Revolut review: The digital financial app with perks

Revolut the financial app that offers a range of services for personal finance & travel money.

Revolut Review – Overall score 9.3

Revolut is a financial technology company that offers a wide range of financial services through its app. From easy money management, travel perks, and budgeting and analytics tools, Revolut aims to make financial transactions and investments easier and more accessible. It offers features such as sending and requesting money, earning interest (variable) that are paid daily with Savings Vaults, exclusive rewards and cashback. Additionally, Revolut provides travel-related services such as booking accommodations with cashback, spending abroad at real exchange rates, and lounge passes. Revolut also emphasizes its strong security systems and trusted partners to provide end-to-end security.

What MoneyZoe appreciates about Revolut:

Revolut allows you to spend abroad with no hidden fees
Real-time exchange rates
Instant notifications – You’ll receive instant notifications every time you use your card, giving you full control and transparency over your spending.
Budgeting tools – Revolut has various budgeting tools, including the ability to set monthly spending limits and categorize your expenses.
Security features – Revolut uses advanced security measures such as biometric authentication and the ability to freeze and unfreeze your card instantly.

What MoneyZoe considers as areas for improvement:

Limited customer support – Revolut’s customer support can be slow and difficult to reach, especially during peak times.
Limited physical presence – While Revolut is available in many countries, it doesn’t have any physical branches, which can be a disadvantage for those who prefer face-to-face interactions.
Premium fees – Some of the more advanced features on Revolut, such as insurance and premium support, require a paid subscription.
ATM withdrawals – While Revolut offers free ATM withdrawals up to a certain limit, fees may apply after that limit is reached.
Limited features for businesses – Revolut’s business accounts have fewer features compared to personal accounts.
Revolut: The digital financial app with perks

How does Revolut work?

Revolut provides a range of money management services, including easy money management, travel perks, investments, and more, all in one place.
Users can open an account quickly and easily, and can then send, spend, and save smarter with features like hassle-free payments, instant payment notifications, and card security management within the app.
Revolut also offers a range of investment options, including trading and investment products, cryptocurrency services, and commodities trading, as well as savings accounts with annual interest paid daily. Additionally, Revolut provides travel-related services like travel cards, insurance, and hotel bookings, as well as lifestyle services like donations, gifts, and cash back rewards (T&Cs Apply).

Revolut Multi-Currency Account

If you’re a frequent traveler, or if you have friends and family who live in different countries, then a multi-currency account could be for you.

A multi-currency account allows users to hold multiple currencies in their Revolut account at the same time. This is possible because Revolut doesn’t just convert money from one currency into another–it actually holds these funds as separate accounts in its system. So when someone sends pounds sterling from their UK bank account to yours, they’re actually sending pounds sterling directly into your Revolut account as opposed to converting it first.

This means that if there’s ever an issue with one of those currencies, then only those funds will be affected because they’re kept separate from other currencies within your overall balance.

With Revolut you can get paid in different currencies  

Revolut allows users to hold, exchange, and transfer multiple currencies with ease. With Revolut, you can receive payments in different currencies, such as USD, EUR, GBP, and many others. This can be particularly useful for freelancers, remote workers, or expats who receive payments from clients or employers in various currencies.

To get paid in a different currency, you need to provide your personal IBAN (International Bank Account Number) and BIC (Bank Identifier Code) or other relevant banking information for the currency you wish to receive.
This information can be found within the Revolut app under your account details for each currency. Once you’ve provided your payee with the correct account details, they can send you the payment in the desired currency.

The funds will be credited to your corresponding currency account, where you can spend, exchange, or transfer them as needed. Additionally, Revolut offers competitive exchange rates and minimal fees, making it a cost-effective option for managing multiple currencies. 

Revolut: The digital financial app with perks

Revolut’s Budgeting and Analytics tools

Revolut’s Budgeting and Analytics tools provide users with a comprehensive suite of features to help them manage their finances. With these tools, users can set spending limits, track their spending habits, and gain insights into their financial progress.

One of the key features of Revolut’s Budgeting and Analytics tools is the ability to set spending limits. Users can either allow Revolut to calculate recommended limits based on their spending predictions, or they can set their own limits. This helps users stick to their budget and avoid overspending.

Another feature of Revolut’s Budgeting and Analytics tools is the weekly insights report. This report provides users with a deep dive into their spending habits, including a breakdown of spending by merchants, categories, countries, and more. This information can help users identify areas where they may be overspending and make adjustments accordingly.

Revolut’s Budgeting and Analytics tools also integrate with other features of the Revolut app, such as Subscriptions and Pockets. With Subscriptions, users can organize all their recurring payments in one place, making it easier to manage their bills. Pockets allows users to set aside money for specific goals, such as saving for a vacation or a down payment on a house.

Overall, Revolut’s Budgeting and Analytics tools provide users with a powerful suite of features to help them manage their finances. Whether users are looking to stick to a budget, track their spending habits, or save for specific goals, these tools can help.

Revolut’s Savings Vault: Grow Your Money Every Day with Daily Interest and Instant Withdrawals

Revolut’s Savings Vault is a feature that allows users to grow their money every day by earning interest on their savings. Users get annual interest paid daily and can withdraw their money instantly, without any fees or commitment. Deposits in the Savings Vault are protected by the FSCS up to £85,000 and deposited with Revolut’s trusted partner bank.

Users can choose to fund their Savings Vault with one-off transfers or scheduled deposits, and can also round up their spare change to make saving effortless. The Savings Vault is available to users who upgrade to one of Revolut’s paid plans, which also offer other plan perks such as cash back and low-fee crypto.  In addition to the Savings Vault, Revolut also offers Personal Vaults, Group Vaults, and Crypto Savings Vaults to help users save towards their financial goals.

Get Your Salary a Day Early with Revolut Early Salary

Revolut Early Salary is a feature that allows users to receive their salary a day early by switching their salary from their current bank to Revolut. There are no fees associated with this service, and users can enjoy their paycheck before anyone else without any hassle. Revolut safeguards users’ money in licensed banks until it is paid out, which is different from the Financial Services Compensation Scheme (FSCS).

Revolut Rewards: Earn Cashback and Discounts on Your Favorite Brands

Revolut Rewards is a program that allows users to earn cashback and discounts from top brands. Users can earn up to 30% cashback (T&Cs apply) when they eat out at participating London pubs and restaurants, and can also save money when they shop with their Revolut card.

The program also offers insider offers from favorite brands, providing discounts and cashback on brands that users love. Cashback earned through the program is sent straight to the user’s account, making it effortless to save money while spending. Revolut Rewards is available to users on all plans, including Standard, Plus, Premium, and Metal (reward amounts may vary and are subject to availability – T&Cs Apply).

Revolut: The digital financial app with perks

Revolut Card Review: Which of the 4 Plans is Right for You?

Revolut also offers four different types of cards to suit the needs of different users. Here’s a detailed review of each Revolut card and plan:

The Revolut Standard card is a free account that allows users to send and receive money in 29 currencies with no hidden fees and transfers are always instant and free between Revolut friends, no matter where they are in the world. Users can also pay friends on Revolut for free, globally, and split and settle bills without the hassle. Additionally, the Revolut Standard card offers everyday benefits such as discounts and cash back offers from favorite brands (T&C Apply). Users can open an account in minutes using their phone and can manage their finances with smart budgeting and analytics tools.

The Revolut Plus Card is a subscription-based financial super app that offers a range of exclusive benefits for a monthly fee of £2.99. With the Plus Card, users can withdraw up to £200 fee-free from ATMs in the network each month, with a 2% fee for additional withdrawals. The card also offers purchase protection on items up to £1,000 for a year, with a 90-day return window. Additionally, users can exchange up to £1,000 per month in 29 currencies with no fees, and get 3% cashback when booking accommodation worldwide. Users can also customize their card with personalization options for a fee.

The Revolut Premium Card is a paid subscription service that offers a range of exclusive benefits to its users. For a monthly fee of £6.99, users can choose from a range of exclusive card designs and personalize their Premium card to make it uniquely theirs. Premium users can transfer money fast and for free, with unlimited domestic transfers and 20% off fees on every international transfer. They can also withdraw up to £400 fee-free from ATMs in the Revolut network each month, and get full purchase protection on purchases up to £2,500 for a year. Premium users also get worldwide emergency medical and dental cover and delayed flight and baggage insurance. The Revolut Premium Card offers a range of other features, including travel savings and protection, unlimited foreign exchange, and 5% instant cashback when booking accommodation through Revolut. Additionally, Premium users can invest in crypto and commodities at low exchange fees, and get 5 commission-free stock trades every month.

The Revolut Metal Card is a premium card offered by Revolut, and is made of solid reinforced steel and is exclusively available to Metal customers. The card offers exclusive everyday benefits, including up to 1% cashback on payments made in any of the 29 supported currencies, unlimited free domestic transfers, and 40% off fees on every international transfer. Metal customers also enjoy a higher free ATM withdrawal allowance of up to £800 each month, full purchase protection up to £10,000 for a year, and worldwide emergency medical and dental cover, delayed flights and baggage insurance, car hire excess, and winter sports cover when traveling. Additional benefits include access to exclusive rates and no booking fees on accommodation bookings, 10 commission-free stock trades every month, and the ability to trade crypto and commodities at lower fees. The Metal Card is available for a monthly fee of £12.99.

Who Is Revolut For?

Revolut is for people who are sick of paying high international card fees. If you’re one of those people, then Revolut is for you. Revolut is also for travelers who want to save money on travel by using their smartphone as their primary banking tool when abroad, or at least as a backup plan in case something goes wrong with their primary bank account (like stolen cards).

Revolut’s international money transfer feature makes it easy to send money overseas without having to pay crazy exchange rates and they’ll even let you do this via text message if that’s how your recipient prefers payment! (exchange rate might be subject to change)

POSITIVES
  • No hidden fees
  • Real-time exchange rates
  • Instant notifications
  • Budgeting tools 
  • Security features
NEGATIVES
  • Limited customer support
  • Limited physical presence
  • Premium fees
  • Limited features for businesses

Safety & Trust 
9.5/10
Fees & Exchange Rates 
10/10
Service & Features
9.5/10
Customer Reviews 
8/10
Positives
Revolut allows you to spend abroad with no hidden fees
Real-time exchange rates
Instant notifications – You’ll receive instant notifications every time you use your card, giving you full control and transparency over your spending.
Budgeting tools – Revolut has various budgeting tools, including the ability to set monthly spending limits and categorize your expenses.
Security features – Revolut uses advanced security measures such as biometric authentication and the ability to freeze and unfreeze your card instantly.
Negatives
Limited customer support – Revolut’s customer support can be slow and difficult to reach, especially during peak times.
Limited physical presence – While Revolut is available in many countries, it doesn’t have any physical branches, which can be a disadvantage for those who prefer face-to-face interactions.
Premium fees – Some of the more advanced features on Revolut, such as insurance and premium support, require a paid subscription.
ATM withdrawals – While Revolut offers free ATM withdrawals up to a certain limit, fees may apply after that limit is reached.
Limited features for businesses – Revolut’s business accounts have fewer features compared to personal accounts.

What about Revolut’s Business Account Features? 

In terms of its business account features, Revolut provides a range of tools and services that are tailored to the needs of small and medium-sized enterprises (SMEs). Some of the key features of Revolut’s business account include:

  • Multi-currency accounts: With Revolut, businesses can hold and manage funds in up to 29 different currencies, allowing them to transact globally without worrying about exchange rates or conversion fees.
  • Expense management: Revolut’s business account comes with a range of tools for managing expenses, including the ability to upload receipts, categorize expenses, and set spending limits for employees.
  • Invoicing: Businesses can create and send professional invoices directly from their Revolut account, making it easy to get paid quickly and efficiently.
  • Integrations: Revolut’s business account can be integrated with a range of accounting software, including Xero, FreeAgent, and QuickBooks, making it easy to manage finances and generate reports.
  • Business debit cards: Revolut offers business debit cards that can be used to make purchases and withdraw cash worldwide, with no fees for foreign transactions.

How Easy is it to Open a Business Account with Revolut?

Now, regarding the process of opening a business account with Revolut, it is generally quite straightforward and can be completed entirely online. To open an account, businesses will need to provide some basic information about their company, such as their registration number, business type, and contact details. They will also need to upload some supporting documents, such as proof of identity and proof of address for the business owners and directors.

Once the application is submitted, Revolut will typically review it within a few business days and may ask for additional information or documentation if needed. Assuming everything is in order, the account can then be activated, and the business can begin using its Revolut account to manage its finances.

Overall, Revolut’s business account offers a range of features and tools that are designed to help SMEs manage their finances more efficiently. And the process of opening an account is generally quite straightforward and can be completed entirely online. Additionally, Revolut’s accounting integrations make it easy to manage finances and generate reports, which can be a valuable tool for businesses looking to streamline their accounting processes.

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Revolut Review: Pros and Cons of the Revolut Card

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Christian M
Christian M

Meet Christian - he's a digital entrepreneur with a passion for finance, personal growth, and marketing. He likes discovering new cutting-edge financial products that can help to improve people's lives.