesses today. You can contact Revolut by emailing firstname.lastname@example.org. If you’d prefer phone service, then another fin-tech or bank might be a better choice for you.
To block your Revolut card if it’s been lost or stolen, you should call +1844-744-3512 as soon as you realize the card is missing or if you notice unusual charges on your account.
If you happen to lock yourself out of your account and cannot remember your passcode or the phone number you used to open the account, go to the mobile app login screen and enter the mobile number you’re using at the time. The app will walk you through the process of verifying your ID so you can reset your passcode or will connect you to a chat service to assist.
Find out what people are asking about Revolut.
Can Revolut be trusted?
Revolut accounts are backed by Metropolitan Commercial Bank, Member FDIC. That means your money is backed by the Federal Insurance Deposit Corporation up to the federal limit of $250,000 per account.
Funds in your Revolut Saving Vault are protected by Sutton Bank, Member FDIC.
With FDIC insurance, many positive reviews, and 25 million users worldwide, it is safe to say that you can trust Revolut as a solid and reliable digital bank.
What are the disadvantages of Revolut?
Revolut is not like traditional bank accounts. It may lack some of the customer service or features you’d expect from a bank. There is no option to open certificates of deposit or a money market account.
Revolut also does not have paper checks like you would receive from traditional bank.
There is also no phone number to call for customer support and no in-person branches. The only way you can contact Revolut is by emailing email@example.com. Consumers who are seeking the personalized service of a traditional bank may prefer another choice.
Some of the other disadvantages are related to fees and limits when it comes to ATM withdrawals or foreign currency exchanges with a free account. To receive all the benefits of Revolut, you may want to pay the monthly fee for one of the top two Revolut accounts.
Does Revolut work in the USA?
Revolut works in the U.S. and globally in more than 200 countries and regions.
Is it worth it to get Revolut?
If you are looking for an easy way to transfer money between friends, a digital bank with a high interest rate for savings, and one app to easily manage your money, Revolut could be worth it for you.
Most users will want to combine Revolut with a traditional, in-person bank for those times when they need in-person service.