Revolut Review: An All-In-One Money Management App

When you want to make a purchase or move your money around, the unfortunate reality is that you might encounter a fee to handle this simple transaction through a regular bank. And those fees can add up to take a big bite out of your budget. 

Revolut is shaking up this reality by offering a way as a global FinTech company without paying an arm and a leg in fees. As someone with a global lifestyle or seeking more flexibility from a financial app, Revolut is a compelling solution.  

Ready to learn more? Let’s jump into the details of Revolut. 

What is Revolut?

Revolut is a comprehensive financial app designed to meet the needs of anyone looking for a more streamlined financial experience, including on an international level.

According to the company, Revolut is the only financial super app with a mission to unlock the power of a borderless economy for everyone. 

The platform is available in the European Economic Area (EEA), Australia, Singapore, Switzerland, Japan, United Kingdom and the United States. Plus, you can send or receive funds in 25+ currencies.

It’s a fast-growing platform with over 20 million personal users and 950,000 business users. 

How Does Revolut Work?

Revolut offers a prepaid debit card that is linked to a bank account through a partner bank. You don’t need a minimum opening deposit to sign up.

Once you are in, you can spend funds internationally without the usual hassle. You’ll be able to exchange 25+ currencies within the app and easily make purchases in 140+ countries. 

You’ll also have access to a Savings Vault, which acts as a place to stash your savings. Money stored within the Savings Vault gives you an opportunity to earn interest on your hard-earned dollars. 

What is Revolut <18?

Revolut <18 is designed for kids and teens, specifically between the ages of 6 and 17. The goal of the offering is to help kids and teens build smart financial habits that will carry forward into their future. 

As a parent, you can set up a Revolut <18 account for your child, complete with a Revolut prepaid card. You’ll be able to make funds available for your kid to spend through their card. 

Additionally, there’s a suite of financial literacy tools to help your child learn the ropes of money management. For example, they can set a savings goal, send money to friends, get paid to complete chores, and more.

Beyond that, they’ll be extra excited to learn about money with the ability to customize their prepaid debit card. 

How Much Does Revolut Cost?

Revolut is changing the face of fees when it comes to your money. Nevertheless, that doesn’t mean you won’t encounter any fees. Here’s a breakdown of the fee structure. 

Standard Subscription

The Standard account doesn’t come with a monthly fee. Nevertheless, you’ll still find a ton of value packed into this level with built-in budgeting tools and the ability to spend and transfer funds abroad without a fee.

Here’s a look at what the Standard subscription will get you:

• Pay only the market exchange rate to spend in over 140 countries
• Exchange up to $10,000 per month in 25+ fiat currencies without a hidden fee
• Make no fee withdrawals at over 55,000 in-network ATMS
• Withdraw up to $1,200 from out of network ATMs at no cost from Revolut
• Make up to 10 zero fee international transfers per month
• Get a Revolut card (delivery fees apply). 

That’s a lot of value for an account without a monthly fee. Keep in mind that in certain situations, third-party fees may apply.

Premium Subscription 

The Premium plan comes with a $9.99 monthly fee.

A premium subscription includes the following features:

• Pay only the market exchange rate to spend in over 140 countries
• Exchange unlimited funds in 25+ fiat currencies without a hidden fee
• Make withdrawals at over 55,000 in-network ATMS
• Withdraw up to $1,200 from out of network ATMs at no cost from Revolut
• Make up to 10 zero fee international transfers per month
• Get a Revolut card, with premium design options (delivery fees apply)
• Receive overseas medical insurance
• Get Priority customer support
• Receive disposable virtual cards when you need them
• Get LoungeKey Pass access (Complimentary for user +1 if flight is delayed over an hour)

The monthly fee comes with some worthwhile extra features. You’ll only pay $94.99 if you pay by the year. Third-party fees may apply.

Metal Subscription 

The final subscription option is the Metal level, which costs $16.99 per month. Here’s what this includes:

• Pay only the market exchange rate to spend in over 140 countries
• Exchange unlimited funds in 25+ fiat currencies without a hidden fee
• Make withdrawals at over 55,000 in-network ATMS
• Withdraw up to $1,200 from out of network ATMs at no cost from Revolut
• Make up to 10 zero fee international transfers per month
• Get a Revolut Metal card (delivery fees apply)
• Receive overseas medical insurance
• Get delayed baggage insurance
• Receive delayed flight insurance
• Get Priority customer support
• Receive disposable virtual cards when you need them
• Get LoungeKey Pass access (Complimentary for user +3 if flight is delayed over an hour)

The Metal account is packed with useful features for those looking for an easier international banking option. You’ll pay $149.99 per year. Third-party fees may apply.

Revolut Transaction Charges

Service	Standard User	Premium User	Metal User
Crytpo exchange	Commission fee after $200,000 mark per month, 2.5%	Commission fee after $200,000 mark per month, 1.5%	Commission fee after $200,000 mark per month, 1.5%
International transfers	10 zero fees/month	10 zero fees/month	10 zero fees/month
International transfers to external bank account	0.3% ($0.30 to $6)	0.3% ($0.30 to $6)	0.3% ($0.30 to $6)
Domestic transfers to external bank account of no-USG funds	$4 to $6	$4 to $6	$4 to $6
ATM withdrawals	No-cost in-network Out of Network – No fees up to $1,200, 2% after $1,200 in withdrawals per month. (Third party fees may apply)	No-cost in-network Out of Network, No fees up to $1,200, 2% after $1,200 in withdrawals per month. (Third party fees may apply)	No-cost in-network Out of Network, No fees up to $1,200, 2% after $1,200 in withdrawals per month. (Third party fees may apply)

Standard Exchange Rates

The time you are exchanging funds matters to Revolut. When outside of the foreign exchange market hours, Revolut charges an extra fee. 

Currencies	During market hours	Outside of market hours
USD, AED, AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, IDR, ILS, INR, JPY, MXN, MYR, NOK, NZD, PHP, PLN, RON, SAR, SEK, SGD, THB, TRY, ZAR.	The interbank rate	1% above interbank rate
THB and UAH	1%	2% above interbank rate

What Does Revolut Offer?

Intrigued by what Revolut is? Here’s a closer look at what this financial platform has to offer. 

Transfer Money Internationally

If you have to transfer funds internationally on a regular basis, Revolut removes a lot of the cost you might be used to paying. 

Bank Transfers/SWIFT

When you work with Revolut, you can make up to 10 zero fee international bank transfers each month. This means that you can bypass the usual fees encountered in the SWIFT system.

The best part is that you can send the funds in over 25 different fiat currencies. 

Independent Transfer Agents/Money Gram/Western Union

Instead of working with an expensive independent transfer agent, like Money Gram or Western Union, Revolut offers an affordable way to send funds. With just a few taps, you can transfer funds without the usual expense.

Depending on your situation, that could lead to big savings for your budget. 

Overseas ATM Withdrawals

When traveling, you might need to take cash out of a local ATM. If you are a Revolut customer, this is an extremely convenient choice that doesn’t come with a massive fee.

You can withdraw up to $1,200 per month without a fee from Revolut at out-of-network ATMs (Third party fees may apply). 

It’s nice to know that you can get access to your money when you need it, wherever you happen to be. 

Spending Analytics

A budget is a key part of building a bright financial future. Revolut makes it easy to dive into the details of your budget with its spending analytics tool.

The tool aggregates your spending and breaks down where your money is going each and every month. 

Automatic Savings

Saving money can sometimes feel like a chore. However, with the help of automation, you can make saving for your financial goals a painless experience. 

Revolut gives you the option to save your spare change by rounding up every purchase and saving the difference. With that, you’ll build savings with each and every swipe of your Revolut card. 

Vaults

Revolut’s Savings Vaults make it easy to put your money to work for you.

You can earn a very competitive Annual Percentage Yield (APY) with all plans.

Ultimately, the vaults make it easy to tuck away funds and watch them grow. 

Disposable Virtual Cards

As a Revolut user, you can request disposable virtual cards when you need them. Essentially, these cards include the details to make purchases online, over the phone, or through a virtual wallet.

Using these cards helps protect your payment details, which keeps your funds safe. 

“Money loaded on your prepaid card is held at Metropolitan Commercial Bank, and is FDIC insured up to $250,000 in the event of Metropolitan Commercial Bank’s failure. Securities products are not FDIC Insured, not bank guaranteed and may lose value.”

Support Charity

Last but not least, Revolut makes donating to charity as simple as a few taps in the app. You can choose to make one-time donations, donate your spare change, or set up a recurring transfer.

You’ll feel good about the fact that the charity will receive 100% of your donation because Revolut doesn’t take a cut. 

Revolut Pros and Cons

Every financial tool has advantages and disadvantages. Here’s what to know about Revolut. 

Pros

• 24-hour access to customer support
• Zero fee ways to send and receive money from people in other countries
• Opportunities to track your spending

Cons

• Fees on currency exchanges outside of market hours
• No physical locations

Revolut FAQ

Understanding all the aspects of Revolut is important. Here is a look at common questions out there.

Summary

Revolut offers a solution for anyone looking for an affordable way to send or receive money from abroad. The suite of features can help you manage your finances efficiently without overpaying for convenience.

Plus, you can even get your kids onboard with Revolut <18. All in all, it’s a useful financial app to consider.

Disclaimer: The Revolut USA Prepaid Visa® and Prepaid Mastercard® are issued by Metropolitan Commercial Bank pursuant to a license from Visa U.S.A. Inc. for Visa cards, and Mastercard International for Mastercard cards, and may be used everywhere Visa or Mastercard are accepted. Banking services are provided by Metropolitan Commercial Bank, Member FDIC, and are subject to the terms of a Cardholder Agreement. “Metropolitan Commercial Bank” and “Metropolitan” are registered trademarks of Metropolitan Commercial Bank © 2014.

A note from Metropolitan Commercial Bank: Funds in your Revolut Prepaid Card Account are held at an FDIC insured institution. Your funds will be held at or transferred to Metropolitan Commercial Bank, an FDIC-insured institution. While there, your funds are insured up to $250,000 by the FDIC in the event Metropolitan Commercial Bank fails if specific deposit insurance requirements are met and your card is registered. See fdic.gov/deposit/deposits/prepaid.html for details. FDIC insurance does not protect your funds in the event of Revolut’s failure or from the risk of theft or fraud.