Detailed Full Review of Revolut: All you need to know (2024)

What is Revolut?

Revolut is a fintech company that aims to create the first global “financial super application.”

• Launched in 2015: Headquartered in the United Kingdom, Revolut operates in over 200 countries and reached 25 million customers in November 2022.
• Origin: Originally designed for international travelers, it allows transactions in multiple currencies at reduced fees.
• Banking license: Since 2018, Revolut has held a banking license in Lithuania and has expanded its operations to other European countries.
• Varied services: As a digital bank, Revolut offers bank accounts, debit and credit cards, loans, currency exchanges, including cryptocurrencies, and much more.
• Subscription plans: Revolut offers four personal subscription plans, each with different benefits and costs, up to €13.99 per month.
• Professional sector: Revolut also offers subscription plans for businesses and an online payment system, Revolut Pay, in competition with PayPal.

Revolut is a versatile financial application that offers a wide range of services, from simple bank accounts to cryptocurrency transactions. Whether you are an individual or a business, Revolut has a plan adapted to your needs.

Features

Discover the extensive features of Revolut, the online bank that is revolutionizing the management of your finances.

This guide covers everything from spending analytics to debit card options.

1. Expenditure Analysis

Revolut helps you understand your spending habits through analytics features.

• Weekly insights: Get weekly overviews of your spending.
• Categorization: Expenses are classified into different categories for better understanding.

A great tool for anyone looking to track and understand their spending habits.

2. Centralized Financial Management

Manage all your bank accounts in one place thanks to Open Banking.

• Unification: Connect your other bank accounts for centralized tracking.
• Overview: Get a complete picture of your financial situation.

Ideal for those who have multiple accounts and want an all-in-one solution.

3. Monthly budgets

Take control of your finances by creating a monthly budget.

• Customization: Set a monthly budget according to your needs.
• Control: Track your expenses in relation to the set budget.

A must for anyone looking to keep their monthly expenses under control.

4. Instant notifications

Stay up to date on all transactions with real-time notifications.

• Alerts: Get instant notifications for every transaction.
• Follow-up: Track cash inflows and outflows in real time.

Perfect for those who want to track their transactions in real time.

5. Subscription Management

Easily organize and manage your recurring payments and subscriptions.

• Organization: Sort your recurring payments and cancel unwanted subscriptions.
• Notifications: Get notifications at the end of the trial periods to cancel if necessary.

A handy tool to avoid unexpected subscription fees.

6. Payment reminders

Never miss a payment with Revolut reminders.

• Alerts: Get reminders if your balance is too low to cover future payments.
• Management: Avoid late fees and penalties.

Great for maintaining a good credit score and avoiding additional fees.

7. Revolut Debit Cards

Revolut offers physical and virtual debit cards, each with its own benefits.

• Virtual cards: Ideal for online shopping, they offer an extra layer of security.
• Physical maps: Accepted in most countries and in over 150 currencies, with no hidden fees.

Revolut cards make spending convenient and accessible across the world.

8. International currency exchange

Revolut really shines when it comes to currency exchanges.

• Real rates: Get the real international exchange rate for all currencies.
• Automatic exchanges: Set up limits and stop orders to automatically trade at the best rate.

Revolut allows you to maximize your money when trading currencies.

9. International transfers

International transfers are often expensive, but not with Revolut.

• Zero fees: Up to 10 free international transfers every month in over 30 currencies.
• Transparency: No hidden fees, you know exactly how much the container will get.

An essential choice for those who regularly make international transfers.

10. Mobile app

When it comes to Revolut, as you've probably already guessed, the app is at the center of everything you do. This is where you go to manage all aspects of your finances. The app itself is free to download and offers an easy to use interface.

Revolut customers can use Apple Pay, Google Pay, Google Pay, Contactless, or Chip-and-Pin Payments with a Physical Card. Every action you take sends notifications to your phone (or to your Apple Watch if you download the Apple Watch app), making it easy for you to stay in control.

From the app's home screen, you can navigate to any of the following four areas;

1. Your accounts
2. Maps
3. Linked accounts
4. Junior accounts

You can also choose to navigate to other sections of the app. For example, checking your investments, sending payments, setting up shared invoices, accessing additional features, or even earning rewards.

Navigating the Revolut app is completely intuitive. In a very short period of time, you can become familiar with the location of each item. It only takes a few clicks to take action or view an account, making the app incredibly accessible to all types of users.

Revolut offers a comprehensive range of features to manage your finances effectively and transparently. Whether you're a casual user or a financial expert, Revolut has something for everyone.

Revolut Investment Tools

Revolut is no longer limited to a simple multi-currency financial application. The company is evolving to become an easy-to-use financial services provider, similar to a simplified version of Charles Schwab. Discover here the interesting investment tools that Revolut has integrated into its application.

1. Cryptocurrency exchange

Revolut introduced cryptocurrency trading to its app in 2019, and the experience was very successful for a number of reasons.

• Low fees: You can buy cryptocurrencies for as little as $1.
• Simplicity: Simplified trading charts make it easy to understand the markets.

However, there are a few drawbacks worth noting, including the fact that Revolut is not a genuine cryptocurrency exchange platform. Also, you can't transfer your cryptocurrencies to your own wallet.

2. Stock trading

Revolut recently launched stock trading in some countries, with the aim of making the process quick and easy.

• Wide choice: Invest in over 800 global businesses, mostly market leaders like Apple and Amazon.
• Reduced fees: Revolut offers one free trade per month for Standard account users and five for Premium and Metal users.

The user interface is pleasant and the simple analysis charts are perfect for people who are new to stock trading.

3. Commodity trading

If you are interested in gold and silver, Revolut also allows you to invest in these commodities.

• Minimal investment: As with cryptocurrencies and stocks, the minimum investment is only $1.
• Purchase options: You can even round up your currency and invest the change in these commodities.

At the moment, the options are limited to gold and silver, but they offer a great opportunity to diversify your portfolio.

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Whether you're new to investing or looking to diversify your portfolio, Revolut offers a range of tools that can help you reach your financial goals in a simple and effective way.

Security

Revolut has almost everything planned to offer you a safe and professional security service.

Some of the most notable security measures include

• Fingerprint identification : You have the option to securely log into your account using your unique fingerprint.
• Customizable features: For example, you can turn off features like e-commerce payments and withdrawals if fraudulent behavior is suspected. You can also quickly freeze your card with a simple click.
• Disposable virtual cards : You can change your card details after each online payment, which goes a long way in protecting yourself from online scammers. Even if someone steals the card's credentials, these types of cards can only be used once and are therefore virtually useless if they fall into the wrong hands.
• Sherlock Anti-Fraud System : It provides real-time alerts about fraudulent activities.

Customer Support

Revolut customer support has its ups and downs.

Here's what you need to know to effectively navigate their customer service system.

• Varied experiences: Revolut's online customer support reviews are mixed, often because people tend to leave reviews only when they have a bad experience.
• Live chat: Revolut offers live chat within the app to contact customer support at any time. Agents are generally well-informed.
• Response times: Response time may vary from 4 to 12 hours. If you have an urgent question, it can be a problem.
• Automatic closure: If you don't respond within 5 to 7 minutes after they respond, the chat automatically shuts down, requiring you to start the process again.
• Premium plans: Users of premium plans, like the Metal Plan, enjoy nearly instant responses and a higher level of customer service.
• Tip for Contacting an Agent: To avoid the Rita chatbot and talk directly to a human agent, type “live agent” as soon as you open the chat.

In summary, Revolut's level of customer service can vary greatly depending on your plan and how you use their chat system.

For a better experience, maybe consider upgrading to a premium plan or use the “live agent” trick to speed up the process.

Pricing

Getting started with Revolut doesn't have to be expensive. Whether you're looking for a personal or professional solution, there are options that are affordable and even free. Here's an overview of the various plans and what they offer:

For business accounts, pricing is different and more flexible, tailored to the size and needs of your business. Three paid plans are available: Grow, Scale, and Enterprise.

Transfer Fees
Revolut is known for offering free money transfers up to a certain limit. If you exceed this limit, a fee of 0.5% is applied to the amount currently. Revolut's exchange rates are generally more competitive than other providers, although they do vary over the weekend.

In summary, Revolut offers a range of pricing plans to meet a variety of needs, whether you are a casual user or a professional who requires more robust services.

How do you open your Revolut account?

Opening a Revolut account is easy and fast. Our account was verified within one business day.

The 5 steps to open a Revolut account:

1. Download the app and create a Revolut account
2. Go to “Dashboard” and click on “Trading.”
3. Add some personal details, such as your nationality and tax identification number.
4. Answer a few questions about your professional situation, annual income, and investment goals.
5. Accept user and market data agreements

FAQs

Is Revolut a real bank?

No, Revolut is not a bank in the traditional sense of the word. It is a financial technology (fintech) company. Fintechs often offer more advantages than traditional banks while operating like a normal bank, which makes them very attractive.

What bank is behind Revolut?

Several partner banks are behind Revolut, and this varies from country to country. In the United States, it is the Metropolitan Commercial Bank in New York. In the United Kingdom, it's Barclays and Lloyds. In Australia, ANZ collaborates with Revolut.

Is Revolut secure?

Yes, Revolut is a legitimate company that offers a lot of account security features. It's a great option for safely spending money abroad and making international transfers.

Final opinion

If simplicity is what you're looking for, Revolut has everything you need to get started. According to Revolut, you can open a bank account in under a minute. With no tedious paperwork to complete, the process is a lot less intimidating than creating an account at a traditional bank.

The entire registration process can be done through the app. You just need to verify your phone number. Once you have completed your details, you will be prompted to make a deposit from an existing account, which is essentially an initial security check.

You will then be asked to send proof of identity in the form of an image uploaded from your passport or driver's license. You will usually receive a confirmation of your identity by text message in just a few minutes.

Once set up, you can choose your preferred subscription plan, order your cards, and start spending.