Revolut is a financial technology company that blends online banking with a peer-to-peer (P2P) payment system, making it a popular alternative to traditional banks and services like PayPal or Chime. It offers features such as high-interest savings, commission-free stock trading, foreign currency exchange, and rewards—all managed through a user-friendly app.
Unlike many banking apps, Revolut supports multicurrency accounts, making it a solid option for frequent travelers and international transactions. With multiple account tiers, a debit card that works at 55,000+ ATMs, and built-in budgeting tools, Revolut aims to be an all-in-one money management solution.
This review covers everything you need to know about Revolut, including its features, fees, and whether it’s the right choice for your financial needs.
How Revolut Works
Revolut is a digital banking alternative that offers a mix of traditional banking features and modern financial tools. Through its mobile app, users can manage direct deposits, savings, debit card transactions, and peer-to-peer payments while also accessing stock trading, cryptocurrency exchange, and multicurrency accounts.
Unlike traditional banks, Revolut operates entirely online, with no physical branches. This allows for lower fees, faster transactions, and greater flexibility for international spending. While Revolut isn’t a bank in the U.S., it partners with FDIC-insured institutions to protect funds stored in savings vaults.
Key Differences Between Revolut and Traditional Banks
- No physical locations: Banking services are managed entirely through the Revolut app, with customer support available via chat and email.
- High-yield savings: Savings vaults earn up to 4.25% APY, often outpacing rates from traditional banks.
- Multicurrency accounts: Users can hold and exchange over 25 currencies with low fees and real-time exchange rates.
- Investment options: Revolut offers commission-free stock trading and cryptocurrency exchange, something most banks don’t provide.
- Early direct deposits: Paychecks can be received up to two days early with direct deposit.
- Budgeting and spending insights: The app tracks spending, categorizes transactions, and helps users manage their finances more effectively.
Revolut is best suited for those who want a mobile-first banking experience, frequent travelers, and anyone looking for a combination of banking and investing in one platform.
Revolut Account Types and Features
Revolut offers multiple online bank account options to fit different financial needs, ranging from a free standard account to premium plans with extra perks. Whether you’re looking for everyday banking, travel benefits, or investment opportunities, Revolut provides a range of features at different price points.
Personal Accounts
Standard (Free) Plan
Revolut’s free account offers essential banking features with no monthly fee. Users get a debit card, access to 55,000+ fee-free ATMs, and the ability to send and receive money instantly. However, some features are limited, such as currency exchange and international transfers.
- ATM access: Withdraw up to $1,200 per month at in-network ATMs with no fees. Out-of-network withdrawals may incur charges.
- Savings vaults: Earn 3.25% APY on savings with FDIC-insured partner banks.
- Currency exchange: Up to $1,000 per month in fee-free exchanges, then a 1% markup applies.
- International transfers: One free transfer per month, with fees applying after that.
- Revolut card: Comes with a standard account and supports Apple Pay and Google Pay for contactless payments.
Premium Plan ($9.99/month)
The Premium plan builds on the Standard account by offering better perks for frequent travelers and those who exchange money regularly.
- Higher ATM withdrawal limits: Fee-free withdrawals at in-network ATMs, plus an increased limit before out-of-network fees apply.
- Higher interest savings: Earn 4.25% APY on savings.
- More flexibility for converting money: Exchange up to $10,000 per month without fees.
- Travel perks: Trip insurance, overseas medical coverage, and baggage protection.
- Faster support: Priority access to Revolut’s customer service team.
- Lounge access: Free lounge access if your flight is delayed by more than an hour.
- Revolut card: Includes all Standard features plus a customizable design option.
Metal Plan ($16.99/month)
Revolut’s top-tier plan offers all the features of the Premium plan, plus added benefits for frequent travelers and investors.
- Unlimited foreign currency conversions: No fees for exchanging money across 25+ currencies.
- Higher withdrawal limits: Five free international bank transfers per month.
- Cashback rewards: Earn up to 1% cashback on card purchases in select categories.
- Exclusive metal card: A solid 18g metal debit card with customization options.
- More travel benefits: Extra insurance coverage and premium airport lounge access.
- Revolut card: The Metal card provides additional prestige, durability, and cashback rewards.
Revolut <18 Accounts
Revolut allows parents to set up bank accounts for kids and teens, providing a way to teach financial literacy while keeping spending under control.
- Age eligibility: Kids as young as six can have an account linked to a parent’s Revolut account.
- Customizable debit card: Young users can personalize their card and use Apple Pay or Google Pay.
- Parental controls: Spending limits and transaction monitoring help parents manage their child’s finances.
- Savings goals: Kids can set savings targets and track progress.
- Chore-based payments: Parents can assign tasks and send payments once completed.
- Revolut card: A supervised card with parental controls for safer spending.
Joint Accounts
Revolut offers joint accounts for two users who want to manage shared finances while maintaining their individual Revolut accounts. This is useful for couples, roommates, or family members who split expenses.
- Shared balance: Both account holders can deposit, withdraw, and track spending in real time.
- Individual and joint spending: Users retain their personal Revolut accounts while managing a shared one.
- Multi-currency support: Joint accounts allow for holding and spending in multiple currencies.
- Linked Revolut cards: Each user receives a debit card linked to the joint account for seamless transactions.
Business Accounts
Revolut also offers accounts for freelancers, small businesses, and enterprises, providing tools for expense tracking, invoicing, and international payments.
Free Plan
- Basic banking features with no monthly fee.
- Limited international transfers and exchanges of currency.
- Revolut card that supports expense tracking and team spending controls.
Grow Plan ($39.99/month)
- One free Metal card.
- Unlimited virtual and plastic business cards.
- Higher transaction limits and international transfer benefits.
Scale Plan ($149.99/month)
- Two free Metal cards with all the benefits of the Grow Plan.
- Better rates on international transactions.
- Advanced financial tools, including API integrations.
Enterprise Plan (Custom Pricing)
- Tailored features for larger businesses.
- Dedicated support team.
- Higher transaction limits and priority services.
Revolut’s account options cater to both individuals and businesses looking for a digital-first banking experience. The right plan depends on how often you travel, use foreign currencies, or need premium banking features.
Top Features That Set Revolut Apart
Revolut goes beyond basic online banking by offering high-interest savings, the ability to convert money into multiple currencies at real-time rates, stock trading, and unique travel benefits. Here’s a closer look at what makes Revolut stand out.
High-Interest Savings
Revolut’s Savings Vaults allow users to grow their money at competitive rates, with funds held in FDIC-insured partner banks.
- Standard plan: 3.25% APY on savings
- Premium and Metal plans: 4.25% APY on savings
- Automated savings: Users can set up round-ups or recurring bank transfers to boost their savings faster.
Fee-Free International Currency Exchange
Revolut makes foreign transactions simple with real-time exchange rates and low or no fees.
- Standard plan: Exchange up to $1,000 per month without exchange fees
- Premium plan: Exchange up to $10,000 per month without exchange fees
- Metal plan: Unlimited fee-free exchanges in over 25 currencies
- Spending in 150+ currencies: Use the Revolut card internationally without extra conversion fees.
Stock and ETF Trading
Revolut offers commission-free trading, making it easy for users to invest without a separate brokerage account.
- No commissions: Buy and sell stocks and ETFs without extra fees.
- Fractional shares: Start investing with as little as $1.
- Before and after-hours trading: Trade between 4 AM and 8 PM EST for more flexibility.
P2P Payments and Money Transfers
Revolut simplifies peer-to-peer and international money transfers with quick and affordable options.
- Instant Revolut-to-Revolut transfers: Send money to friends and family at no cost.
- International bank transfers: Competitive exchange rates make sending money abroad more affordable.
- Request money easily: Users can share payment links or use the “Find people near me” feature for quick transfers.
Travel Benefits and Insurance
Frequent travelers can take advantage of Revolut’s premium travel perks.
- Early direct deposit: Receive paychecks up to two days early.
- Travel insurance: Premium and Metal users get trip delay, medical, and baggage protection.
- Airport lounge access: Free entry if a flight is delayed by more than an hour.
Revolut Rewards and Cashback
Revolut offers rewards on purchases and exclusive discounts on popular services.
- Cash back on purchases: Earn up to 1% back with the Metal plan.
- Shopping perks: Discounts on brands and services like Slack, Shopify, and Fiverr.
- Automated cash back savings: Rewards can be deposited directly into savings vaults.
Revolut combines banking, investing, and travel benefits in one app, making it a strong choice for users who want more than a basic checking account.
Revolut Fees Breakdown
Revolut offers a free standard account, but some features come with fees depending on the plan. Users who frequently withdraw cash, exchange foreign currencies, or make international transfers should be aware of these costs.
Monthly Fees
- Standard plan: $0 per month
- Premium plan: $9.99 per month
- Metal plan: $16.99 per month
ATM Withdrawal Limits and Fees
- Fee-free withdrawals: Up to $1,200 per month at in-network ATMs
- Out-of-network ATM fees: 2% of the withdrawal amount if the monthly limit is exceeded
- International ATM withdrawals: Same $1,200 limit applies before fees kick in
Foreign Transaction Fees
- Standard plan: Convert up to $1,000 per month into foreign currencies at no cost; a 1% fee applies after the limit.
- Premium plan: Convert up to $10,000 per month without fees; a 1% markup applies beyond that.
- Metal plan: Unlimited currency conversions with no extra charges.
International Transfer Fees
- Standard plan: One free international transfer per month, then fees apply based on the destination and amount
- Premium plan: Up to three free international transfers per month
- Metal plan: Up to five free international transfers per month
Revolut’s fees are generally lower than traditional banks, but users who frequently make international transactions or cash withdrawals may need to upgrade to a paid plan to avoid extra costs.
Is Revolut Safe?
Revolut prioritizes security with multiple layers of fraud protection, but as a digital-only platform, it has some limitations when it comes to customer support.
Account Security Measures
- Two-factor authentication (2FA): Users must verify logins and transactions for added security.
- Real-time transaction monitoring: Suspicious activity triggers alerts and temporary account freezes if necessary.
- Biometric login: Users can enable facial recognition or fingerprint authentication for extra protection.
Disposable Virtual Cards for Online Transactions
Revolut offers unlimited disposable virtual cards to protect against fraud when shopping online.
- Unique card numbers: Each virtual card is used for a single transaction, preventing unauthorized reuse.
- Automatic replacement: A new virtual card is generated after every purchase.
- Extra layer of security: These cards help prevent fraud and unauthorized charges.
Customer Support Limitations
Revolut offers customer service primarily through chat and email, which may not be ideal for users who prefer phone support.
- No direct phone support: Users must rely on in-app chat or email for assistance.
- Limited response times: Some users report slow responses, especially during peak times.
- Emergency card blocking: A dedicated phone line is available to lock lost or stolen cards.
Revolut’s security features are strong, but users should be aware that customer support may not be as accessible as with traditional banks.
Pros and Cons of Revolut
Revolut offers a modern, digital-first approach to banking with features that go beyond what most traditional banks provide. However, it also has some limitations that might not work for everyone.
Pros
- Free standard account with solid features: The no-cost plan includes a debit card, fee-free ATM withdrawals, and access to savings vaults with competitive interest rates.
- No-fee ATM withdrawals: Users can withdraw up to $1,200 per month at in-network ATMs before fees apply.
- Strong travel perks with Premium/Metal plans: Benefits like travel insurance, airport lounge access, and high foreign exchange limits make Revolut a great option for frequent travelers.
- Built-in stock trading and multicurrency support: Commission-free stock trading and the ability to hold and exchange over 25 currencies give Revolut an edge over many online banks.
Cons
- No physical branches or phone support: Customer service is primarily through in-app chat and email, which can be frustrating for users who prefer speaking with a representative.
- Best perks require paid plans: Features like higher ATM withdrawal limits, enhanced savings rates, and travel insurance are only available with Premium or Metal plans.
- Some users report account restrictions: There are complaints of bank accounts being frozen due to security checks, sometimes leaving users without access to their funds for extended periods.
Revolut is best suited for those who want a digital-first banking experience with global features, but users who need in-person support or depend on high cash withdrawals may find some of its limitations restrictive.
How to Sign Up for Revolut
Opening a Revolut account is a quick and fully digital process that can be completed in just a few minutes.
Step-by-Step Account Opening Process
- Download the Revolut app: Available on the App Store for iOS users and Google Play for Android devices.
- Enter your phone number: This is required to receive a verification code.
- Verify your identity: Provide your name, date of birth, address, and Social Security number.
- Take a selfie: This is used to verify your identity alongside your provided documents.
- Set up a passcode: Create a secure login code to protect your account.
- Choose your plan: Start with the free Standard account or opt for a Premium or Metal plan.
Funding Your Account and Ordering Your Card
Once the account is set up, you’ll need to add money before you can start using it.
- Fund your account: Transfer money via ACH transfer, direct deposit, Apple Pay, or Google Pay.
- Order your debit card: A physical card will be mailed, and virtual cards are available for immediate use.
- Activate your card: Once received, activate it in the app and set up PIN protection.
Revolut offers multiple ways to manage your money, including linking external bank accounts and setting up direct deposits.
Revolut Reviews: What Customers Say
Revolut has received positive ratings across major review platforms, though some users report customer service challenges.
Summary of Trustpilot, App Store, and Google Play Ratings
- Trustpilot: 4.3/5 stars based on over 120,000 reviews.
- Google Play Store: 4.5/5 stars with over 10 million downloads.
- App Store (iOS): 4.7/5 stars with over 30,000 reviews.
Common Praises and Complaints
What users like:
- Fast and easy money transfers, especially internationally.
- Competitive exchange rates for foreign currency transactions.
- Strong security features, including virtual cards and biometric login.
Common complaints:
- Slow response times from customer support.
- Account restrictions due to security checks, sometimes without clear explanations.
- Difficulty recovering funds when an account is frozen.
Final Thoughts
Revolut is a great choice for those who want a digital-first banking experience with features like high-interest savings, commission-free trading, and the ability to exchange currencies without extra fees. It’s especially useful for frequent travelers and those who handle multiple currencies regularly.
However, the best perks require a paid plan, customer support is limited to chat, and some users have faced account restrictions. Those who prefer in-person banking or need traditional services like paper checks may find a standard bank more suitable.
For a simpler online banking option, Chime is a strong alternative, while PayPal remains better for peer-to-peer payments. Revolut works best for tech-savvy users looking for an all-in-one financial app.
