Revolut Review, Pricing, Features with Pros and Cons

Dive into the world of Revolut, the financial platform that’s redefining how we manage money, invest, and even travel.

From its humble beginnings as a travel card to its evolution into a multi-faceted financial hub, Revolut is capturing the attention of globetrotters and savvy investors alike.

Whether you’re curious about its wide array of features, concerned about its safety, or simply wondering if it’s the right fit for you, our comprehensive FAQ has got you covered. Get ready to unravel the ins and outs of this game-changing platform.

Read further to learn more about Revolut, in our review we will detail its features, pros and cons with our rating, and a conclusion about why you should use it.

Click on “open” if you want to see exactly what we will talk about in the rest of this article.

Revolut is a financial technology platform that offers a wide array of services, from basic money management to investment opportunities. The platform allows users to send and request money effortlessly, supporting transactions in over 160 countries.

It also offers savings vaults with up to 4.75% AER/Gross paid daily, as well as cashback and discount rewards for spending. Revolut provides instant payment notifications and card management features, all accessible via a mobile app.

Additionally, the platform offers investment options, including stock trading and cryptocurrency, and caters to travel needs by offering real exchange rates and travel insurance.

It operates as an e-money institution, meaning that user funds are safeguarded but not insured by a financial services compensation scheme.

Revolut specifications

Explore Revolut’s flexible pricing options designed to fit every lifestyle and financial need. With plans ranging from free to $45/month, there’s a perfect fit for everyone.

Whether you’re a budget-conscious individual or someone seeking premium financial services, get ready to find the plan that unlocks your financial potential !

Revolut pricing plans

Standard Plan : Free

• • The Standard plan offers basic features like international transfers, multi-currency accounts, and built-in budgeting tools.
  • It’s ideal for those looking to manage their finances without additional costs.

Plus Plan : $2.99/month

• • The Plus plan aims to give your everyday finances a boost.
  • It offers more features than the Standard plan and is designed for those who want a bit more from their financial management tools.

Premium Plan : $6.99/month

• • The Premium plan is geared towards those who lead a global lifestyle.
  • It includes advanced features like travel insurance, airport lounge access, and higher limits for fee-free currency exchange.

Metal Plan : $12.99/month

• • The Metal plan is designed for users who want to maximize their financial potential.
  • It offers 4% interest paid daily on savings, low-fee crypto transactions, and more.

Ultra Plan : $45/month

• • The Ultra plan is the most exclusive, offering a range of lifestyle benefits, world-class travel features, and a platinum-plated card.

Revolut offers a comprehensive suite of financial services designed to simplify money management, enhance travel experiences, and provide investment opportunities.

From everyday benefits like cashback on card payments to specialized features such as cryptocurrency trading, Revolut aims to be a one-stop financial hub for its users.

Everyday Benefits

Each of these features adds a layer of convenience and functionality to your Revolut experience, making it a robust platform for all your financial needs.

Send and Request Money

How it Works: The “Send and Request Money” feature is accessible directly from the Revolut app. Users can simply enter the recipient’s details, specify the amount, and complete the transaction. The feature also supports QR code scanning for quick payments.

Countries Supported: This feature is incredibly versatile, supporting transactions in over 160 countries. This makes it ideal for international money transfers or even just sending money to friends and family abroad.

Use Cases: Beyond just sending money, this feature is perfect for splitting bills at restaurants, sharing travel expenses, or settling small debts among friends.

Cashback on Card Payments

How it Works: Every time you make a payment using your Revolut card, you earn cashback. The cashback is automatically credited to your account.

Cashback Percentage: The percentage of cashback you earn can vary depending on your subscription plan. Higher-tier plans generally offer better cashback rates.

Where it Applies: Cashback is applicable on both online and in-store purchases, making it a versatile way to earn while you spend.

Priority Customer Support

How it Works: Priority customer support ensures that your queries or issues are addressed before those of standard users. This is usually done through a dedicated support channel within the app.

Response Time: With priority customer support, you can expect faster response times, often within a few minutes, depending on the complexity of the issue.

Types of Issues: This feature is particularly useful for urgent matters such as reporting lost or stolen cards, disputing transactions, or resolving account-related issues.

Fee-Free ATM Withdrawals

How it Works: Revolut allows you to withdraw money from ATMs without any fees, up to a certain limit. Once you reach this limit, additional fees may apply.

Monthly Limit: The fee-free ATM withdrawal limit varies based on your subscription plan. Higher-tier plans offer higher limits.

ATM Networks: This feature is not restricted to any specific ATM network, giving you the freedom to use most ATMs without worrying about fees.

Travel Benefits

Each of these travel-related features enhances the Revolut experience, particularly for frequent travelers, by offering convenience, coverage, and peace of mind.

Airport Lounge Access

How it Works: Revolut’s airport lounge access is facilitated through a partnership with LoungeKey. Users can simply show their Revolut card at participating lounges to gain entry.

Eligibility: This feature is available to users with specific subscription plans, typically the higher-tier plans like Premium, Metal, and Ultra.

Locations: Access is available at numerous airports worldwide, making layovers and waiting times more comfortable and luxurious.

Trip & Event Cancellation Insurance

How it Works: If you need to cancel a trip or an event, this insurance will cover the costs up to a certain limit, as outlined in the policy.

Reasons for Cancellation: The policy covers cancellations for specific reasons such as illness, family emergencies, or natural disasters. Always read the policy details to understand what is and isn’t covered.

Claim Process: Claims can usually be made directly through the Revolut app, streamlining the process and making it more convenient for users.

Fee-Free Currency Exchange

How it Works: Revolut offers currency exchange at real-time interbank rates. Users can exchange money directly within the app.

Monthly Limit: There is a monthly limit up to which currency can be exchanged without fees. This limit varies based on the user’s subscription plan.

Supported Currencies: Revolut supports currency exchange in over 35 currencies, making it ideal for international travelers or those dealing with multiple currencies.

Travel Insurance

Types of Coverage: Revolut offers various types of travel insurance including global medical insurance, car hire excess insurance, and winter sports insurance.

How to Activate: Insurance can be activated directly through the Revolut app, and users can choose to pay either a one-time fee for single trips or a recurring fee for ongoing coverage.

Peace of Mind: These insurance options provide comprehensive coverage for medical emergencies, accidents, and other unforeseen events, offering peace of mind while you’re away from home.

Investments

Each of these investment-related features enhances the financial capabilities of Revolut users, offering avenues for saving, trading, and diversifying assets.

Interest on Savings

How it Works: Revolut’s interest-bearing savings vaults allow users to earn interest on their stored funds. Users can create multiple vaults for different savings goals and watch their money grow over time.

Interest Rates: The platform offers interest rates up to 2.29% AER/Gross. It’s important to note that these rates are variable and may fluctuate based on market conditions.

Frequency: The interest is usually calculated daily and paid out monthly, allowing users to benefit from compound interest.

Cryptocurrency Trading

How it Works: Revolut provides a straightforward interface for trading cryptocurrencies. Users can buy, sell, and hold various cryptocurrencies like Bitcoin, Ethereum, and Litecoin directly within the app.

Fees: The platform charges a 1.49% fee for each cryptocurrency exchange. This fee is automatically deducted from the transaction amount.

Supported Cryptocurrencies: Revolut supports a variety of cryptocurrencies, giving users the flexibility to diversify their crypto portfolio.

Commodity Trading

How it Works: Users can invest in commodities such as gold and silver through the Revolut app. The platform provides real-time price tracking and allows for instant buying and selling.

Fees: A 1.99% fee is charged for each commodity exchange. This fee is transparently displayed before the transaction is finalized.

Investment Options: Besides gold and silver, Revolut plans to expand its commodity offerings, providing users with more options to diversify their investment portfolio.

Security

Both of these features add to the overall security and financial stability offered by Revolut, albeit with some limitations that users should be aware of.

E-Money Institution

What it Means: Revolut operates as an e-money institution rather than a traditional, fully licensed bank. This means it is authorized to hold and transfer money electronically on behalf of its users.

Safeguarding Funds: While Revolut is not a bank, it still takes measures to safeguard user funds. These funds are held in separate accounts at licensed banks, ensuring they are not used for investment activities.

Lack of Insurance: Unlike traditional banks, Revolut does not offer deposit protection through a financial services compensation scheme. This means that in the unlikely event of Revolut’s insolvency, users may not be able to recover their funds.

Personal Liability Insurance

How it Works: Revolut’s personal liability insurance is designed to protect users against claims made by third parties for personal injury or property damage. This insurance can be activated directly through the Revolut app.

Coverage: The insurance provides coverage up to a certain limit, which varies depending on the user’s subscription plan. It typically covers legal costs and potential settlements.

Extra Layer of Security: This feature offers an additional safety net, providing financial protection against unforeseen liabilities. It’s particularly useful for users who frequently engage in activities that could potentially result in liability claims.

Additional Features

Each of these features is designed to enhance the user’s financial management capabilities, offering a range of tools for budgeting, spending, and saving

Built-in Budgeting

How it Works: Revolut’s built-in budgeting tools are integrated directly into the app. Users can set monthly or weekly spending limits for different categories like groceries, entertainment, and more.

Spending Insights: The app provides real-time insights into spending habits, categorizing transactions and showing where money is being spent. This helps users make informed financial decisions.

Notifications: Users receive notifications when they are close to reaching their spending limits, helping them stay on track with their budget.

Early Salary Access (On-Demand Pay)

How it Works: This feature allows users to access a portion of their earned salary before the official payday. The amount accessible depends on the user’s salary and the company’s policies.

Financial Flexibility: Early salary access provides a financial cushion for users who may need urgent funds for unexpected expenses or opportunities.

Eligibility: This feature is generally available to users whose employers have partnered with Revolut for payroll services.

Parental Control Accounts

How it Works: Revolut offers specialized accounts for those under 18, which are managed by parents or guardians. These accounts have limited features to ensure safe and responsible usage.

Control Features: Parents can set spending limits, block certain merchant categories, and monitor transactions in real-time.

Financial Education: These accounts serve as an educational tool, helping young users understand the basics of money management.

Subscriptions and Joint Accounts

How it Works: Users can manage various subscriptions like streaming services, gym memberships, and more directly through the Revolut app. They can also set up joint accounts for shared expenses.

Ease of Management: This feature simplifies the management of recurring payments, providing a centralized platform to track and manage subscriptions.

Shared Expenses: Joint accounts make it easier to manage shared expenses like rent, utilities, and groceries, allowing multiple users to contribute to a single account.

Currency and International Transfers

Both of these features significantly enhance the user experience for those dealing with multiple currencies or requiring quick money transfers, making Revolut a versatile financial platform.

Multi-Currency Support

How it Works: Revolut allows users to hold, send, and receive money in over 30 different currencies directly within the app. Users can also exchange currencies at real-time interbank rates.

Currency Conversion: The app provides instant currency conversion, allowing users to see exactly how much they will receive in another currency before confirming the transaction.

International Payments: The multi-currency support is particularly useful for international travelers or businesses dealing with overseas clients, as it eliminates the need for multiple bank accounts in different currencies.

Instant Transfers

How it Works: Revolut’s instant transfers feature enables users to send money to other Revolut users instantly. The transfer is completed within seconds, making it one of the fastest methods for money movement.

Cross-Border Transfers: This feature is not limited to domestic transfers; it also supports quick and efficient international transfers.

Availability: Instant transfers are available 24/7, providing flexibility for users who need to send money at unconventional hours.

Open Banking and API

Both of these features extend the capabilities of Revolut beyond just being a financial app, making it a versatile platform that can be integrated into broader financial management systems and applications.

Open Banking

How it Works: Revolut’s open banking feature allows users to connect accounts from other banks directly within the Revolut app. This provides a consolidated view of all financial accounts in one place.

Supported Banks: Revolut supports a wide range of banks for this feature, including major financial institutions in various countries.

Security: Open banking is facilitated through secure APIs, ensuring that your financial data is safely transmitted and stored.

Benefits: This feature simplifies financial management by eliminating the need to switch between different banking apps, making it easier to track income, expenses, and savings.

Developers API

How it Works: Revolut offers a robust API that developers can use to integrate Revolut’s financial services into their own applications or platforms.

Documentation: Comprehensive API documentation is provided, including code samples and best practices, to assist developers in the integration process.

Use Cases: The API can be used for a variety of applications, such as automating payments, integrating financial analytics, or building custom financial products.

Security: Revolut’s API comes with built-in security features, including token-based authentication, to ensure secure data transmission.

Lifestyle and Rewards

Both the Rewards Program and the Gifting and Donations features add an extra layer of engagement and social responsibility to the Revolut platform, enhancing the overall user experience.

Rewards Program

How it Works: Revolut’s rewards program allows users to earn cashback and discounts when they make transactions using their Revolut card. The rewards are automatically credited to the user’s account and can be redeemed through the app.

Types of Rewards: The program offers a variety of rewards, including cashback on purchases, discounts at partner retailers, and exclusive offers for higher-tier subscription plans.

Eligibility: All Revolut users are eligible for the rewards program, but the types and amounts of rewards may vary based on the user’s subscription plan.

Redemption: Rewards can be easily redeemed through the Revolut app, where users can also track their earned rewards and see available offers.

Gifting and Donations

How it Works: The gifting feature allows users to send gifts such as gift cards or money to friends and family directly through the Revolut app. Users can choose from a variety of gift options and personalize their gifts with messages.

Donations: Revolut also enables users to donate to various charitable organizations directly from the app. Users can choose the amount they wish to donate and complete the transaction within seconds.

Supported Charities: The platform partners with a range of charities across different sectors, including health, education, and environmental conservation.

Tax Benefits: Depending on the jurisdiction, users may also receive tax benefits for their charitable donations, which can be tracked within the app for record-keeping.

Revolut is a digital bank that initially started as a travel card offering competitive exchange rates. It has evolved into a comprehensive financial platform with a wide range of features, making it a top choice for frequent travelers.

The platform is especially useful for those who need to manage multiple currencies, offering accounts in 28 different currencies and currency exchange within the app in 35 currencies.

While it is not yet a fully licensed bank, it has applied for banking licenses in the UK and the US. However, it’s worth noting that it doesn’t offer deposit protection and there have been reports of card fraud targeting Revolut customers.

Pros

• Wide Range of Features: From currency exchange to investments, Revolut offers a multitude of financial services.
• No Fee Transfers: Transferring money internationally or in the same currency incurs no fees.
• Competitive Exchange Rates: Offers market-based exchange rates, especially beneficial for frequent travelers.
• Ease of Use: Account setup is quick and can be done entirely via your smartphone.

Cons

• Not a Fully Licensed Bank: As of now, Revolut is not a fully licensed bank, meaning it doesn’t offer deposit protection.
• Card Fraud Risks: There have been reports of card frauds targeting Revolut customers.
• Limited to Certain Countries: While it is expanding, it is currently available mainly in the EEA countries, Switzerland, Australia, and the United States.

By offering a wide array of financial services in one platform, Revolut aims to make money management simpler and more efficient. However, potential users should be aware of its limitations, such as not being a fully licensed bank and the associated risks.

Revolut Review, Pricing, Features with Pros and Cons

• 1Overview
• 2Pricing
• 3Features
• 4Conclusion
• 5FAQ

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