Revolut is an upstart and innovator that has taken the US by storm. My Revolut review will be a deep dive into the UK-based financial company, which launched in the US in 2020.
A legion of satisfied Revolut users have helped this newcomer become one of the world’s fastest growing “neo” banks in the world. Always innovating its growing product portfolio, robust Revolut app, and great mix of free business and personal accounts means it now has 25 million customers worldwide.
In my Revolut review, I will look beyond the hype and see if its reputation is well earned, and more importantly, if it’s the right choice for you and your brokerage and banking needs.
Who is Revolut suitable for?
I believe that Revolut is best suited to those who are looking for a seamless mobile trading experience and are keen to keep their trading costs as low as possible. The fact is with a Revolut account, you have a one stop solution for financial needs.
Revolut offers customers both business and personal accounts, though trading is only possible with a personal account.
- Free stock trading
- Easy to open an account
- Sleek mobile trading platform
- Limited product portfolio
- Basic research tools
- No demo accounts
Who is Revolut?
Revolut went live back in 2015 with a simple plan: tackle the gentrified banking system. In particular, the large margins made on international transfers thanks to the banks’ near monopoly on currency exchange transactions.
The company’s first product was a prepaid Revolut card that provided customers with free currency exchanges, at the interbank exchange rate.
Revolut’s vision caused a stir and this innovative fintech start-up proved a hit with tech-savvy customers who wanted the best possible currency exchange rate.
Revolut has grown exponentially and now, as well as currency exchange services, offers all you would expect from traditional bank accounts, including debit cards, peer-to-peer instant payments, international money transfers, and other services. The cherry on the cake? Their commitment to a low-cost and no-fee pricing model.
In a short time, Revolut has expanded globally and continues to introduce new and innovative services. This “neo” bank offers traditional financial services and also brokerage services. An innovative disruptor Revolut is now a global concern with customers the world over.
Revolut is the brainchild of Ukrainian-Russian duo Nikolay Storonsky and Vlad Yatsenko and was founded in 2015.
Headquartered in London, the financial hub of Europe, Revolut is a financial company that offers digital banking and brokerage services.
Initially Revolut accounts were limited to UK-based individuals, but the company expanded rapidly and now offers services in the Asian, European and US markets.
From relatively humble beginnings the company has become a major player and is valued at over $33 billion.
Who owns Revolut?
Revolut co-founders Nik Storonsky and Vlad Yatsenko hold about 20% of Revolut shares. 75% belongs to various corporate investors, the largest of which is Mono Management Ltd. The remaining 5% is in the hands of private investors.
The company has not gone public and in 2021 was valued at $33 billion, making it the most valuable UK fintech start-up of all time.
Accounts and products available at Revolut
Revolut offers customers three different personal bank accounts. These are Standard, Premium, and Metal. Premium and Metal accounts are available for a monthly fee, whilst Standard is free.
All three account plans come with a physical, and also digital, Revolut card. Which can be used in any ATM machine worldwide to make ATM withdrawals from your account. If you wish you can also use Google or Apple Pay.
Regardless of the account you choose, all three offer commission-free stock trading and free crypto trading up to $200,000 a month, as well as offering you the convenience of a traditional bank account with features and services most cannot match.
The free plan is known as the Standard account. This provides customers with commission-free stock and crypto trading.
ATM withdrawals are free in over 55,000 locations with the Revolut card. For ATMs outside the network you can withdraw money up to $1,200 a month for free, after which the fee is 2%. Of course, you can also make traditional card payments with your Revolut card.
Though a free plan, the Standard is a good choice for those wanting to save money. Customers can set aside money in a savings vault, with an interest rate of 2.5% APY.
True to its early days as a foreign exchange specialist it also offers customers no-fee foreign currency exchange, capped at $1,000 a month.
A Premium account offers all the above, though now the Revolut vault for your savings boasts an APY of 3.9%.
Free ATM withdrawals are a given, but the no fee foreign currency exchanges are now unlimited, of course still with the great exchange rates Revolut is known for.
Another neat feature I like is the ability to make disposable virtual cards, a great solution for safety-conscious travellers as they can replace a traditional bank card. A great feature if you are worried by card theft or cloning.
Premium accounts also offer comprehensive travel insurance, as well as free VIP airport lounge access worldwide for you and one person in case of a flight delay. Perfect for those on the move.
The Metal account takes things to the next level with the exclusive Revolut metal card, a customizable metal debit card that lets you make ATM withdrawals in style.
The Metal account is particularly popular with people on the move, thanks to a great range of travel features. Including free VIP lounge access for you and 3 individuals in case of flight delay
Transferring money is easy with unlimited free international transfers, and with the great Revolut exchange rates you or your customer will end up with more money when compared to a traditional bank.
Metal account holders also get an APY of 3.9% on the savings vaults, as with the Premium account. However the free ATM withdrawal limits are higher, on top of which you get 1% cashback on international transactions.
Revolut Business Accounts
For business customers the Revolut Business Account comes in four different flavors namely, Free, Grow, Scale and Enterprise.
The Grow, Scale and Enterprise are paid plans subject to a monthly fee, but all four are solid choices for any business. Especially as all of them let you hold multiple currencies and to receive and send money abroad easily.
My Revolut review will now give you a quick rundown of the key features of each of these different accounts.
Free Business Account
Free accounts let business owners hold and trade in 28 different currencies, with a multi-currency account. As well as unlimited team members and plastic and virtual cards, great for managing company spending by setting up a daily, weekly, or monthly limit.
The easy-to-use account management features put business owners in full control. Other neat features include free money transfers to Revolut accounts, a rewards plan, and 24/7 customer support.
Hard to believe that these features are available in a free account, especially when you have a look at the competition.
Grow accounts offer all the above features and a few neat little extras as well. This includes 1.9% boosted cashback, capped at $10,000 a month.
The Grow account also lets you take advantage of foreign exchanges capped at interbank rates, limited to $10,000 a month. With your account you can easily request payments and submit a money request with clients from all over the globe.
As well as giving you the best possible exchange rate the Revolut platform provides customers with all the tools needed for the easy management of company spending and finances.
The Scale account increases the boosted 1.9% cashback to $30,000 a month. With the foreign exchange limits also increased to $50,000 a month.
The limits on other features, such as free local and international payments, have also been increased. For example, the limit on free international payments is set to 50 a month, more than enough for most businesses.
As with all business accounts the platform also has a rewards scheme in place and provides users with 24/7 support.
The Enterprise account is aimed at companies with larger turnovers and provides a dedicated account manager that is there to help with your company’s finances as well as being on hand to help you answer any questions or queries you may have regarding your Revolut account and more.
Other neat perks are custom foreign exchanges, local transfers, and international payments. The cashback limit of 1.9% boosted cashback is also increased to $50,000 a month.
If my review of Revolut highlights anything it should be the fact that their product offerings are innovative and put the customer in control.
Revolut <18: Junior Account
Lastly, Revolut offers customers an account aimed at children between the ages of 6-17, the Revolut <18. I really like this account as it’s a great way of giving young adults a head start when it comes to managing their finances.
Account holders are given their choice of either a physical Revolut <18 card, or Google or Apple Pay, as well as a virtual card. There is no need to worry as these cards can be remotely managed by the guardian and can have spending limits put in place.
It’s easy to send money to the <18 account and you can even request money using the account. Great for helping friends and relatives take the hassle out of shopping for presents. Overall, this is a great product and as a bank account for minors is pretty hard to beat.
Revolut Fees and charges
If you’re signing up for a personal Revolut account in the US, you’ll have three plans to choose from.
Two of these are paid for, but the single monthly fee model is great as you know exactly how much you are paying.
- Standard – free.
- Premium – $9.99/month.
- Metal – $16.99/month.
Revolut is completely transparent when it comes to the fees you pay for stock trading, a nice contrast to other brokers. To put it simply, there are no commissions, hidden or extra stock trading fees. The only fees you will have to pay are the regulatory fees put in place by FINRA and Security and Exchange Commission (SEC).
Crypto exchange fees are also waived, though there is a monthly cap of $200,000.
ATM withdrawals are free with network partner ATMs, of which there are 55,000 in the US.
I should note that payments may be levied for transactions with banks that are outside of the Revolut App, though you will be informed of this before you make any transfer.
The pricing structure for Revolut Business Accounts is simple:
- Free – free.
- Grow – $39.99/month
- Scale – $149.99/month
And lastly, the Enterprise account is priced on a custom basis, depending on the size, needs, and length of your agreement.
Revolut also offers the <18 account. This is a free account that for most customers is tied to their personal Revolut account. As such most services will be free, though in some cases a transaction fee may be levied.
However, it is a standalone product in its own right and you do not need to be a Revolut customer to get an account for minors in your care.
- Standard – free
- Premium – $9.99/month
- Metal – $16.99/month
Revolut Services & Tools
Revolut has set out to become a one stop financial service provider, whatever your needs. As such it may be easier to list the products Revolut does not offer, as opposed to those it does.
To ensure my review of Revolut is a thorough one, I will list the various services and perks it offers account holders.
Personal account holders get a free ATM card, which you can link up to your phone for easy payments on the go. Best of all Revolut’s excellent exchange rates help you maximize the bang for your buck wherever you go.
As an account holder you also have a robust set of budgeting and analytics assets. These are designed to help you take control of your finances. For example, you can use the app to check any subscriptions and cancel any recurring payments you may have.
It’s safe to say that Revolut is a firm believer in the principle of “it’s never too early to start saving,” and I suspect it’s for this reason it offers Personal account holders a free under 18s account. This is a great way of teaching financial responsibility to any minors in your care.
Whilst most customers use Revolut as a traditional banking service provider, other Revolut users are taking advantage of the commission-free trading on its Personal accounts. Trading shares on the Revolut app is incredibly easy, literally just a tap, and you can start trading for as little as a dollar.
Business accounts are provided with physical and digital debit cards, and as the boss, you obviously have complete control over these cards and can manage them remotely 24/7.
Spend management is a breeze, as you can set spending rules for your account. This way you ensure your team never goes over budget, as well as letting you track staff wherever they may be.
With these accounts customers are also able to receive, hold, and send money in over 30 different currencies, with no nasty hidden fees lurking in the shadows. Revolut provides you with the best possible exchange rate. So, no matter where your work takes you, you can be sure you are getting top dollar whatever the currency.
Also, thanks to the Revolut Business API you can connect your company’s own apps to your account. This is a great way of integrating company software into your banking platform and ensures that your account is a truly personalized experience that is literally tailored to meet the needs of your business.
Revolut Deposit & Withdrawal process
True to their low-cost model, Revolut have kept all deposits and withdrawals completely free of charge. You can deposit money into your Revolut account either by means of a credit or debit card, Apple or Google Pay, or by bank transfer.
Bank transfers to your account can take several business days to clear. If, however, you use a credit or debit card to put money into your Revolut account, the transaction is instant.
I should mention in my Revolut review that even though it’s not a bricks and mortar concern, it is still possible to make cash deposits into an account and make withdrawals using the app and partner retailers.
Revolut Customer Support
It can be hard to contact Revolut. Of the few negative revolute reviews, the main issue raised by customers is the difficulty in contacting them.
Customer service is limited to the In-App Chat function. During my Revolut review I found them to be quick and responsive. The Revolut customer support agents I dealt with appeared to be knowledgeable and professional.
That said I should mention that priority is given to paying subscribers, so be aware that if you happen to have a free account you could be waiting for quite some time before getting a response.
Whilst the customer support service speed and service is good for subscribers, overall the experience is barebones. Revolut does not offer email support, and the phone line service is fully automated and offers very little insight or information.
Revolut Research and Education
I have to be honest and though I am a big fan of the things Revolut does well, I cannot recommend the platform if you are looking for a brokerage app that provides you with research tools and educational materials.
I suppose the thinking behind this decision is to provide a streamlined experience.However, whilst it certainly is a robust and easy-to-use platform, those wanting to learn about the markets are advised to look elsewhere.
Anytime a transaction of any sort happens on your app you will get a notification, that way you are always in control of your account. If an unauthorized transaction occurs, you can instantly lock the account and raise the alarm.
Revolut has automated and manual fraud prevention measures in place which are designed to protect you in case of any unauthorized activity.
Furthermore, any personal data you submit to the site is fully encrypted. So, you do not have to worry about your bank details falling into the hands of criminals on the dark web.
Lastly, I should mention that though Revolut is not a bank, its partners are fully licensed and as such any funds, including any money in your savings vaults, is fully insured by the Federal Deposit Insurance Corporation (FDIC). Also, as a provider of financial services in the US, the company is fully compliant with all legal requirements.
For these reasons I have no concerns when it comes to the safety of your money and information on the Revolut platform.
Useful information about Revolut
You might find the following information useful in my Revolut Review.
How to contact Revolut
The easiest way to contact Revolut is through their In-App Chat. Priority service is given to Premium and Metal account holders.
If you want to block your Revolut card, and do not have access to your account, you can call the following number: +18447443512.
Unfortunately, Revolut does not provide customers with other means of contact.
How to withdraw from Revolut
You can withdraw money from your Revolut bank account at any ATM worldwide.Should you wish to withdraw a large sum then you will need to submit a bank transfer request via your account. The good news is that a bank transfer withdrawal is free of charge.
FAQs about Revolut
Is Revolut safe?
Yes, Revolut is safe as a reputable and trusted provider with customers from all over the world. Revolut launched in the US in 2020 and is fully compliant with all relevant US legislation.
Is Revolut a real bank?
No, Revolut is not a real bank as it does not have a bank charter. It has, however, applied for a US banking charter and is committed to becoming a fully fledged bank.