Revolut Review 2024

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.

Now, let’s take a look at Revolut and see if it meets your needs.

Revolut at a glance…

Features	Description
Everyday Essentials	Enables smart spending and saving. Provides easy money transfers and bill splitting among users across 200+ countries.
Cards with Style and Substance	Immediate payment notifications and card security management within the app. Compatibility with Google and Apple Pay.
Travel Features	Offers travel card, insurance, and hotel booking. Spend abroad at real exchange rates and get lounge passes for less.
Stays	Book holiday accommodation worldwide and get up to 10% cashback.
Security	Provides end-to-end security with award-winning security systems and trusted partners.
Spending Analytics	Weekly spending insights with categorisation features.
Manage Finances	Connect other bank accounts using Open Banking for a consolidated view of finances.
Monthly Budgeting	Set monthly spending targets.
Manage Subscriptions	Organise and cancel recurring payments and unwanted subscriptions.
Upcoming Payment Reminders	Notifies when the account balance is too low to cover upcoming payments.
Revolut’s Rewards	Get cashback and rewards with exclusive retailers when spending on your Revolut card.
Bill Splitting	Ease of splitting bills with friends or family.
Money Transfer	Send money abroad in over 30 currencies at the Interbank Exchange Rate.
Fee-free Spending Abroad	Spend abroad without hidden fees (subject to certain conditions).
Interest on Savings	Save money in a Revolut savings vault to earn interest.
Round up Spare Change	Save as you spend with the round-up feature.
Get Paid Early	Get your salary paid into your Revolut account a day early.
On-demand Pay	Access your salary at any point before it is paid at no cost to the employee (with your employer’s participation).
Pockets	Sort your bills and subscriptions into pockets for easy management.
Apple/Google Pay	Compatibility with Apple and Google Pay.
Virtual Card	Shop online and get protection against online fraud.
Revolut <18	Open an account for a child aged between 6 – 17 years old.
Investments	Manage investments in stocks, commodities, and cryptocurrency.
Pet Insurance	Purchase a Revolut pet insurance policy via the app.
Stays	Access your salary at any point before it is paid at no cost to the employee (with the employer’s participation).

Is Revolut the Right Choice for me?

Revolut is a great choice for frequent travellers and those who send money abroad

It offers competitive exchange rates without the hefty 2-3% fees from traditional banks and credit cards.

Revolut’s not a full bank (no overdrafts, credit, or cash/cheque deposits), but it excels specifically in travel and foreign exchange.

However, the standard account limits cash withdrawals to £200 or 5 withdrawals per month, which is 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.

Pros & Cons of Revolut

Pros

What’s Great With Revolut

• Effortless Currency Exchange: Revolut provides easy currency exchange at real-time rates.
• Cryptocurrency Support: Users can manage various cryptocurrencies directly in the app.
• Free Basic Account: Offers payment execution, money transfers, direct debits, and financial oversight with no monthly fees.
• Optional Premium Accounts: Includes benefits like travel insurance, priority support, and higher exchange and withdrawal limits.
• Instant Spending Alerts: Receive immediate notifications for transactions.
• 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

What to be Aware Of

• Physical Card Incurs Cost: Although Revolut offers a basic account at no cost, there is a fee for acquiring a physical card.
• No Cash or Cheque Deposits: Unlike conventional banks, Revolut does not allow cash or cheque deposits into your account.
• Absence of UK Banking License: Revolut lacks a banking license in the UK.
• No Overdraft Facility: Revolut does not provide an overdraft facility.
• No Physical Branch: As an EMI, Revolut does not have any physical branch locations.
• App-Only Account Management: Revolut relies heavily on its mobile app as it is the only way to manage your Revolut account, and users report facing difficulties if their phone is lost/stolen.

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 Features

International Transfers

Revolut offers a transparent and efficient platform for both currency conversion and international transfers, supporting 29 currencies with no hidden fees.

It allows you to hold, send, and exchange money via various methods, including bank, card, and soon digital wallets, with all fees clearly displayed upfront.

Part of this feature is its currency exchange rates, for which the website shows an example where £1,000 converts to €1,150.61 at a rate of £1 = €1.1506, though this was calculated for card transactions and may not be the case for other types of transaction.

Features like real-time foreign exchange rate tracking and the ability to place limits and stop orders enhance your control over transactions.

This service simplifies managing multiple currencies and conducting transfers, which can be initiated quickly from a smartphone or computer, with broad global coverage ensuring convenient money management worldwide.

Multiple Account Types

Revolut offers multiple account types, allowing you to decide whether you like its free services or whether you need something more suited to your needs, but would incur a small fee.

These accounts are as follows:

Personal Accounts

• Standard Account: Ideal for casual users who need basic banking services without monthly fees, providing features like multi-currency accounts, limited free ATM withdrawals, and budgeting tools​​.
• Plus Account: Suited for individuals seeking additional security and convenience features like overseas travel insurance and purchase protection.
• Premium Account: Targeted towards frequent travellers and higher spending users, offering extensive travel insurance, more free ATM withdrawal limits, and cheaper international transfers​​.
• Metal Account: Designed for heavy users and travellers who benefit from unlimited currency exchange, exclusive concierge service, and cashback on spending​.
• Revolut <18 Accounts: Aimed at helping parents manage family finances and teach money management to kids between ages 6 to 17, featuring linked payment cards and controlled account viewing.

Business

• Free Plan: Suitable for small startups or solo entrepreneurs needing basic digital banking tools.
• Grow Plan: Ideal for small to medium-sized businesses looking to expand, offering more free transactions, bulk payment capabilities, and API access.
• Scale Plan: Designed for larger businesses that need extensive banking services like higher limits for free international payments, advanced team member permissions, and enhanced API access.
• Enterprise Plan: Tailored for large corporations requiring a custom banking solution that includes all premium features, unlimited free transactions, and dedicated support​.

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.

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.

One unique feature is interest-free spending for up to 62 days when repaid in full before the next calendar month ends.

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 Pricing & Features

Personal Accounts

Feature/Benefit	Standard (Free)	Plus (£3.99/month or £40/year)	Premium (£7.99/month or £80/year)	Metal (£14.99/month or £140/year)	Ultra (£55/month or £540/year)
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 transfers	✕	✕	20% discount	40% discount	100% discount
Revolut <18 accounts	✕	1 <18	2 <18s	5 <18s	5 <18s
Full access to <18 features	✕	✕	✓	✓	✓
Free card delivery	✕	✓	✓	✓	✓
24/7 priority customer support	✕	✕	✓	✓	✓
Daily interest on GBP savings	Up to 2.29% AER	Up to 2.39% AER	Up to 3% AER	Up to 4% AER	Up to 4.75% AER
Stock exchange fees	0.25% (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 fees	1.99% (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 limit	Unlimited	Unlimited	Unlimited
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/Benefit	Basic (£0/month)	Grow (From £19/month)	Scale (From £79/month)	Enterprise (Custom)
No-fee international transfers	0	5	25	Custom
No-fee local transfers	5	100	1,000	Custom
SWIFT account details	✓	✓	✓	✓
Currency exchange at interbank rate (before fees)	£1,000	£10,000	£50,000	Custom
Plastic company cards	✓	✓	✓	✓
Exclusive Revolut metal company card. Fees Apply	✕	1 free	2 free	Custom
Payment acceptance fees	From 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	✕	✓	✓	✓

For more information on Revolut’s Business Banking, Click Here

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.

First, let’s look at a table of security measures used by EMIs and High-Street banks to see how many of these measures Revolut has put into place.

Security Measures	Revolut Implementation
Physical Security Measures
Bank Vaults	✕
Secure Transportation	✕
Access Controls	✕
Surveillance Systems	✕
Security Guards	✕
Digital Security Measures
Encryption	✓
Firewalls	✓
SSL Certificates	✓
Two-Factor Authentication (2FA)	✓
Anti-Malware Software	✓
Fraud Detection Systems	✓
Data Masking	✕
Regular Software Updates	✓
Disposable Virtual Cards	✓
AI-based Scam Detection	✓
Location-Based Security	✓
Virtual Prepaid Cards	✓
Secure Customer Authentication (SCA)	✓
Dedicated IBANs for Enhanced Transaction Tracking	✓
Anti-Phishing Tools	✓
Operational Security Measures
Strict Regulatory Compliance	FCA (900562), FCA (780586), CySEC (001/22), Bank of Lithuania (304580906)
Employee Training	✓
Audit Trails	✓
Risk Assessment and Management	✓
Client Education	✓
Incident Response Plans	✓
Advanced Fraud Protection and Custom Card Controls	✓
EMI Specific Measures
Digital-Only Infrastructure	✓
Cloud Security	✓
API Security	✓
Biometric Security	✓
Robo-Advisor for Investing	✓

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.

Customer Support

Revolut offers various support methods, including 24/7 in-app live chat, email support, and an automated phone line specifically for blocking cards and other urgent issues.

Revolut’s customer support generally receives mixed reviews. Many users appreciate the convenience of the 24/7 in-app live chat, which is the primary method for contacting support.

Premium and Metal account holders benefit from priority support, which can lead to quicker responses and resolutions.

However, there are also reports of people finding it difficult to get timely help when issues arise, especially for users with basic or free plans.

Revolut Customer Reviews

Trustpilot Reviews

With over 159,000 reviews on Trustpilot and an overall rating of 4.1 stars, Revolut has garnered an excellent reputation among its customers.

The majority of reviewers, accounting for 74% of the total, have given Revolut a full 5-star rating. Whereas only around 11% of reviewers scored Revolut a 1-star.

Google Play Reviews

On Google Play, Revolut has received 25,400 reviews from phone users alone with an average rating of 4.8 stars, 78% being 5-star and 9% being 1-star, showing a higher level of satisfaction than on Trustpilot.

Eligibility for a Revolut Account

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

Criteria	Description
Age Requirement	Must be 18 years or older. Junior accounts require adult management.
Single Account Limit	Individuals are permitted only one personal Revolut account.
Non-Business Use	Personal accounts cannot be used for business purposes.
Previous Account Closures	Cannot open a new account if Revolut previously closed your account.
Residence Requirements	Must be a resident in a country where Revolut operates.

Revolut Supported Countries/Regions: Australia, Brazil, British Indian Ocean Territory, European Economic Area (EEA), French Guiana, Guadeloupe, Guernsey, Isle of Man, Japan, Jersey, New Zealand, Singapore, Switzerland, United Kingdom, United States, Virgin Islands

Revolut Lite Supported Countries/Regions: Armenia, Azerbaijan, Bangladesh, Chile, Kazakhstan, Kuwait, Macao SAR (China), North Macedonia, Oman, Qatar, Republic of Moldova, Saudi Arabia, Sri Lanka, Vietnam

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 Type	Subtype	Description	Sign Up
Personal	Standard	Basic account offering money management tools and international payment features.	Sign up
	Plus	Adds features like purchase protection, ticket protection, and extra savings perks to the Standard account offerings.	Sign up
	Premium	Along with the Plus features, it offers global travel insurance, priority customer support, and higher free ATM withdrawal limits.	Sign up
	Metal	Provides all Premium features plus a unique metal card, cashback on card spending, and access to exclusive offers.	Sign up
	Ultra	Custom solutions designed to meet the specific needs of wealthier individuals, providing bespoke features and services.	Sign up
Business	Basic	Free business account with features like money transfers, payments, and expense management.	Sign up
	Grow	Offers additional features like priority support, team permissions, and more local payment transfers.	Sign up
	Scale	Advanced business account providing features like unlimited local transfers, mass payments, and dedicated account management.	Sign up
	Enterprise	Custom solutions designed to meet the specific needs of larger businesses, providing bespoke features and services.	Sign up
Teens	–	Custom 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

Feature	Revolut	Starling	Monzo	Monese	Cashplus
Monthly Cost (standard account)	FREE	FREE	FREE	FREE	FREE
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	✓	✓	✕	✕	✕