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.

My goal is to help you make an informed decision about using Revolut.

Revolut Review

Pros & Cons of Revolut

Pros

  1. Effortless Currency Exchange: Revolut provides easy currency exchange at real-time rates.
  2. Cryptocurrency Support: Users can manage various cryptocurrencies directly in the app.
  3. Free Basic Account: Offers payment execution, money transfers, direct debits, and financial oversight with no monthly fees.
  4. Optional Premium Accounts: Includes benefits like travel insurance, priority support, and higher exchange and withdrawal limits.
  5. Instant Spending Alerts: Receive immediate notifications for transactions.
  6. Custom Card Security: Users can customize their card’s security settings, including toggling contactless payments, swipe transactions, and online purchases for enhanced control and security.

Cons

  1. Physical Card Incurs Cost: Although Revolut offers a basic account at no cost, there is a fee for acquiring a physical card.
  2. No Cash or Cheque Deposits: Unlike conventional banks, Revolut does not allow cash or cheque deposits into your account.
  3. Absence of UK Banking License: Revolut lacks a banking license in the UK.
  4. No Overdraft Facility: Revolut does not provide an overdraft facility

Revolut at a glance…

FeaturesDescription
Everyday EssentialsEnables smart spending and saving. Provides easy money transfers and bill splitting among users across 200+ countries.
Cards with Style and SubstanceImmediate payment notifications and card security management within the app. Compatibility with Google and Apple Pay.
Travel FeaturesOffers travel card, insurance, and hotel booking. Spend abroad at real exchange rates and get lounge passes for less.
StaysBook holiday accommodation worldwide and get up to 10% cashback.
SecurityProvides end-to-end security with award-winning security systems and trusted partners.
Spending AnalyticsWeekly spending insights with categorisation features.
Manage FinancesConnect other bank accounts using Open Banking for a consolidated view of finances.
Monthly BudgetingSet monthly spending targets.
Manage SubscriptionsOrganise and cancel recurring payments and unwanted subscriptions.
Upcoming Payment RemindersNotifies when the account balance is too low to cover upcoming payments.
Revolut’s RewardsGet cashback and rewards with exclusive retailers when spending on your Revolut card.
Bill SplittingEase of splitting bills with friends or family.
Money TransferSend money abroad in over 30 currencies at the Interbank Exchange Rate.
Fee-free Spending AbroadSpend abroad without hidden fees (subject to certain conditions).
Interest on SavingsSave money in a Revolut savings vault to earn interest.
Round up Spare ChangeSave as you spend with the round-up feature.
Get Paid EarlyGet your salary paid into your Revolut account a day early.
On-demand PayAccess your salary at any point before it is paid at no cost to the employee (with your employer’s participation).
PocketsSort your bills and subscriptions into pockets for easy management.
Apple/Google PayCompatibility with Apple and Google Pay.
Virtual CardShop online and get protection against online fraud.
Revolut <18Open an account for a child aged between 6 – 17 years old.
InvestmentsManage investments in stocks, commodities, and cryptocurrency.
Pet InsurancePurchase a Revolut pet insurance policy via the app.
StaysAccess your salary at any point before it is paid at no cost to the employee (with the employer’s participation).

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 Pricing & Features

Personal Accounts

Feature/BenefitStandard (Free)Plus (£3.99/month)Premium (£7.99/month)Metal (£14.99/month)Ultra
(£45/month)
No fee ATM withdrawals within limits£200/m or 5x£200/m limit£400/m limit£800/m limit£2,000/m limit
Personalised cards. Fees apply
Exclusive Revolut Metal card✓ (Platinum-plated)
Cashback on card payments
Discounted international transfers20% discount40% discount100% discount
Revolut <18 accounts1 <182 <18s5 <18s5 <18s
Full access to <18 features
Free card delivery
24/7 priority customer support
Daily interest on GBP savingsUp to 2.29% AERUp to 2.39% AERUp to 3% AERUp to 4% AERUp to 4.75% AER
Stock exchange fees0.25% (minimum fee £1)0.25% (minimum fee £1)0.25% (minimum fee £1)0.25% (minimum fee £1)0.12% (minimum fee £1)
Commodity exchange fees1.99% (minimum fee £1)1.99% (minimum fee £1)1.49% (minimum fee £1)1.49% (minimum fee £1)1.49% (minimum fee £1)
International spending with no fees Monday-Friday£1,000/m limit£1,000/m limitUnlimitedUnlimitedUnlimited
Overseas medical insurance£10 M/y limit£10 M/y limit£10 M/y limit
Theft and accident coverage£1,000/y limit*£2,500/y limit*£10,000/y limit£10,000/y limit

Business Accounts

Feature/BenefitBasic
(£0/month)
Grow (From
£19/month)
Scale (From
£79/month)
Enterprise
(Custom)
No-fee international
transfers
0525Custom
No-fee local transfers51001,000Custom
SWIFT account details
Currency exchange at
interbank rate (before fees)
£1,000£10,000£50,000Custom
Plastic company cards
Exclusive Revolut metal
company card
1 free2 freeCustom
Payment acceptance feesFrom 0.8%
+ £0.02
From 0.8%
+ £0.02
From 0.8%
+ £0.02
Custom
Personal Account
Management
Business API
Bulk Payments
Limit and stop orders
Daily interest on GBP
savings
2.25% AER
up to £0.5m
2.75% AER
up to £1m
3.51% AER
up to £2m
Rewards scheme

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.

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’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.

International Payments

Currency Exchange

Revolut gives you 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 to all exchanges in wallets.

Revolut allows you to hold and send money in 29 currencies, thereby enabling the creation of accounts in chosen currencies within seconds.

They 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 favourable 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.

International Transfers

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 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.

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 in instalments, making it an attractive choice for those who sometimes carry a balance.

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 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.

Positive Reviews

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.

Negative Reviews

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 its 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.

Eligibility for a Revolut Account

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

  1. 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.
  2. 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.
  3. Account Limit: An individual cannot open more than one personal Revolut account.
  4. 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.
  5. Previous Accounts: If Revolut has previously closed an account of the applicant, they are not allowed to open a new one.

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.

Account TypeSubtypeDescriptionSign Up
PersonalStandardBasic account offering money management tools and international payment features.Sign up
PlusAdds features like purchase protection, ticket protection, and extra savings perks to the Standard account offerings.Sign up
PremiumAlong with the Plus features, it offers global travel insurance, priority customer support, and higher free ATM withdrawal limits.Sign up
MetalProvides all Premium features plus a unique metal card, cashback on card spending, and access to exclusive offers.Sign up
UltraCustom solutions designed to meet the specific needs of wealthier individuals, providing bespoke features and services.Sign up
BusinessBasicFree business account with features like money transfers, payments, and expense management.Sign up
GrowOffers additional features like priority support, team permissions, and more local payment transfers.Sign up
ScaleAdvanced business account providing features like unlimited local transfers, mass payments, and dedicated account management.Sign up
EnterpriseCustom solutions designed to meet the specific needs of larger businesses, providing bespoke features and services.Sign up
TeensCustom solutions designed for teenagers. Design your own pre-paid card, exchange money with friends, and save money for the future.Sign up
Joint (Coming Soon)A new feature that will allow the creation of joint accounts, details to be announced.

Compare Revolut with Competitors

FeatureRevolutStarling MonzoMoneseCashplus
Monthly Cost (standard account)FREEFREEFREEFREEFREE
UK registered bank account
Personal account
Business account
Direct debits/Standing orders
Overdraft
Loan
Budgeting features
Fee-free spending abroad✓*
Fee-free cash withdrawals abroad✓*✓*✓*
Current account interest
* denotes certain limits apply, beyond which there may be charges

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.