Revolut Review UK

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The financial world is surprisingly evolving by making use of innovative technologies. Revolut is a new digital bank with a large customer base. It is a substitute for traditional banks since it provides free and rapid financial services to customers who travel worldwide or wish to live a worldwide lifestyle.

 

While the banking industry has stayed unaltered for decades, Revolut has come up with a good change by allowing you to circumvent all of the time-consuming and bureaucratic barriers of traditional banking. Revolut provides you with financial flexibility, allowing you to take charge of your finances.

What Is Revolut?

Revolut is a digital banking app that allows you to transfer money and make payments anywhere around the world in real-time. Revolut is licenced in two countries: Lithuania and Australia. Because Lithuania is a member of the EU, Revolut’s banking licence is valid across Europe. The firm is now attempting to obtain banking licences in the United Kingdom and the United States.

Revolut was established in July 2015 by Nikolay Storonsky who was a trader at Credit Suisse. At first glance, it seems revolutionary with the name, but Revolut seeks to provide mobile and internet banking, allowing consumers to escape the high fees charged by traditional banks. The platform includes a pre-paid card that may be topped up with money transfers or a current credit/debit card. Within the Revolut app, customers may also transfer cash instantaneously or request payments from their friends.

Revolut now offers customers to invest in cryptocurrency.

Is Revolut Safe?

  • Revolut has enhanced its security measures to incorporate fingerprint recognition on log-in attempts to your account. Revolut also allows its customers to easily customise their experience, letting them disable elements that enhance the danger of phishing attempts.
  • Other safety aspects of Revolut include:
  • Both Android and iOS users may download the “Revolut Security” app. This programme protects the device from malware that attempts to get access to it.
  • The software may also be used as a security net if you misplace or lose your phone. The function lets you remotely ring, lock, and delete your account using the Revolut platform.
  • You may protect your information with the “Revolut Vault” software so that only you have accessibility to it. It works on a variety of devices, but you must first download the software from Revolut’s website.
  • The Revolut vault-app has four levels of security: pin and password, two-factor verification, biometric identification, and facial recognition.
  • You may also utilise Revolut’s virtual cards, which can be used to conduct online payments once and then deleted. This prevents hackers from subsequently using your card number to get access to your account.

Who is Revolut for?

The services offered by Revolut will mostly attract regular tourists and international students.

It might also be ideal if you have relatives in other countries or often run a business outside of the UK and are paid in different foreign currency.

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Revolut’s major goal is to make it simple for customers who spend money across borders. If you want to reap the benefits of real-time currency rates, this is the best bank account to use.

Revolut Fees

1. Account opening and maintenance fee

The most relevant information regarding Revolut’s fee schedule is provided here. Let’s look into it deeply.

2. Account activation and upkeep charges

Account setup and maintenance are both free, with no monthly fees for the standard plan.

3. Card charges

The first tangible card charges £4.99 under the free version. This is included with the Premium membership.

4. ATM charges

Revolut doesn’t cost any charges for withdrawing funds from any ATM up to £200 per month, after which it charges 2%.

 

5. Transfer charges

It is completely free to transfer money from your Revolut account to any other foreign bank via conventional wire transfers method in the same currency. However, there is a fee for using SWIFT.

6. Currency conversion cost

Revolut currently offers the best exchange rates with a narrow spread between buy and sell prices on weekdays, based on market rates received from third-party sources. This is true while making an overseas transfer as well as withdrawing money from an ATM.

On weekdays, currency exchange with Revolut is free up to £1,000 per month, but it charges 0.5% over this amount.

 

During Saturdays and Sundays, the conversion rates are set, and both the free and premium account options have a markup.

7. Top-up fee

When you finance your Revolut account using another bank card, there is no cost.

What features do you get with Revolut?

You may use the following services in addition to an app-based bank account with fast currency exchange:

1. Disposable Digital Cards

To limit the danger of fraud, Revolut offers the option of utilising a disposable virtual card.

A throwaway virtual card provides you with brand new card data for a single transaction. After the completion of the transaction, it will be automatically erased. Fraudsters cannot save your card information or utilise it for unauthorised purchases.

2. Notifications of Instant Spending

You’ll be notified when you make a payment while shopping with your Revolut app. Most of the time, you’ll realize your payment has been accepted before the in-store card machine.

3. Vault

With a virtual vault that isolates your savings from your expenditure, it’s simple to save for a bad day. You can deposit money into your vault on a one-time basis or round up every purchase.

4. Budgets

You can set an expenditure limit on Revolut that describes how much you want to spend on necessities such as food and auto repair. Revolut will keep track of your transactions and if you shop more than the spending limit, it will automatically inform you. 

5. Freeze Your Card

If you misplace your card, you do not have to deactivate it instantly and wait for another to come. You may lock your card in-app so that no one could get access to use it.  Simply thaw it again if you discover it.

6. Custom Card Authority

You are the holder of this card so you’re given complete control over it. If you do not want contactless payments or ATM withdrawals, turn them off. Alternatively, set transactions to refuse automatically if your card is not within reach of your phone.

Insurance

You may get a mobile phone or abroad healthcare coverage using the Revolut app for as low as £1 per day.

Coverage begins nearly immediately. You may submit a claim using the Revolut app.

7. Donations

Donating to charities is straightforward when you use Revolut. You may round up your purchases and donate the excess to your favourite charity. Alternatively, you may quickly make a one-time or recurring payment using the app.

Charities get 100% of all donations. Revolut will not charge any fees.

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What packages does Revolut offer?

A free package includes a UK bank account and a European IBAN for cross-border money transactions. Each month, you may withdraw up to £200 from ATMs without paying any cost.

For the majority of users, the free Revolut account will be enough.

 

If you wish to update, you’ll have to pay monthly charges for enjoying new updates.

Paid services include bitcoin access, international medical insurance, and a LoungeKey Pass, which is great for lengthy airport delays.

 

A Premium account will cost £6.99 per month. Alternatively, for a £12.99 membership, select a Metal account. Metal cardholders get a concierge service, rewards on purchases, and, of course, a beautiful metal debit card.

What currencies are available through Revolut?

Members of Revolut may exchange their assets for around 30 different currencies. You may also spend overseas in over 150 countries by using the interbank exchange rate.

If you’ve purchased a premium membership, you can keep your wealth in the form of Cryptocurrency.

Are there any additional charges?

ATM withdrawals are subject to limitations. If you exceed your monthly withdrawal amount, you will be charged a 2% fee on any subsequent transactions. The monthly limits vary from £200 for a free account to £600 for a Metal account.

Foreign currency conversions are made at the interbank currency rate for the first £5000 you receive each month. There is a 0.5% charge if you convert more.

Can Revolut Be A Substitute For Your Traditional Bank Account?

Revolut is digital banking service. You cannot pay with cash or a check. Keep a second bank account open in case you need to gain money deposits. If you don’t mind using a digital debit card, you’ll also have to purchase one.

 

Right after your account creation, you will be given a virtual card. It may be used for online purchases, transfers, and currency exchange, but not for in-store purchases. You won’t need a real card to buy food at the store if the checkouts accept Apple and Google Pay. You’ll need a compatible smartphone to utilise any of them. If that isn’t enough, you’ll have to pay for Revolut card issuance.

 

If you have any reservations, keep your current bank account open. If you discover you haven’t utilised it, you’d always have the option to deactivate it later.

What else makes Revolut stand out?

You may register for a Revolut account online. However, that is not your only alternative. You also have the option to buy your Revolut card online in case you don’t want to wait for it to come.

A Revolut prepaid VISA card costs £4.99 and is located in the gift card area. It links to both prospective and current accounts. The card does not carry credit and will not have your identity on it, but it might be ideal for starting up quickly.

Revolut: The Verdict

If you purchase in multiple currencies, you’ll likely enjoy how easy it is to use Revolut.

If you don’t, you could be dissatisfied with this competitor bank. Revolut provides exceptional travel services, such as airport access and travel services, as well as real-time currency exchange. But it is not an ideal UK bank account.

 

If you want a tangible card, you will have to purchase it. You may buy them in shops or have them shipped. Most other banks will supply you with a debit card at no additional cost, that’s why you should be aware of this. If you don’t need to shop offline, virtual cards are the best for you. Disposable virtual cards, for example, will improve online buying security. You can always move funds to another account and spend them.

 

Overall, Revolut is a competitor bank with a distinct customer base. It may be useful to have on hand. Most clients will create a Revolut account in addition to another current account.

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