Revolut Overview

Revolut was founded in 2015 as an app-based bank that adapts to your personal needs, gives you control and launches you into new and innovative spaces. Whether it’s everyday spending and budgeting or foreign currency exchange and stock trading, Revolut is designed to help you get more from your money.

Your questions answered

What is Revolut?

Revolut is an electronic money institution and all of its services are available on an app. It offers the same services as a traditional bank, the only difference is you can’t physically visit a branch. Revolut is perfect for those who travel often as it offers spending abroad and international money transfers with no hidden fees.

How does Revolut work?

Revolut works just like a high-street bank but all of its services are available solely via the app. You can get both business and personal accounts with Revolut and you’re able to hold your money in 29 different currencies making it the perfect app-based bank for people that like to travel. You can also spend fee-free at the interbank exchange rate in 150 currencies. Each time you receive or spend money, you’ll get an instant notification to your smartphone and Revolut will track your spending habits. At the end of the month, you’ll get a breakdown of your spending categorised by type of transaction, by merchant or by country.

What accounts does Revolut offer?

Standard Account
£0/m

 

  • Free UK account
  • Free Euro IBAN account
  • Spend in over 150 currencies at the interbank exchange rate
  • Exchange in 30 fiat currencies up to £5,000 per month
  • Withdraw up to £200 cash free each month
  • Top brand discounts with Perks Plus
  • Free Revolut card (excluding delivery)
  • Instant access to 5 cryptocurrencies

Premium Account
£6.99/m

 

  • Free UK account
  • Free Euro IBAN account
  • Spend in over 150 currencies at the interbank exchange rate
  • Exchange in 30 fiat currencies – no monthly limit
  • Withdraw up to £400 cash free each month
  • Top brand discounts with Perks Plus
  • Instant access to 5 cryptocurrencies
  • Overseas medical insurance
  • Delayed baggage and delayed flight insurance
  • Global express delivery
  • Priority customer support
  • Premium card with exclusive designs
  • Disposable virtual cards
  • LoungeKey Pass access
  • Free lounge passes for you & a friend if your flight is delayed more than an hour
  • Revolut Junior accounts for up to 2 kids

Metal Account
£12.99/m

 

  • Free UK account
  • Free Euro IBAN account
  • Spend in over 150 currencies at the interbank exchange rate
  • Exchange in 30 fiat currencies – no monthly limit
  • Withdraw up to £600 cash free each month
  • Top brand discounts with Perks Plus
  • Instant access to 5 cryptocurrencies
  • Overseas medical insurance
  • Delayed baggage and delayed flight insurance
  • Global express delivery
  • Priority customer support
  • Exclusive Revolut Metal card
  • Disposable virtual cards
  • LoungeKey Pass access
  • Free lounge passes for you & 3 friends if your flight is delayed more than an hour
  • Revolut Junior accounts for up to 5 kids
  • 0.1% cashback within Europe and 1% outside Europe on all card payments
  • Get access to a concierge to help you manage your lifestyle

How do I open a Revolut account?

You can open a Revolut account in minutes via the app. The app can be downloaded from the Google Play Store or Apple App Store and is available for all Apple products with iOS 11 or newer and all Android phones with 5.0 Lollipop or newer. Android tablets aren’t currently supported.

Once you’ve got the app, you’ll be prompted to enter some personal details such as your phone number, home address and email address. Your account will now be open but before you can use it, you need to verify your identity. Simply upload a clear photo of your ID, such as your passport or driving licence, alongside a picture of your face.

When you’ve added money to your Revolut account, you can order a card. You’ll have to pay for the delivery of the card if you have a Standard account. But if you can’t wait to get spending, you can add a virtual card to your phone’s wallet instantly. It’s also possible to create a disposable virtual card. They’re suitable for one-time, online transactions. Your card details automatically regenerate after each transaction made using a disposable virtual card so they give you an extra layer of security for online transactions and protect your account against online card fraud.

What features does Revolut offer?

  • Instant notifications – get notifications every time you receive or withdraw money.
  • Built-in budgeting – set monthly budgets on different categories to manage your spending.
  • Round-up payments – round-up every payment to the nearest pound and Revolut will automatically put the remainder in a savings pot.
  • Transfer money globally – transfer money abroad in 30 currencies with the interbank exchange rate.
  • Insurance at the touch of a button – get insurance with Revolut Travel Ltd from as little as £1 a day.
  • Cryptocurrency – easily exchange any of Revolut’s 30 currencies into Bitcoin, Bitcoin Cash, Litecoin, Ethereum and XRP.

Does Revolut do credit checks?

Revolut does not do any credit checks when you open an account.

Can I get an overdraft or loan?

It’s not currently possible to add an overdraft to your account, however, Revolut does offer personal loans ranging from £500 to £25,000 that can be paid back over 12 to 60 months. If you have an account with them, you can apply for a loan via the Revolut app in just a few minutes. To apply for a loan, select the ‘Credit’ section and ‘add credit’. Let them know how much you want to borrow, your monthly income and your residential status, they’ll provide you with a personalised quote in seconds. If you wish to proceed with the loan, just hit ‘Accept’ and the money will be available in your Revolut account instantly. Your monthly repayment will be processed as a direct debit from your bank automatically and you won’t be charged any fees for repaying the loan early.

Does Revolut pay interest?

Yes, Revolut’s Savings Vaults accrue daily interest. Savings Vaults are currently restricted to Premium and Metal subscribers only. Interest is paid on business days and any interest earned over weekends and bank holidays will be paid the following business day. Interest rates can change regularly but you’ll be notified when they do.

Can I use Revolut abroad?

Yes, you can use your Revolut account in over 150 currencies and they charge you the interbank exchange rate, with a 0.5% fee on anything above £5,000 a month. Also, a flat mark-up on weekends and certain currencies may apply. You’ll be able to withdraw £200 from international ATMs a month for free. If you exceed £200, there’s a small 2% fee to cover costs to Revolut.

Can I pay cash and cheques into my account?

It’s not currently possible to pay cash and cheques into your Revolut account.

Is Revolut safe?

Yes, Revolut is regulated by the Financial Conduct Authority (FCA). Revolut is an electronic money institution and they’re required to safeguard the money they receive from customers. Revolut deposits the money they receive from you into a client money bank account and the money in these accounts is held by Revolut on your behalf. This means that if Revolut were to become insolvent, the money in these accounts would be used to pay out you and other customers before anyone else. However, because Revolut accounts are electronic money accounts, not bank accounts, your money is not covered by the Financial Services Compensation Scheme.

Revolut’s app is also protected with a password, fingerprint ID or facial recognition. You can freeze and unfreeze your card instantly in the app if it’s lost or stolen and you can add further protection to your account by turning online, ATM and contactless transactions on or off.

Can I switch to Revolut?

Revolut is not currently part of The Current Account Switch Service.

How does Revolut compare to other app-based banks?

We compared 5 app-based banks, taking into consideration reviews from customers who have had first-hand experience with these apps. We rank providers exclusively on customer experience and product quality and Revolut came out second with a CBR score of 9.66.