Revolut Review 2024

Revolut achieved a whopping £850m in revenue during 2022, it’s a huge brand that looks likely to get a UK banking licence soon.

With over 20 million users, this popular financial ‘super-app’ offers one of the top challenger current accounts in the UK.

But how good is it?

As part of my comprehensive banking reviews, I’ve spent a few months using the Revolut current account, exploring its functionality, checking prices, security, user reviews and more to form my conclusions.

Now, let’s take a look at Revolut and see if it meets your needs.

Revolut at a glance…

Pros & Cons of Revolut

Who is Revolut?

Revolut is a UK-based fintech company established in 2015 by Nikolay Storonsky and Vlad Yatsenko. Licensed and regulated by the Bank of Lithuania, it delivers services globally from its London headquarters.

Its offerings encompass current accounts, debit cards, stock trading, currency exchange, and peer-to-peer payments, among other financial services.

Notably, it doesn’t possess UK bank status, which affects its compensation obligations regarding authorized push payment fraud and fund protection within the UK.

The company expanded rapidly since its inception, entering the US and Japanese markets and growing its workforce from 1,500 to 6,000 by 2020. It hit a valuation of £4.2 billion in the same year, becoming the UK’s most valuable fintech company.

By 2021, Revolut’s valuation soared to $33 billion following a successful funding round, securing its status as the UK’s most valuable tech startup.

As of 2023, the company caters to over 28 million customers globally and supports crypto trading, currency exchange, and staking for holders of proof-of-stake cryptocurrencies.

Who Should Use Revolut?

For those involved in frequent international transactions or travel, Revolut is your best friend. You’ll find its ability to handle multiple currencies and its competitive exchange rates very handy.

Revolut is well-suited for individuals looking for an all-in-one financial solution, demonstrated by its impressive array of easy-to-use financial tools.

It is also favourable for tech-savvy individuals or those working remotely who often prefer digital banking solutions, being able to take full advantage of Revolut’s many tools.

However, anybody who prefers an in-person bank might find Revolut’s digital-only platform lacking a physical, human aspect.

Revolut is also not ideal for those who need cash often or in large amounts due to the limits imposed on ATM withdrawals.

Revolut Features

International Transfers

Revolut offers a transparent and efficient platform for both currency conversion and international transfers, supporting 29 currencies with no hidden fees.

It allows you to hold, send, and exchange money via various methods, including bank, card, and soon digital wallets, with all fees clearly displayed upfront.

Part of this feature is its currency exchange rates, for which the website shows an example where £1,000 converts to €1,150.61 at a rate of £1 = €1.1506, though this was calculated for card transactions and may not be the case for other types of transaction.

Features like real-time foreign exchange rate tracking and the ability to place limits and stop orders enhance your control over transactions.

This service simplifies managing multiple currencies and conducting transfers, which can be initiated quickly from a smartphone or computer, with broad global coverage ensuring convenient money management worldwide.

Multiple Account Types

Revolut offers multiple account types, allowing you to decide whether you like its free services or whether you need something more suited to your needs, but would incur a small fee.

These accounts are as follows:

Personal Accounts

• Standard Account: Ideal for casual users who need basic banking services without monthly fees, providing features like multi-currency accounts, limited free ATM withdrawals, and budgeting tools​​.
• Plus Account: Suited for individuals seeking additional security and convenience features like overseas travel insurance and purchase protection.
• Premium Account: Targeted towards frequent travellers and higher spending users, offering extensive travel insurance, more free ATM withdrawal limits, and cheaper international transfers​​.
• Metal Account: Designed for heavy users and travellers who benefit from unlimited currency exchange, exclusive concierge service, and cashback on spending​.
• Revolut <18 Accounts: Aimed at helping parents manage family finances and teach money management to kids between ages 6 to 17, featuring linked payment cards and controlled account viewing.

Business

• Free Plan: Suitable for small startups or solo entrepreneurs needing basic digital banking tools.
• Grow Plan: Ideal for small to medium-sized businesses looking to expand, offering more free transactions, bulk payment capabilities, and API access.
• Scale Plan: Designed for larger businesses that need extensive banking services like higher limits for free international payments, advanced team member permissions, and enhanced API access.
• Enterprise Plan: Tailored for large corporations requiring a custom banking solution that includes all premium features, unlimited free transactions, and dedicated support​.

Revolut Credit Card

The application process for the Revolut credit card is super-fast and done in-app.

For personal use, the Revolut Credit Card offers an exclusive 1% cashback on purchases for the first three months, which drops to 0.1% thereafter. This cashback offer is relatively good for spending up to £1000.

The card comes with a competitive interest rate of 12% when repaid in instalments, making it an attractive choice for those who sometimes carry a balance.

One unique feature is interest-free spending for up to 62 days when repaid in full before the next calendar month ends.

The credit limit is up to £10,000, making it suitable for customers with larger spending needs.

The card’s control features also add value, allowing users to set spending limits, view balances, and schedule automatic repayments.

Revolut Pricing & Features

Personal Accounts

Business Accounts

For more information on Revolut’s Business Banking, Click Here

Revolut App review

Overall, the Revolut App has received positive feedback for its clean user interface, convenience in tracking charges, and transparency.

The App has an average rating of 4.7 out of 5 on the Google Play Store and 4.5 out of 5 on the Apple App Store, indicating high satisfaction levels.

However, some users have reported frustrations with aspects such as customer service, app performance, and interface clutter.

While there is room for improvement, I rate this as an excellent app overall, which does a good job of some complex functionality.

Security: Is Revolut Safe?

Revolut employs a range of protections designed to safeguard customer funds and personal information.

First, let’s look at a table of security measures used by EMIs and High-Street banks to see how many of these measures Revolut has put into place.

Revolut uses regulated banks to hold user funds. This means that your money is protected by institutions that are under stringent regulation by the Financial Conduct Authority (FCA).

Another layer of security is provided through the handling of card data. Regardless of whether it is stored or processed, Revolut ensures that card details are always protected.

In terms of account security, Revolut’s system flags irregular transactions and demands extra verification, an active step towards protecting users from potential fraud or theft.

Revolut also offers additional security features, such as single-use cards for safe online shopping and secure methods for adding funds to your account.

Furthermore, private keys related to cryptocurrency transactions never touch the internet, reducing the risk of being intercepted or stolen.

While no system can guarantee 100% security, Revolut’s range of protective measures and regulatory adherence build a solid case for the platform’s safety.

Customer Support

Revolut offers various support methods, including 24/7 in-app live chat, email support, and an automated phone line specifically for blocking cards and other urgent issues.

Revolut’s customer support generally receives mixed reviews. Many users appreciate the convenience of the 24/7 in-app live chat, which is the primary method for contacting support.

Premium and Metal account holders benefit from priority support, which can lead to quicker responses and resolutions.

However, there are also reports of people finding it difficult to get timely help when issues arise, especially for users with basic or free plans.

Revolut Customer Reviews

Trustpilot Reviews

With over 150,000 reviews on Trustpilot and an overall rating of 4.2 stars, Revolut has garnered an excellent reputation among its customers.

The majority of reviewers, accounting for 74% of the total, have given Revolut a full 5-star rating. Whereas only around 11% of reviewers scored Revolut a 1-star.

Google Play Reviews

On Google Play, Revolut has received 2.73m reviews from phone users alone with an average rating of 4.5 stars, 78% being 5-star and 9% being 1-star, showing a higher level of satisfaction than on Trustpilot.

Eligibility for a Revolut Account

Am I eligible? To open a Revolut account, applicants must meet certain eligibility criteria. The fundamental rules for eligibility are as follows:

Revolut Supported Countries/Regions: Australia, Brazil, British Indian Ocean Territory, European Economic Area (EEA), French Guiana, Guadeloupe, Guernsey, Isle of Man, Japan, Jersey, New Zealand, Singapore, Switzerland, United Kingdom, United States, Virgin Islands

Revolut Lite Supported Countries/Regions: Armenia, Azerbaijan, Bangladesh, Chile, Kazakhstan, Kuwait, Macao SAR (China), North Macedonia, Oman, Qatar, Republic of Moldova, Saudi Arabia, Sri Lanka, Vietnam

How to open a Revolut account?

Follow these simple steps to get up and running:

1. Download the Revolut App: You can download the Revolut app from the Google Play Store or App Store. Alternatively, you can enter your mobile phone number on the Revolut website, and Revolut will send you a message with a link to download the app.
2. Create an Account: Open the app, enter your phone number and create a 4-digit passcode for your new account.
3. Verify your Account: You’ll receive a text message from Revolut containing a PIN – enter this PIN into the app to verify your account for security purposes.
4. Enter Personal Information: Enter your personal information, including name, birth date, address, and email address.
5. Initial Deposit: Make an initial deposit from another bank account.
6. Verify Your Identity: Go to the ‘Profile’ icon in the app, select ‘personal details’ and then ‘verify your identity’. You will need to take and upload a photo of a valid form of ID, such as your passport and a selfie.
7. Choose Your Plan: Choose which plan you’d like, whether a standard, premium, or metal account. The standard account is free but accounts with a monthly fee offer extra features.
8. Complete Account Setup: Some additional information might be required, like your nationality, tax number, employment status, annual income, and investment objectives. Once provided, accept user and market data agreements to complete the account setup.

How to Choose the Right Revolut Account for You?

Revolut offers a diverse range of account types tailored to suit different needs.

As of the time this article was written, these accounts include personal accounts (Standard, Plus, Premium, Metal, Ultra), business accounts (Basic, Grow, Scale, Enterprise), and special categories like an account for teenagers.

As you would imagine, for both personal and business, the Standard and Basic accounts start with the most essential of features and then steadily become more enhanced as the tiers progress.

Please use our comparison table below to guide your decision-making process and select the account that aligns with your specific financial needs and goals.

Compare Revolut with Competitors

Is Revolut the Right Choice for me?

Revolut is a great choice for frequent travellers and those who send money abroad, offering competitive exchange rates without the hefty 2-3% fees from traditional banks and credit cards.

It’s not a full bank (no overdrafts, credit, or cash/cheque deposits), but excels specifically in travel and foreign exchange.

However, the standard account limits cash withdrawals to £200 or 5 withdrawals per month, potentially insufficient for some users.

For perks like travel discounts, cashback on bookings, and discounted airport lounge access, consider Revolut’s paid plans (Metal and Ultra).

However, note that Revolut isn’t a UK-licensed bank, so your money isn’t protected by the FSCS. To minimize risk, top up your card only when needed. The app allows convenient on-the-go top-ups.