Its name suggests that it’s revolutionary. It also makes it sound like a vodka brand. For frequent travelers and those with friends overseas, this may be the ideal.
Its name suggests that it’s revolutionary. It also makes it sound like a vodka brand. For frequent travelers and those with friends overseas, this may be the ideal.
Its name suggests that it’s revolutionary. It also makes it sound like a vodka brand. For frequent travelers and those with friends overseas, this may be the ideal.
There are a lot of things to like about Revolut. But, is it for you?
Here’s our ‘at a glance’ guide to some of the benefits and drawbacks of a Revolut account.
Read on for our in-depth Revolut review.
| Pros | Cons |
|---|---|
| ✔️ Easy currency exchange using real-time rates | ❌ You’ll have to pay if you want a physical card |
| ✔️ Crypto Friendly bank and lets you store your money as cryptocurrency | ❌ You can’t pay in with cash or cheques |
| ✔️ A free basic account for all your standard finance needs | ❌ Revolut does not have a UK banking license |
| ✔️ Optional premium accounts with useful extra features | ❌ There is no option to include an overdraft facility |
| ✔️ Real-time spending notifications | |
| ✔️ Customisable card payment security |
Revolut Bank has rapidly become a key player in the financial sector with over 25 million customers worldwide. As an e-money institution, it's designed to facilitate global spending effortlessly and efficiently, utilizing real-time exchange rates. Whether you're making purchases at your local supermarket or traveling to Australia, Revolut simplifies the process, allowing you to monitor your spending transparently.
Revolut aims to be a financial partner that matches the pace and progressiveness of modern lifestyles. For new users, the service offers a virtual card for all online shopping needs, or you can opt to use your Revolut account entirely without a physical card, ideal for storing and transferring funds digitally.
Additionally, for those seeking more from their financial services, Revolut provides the option to upgrade to a contactless VISA Debit card after surrendering the virtual card for a delivery fee. Adding money to your Revolut account is straightforward—users can top up using another credit or debit card, via bank transfer, or through Apple/Google Pay.
While Revolut offers many services typical of traditional banks, it is important to note that it does not hold a UK banking license and therefore does not offer some banking services such as overdrafts or loans. It functions primarily as an advanced financial management tool rather than a bank.
Revolut’s services will mainly appeal to frequent travelers and overseas students.
It might also be the perfect account if you have family members in other countries, or frequently do business outside of the UK and get paid in foreign currency.
Though there’s nothing stopping you from using Revolut as your UK account, there are undoubtedly more feature-packed and convenient UK accounts.
Revolut’s main focus is on keeping things easy for people that spend across borders. It’s a top account if you want to take advantage of real-time exchange rates.
Revolut offers app-based money dealing. To get started, all you need to do is download the Revolut app. It’s compatible with iOS and Android devices.
Once you have your Revolut account, you can load it with funds for spending.
Money can be kept in GBP, or changed to a different currency.
Revolut customers can easily change their funds into one of 29 foreign currencies. They can also spend abroad in more than 150, using the real exchange rate.
Storing your money in another currency might be the ideal solution if you’re preparing for a holiday, or want to lock in a good exchange rate.
Premium accounts include cryptocurrencies, like Bitcoin and Ether. Revolut was the first financial technology company to offer cryptocurrency support, starting in 2017.
As well as an app-based account with easy currency conversion, you can access:
Revolut gives you the option of using a disposable virtual card to reduce the risk of fraud.
A disposable virtual card gives you brand-new card details, to use for one transaction. It'll be automatically deleted, once the transaction is complete. Fraudsters can’t store your card details or use them for extra spending.
As soon as money leaves your account when you’re shopping, you’ll receive a notification on your Revolut app. In most cases, you’ll know that your payment has been approved before the in-store card machine.
It’s easy to save for a rainy day with a virtual vault (annual interest paid daily) that separates your savings from your spending money. You can make one-off deposits into your vault, or round up every transaction. You can also set up a regular deposit, to hide excess money on payday.
Tell Revolut how much you’d like to spend on the essentials, like groceries and car maintenance. Revolut will watch your transactions, and alert you if you’re overspending.
If you lose your card, you don’t have to immediately cancel it, then wait for another to arrive. You can freeze your card in-app so that it can’t be used by anyone else. If you find it down the back of the sofa, just defrost it again.
You control how your card can be used. Turn off contactless payments or ATM withdrawals, if you don’t want those options available. Or, get transactions to decline automatically if your card is nowhere near your phone.
From within the Revolut app, you can buy mobile phone or overseas medical insurance from as little as £1 per day.
Cover begins almost instantly. You can file a claim through the Revolut app.
Charity donations are simple when they’re made with Revolut. You can round up your purchases, sending your spare change to your choice of good cause. Or, make a one-off or recurring payment easily through the app.
Charities receive 100% of donated money. Revolut will not take a fee.
A free package offers a UK account complete with a European IBAN, for cross-border money transfers. You can withdraw up to £200 fee-free, from ATMs each month.
For most users, the free Revolut account will be sufficient.
If you want to upgrade, you’ll pay monthly for additional features.
Paid features include cryptocurrency access, overseas medical insurance, and a LoungeKey Pass that's ideal for long waits at the airport.
A Premium account will set you back £6.99 per month.
Or, choose a Metal account for a £12.99 subscription. Metal users have access to a concierge service, cashback on purchases and, of course, a fancy metal debit card.
Revolut customers can change their funds into one of almost 30 foreign currencies. You can also spend abroad in more than 150, using the real exchange rate.
If you’ve paid for a premium account, you have the option of storing your money like Bitcoin or another cryptocurrency.
ATM withdrawals have limits. If you go over your monthly withdrawal limit, then you can expect to pay a 2% fee on all additional withdrawals. Limits range from £200 per month with a free account to £800 on a Metal one.
Currency conversions are at the real exchange rate, for your first £1,000 each month (without an exchange fair usage fee). After that, an exchange fair usage fee of 1.0% applies for Standard and 0.5% for Plus plans. You can avoid this completely by upgrading to a Premium or Metal plan, which don’t have any exchange fair usage limits.
Revolut, as an e-money institution (EMI), protects your money through “safeguarding”, which differs from how your money is protected by banks in the UK through the Financial Services Compensation Scheme (FSCS).
In the UK, Revolut is not a bank but an e-money institution, authorised under the UK Electronic Money Regulations. This means, in particular, that FSCS protection does not apply to the e-money or payment services Revolut provides.
Read: Is Revolut Safe?
Without a physical branch, you’ll reach out for help online. The in-app support chat service is available at all times, with a priority service for Premium and Metal customers.
Revolut is an e-money institution for the digital user.
You can’t pay in cash or cheques. You’ll also have to pay for a debit card unless you’re happy to use the virtual one. Your virtual card is provided when you open the Revolut account. You can use it for online spending, transfers and currency conversion, but not to buy things in shops.
You won’t need a physical card to buy your groceries in the supermarket, as long as the tills support Apple and Google Pay. To use either of these, you'll need a compatible phone. If that's not enough, you’ll have to pay for delivery of your Revolut card.
If you have any doubts, keep your existing bank account open. You can always close it later if you realise that you haven’t used it.
If you spend in various currencies, then you’ll probably love the simplicity of using Revolut. If you don’t, this might leave you a little disappointed.
Revolut offers excellent services for travellers, from lounge access and travel insurance to real-time currency conversion. But, it’s not the easiest UK account to use.
There are definite restrictions. Revolut provides no way to deposit cheques or cash. Some other providers will let you scan or post your cheques. Others have linked up with PayPoint for occasional cash deposits. With Revolut, there’s absolutely nothing. Most people will find that they won’t miss these facilities. But if you do, you’ll need an account elsewhere.
If you want a physical card, you’ll have to pay for the privilege. If you don’t need to spend your money offline, a physical card isn’t necessary. Great features like disposable virtual cards will increase security for online shopping. You can always transfer money back to another account to spend it.
Overall, Revolut is an e-money institution with a clear target audience. It’s unlikely to be suitable as a primary account, but might be one to add to your arsenal.
Most customers will open a Revolut account as a secondary facility, alongside another current account.
Revolut is a digital-only alternative founded in London by Nikolay Storonsky and Vlad Yatsenko. It was launched in 2015, aiming to allow users to use and manage their money around the world by offering real currency rates.
Revolut became a ‘unicorn’ (a privately owned startup valued at more than $1billion) in April 2018 and hit 2 million registered users in June.
Revolut customers are sent a pre-paid debit card (MasterCard or VISA) that can be topped up using their debit card. Customers can then, if they choose, exchange that amount into a foreign currency to be spent abroad or leave it in their home currency.
Revolut also supports cryptocurrency exchange for the following cryptocurrencies:
Of these cryptocurrencies, Revolut offers instant access to Bitcoin Cash, Ripple, Ethereum and Litecoin by exchanging to and from 25 flat currencies. All cryptocurrencies are locked into the Revolut app and cannot be moved to another app or wallet.
The Revolut current account was introduced in early 2017 and offers full current account facilities including direct debits, payments and transfers. Customers can also set up direct debits in Euros if they wish and can use the EUR IBAN to receive payments in other currencies.
Revolut Premium, costing £6.99 per month, offers customers unlimited foreign exchange and doubles the value of free ATM withdrawals abroad from £200 to £400 (a 2% charge is applicable over this amount).
Revolut introduced a further premium service, called Metal, in August 2018. So named because the card is mostly made of steel, it costs £12.99 per month and includes benefits such as a concierge service that makes bookings on a customer’s behalf, cashback and travel insurance.
Revolut has a range of security settings that can be adjusted by the customer in-app. Customers can disable or enable functionality including magstripe payments, ATM withdrawals and contactless payments if they choose, or enable GPS locators that can find their card in the event it is lost or stolen.
Revolut Limited
4th Floor
7 Westferry Circus
London
E14 4HD
Telephone: 0203 322 8352
Email: [email protected]
Find answers in Q&As and ask your question
I am utterly devastated by my experience with Revolut Business. Without any warning or explanation, they have restricted my account, and my funds have been held hostage for weeks! As a business owner, I rely on access to my funds to keep everything running smoothly, and this unjust treatment is wreaking havoc on my operations. I have reached out to customer service multiple times, only to be met with silence or vague replies that offer no real help. My business is suffering immensely, and the stress of this situation is unbearable. It feels like they don’t care at all about the impact their actions have on my livelihood. If you value your business and financial security, steer clear of Revolut Business. This experience has been nothing short of a nightmare!
These guys customer services is non existent. The staff are rude and combative on live chat. Sadly they offer no fcsc or general banking protection because technically they aren’t a bank and are not regulated in the uk (maybe Romanian regulated?).
If you are going abroad for travel money then maybe it’s ok but don’t put lots on here as sometimes when you take the cards to foreign atms or swipe it doesn’t work.
Right now ,with what has happened, with no response from Revolut, either it's a Genuine establishment or a scam, very very important as funds from my Account £360 + £30.00 from 19th February 2024 and 21st Febuary 2024 has no receipt from Revolut and no response on return of my funds as from the 19th Febuary funds £360.00 and £30.00 21st febuary without authorisation have not sent by email or posts a receipt or indication of when my funds are due back to me as now 28th March 2024 is appalling if a legit company. I have no contact after I chased them on the receipts and expected documents of the investment.very very annoyed and pathetic, unprofessional response from Revolut.if Revolut can respond in writing or a call they have my contact by Andrew and me on WhatsApp,which is now no more on my system, I wonder why.?My name : E.Marazzi.tel no:07367466024 urgent please.
My experience with Revolut has left me absolutely fuming! Those dirty scammers are trying to rob me of 800€ for transactions I never authorized. Let me share my infuriating story with you, and you'll see why I'm absolutely disgusted.
I had to transfer tax money to the authorities, and the nightmare began. Two of my transactions failed, but the third miraculously worked. However, it turns out that Revolut, in their infinite wisdom, mistakenly sent those failed transactions and, to my horror, “mistakenly” marked them as failed. Can you believe that? Those scammers resent to charge me for these missent transactions, even though it was undeniably their fault!
I'm not one to stand idle while scammers run rampant and destroy other people’s lives. I've worked hard for my money, and I refuse to let Revolut get away with this outrageous behavior. They want to charge me for something they messed up – it's beyond infuriating!
Now, Revolut has the audacity to send me an email, offering a half-hearted apology and admitting their error. They claim they'll be retroactively charging me for these transactions. What's worse, they're forcing me to make sure I have enough money in my account to pay for their mistakes!
In this email, they talk about their “right of set-off,” which allows them to take the money I owe them from any account I hold with them. This is a blatant attempt to strong-arm me into paying for their incompetence.
If that's not enough, they suggest that if I already re-sent the payment, my recipient has been paid twice in addition to what I owed them! What an unbelievable mess they've created, and now they want me to sort it out with my own money and act as if I was responsible. Not with me. You chose the wrong enemy.
Revolut, let me make one thing clear – I'm not going down without a fight. Your scammy tactics won't work on me. I'm disgusted by your behavior, and I'll pursue every legal avenue to ensure you pay for your own mistakes. You can't treat people this way and expect to get away with it.
In the end, I have only one message for Revolut: I'll sue you into oblivion for this blatant attempt at theft, and I won't rest until justice is served!
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