Are you using a Revolut account as you traverse the globe building your lifestyle business?
If not, you should be!
Revolut is a non-traditional banking platform that simplifies the way you can spend abroad. It’s a digital app that offers a modern, simple, and easy-to-use interface, eliminating the complexities of traditional banking.
With low fees, easy international money transfers at low interbank exchange rates, and support for 30+ currencies, a Revolut account is a perfect solution for those who love budget travel.
Offering individual accounts and a business account, the Revolut card & app are a lifesaver for solopreneurs & digital nomads like us, especially those who travel frequently.
So, what makes Revolut so insanely popular? Let’s find out in my detailed Revolut review.
What is Revolut?
Revolut is a UK-based fintech firm offering banking services via a mobile application and both virtual and physical debit cards.
Vlad Yatsenko and Nikolay Storonsky founded Revolut in 2015, and currently, it has 18 million personal users and 500,000 business users. Revolut works in 200+ countries!
It’s an entirely online bank with no physical branches and offers various financial services including the ability to send and receive payments, stock and crypto investments, access to personal loans, a budgeting tool, insurance purchases, accounts for children, and mobile app-based currency exchange, and more.
It also received a challenger bank license from the European Central Bank in 2018, meaning it’s licensed to operate and provide the same services as a traditional bank, but as it has far lower operating costs, can offer higher interest rates and lower loan costs.
Plus as a digital app it makes your banking experience far smoother!
Who is the Revolut Card & App for?
Revolut is best known for fee-free global spending and free international money transfers, making it an ideal solution for solopreneurs and digital nomads.
You can track and save every penny using its budgeting tool and smart vaults, making it ideal for budget traveling.
While traveling abroad, you can top up your Revolut travel card in your country’s currency and Revolut will automatically convert it into local currency when you use the card abroad without attracting any fees!
Even better, you don’t need to carry the card associated with your primary bank account while traveling since the Revolut mobile application will allow adding funds whenever you desire.
Revolut Review: TL;DR
- Maintain a multi-currency account: With your Revolut account, you can hold money in 30+ currencies.
- Pay in multiple currencies: Pay in 150+ currencies while traveling abroad using your Revolut travel card.
- Easily exchange currencies: Revolut allows exchanging currency for up to £1,000 a month with no exchange fee. Above that, a fee of 0.5% applies on Standard and Plus accounts.
- Easy savings: Revolut users can easily save money by putting spare change in smart vaults or setting up a recurring transfer to the vaults.
- Easy money transfers: Revolut offers easy international transfers to other Revolut users globally with support for 30+ fiat currencies at low fees and great rates. You can also request money from others. You can even track transfer status using the Revolut app.
- Withdraw cash: During international travel, use your Revolut VISA card or MasterCard to withdraw money from ATMs. For Standard account and Plus users, the withdrawal limit is set to £200 a month. Premium and Metal accounts, users get a limit of £400 and £800 per month, respectively.
Revolut Account Pros
- Transfer money instantly between Revolut mobile app users.
- Hold and send money in 30+ currencies.
- Spend globally in 150+ currencies with low or no fees.
- Uses interbank exchange rate with no hidden fees to transfer money abroad.
- Instant and free SEPA (consisting of the European Union, European Economic Area countries, the UK, and Switzerland) transfers to compatible banks.
- Link and use your travel card with Google Pay and Apple Pay without access to the physical card.
- Single-use virtual cards for online payments.
- Block or unblock the Revolut card yourself.
Revolut Account Cons
- Unspecified markups for certain foreign currency exchanges.
- ATM withdrawals have fee-free limits beyond which there is a 2% fee per withdrawal with a minimum fee of £1.
- If you withdraw funds in a currency you don’t hold in your wallet, there will be a conversion fee.
- Exchange fee-free allowance of £1,000 per month beyond which there is an exchange fee of 0.5%.
Revolut Review – Features
Debit Card
Your Revolut account will come with a debit card that you can link with your Google & Apple Pay accounts to pay with a tap, meaning you don’t need access to your physical card.
While traveling abroad, you can use your card to pay in 150+ different currencies with no hidden fees.
You can even enjoy no-fee ATM withdrawals with predefined limits based on your account type. And if you frequently shop online, you can use Revolut’s disposable virtual cards to make one-time payments. After every transaction, the details of the virtual card will refresh.
For security, you can set spending limits, freeze your card, or turn it off entirely. If you lose your card, you can use the Revolut app to order a replacement card and even ask for express delivery.
Revolut Vaults
The Revolut mobile application offers smart savings vaults where you can save money to reach your financial goals. You can round up spare change and save it in those vaults or fund your vaults with one-off or recurring payments.
You can set deadlines and goals for every vault. You can even set up group vaults with your family members and friends. Goals can be anything from travel to home renovation.
The money you save in those vaults earns interest and is protected by FSCS (financial services compensation scheme) for up to £85,000. Using vaults doesn’t attract any additional costs or fees.
Secure Money Transfers
With Revolut, you can transfer money securely and enjoy seamless international transfers with great exchange rates.
Revolut offers an interbank exchange rate when you exchange money and shows a complete breakdown of the fee charged before you initiate any transfer or card payment.
You can easily send money to your local bank account or any Revolut user globally.
SEPA (Single Euro Payments Area) transfers are also free, although payments outside the SEPA region may or may not be free depending on your plan. Money transfers to non-Revolut cards are also possible.
Revolut Personal Loans
Depending on your location, you may be eligible for personal loans up to €30,000. When you apply for a loan, you need to provide some personal details and answer a few questions. Upon approval, you will receive the loan amount directly to your Revolut app wallet.
All fees are detailed upfront and there will be no hidden charges. You can pay off your loan early with no extra cost!
Travel Perks
With Revolut’s digital bank account, you can enjoy free overseas medical insurance when you hold a premium account or above.
Additionally, you also get delayed baggage and flight insurance. For flight delays, you get a coverage of £340 and for baggage delays, the maximum coverage is £400.
Unfortunately, travel insurance is not available for a Standard account or a Plus account.
You can also enjoy cashback on accommodation booking, get a free lounge pass with flight delays, and discounted lounge access at airports.
Budgeting Tool
Revolut offers a simple budgeting tool you can use to set monthly budgets, and even set limits for your daily spending. This is particularly useful if you are a budget traveler and want to keep your monthly costs and daily expenses in check.
Security Features
For a digital bank, security is extremely important, which is why the Revolut mobile app comes with a biometric (fingerprint) scanner. Plus, you get various features for keeping your card secure and minimizing card fraud.
For instance, you can disable in-store contactless and swipe payments, ATM withdrawals, and eCommerce payments. Additionally, you can use their virtual card for online card payments.
There is a location-based security feature that alerts you if your card is used in a location different from your mobile phone.
Revolut also has a partnership with Metropolitan Commercial Bank for holding client funds, thereby offering FDIC (federal deposit insurance corporation) insurance for funds up to $250,000.
Your Revolut online bank card transactions are all protected by the processing rules of Maestro Card, MasterCard, or VISA.
Brand New Feature – Revolut Pro
Revolut Pro has been launched with freelancers in mind. Earn 1% cash back on all Revolut debit card purchases, get paid in seconds (in multiple currencies) no matter where you are in the world, with QR codes, payment links or a card reader, track your income, expenses and invoices all on the app.
By keeping your personal and pro account separate, you can easily keep track of personal and business expenses at the click of a button.
Completely free to join provided you already have a personal account, Revolut Pro sits between your personal account and a full Revolut business account. Perfect for solopreneurs, digital nomads or side hustlers!
Revolut Review: Pricing
Revolut offers four pricing plans that are:
Standard Account: Free
- Free ATM withdrawals of up to £200 or 5 withdrawals (whichever occurs first) per month.
- Free currency exchange limit of £1,000 per month for weekdays.
- Debit card delivery is not free.
- International spending.
- No travel perks.
- No priority customer support.
- No free international transfers outside of the SEPA region.
Plus Account: £2.99 a month
- No-fee ATM withdrawals of up to £200 per month.
- Free currency exchange limit of £1,000 per month for weekdays.
- Debit card delivery is free.
- International spending.
- No travel perks.
- 24/7 priority customer support.
- No free international transfers outside of the SEPA region.
Premium Account: £6.99 a month
- No-fee ATM withdrawals of up to £400 per month.
- Free unlimited currency exchange for weekdays.
- Free express delivery for the card.
- International spending.
- Limited travel perks.
- 24/7 priority customer support.
- One free international money transfer outside of the SEPA region.
Metal Account: £12.99 a month
- No-fee ATM withdrawals of up to £800 per month.
- Exclusive Revolut Metal Card.
- Free express card delivery.
- Free unlimited currency exchange for weekdays.
- International spending.
- Offers maximum travel perks.
- 24/7 priority customer support.
- 3 free international transfers outside of the SEPA region.
Revolut Review: Alternatives
Revolut vs. Monzo
Both Revolut and Monzo are revolutionary, but when it comes to international travel, Revolut’s 2% charge for ATM withdrawals over the defined fee-free limits is better compared to Monzo’s 3%. This helps to save more when you need to withdraw funds.
Additionally, Revolut’s travel-related perks are far better than Monzo’s offerings. Plus, Monzo’s premium account requires a minimum 6-month contract, so, if you don’t like it, you will be stuck. This makes Revolut better for short term traveling.
Revolut vs. Wise
Purely for currency exchange, money transfers, and spending abroad, Wise is just as good as Revolut. But there are no travel perks with a Wise debit card.
Additionally, ATM withdrawals are more limited with Wise and it doesn’t offer crypto exchange and withdrawals, either. This makes Revolut a better choice for international travelers and crypto fans.
Revolut vs. Skrill
Both Revolut and Skrill offer seamless international and local money transfers, international ATM withdrawals with debit cards, crypto purchases, bank transfer, great exchange rates, and more.
But when it comes to travel perks, Revolut is the clear winner as Skrill doesn’t offer any such perks. Plus, with Skrill, you don’t get a VISA card. You will be limited only to MasterCard. With Revolut, you can get a VISA or a MasterCard.
Revolut Review FAQs
What is a Revolut card?
It is a travel card that you can use to spend internationally in 150+ local currencies. You can use it to withdraw cash, make online or in-shop purchases, and even connect it with Apple or Google Pay to pay using your phone.
What are the benefits of a Revolut card?
Various benefits include:
- Using your Revolut card you can withdraw money from ATMs globally.
- You can use your card to pay in local currency while traveling abroad.
- For online transactions, you can either use the physical Revolut card or the disposable virtual cards.
- You can top up your card using Revolut’s easy-to-use app. No need to use the payment card of your main bank.
Is a Revolut card free?
The card itself is free, but to receive it you’ll have to pay a charge if you have the free Standard account. If you opt for a personalized card, it will attract a fee. Also if you want to receive maximum travel perks, you’ll need the metal account which is a £12.99 monthly fee.
Revolut Review Summary
I hope this revolut review has opened your eyes to the significant benefits of opening a revolut bank account.
The Revolut travel card is a perfect companion for solopreneurs and digital nomads allowing for easy international spending in 150+ currencies and multi-currency cash withdrawals.
There are various travel perks too including discounted or free lounge access, cashback on accommodation and more.
As a digital nomad of over 11 years, Revolut + Wise together give you easy access to your money, multiple currencies, bank transfers and everything you need to bank quickly and securely, unlike all the hoops you have to jump through with your traditional bank accounts.
Go forth and travel my friend!
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