Revolut Review – Is it the best way to take money abroad in 2022?
In this independent review, we take a look at the banking app Revolut, including how it works, how much it costs and whether you can use it abroad. We recommend reading the full review, however, you can jump to specific sections using the following links:
How does Revolut work?
Revolut, which describes itself as a ‘digital banking alternative’, features amongst a raft of companies that are transforming the way that consumers engage with their finances. Revolut* was launched in July 2015 by Nikolay Storonsky, a former trader who worked at Lehman Brothers and Credit Suisse, and Vlad Yatsenko, who previously built financial systems at investment banks. Revolut started life as a pre-paid card and app, which allowed travellers to switch cheaply between currencies. It was born out of Storonsky’s frustrations with existing foreign exchange products. Since then, the company has expanded its range of products and services. The fintech company currently has more than five million customers globally and continues to develop its proposition.
Unlike high street banks, Revolut allows you to set up a current account with no paperwork.
They say that it is possible to open a Sterling or Euro current account in 60 seconds as initially, they do not carry out any initial credit checks or require proof of address. Revolut customers can order a physical or virtual card. The former is a pre-paid contactless Visa card, which can be used in retailers across the UK and abroad. A physical card can be ordered via the app for преглед бинанце визе free excluding the cost for delivery, which depends on the method selected within the app. Customers with Premium accounts receive a physical card for free.
Revolut’s physical card can be used to transact in your base currency, as well as other currencies. When you load money onto the card you can choose to exchange it into a currency of your choice (i.e. dollars) so locking into the current exchange rate. Or you can just leave it as a cash balance in sterling and whenever you use your card abroad Revolut will automatically apply the exchange rate at that moment in time and amar binance
deduct the appropriate amount in sterling. This makes it incredibly easy to use although you are playing the currency markets a bit.
Your Revolut account is managed via the app, which can be downloaded for free onto your smartphone or iPad. To become a Revolut customer, you must feel comfortable using your smartphone or a bheil iasad binance cryptocurrency exchange
sàbhailte device to manage your account. Fortunately, the app is straightforward to use and well designed. Revolut customers can pay for items using ApplePay and contactless, as well as using the traditional pin pad. Revolut also has an Apple Watch app that shows you notifications from Revolut on your watch face. It doesn't matter if you don't have an Apple watch as the notifications are simply shown on your phone instead. To set up the phone app, you will need a four-digit password or fingerprint/face recognition.
How does the Revolut virtual card work?
Both of Revolut’s physical and virtual cards are tied to your Revolut account. The virtual card is free to order and can be set up in a number of seconds. The main difference between the two is that the virtual card does not have a pin, so it can’t be used to withdraw money at an ATM and isn’t valid at some payment terminals. In addition, some of the security features are not available for the virtual card.
Revolut claims that using the virtual card for online payments can help to protect against online card fraud. This is because the card can be deleted every few months and replaced with a new one. Revolut has added another layer of security for its Premium account holders via its disposable virtual card function. This automatically changes the card number every time a payment is made to protect the customer from fraud.
Revolut Key features.
Spending analytics - get weekly insights into your spending with its categorisation features Manage your finances in one place - connect your other bank accounts using Open Banking to track all of your money in one place Set monthly spending budgets - take control of your spending by setting a monthly budget Instant spending notifications - get instant alerts for transactions in and out of your account Manage subscriptions - Organise recurring payments and cancel unwanted subscriptions. Also, benefit from end of trial notifications giving you the opportunity to cancel. Upcoming payment reminders - get reminded if your balance is too low to cover upcoming payments Save money with Revolut's Rewards feature - get cashback and rewards with exclusive retailers when spending on your Revolut card Split bills - easily split bills with friends or family Transfer money abroad - send money abroad in over 30 currencies using the Interbank Exchange Rate (there's a 0.5% fee for balances above £1,000) Fee-free spending abroad - spend abroad without any hidden fees (limits apply) Earn interest on your savings - save money in a Revolut savings vault to earn interest on the balance in a FSCS protected bank account Round up spare change - save as you spend with the round-up feature Get paid early - get your salary paid into your Revolut account a day early Pockets - sort your bills and subscriptions into pockets so that on payday the money is automatically moved out of your account and each bill is paid from a pocket, meaning you never have to worry about missing a payment Apple/Google Pay - Spend using your phone with Apple and Google Pay Pockets - Create pockets that are separate spaces within the account to manage your recurring payments. Pockets can be customised or you can choose from a range of suggested pockets such as bills.
Revolut Junior - Open a Junior Revolut account for a child aged between 7 - 17 years old. More information on Revolut Junior accounts here Investments - Manage your investments in the Wealth section of the app. Invest in stocks, commodities and binance cryptocurrency exchange
Revolut offers a range of bank accounts and we summarise the different types available below.
Revolut personal accounts.
We summarise the key features of the accounts offered by Revolut in the below comparison table.
Standard* Plus* Premium* Metal* Monthly Cost FREE £2.99 £6.99 £12.99 Fee-free spending abroad Fee-free ATM withdrawals Up to £200/month (or max 5 withdrawal limit) Up to £200/month Up to £400/month Up to £800/month Daily savings interest (AER) Up to 0.15% Up to 0.20% Up to 0.40% Up to 0.70% No fee currency exchange (monthly) £1,000/month £1,000/month Overseas medical insurance Delayed baggage & flight insurance Priority customer support Purchase protection £1,000 per year £2,500 per year £10,000 per year Event ticket protection (up to £1,000 per year) Refund protection (purchase protection for up to 90 days) Unlimited disposable virtual cards Revolut Junior account 1 child 2 children 2 children 5 children Loungekey You +1 friend You + 3 friends Cashback 0.1 % in Europe, 1% outside of Europe Revolut Rewards binance cryptocurrency exchange
Revolut Business account.