Revolut review: Revolut is a digital banking platform that offers a range of financial services to its users. It was founded in 2015 and is headquartered in London, UK. The platform provides a variety of financial products, including debit cards, multi-currency accounts, international money transfers, and cryptocurrency trading.
One of the key benefits of using Revolut is its ability to facilitate international money transfers at competitive rates. Users can transfer money to over 130 countries, with no hidden fees or charges. The platform also offers multi-currency accounts, allowing users to hold and exchange different currencies at competitive rates.
In addition to its traditional banking services, Revolut also allows users to trade in cryptocurrencies. The platform supports a range of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, and offers competitive exchange rates and low fees. Revolut places a strong emphasis on security, using advanced security protocols to protect its users' data and transactions. The platform offers two-factor authentication, fingerprint recognition, and other security features to ensure that users' accounts are safe and secure.
| 💵 Currency: | USD, EUR, GBP, AUD, CAD, CHF, CZK, DKK, HKD, HUF, ILS, JPY, NOK, NZD, PLN, RON, SEK, SGD |
| 💰 Min deposit | No minimum deposit |
| ⚖️ Leverage | Revolut does not offer leverage or margin trading |
| 💱 Spread | Floating rates with no hidden fees |
| 💹 Markets | Currency exchange, international money transfers, and cryptocurrency trading |
| 📱 Mobile apps | iOS, Android |
| 🗺️ Headquarters | London, UK |
Overall Revolut Review
Overall, Revolut offers a convenient and cost-effective way to manage your finances, with a range of products and services to suit different needs. Its user-friendly interface, competitive rates, and emphasis on security make it a popular choice for consumers looking for a digital banking solution.
Go to Revolut website
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Top Reviews
Best customer reviews of Revolut
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It offers great exchange rates and I have saved a lot of money on international transfers. The mobile app is very user-friendly and provides real-time notifications, making it easy to track my spending. The process of creating a new account was easy and quick, and I was able to start using the platform in just a few minutes. Overall, I highly recommend Revolut to anyone looking for a digital banking solution.
United Kingdom
The platform is easy to use and offers competitive exchange rates. On the other hand, I have had some issues with the support team. I had an issue with a transaction and it took a few days to get a response from support. Also, despite the convenience of the mobile app, some features are limited to paid plans. Overall, I think Revolut is a decent platform, but there are some areas where it could be improved.
Poland
I signed up for the platform to use the international money transfer service, but ran into numerous problems. The exchange rates were not as competitive as advertised and I ended up paying more in fees than I expected. In addition, customer service was slow to respond and failed to address my concerns. Finally, when I tried to close my account, I encountered even more problems and had to go through several hurdles to do so. Overall, I would not recommend Revolut and would recommend looking for another digital banking platform.
France
Expert Review
Expert Review of Revolut
As a financial expert, I have been following the progress of Revolut exchange with keen interest. Overall, I believe that Revolut exchange is a reliable and efficient platform for currency exchange, offering competitive rates and a range of convenient features for users.
One of the key advantages of using Revolut exchange is its low fees. The platform offers real-time exchange rates with no hidden fees, making it a cost-effective solution for individuals and businesses looking to exchange currencies. In addition, Revolut exchange offers multi-currency accounts, which allow users to hold and exchange different currencies at competitive rates.
Another advantage of using Revolut exchange is its user-friendly interface and convenient mobile app. Users can manage their accounts, make payments, and track their spending all from their mobile device. The app also provides real-time notifications and alerts, giving users complete control over their finances.
The platform places a strong emphasis on security, using advanced security protocols to protect its users' data and transactions. The platform offers two-factor authentication, fingerprint recognition, and other security features to ensure that users' accounts are safe and secure.
In terms of reliability, Revolut exchange has a strong track record, with millions of satisfied users around the world. The platform is regulated by the Financial Conduct Authority (FCA) in the UK and has obtained an electronic money license from the Central Bank of Lithuania, which provides additional reassurance to users.
In summary, Revolut exchange is a reliable and cost-effective platform for currency exchange, offering competitive rates, convenient features, and a strong emphasis on security. While there are some limitations to the platform, such as limited customer support and insurance protection, overall, I would recommend Revolut exchange to anyone looking for a digital solution for currency exchange.
Financial expert and analyst at TradersHero.com
Risk Warning! Trading on Revolut involves risks and may not be suitable for all investors. The value of currencies and other financial instruments can be volatile and subject to sudden changes in response to global events, economic news, and other factors. Traders may experience significant losses if the market moves against them.
Copy Trading
Investment Programs
Revolut is not a platform designed for users to earn money directly. Rather, it is a digital banking platform that offers financial services such as currency exchange, international money transfers, and cryptocurrency trading.
However, users can potentially earn money through trading on Revolut exchange or buying and selling cryptocurrencies on the platform. Trading on Revolut exchange involves buying and selling currencies and other financial instruments, with the goal of making a profit from changes in their value. Cryptocurrency trading involves buying and selling cryptocurrencies with the goal of making a profit from changes in their value.
Overall, while users can potentially earn money through trading and investing on Revolut, it is important to do thorough research, understand the risks involved, and only invest funds that can be afforded to lose. Revolut is not a licensed investment advisor and does not provide investment advice or recommendations.
The platform does not currently offer copy trading functionality. Copy trading involves automatically copying the trades of other traders, and while it can be a useful tool for beginners or those without much trading experience, it also carries risks. Revolut exchange focuses primarily on currency exchange, offering competitive rates and a range of convenient features for users. While the platform does allow users to buy and sell cryptocurrencies, it is not a traditional trading platform and does not offer advanced trading tools or copy trading functionality. Traders who are interested in copy trading may want to consider other platforms that specialize in this area, but it is important to do thorough research and understand the risks involved before investing.
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Conditions
Trading Conditions for Revolut Traders
Revolut exchange offers a range of trading conditions for its users, including competitive exchange rates, low fees, and convenient features.
One of the key advantages of trading on the platform is its low fees. The platform offers real-time exchange rates with no hidden fees, making it a cost-effective solution for individuals and businesses looking to exchange currencies. In addition, Revolut exchange offers multi-currency accounts, which allow users to hold and exchange different currencies at competitive rates.
Another advantage of trading on Revolut exchange is its user-friendly interface and convenient mobile app. Users can manage their accounts, make payments, and track their spending all from their mobile device. The app also provides real-time notifications and alerts, giving users complete control over their finances.
In terms of trading tools, the platform offers a range of technical indicators and charting tools to help traders analyze market trends and make informed trading decisions. The platform also provides access to a range of financial instruments, including currencies, cryptocurrencies, and commodities.
Traders on Revolut exchange should be aware of the risks associated with trading, including market risk, counterparty risk, and leverage risk. It is important to carefully consider investment objectives and risk tolerance before trading on Revolut, and to only trade with funds that can be afforded to lose.
Overall, Revolut exchange offers a range of trading conditions and features to suit different trading styles and investment objectives. While there are risks associated with trading, the platform provides a range of tools and features to help traders manage their risks and make informed decisions.
| 💵 Currency | USD, EUR, GBP, AUD, CAD, CHF, CZK, DKK, HKD, HUF, ILS, JPY, NOK, NZD, PLN, RON, SEK, SGD |
| 💰 Min deposit | No minimum deposit |
| ⚖️ Leverage | |
| 💱 Spread | Floating rates with no hidden fees |
| 💹 Markets | Currency exchange, international money transfers, and cryptocurrency trading |
| 📱 Mobile apps | iOS, Android |
| 💵 Replenishment / Withdrawal: | Bank transfer, debit/credit card, and electronic payments (e.g., Apple Pay, Google Pay) |
| 🏦 Platform Type: | Digital banking platform |
| 📞 Customer Service | Phone, chat, and email |
| 👩💼 Support | Multilingual |
| 👨💼 Personal Account Manager | |
| 🔁 Copy Trading | |
| 🔓 Demo account | |
| 🗺️ Headquarters | London, UK |
Risk Warning
Comparison
Comparison of Revolut with other Brokers
Broker comparison table of trading instruments
Commissions
Revolut Accounts, Commissions & Fees
Revolut offers a range of accounts, each with their own set of features and associated fees. The Standard account is the basic option, with no monthly fee and free UK current and Euro IBAN accounts. This account also offers free ATM withdrawals up to £200/month and no foreign exchange fees on up to £5,000/month.
For users who require more advanced features, there are two paid options: Premium and Metal accounts. The Premium account offers unlimited free ATM withdrawals, overseas medical insurance, and delayed baggage and delayed flight insurance for a monthly fee of £6.99. The Metal account offers all the features of the Premium account, as well as cashback on all card payments up to 1%, a dedicated customer support team, and an exclusive Metal card design for a monthly fee of £12.99.
Revolut also offers business accounts, with different pricing plans depending on the needs of the business. These accounts come with features such as free local transfers, international payments at interbank rates, and the ability to hold and exchange multiple currencies.
| Account type | Standard | Premium | Metal |
|---|---|---|---|
| Monthly Fee | ✖ | £6.99 | £12.99 |
| Free UK Current Account | ✅ | ✅ | ✅ |
| Free Euro IBAN Account | ✅ | ✅ | ✅ |
| Free ATM Withdrawals (up to) | £200/month | Unlimited | Unlimited |
| Additional ATM Withdrawal Fee | 2% | ✖ | ✖ |
| No Foreign Exchange Fees (up to) | £5,000/month | £10,000/month | Unlimited |
| Foreign Exchange Fees Above Limit | 0.5% | 0.5% | 0.5% |
| Interbank Exchange Rate | ✅ | ✅ | ✅ |
| Virtual Card | Free | Free | Free |
| Physical Card | £5 | Free | Free |
| Overseas Medical Insurance | ✖ | ✅ | ✅ |
| Delayed Baggage and Delayed Flight Insurance | ✖ | ✅ | ✅ |
| LoungeKey Pass Access | ✖ | ✅ | ✅ |
| Cashback on Card Payments | ✖ | ✖ | Up to 1% |
| Dedicated Customer Support | ✖ | ✖ | ✅ |
| Exclusive Metal Card Design | ✖ | ✖ | ✅ |
Note: This table is accurate as of May 2023 and subject to change. Please refer to the official Revolut website for the latest information on accounts, fees, and features.
It is important to note that there may be additional fees associated with certain transactions or services, such as express delivery of cards or account reactivation. Additionally, Revolut charges a 2.5% markup on cryptocurrency transactions during weekends and a 1.5% markup during weekdays. Users should carefully review the fees and charges associated with each account and transaction before using the platform.
Risk Warning
Final review
Detailed review of Revolut
Revolut is a popular digital banking platform that has gained a lot of attention in recent years due to its innovative features and competitive pricing. The platform has been designed to make it easy for users to manage their finances, exchange currencies, and make international payments, all from the convenience of their mobile devices.
For those who are new to forex trading, Revolut can be an excellent choice as a digital banking platform that offers forex trading.
One of the key features of Revolut is its ability to offer users interbank exchange rates for currency exchange, which are typically more favorable than those offered by traditional banks or currency exchange services. This means that users can save money on foreign transactions and get more value for their money when traveling internationally.
Another advantage of Revolut is its user-friendly mobile app, which allows users to manage their accounts, exchange currencies, and make payments easily. The app also offers additional features such as budgeting tools, spending analytics, and the ability to freeze and unfreeze cards, which can be useful for users who want to keep a close eye on their finances.
While Revolut has many advantages, it is important to note that there are also some drawbacks to using the platform. For example, the customer support is primarily handled through chat, email, or phone, which may not be sufficient for users who require more personalized assistance. Additionally, the lack of physical branches may be inconvenient for users who prefer to handle their banking needs in person.
In conclusion, Revolut is a promising digital banking platform that offers a range of innovative features and competitive pricing. While there are some limitations to the platform, it is an attractive alternative to traditional banks and currency exchange services for users who want to manage their finances more effectively.
Advantages:
Revolut Regulator
European Central Bank (ECB)
European Central Bank (ECB): The ECB is responsible for overseeing the monetary policy of the eurozone and ensuring the stability of the euro currency. As Revolut operates in the eurozone, it is regulated by the ECB. The ECB provides oversight of Revolut's operations and ensures that the platform is operating in compliance with relevant monetary policy guidelines and regulations.
Regulator website: European Central Bank (ECB)
Financial Conduct Authority (FCA)
Financial Conduct Authority (FCA): The FCA is the primary regulatory body for financial services firms in the UK. As Revolut is headquartered in the UK, it is regulated by the FCA. The FCA ensures that Revolut operates in accordance with the necessary standards for financial institutions, such as anti-money laundering (AML) and know-your-customer (KYC) procedures. The FCA also has the power to investigate and penalize firms that breach its regulations, providing an additional level of oversight for users.
Website: Financial Conduct Authority (FCA)
Australian Securities and Investments Commission (ASIC)
Australian Securities and Investments Commission (ASIC): ASIC is the primary regulatory body for financial services firms in Australia. As Revolut operates in Australia, it is regulated by ASIC. ASIC ensures that Revolut is operating in compliance with the necessary financial regulations and standards, including AML and KYC procedures. ASIC also has the power to investigate and penalize firms that breach its regulations, providing an additional level of oversight for users.
View Cyprus Australian Securities and Investments Commission (ASIC)
Risk Warning
Promotions
Bonuses Paid by the Revolut
Revolut offers a range of bonuses and rewards to its users, which can help to incentivize users to make use of the platform's services and features. Here are some examples of bonuses that are paid by Revolut:
Referral bonuses
Revolut offers referral bonuses to users who invite friends and family to join the platform. When a user signs up using a referral link, both the user and the referrer can receive a bonus, such as a cash reward or free cryptocurrency.
Cashback rewards
Revolut offers cashback rewards to users who make purchases using their Revolut card. Cashback rewards can vary depending on the type of purchase and the user's account type, but can provide a percentage of the purchase amount back to the user as a reward.
Rewards for meeting spending targets
Revolut may offer rewards to users who meet certain spending targets, such as spending a certain amount within a specified time period. These rewards can vary, but may include cash bonuses or other incentives.
Education
Review of the Revolut Education Program
Revolut offers an education program for users who are interested in learning more about personal finance, investing, and trading. The program consists of a range of educational materials and resources, including articles, videos, webinars, and interactive quizzes.
- Financial literacy articles:
- The platform offers a range of articles covering various financial topics, such as budgeting, saving, and investing.
- These articles are designed to be accessible and easy to understand, even for users who may not have a background in finance.
- Interactive budgeting tools:
- Revolut's budgeting tools can help users set financial goals, track their spending, and create a budget that works for their individual needs.
- The platform also offers features such as spending alerts and personalized insights to help users better understand their financial habits and make informed decisions.
- Investment insights:
- Revolut's investment insights offer users access to market analysis and expert opinions on investing.
- Users can learn about different investment strategies and get insights into current market trends.
- Personalized financial advice:
- The platform also offers personalized financial advice through its in-app chat feature.
- Users can chat with a financial expert who can offer guidance on budgeting, investing, and other financial topics.
Overall, the Revolut education program offers a range of resources and tools designed to help users improve their financial literacy and make more informed decisions about their money. From budgeting tools and personalized advice to investment insights and financial literacy articles, the program can be a valuable resource for users looking to manage their money more effectively.
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Rating and Comments
Revolut Users Reviews 2024
Authors:
Roman Mukhin
Financial expert, analyst and author
Jane Emberg
Financial analyst and editor
I had a very negative experience with Revolut when I needed to make a large international transfer. The app froze during the transaction and my funds were stuck in limbo for several days. Despite multiple attempts to contact customer service, I was unable to get a clear answer or resolution to the issue. This was extremely frustrating and stressful, and I ended up losing money due to the delay. While I had previously enjoyed using the app for smaller transactions, this experience has left a bad taste in my mouth and I will not be using it again for larger transactions.
Overall, I have had a decent experience with Revolut. The app is easy to use and the budgeting tools have been helpful. However, I have had some issues with customer service response times in the past, which can be frustrating. Additionally, the fees for certain transactions can be higher than other banking apps, which is something to keep in mind.
It is one of the best banking apps. The app is extremely user friendly and I love the fact that I can easily switch between currencies and make international transfers without any additional fees. The budgeting tools are also fantastic and have helped me manage my finances better. Also, I’ve never had any security issues with the app, which is a huge plus.
Revolut has been a game-changer for me when it comes to travel. The ability to easily exchange currencies and make international transactions has made my travels so much smoother and stress-free. I also appreciate the fact that I can easily track my spending and set budgeting goals within the app. The customer service is also top-notch, with helpful and friendly representatives always available to answer any questions I may have.