With 850m in revenue during 2022, Revolut is 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.
Read on to see my verdict and a detailed breakdown of each aspect.
Revolut Review: My Verdict
If you’re travelling abroad frequently or sending money to the EEA, Revolut is a great choice for a digital-first current account.
You get fee-free spending abroad, with superb exchange rates. Outside the EEA, it’s slightly less competitive but still hugely more affordable than a high-street bank.
You can invest in crypto or stocks, transfer money, and even flash a cool all-metal debit card made from reinforced steel.
Revolut is very much a brand, as well as a bank account. Their APPs are superbly made with intuitive user experience, and they allow all kinds of perks and rewards depending on which plan you choose.
The budgeting and analytical tools are good, the security is solid, and the rewards are best in class.
It’s not my top choice for someone that doesn’t need the travel perks or exchange rates; I would choose Starling as the top UK bank account for those users.
But it’s a great choice for a jet-setter, crypto-user, part-time trader, or someone who appreciates the brand’s revolutionary digital-first approach.
Pros and Cons of Revolut
- Hassle-free Currency Exchange: Revolut offers a simple and efficient solution for exchanging currencies using real-time rates.
- Cryptocurrency Support: With Revolut, users can store and manage a range of cryptocurrencies within the app.
- Free Basic Account: Revolut’s basic account that allows you to execute payments, transfer money to peers, establish direct debits, and oversee their finances without incurring any monthly charges.
- Optional Premium Accounts: Get appealing perks such as travel insurance, priority customer service, and higher limits for currency exchanges and ATM withdrawals.
- Real-time Spending Alerts: Get real-time notifications on their phones for every transaction
- Personalizable Card Security: Adjust the security settings of your own card. It’s possible to activate or deactivate features like contactless payments, swipe transactions, and online payments, assuring user control and peace of mind.
- Physical Card Incurs Cost: Although Revolut offers a basic account at no cost, there is a fee for acquiring a physical card.
- No Cash or Cheque Deposits: Unlike conventional banks, Revolut does not allow cash or cheque deposits into your account.
- Absence of UK Banking License: Revolut lacks a banking license in the UK.
- No Overdraft Facility: Revolut does not provide an overdraft facility
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. I
ts 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.
|Everyday Essentials||Enables smart spending and saving. Provides easy money transfers and bill splitting among users across 200+ countries.|
|Cards with Style and Substance||Immediate payment notifications and card security management within the app. Compatibility with Google and Apple Pay.|
|Travel Features||Offers travel card, insurance, and hotel booking. Spend abroad at real exchange rates and get lounge passes for less.|
|Stays||Book holiday accommodation worldwide and get up to 10% cashback.|
|Security||Provides end-to-end security with award-winning security systems and trusted partners.|
|Spending Analytics||Weekly spending insights with categorisation features.|
|Manage Finances||Connect other bank accounts using Open Banking for a consolidated view of finances.|
|Monthly Budgeting||Set monthly spending targets.|
|Manage Subscriptions||Organise and cancel recurring payments and unwanted subscriptions.|
|Upcoming Payment Reminders||Notifies when the account balance is too low to cover upcoming payments.|
|Revolut’s Rewards||Get cashback and rewards with exclusive retailers when spending on your Revolut card.|
|Bill Splitting||Ease of splitting bills with friends or family.|
|Money Transfer||Send money abroad in over 30 currencies at the Interbank Exchange Rate.|
|Fee-free Spending Abroad||Spend abroad without hidden fees (subject to certain conditions).|
|Interest on Savings||Save money in a Revolut savings vault to earn interest.|
|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.|
|On-demand Pay||Access your salary at any point before it is paid at no cost to the employee (with your employer’s participation).|
|Pockets||Sort your bills and subscriptions into pockets for easy management.|
|Apple/Google Pay||Compatibility with Apple and Google Pay.|
|Virtual Card||Shop online and get protection against online fraud.|
|Revolut <18||Open an account for a child aged between 6 – 17 years old.|
|Investments||Manage investments in stocks, commodities, and cryptocurrency.|
|Pet Insurance||Purchase a Revolut pet insurance policy via the app.|
|Stays||Access your salary at any point before it is paid at no cost to the employee (with the employer’s participation).|
Eligibility for a Revolut Account
To open a Revolut account, applicants must meet certain eligibility criteria. The fundamental rules for eligibility are as follows:
- Age Requirement: The applicant must be 18 years old or over. Revolut has recently started offering Junior accounts for children; however, these accounts are managed by an adult. In special cases, accounts may be opened for those under 18, subject to additional terms and conditions.
- Credit and Identity Checks: Upon application for an account, Revolut or its representative will require information about the applicant and the source of their funds. This is done for several reasons, including verifying the applicant’s credit score and identity and fulfilling legal and regulatory requirements.
- Account Limit: An individual cannot open more than one personal Revolut account.
- Usage: A personal Revolut account cannot be used for business purposes. Those intending to use their account for business purposes must apply for a Revolut Pro account or a business account under the specified terms.
- Previous Accounts: If Revolut has previously closed an account of the applicant, they are not allowed to open a new one.
Revolut Account Types
|Account Type||Subtype||Description||Sign Up|
|Personal||Standard||Basic account offering money management tools and international payment features.||Sign up|
|Plus||Adds features like purchase protection, ticket protection, and extra savings perks to the Standard account offerings.||Sign up|
|Premium||Along with the Plus features, it offers global travel insurance, priority customer support, and higher free ATM withdrawal limits.||Sign up|
|Metal||Provides all Premium features plus a unique metal card, cashback on card spending, and access to exclusive offers.||Sign up|
|Business||Free||Basic business account with features like money transfers, payments, and expense management.||Sign up|
|Grow||Offers additional features like priority support, team permissions, and more local payment transfers.||Sign up|
|Scale||Advanced business account providing features like unlimited local transfers, mass payments, and dedicated account management.||Sign up|
|Enterprise||Custom solution designed to meet the specific needs of larger businesses, providing bespoke features and services.||Sign up|
|Teens||–||Custom solutions designed to meet the specific needs of larger businesses, providing bespoke features and services.||Sign Up|
|Joint (Coming Soon)||–||A new feature that will allow the creation of joint accounts, details to be announced.|
How to open a Revolut account?
Follow these simple steps to get up and running:
- 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.
- Create an Account: Open the app, enter your phone number and create a 4-digit passcode for your new account.
- 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.
- Enter Personal Information: Enter your personal information, including name, birth date, address, and email address.
- Initial Deposit: Make an initial deposit from another bank account.
- 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.
- 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.
- 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.
Revolut Fees & Charges
|Feature/Benefit||Standard||Plus (£2.99/month)||Premium (£6.99/month)||Metal (£12.99/month)|
|No fee ATM withdrawals within limits||£200/m or 5x||£200/m limit||£400/m limit||£800/m limit|
|Personalised cards. Fees apply||✕||✓||✓||✓|
|Exclusive Revolut Metal card||✕||✕||✕||✓|
|Cashback on card payments||✕||✕||✕||✓|
|Discounted international transfers||✕||20%||40%||✓|
|Revolut <18 accounts||✕||1 <18||2 <18s||5 <18s|
|Full access to <18 features||✕||✕||✓||✓|
|Free card delivery||✕||✓||✓||✓|
|24/7 priority customer support||✕||✕||✓||✓|
|Daily interest on GBP savings||✕||Up to 1.99% AER||Up to 2.5% AER||Up to 3% AER|
|Crypto exchange fees||1.99% (minimum fee £1.49)||1.99% (minimum fee £1.49)||1.49% (no minimum fee)||1.49% (no minimum fee)|
|Commodity exchange fees||1.5%||1.5%||0.5%||0.5%|
|International spending with no fees Monday-Friday||£1,000/m limit||£1,000/m limit||Unlimited||Unlimited|
|Overseas medical insurance||✕||✕||£10 M/y limit||£10 M/y limit|
|Theft and accident coverage||✕||£1,000/y limit*||£2,500/y limit*||£10,000/y lim|
Security: Is Revolut Safe?
WRevolut employs a range of protections designed to safeguard customer funds and personal information.
Firstly, 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 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.
Revolut gives users access to excellent exchange rates for 29 currencies, placing the power of foreign exchange at their fingertips. This service provides a straightforward platform for currency conversion, with no hidden fees and complete pricing transparency before any transaction.
An example rate showcased on their website illustrates that £1,000 is converted to €1,150.61 with their current rate being £1 = €1.1506. Keep in mind that these rates and fees apply to card transactions and may not be applicable for all exchanges in wallets.
Revolut allows users to hold and send money in 29 currencies, thereby enabling the creation of accounts in chosen currencies within seconds. They also offer tools for managing exchanges at any time, including placing limit and stop orders to secure prices.
With Revolut, users can follow foreign exchange rates in real-time, keeping tabs on all their regular foreign currencies in one place. This allows users to act promptly when their preferred currencies hit favorable prices.
Whether you’re exchanging GBP to EUR, USD to GBP, or any other popular conversions, Revolut simplifies the process and ensures that you’re getting competitive rates.
With support for 29 currencies, Revolut’s International Transfer is a market-leading option, amongst banks, for sending money abroad at fair rates.
The option to send money via bank transfers, card transfers, digital wallets, and peer-to-peer transfers adds another layer of convenience to the service. You will imminently be able to send money to digital wallets, too.
Simply initiate transfers from your smartphone or computer, which can be done in a matter of seconds. Real-time tracking of transfers is another plus, ensuring you’ll always know where their money is.
In terms of global coverage, Revolut’s service is broad, with a comprehensive list of countries spanning Europe, the Americas, Asia Pacific, and Africa.
I also appreciate that all transfer fees and charges are displayed upfront in the Revolut app, eliminating any nasty surprises.
Revolut doesn’t currently offer any overdraft service on any of its accounts
Revolut Credit Card
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.
One unique feature is interest-free spending for up to 62 days when repaid in full before the next calendar month ends. The card comes with a competitive interest rate of 12% when repaid by instalments, making it an attractive choice for those who sometimes carry a balance.
The application process is super-fast and done in-app. 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 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 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, overall app which makes a good job of some complex functionality.
Revolut Customer Reviews
With over 133,141 reviews on Trustpilot and an overall rating of 4.3 stars, Revolut has garnered an excellent reputation among its customers. The majority of reviewers, accounting for 75% of the total, have given Revolut a full 5-star rating, highlighting their high level of satisfaction with the service.
Revolut’s commitment to providing a reliable and innovative financial solution is evident in the positive feedback received from its users. Customers have praised Revolut for its user-friendly interface, convenient features, and competitive exchange rates, which have enhanced their banking experience. The ability to easily manage accounts, make international transfers, and access additional services like cryptocurrency trading has earned Revolut the trust and loyalty of its customers.
While the majority of reviews are highly positive, it’s important to note that approximately 10% of the reviews gave Revolut a 1-star rating. These lower-rated reviews often mention issues related to customer support and account verification. It is worth mentioning that Revolut has made efforts to address these concerns and improve their customer support infrastructure.
Despite some isolated negative experiences, the overwhelming majority of customers have expressed their satisfaction with Revolut’s services, making it one of the preferred choices for digital banking and financial solutions. The consistently high ratings and positive reviews on Trustpilot attest to Revolut’s commitment to delivering a reliable, user-friendly, and innovative banking experience for its customers.
Alternatives to Revolut
|Monthly Cost (standard account)||FREE||FREE||FREE||FREE||FREE|
|UK registered bank account||❌||✅||✅||❌||✅|
|Direct debits/Standing orders||✅||✅||✅||✅||✅|
|Fee-free spending abroad||✅*||✅||✅||✅||❌|
|Fee-free cash withdrawals abroad||✅*||✅||✅*||✅*||❌|
|Current account interest||✅||✅||❌||❌||❌|