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Revolut Online Banking Review

Vincent Nyoike
Vincent Nyoike Banking

Revolut is a digital FinTech Startup with its headquarters in London, UK. It was founded by Nikolay Storonsky and Vlad Yatsenko in 2015. It is a peer to peer and currency exchange service. Revolut is available in EEA countries, Switzerland, Australia and the United States. You can open Revolut's current account, available in 28 currencies. You can use Revolut app for over 35 currency exchanges. You can also top up your account in 15 currencies.

You do not need physical infrastructure since you can operate Revolut using a mobile app. When you open an account, you will get a physical card that you can use in ATMs and to make payments. If you are a frequent traveler, Revolut is the best service to use and you can get tons of credit card rewards.

Read also: PayPal Review.

Revolut Features

You can only access Revolut on a mobile app to get personal loans, phone insurance, travel insurance, virtual cards and cryptocurrencies.

It offers the following services.  

1. Wealth management. You can manage your wealth like stocks, cryptos, vaults and commodities using your Revolut account. You can buy and sell cryptos, invest in US companies without a minimum account balance. You can also monitor your account and get alerts when your minimum balance gets at a certain level.

2. Make payments and send money. You can make payments and send money to banks and Revolut account using bank transfers. Besides, you can set recurring bills, separate bills and set up direct debits. You can split bills and pay your friends. You can pay different people at the same time. You can also analyze your spending and identify where most of your monies go.

3. Earn and redeem rewards. You can get rewards and cash backs when you spend in some retailers. To get a reward, you need to select a reward or cashback using the app. You can then redeem a code or use a link that will redirect you to the retailer's website. Make payment using your Revolut card to redeem the reward.

4. Set up budgets. You can also set up savings that do not accumulate interest. With Revolut monthly budgets, you can set up the amount you want to spend in a month. It will also enable you to track your spending and ensure you stick to your budget.

You can deposit money to your Revolut account using bank transfers, credit, debit card or Apple Pay and Google Pay.

How to Sign Up For Revolut Account

Visit the Revolut website and click Get the App. Once you have the app on your phone:

  • Enter your phone number
  • Set up a password
  • Enter confirmation code sent to your phone
  • Enter your first and last name
  • Provide other details like date of birth and email address

To sign up for a Revolut account, you must be over 18 years of age, have a valid social security number or taxpayer's identification number.

Read also: WorldRemit Review.

Revolut App Review

Revolut app is available for both Android and iOS users. The app is easy to use and you can use it to make contactless payments. Secure the app using a 4-digit password, face or fingerprint recognition.

You can set up different accounts using different currencies and link it to a physical or a virtual card. You can freeze, unfreeze, and set up more security features using the app. If you are a premium user, you get protection against online fraud since the card details change after every purchase you make. 

You can use open banking to link your other bank accounts. This way, you can track your spending from a central point.

In case you lose your card, you can freeze it using the app and no one can use it. Likewise, you can unfreeze the card using the app.

Read also: Monese virtual bank review.  

Revolut International Payments

You can make international payments using Revolut since it supports 16 currencies and transfers to over 29 countries. International payments do not attract any fee, but you will be charged on interbank exchange rate.

Besides, you can convert currencies using the app in the current exchange rates. You will not be charged for currency conversions below 5000 pounds.

Revolut Debit and Credit Cards

Revolut cards are available for both Visa and MasterCard. You don't have an option to pick your preference card since they are given randomly. However, you can select your color of choice, between grey and rose gold.

Revolut Customer Service

You can contact Revolut customer support through an email or live chat. The service is available 24/7.

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Revolut Plan and Fees

Revolut comes with four plans. They include:

1. Standard plan. This is a free plan that gives you access to a UK Euro IBAN account. You also get 200 EUR free ATM withdrawals every month. You can convert currencies to over 150 different currencies.

2. Plus plan.  It goes for £2.99 per month. Customers in this plan will get priority customer support, stock trading and access to cryptocurrency. Customers can also teach their children about money management skills.  

3. Premium plan. It attracts a monthly fee of £6.99. You get access to disposable, virtual cards, insurance, shopping credits and cryptocurrencies. You can withdraw up to 400 euros through an ATM.

4. Metal Plan. It attracts a monthly fee of £12.99 per month. You get travel insurance, 0.1% cashback in Europe and 1% abroad. You can withdraw up to 600 pounds every month using your card and zero limits on currency exchange.  

You can expect the following fees for Revolut transactions.

  • ATM withdrawals - $2.75
  • Online purchases in stores – free
  • Currency conversion – 3.5%
  • ATM balance inquiry - $1

Read also: Venmo Review. 

Benefits of Using Revolut

  • Customer support is available 24/7
  • Low exchange rates
  • Split bills from paying friends
  • Free ATM withdrawals
  • Set monthly budgets
  • Cashback rewards