Revolut Review: The All-in-One Finance App to Manage Your Money Like a Pro
Hey there, savvy saver! If you‘re anything like me, staying on top of your finances can feel like juggling a dozen balls while riding a unicycle backwards. But what if I told you there‘s an app that can help you take control of your money like a total boss?
Allow me to introduce you to Revolut – the digital banking platform that‘s revolutionizing the way we handle our personal finances. With Revolut, you can manage your spending, saving, investing, and globetrotting all from a single slick app on your phone. Pretty nifty, right?
In this ultimate Revolut review, we‘ll dive deep into everything this powerhouse finance app has to offer. From the nitty-gritty on fees to the plethora of perks for travelers and savers alike, consider this your comprehensive guide to all things Revolut.
So grab a cuppa, get cozy, and let‘s explore how Revolut could help you master your money like a pro!
What is Revolut?
First things first, let‘s cover the basics. Revolut is a digital banking app and multi-currency card that launched in 2015 with the mission to shake up the traditional banking industry. The London-based fintech company has since exploded in popularity, amassing over 18 million customers across more than 35 countries.
So what sets Revolut apart from your average bank? For starters, Revolut is an entirely mobile platform, meaning you can access all your accounts and perform transactions straight from your smartphone. No more schlepping to a physical branch or waiting on hold for customer service.
But beyond the convenience factor, Revolut packs a serious punch when it comes to features. Think of it as an all-in-one financial hub where you can:
- Hold and exchange 30+ currencies
- Send and receive money internationally
- Spend globally with no hidden fees
- Set budgets and track your spending
- Round up spare change to grow your savings
- Earn interest on your account balance
- Buy and sell crypto and commodities
- Get cashback and discounts from top brands
And that‘s just scratching the surface! Revolut is constantly rolling out new and innovative tools to help users stay on top of their financial game.
Revolut Account Tiers
One of the standout aspects of Revolut is the flexibility it offers when it comes to account types. Rather than a one-size-fits-all approach, Revolut has four tiers to choose from based on your needs and budget:
Standard (Free)
As the name implies, the Standard plan is Revolut‘s free offering and comes with all the essential features like:
- A UK or EURO IBAN account
- A physical and virtual debit card
- Fee-free spending in 150+ currencies
- Free ATM withdrawals up to £/€200 per month
- Real-time spending notifications and budgeting tools
- Money transfers to other Revolut users
- Access to crypto, commodities, and stocks (with a 1.5% trading fee)
For the average user, the Standard plan has practically everything you need to manage your day-to-day spending and saving. And the fact that it‘s free makes it a great entry point for anyone new to digital banking.
Plus (£2.99/€2.99 per month)
Craving a bit more from your Revolut account? The Plus plan comes with all the features of Standard, plus some extra goodies like:
- Free ATM withdrawals up to £/€400 per month
- Overseas medical insurance
- Delayed baggage and flight insurance
- Priority customer support
For frequent flyers and those who could use a bit more cushioning for life‘s ‘what ifs‘, the Plus plan offers great value at less than £/€3 per month.
Premium (£6.99/€7.99 per month)
Now we‘re talkin‘! The Premium plan is where Revolut really starts to flex its muscles, with perks like:
- Free ATM withdrawals up to £/€400 per month
- Unlimited foreign exchange
- Overseas medical insurance
- Delayed baggage and flight insurance
- Global express delivery for your physical card
- Access to 5 Junior accounts for kids
- Exclusive card designs
- Priority customer support
- LoungeKey Pass access
- 1 free SWIFT transfer per month
For the hardcore travelers, big families, or those who simply love a perk, Premium is the way to go.
Metal (£12.99/€13.99 per month)
If you‘re looking for the creme de la creme of digital banking, look no further than Revolut Metal. On top of all the benefits of Premium, Metal members score:
- A sleek 18g metal card (ooh la la)
- 1% cashback within Europe and 1.5% outside Europe on all card payments
- Free ATM withdrawals up to £/€800 per month
- Unlimited free SWIFT transfers
- Access to a dedicated concierge for booking things like flights and festival tickets
Metal is geared towards the big spenders and hardcore points optimizers who are serious about maximizing their money.
Revolut Fees
We know what you‘re thinking: "This all sounds too good to be true. What‘s the catch?"
The beauty of Revolut is that it‘s largely fee-free, especially if you opt for a paid plan. That said, there are a few costs to be aware of:
ATM Fees
All Revolut plans come with a certain amount of free ATM withdrawals per month, after which you‘ll be charged a 2% fee. The free allowance breaks down to:
- Standard: £/€200 per month
- Plus: £/€400 per month
- Premium: £/€400 per month
- Metal: £/€800 per month
It‘s worth noting that even if you don‘t exceed your free withdrawal limit, some ATM operators may charge their own fee. Revolut has no control over this, but they do their best to partner with ATMs that are free to use.
Money Transfers Fees
Sending money to other Revolut users is always free, regardless of your account tier. However, transfers to non-Revolut accounts may incur a fee depending on the type of transfer and currency.
For example, SWIFT transfers (the traditional international bank-to-bank transfer) come with a £3/€3/$3 flat fee for Standard and Plus users. Premium and Metal members get 1 and 3 free SWIFT transfers per month, respectively.
Local transfers, on the other hand, are typically free or low-cost. For instance, transfers within the UK via the Faster Payments network are free for all Revolut users.
Foreign Exchange Fees
One of Revolut‘s biggest selling points is its low-cost currency exchange. You can hold and exchange over 30 currencies right in the app using the real-time interbank exchange rate.
For most currencies, exchanges are free during foreign exchange market hours (Monday to Friday). However, there are a few exceptions:
- Thai Baht (THB) and Ukrainian Hryvnia (UAH) have a 1% fee
- Exchanges made on weekends or between less common currency pairs may incur a 0.5-2% markup
But overall, Revolut‘s exchange rates are pretty much unbeaten and certainly cheaper than what you‘d get at a traditional bank or currency exchange kiosk.
Revolut Features
Alright, now that we‘ve covered the nitty-gritty, let‘s get to the fun stuff! Here are some of the standout features that make Revolut a leader in the world of digital banking:
💸 Budgeting and Analytics 💸
Revolut makes it easy to stay on top of your spending with built-in budgeting and analytics tools. You can:
- Set monthly spending budgets for different categories (e.g. groceries, shopping, eating out)
- Get instant spending notifications after every purchase
- See a breakdown of where your money is going with colorful spending reports
- Round up your spare change and stash it away in a Savings Vault
Whether you‘re saving up for a big purchase or just trying to be more mindful of your spending, Revolut‘s budgeting features are a game-changer.
💳 Disposable Virtual Cards 💳
We‘ve all been there: you make an online purchase from a new website and worry about your card details being compromised. With Revolut, that‘s a thing of the past.
Revolut‘s disposable virtual cards are designed for one-time online purchases. Simply create a virtual card in the app, use it to make your purchase, and the card will automatically destroy itself after the payment goes through. No more stressing about your card info falling into the wrong hands!
🌍 Global Spending and ATM Withdrawals 🌍
Planning a trip abroad? Revolut has you covered with fee-free global spending and low-cost international ATM withdrawals (remember those monthly limits we talked about earlier).
Plus, the Revolut app comes with some handy travel tools like:
- A currency calculator to check exchange rates on the go
- An ATM locator to find fee-free cash points near you
- Travel insurance for Plus, Premium, and Metal members
With Revolut, you can travel the world without worrying about pesky foreign transaction fees or carrying wads of cash.
💰 Savings Vaults 💰
Saving money can be a chore, but Revolut makes it easy (and dare we say, fun?) with Savings Vaults.
Vaults are like digital piggy banks that let you save money for specific goals. You can create as many Vaults as you like, give them fun names, and set targets and deadlines for your goals.
To fuel your Vaults, you can either make one-off or recurring transfers from your main Revolut balance. Or, turn on the ‘Round Up‘ feature and Revolut will automatically round up your spare change from every purchase and drop it into your Vault. It‘s like a digital version of the penny jar!
💱 Crypto and Commodities 💱
Feeling a bit adventurous with your money? Revolut lets you dip your toes into the world of crypto and commodities trading right from the app.
With Revolut, you can buy, hold, and sell popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin, as well as commodities like gold and silver. The fees are competitive (a flat 1.5% for Standard users and 1.25% for Premium and Metal), and you can start investing with as little as $1.
Of course, it‘s important to remember that the crypto market is highly volatile and not for the faint of heart. But if you‘re keen to experiment with alternative investments, Revolut makes it easy to get started.
Is Revolut Safe?
You‘re probably wondering: "Is it really safe to entrust my money to a mobile app?" The short answer is yes, Revolut is a legitimate and secure way to manage your money.
For starters, Revolut is authorized by the Financial Conduct Authority (FCA) in the UK and the Bank of Lithuania in Europe. This means they‘re subject to the same regulations and consumer protections as traditional banks.
Revolut also employs state-of-the-art security measures to keep your money and data safe, including:
- Encryption and secure servers to protect your personal information
- Two-factor authentication and biometric login for added security
- 24/7 fraud monitoring to detect and prevent suspicious activity
- In-app card freezing in case you lose your physical card
Plus, in the unlikely event that Revolut goes bust, your money is protected up to £85,000 in the UK and €100,000 in Europe under the Financial Services Compensation Scheme (FSCS) and European Deposit Insurance Scheme (EDIS).
Customer Reviews
Don‘t just take our word for it – Revolut has thousands of glowing reviews from happy customers around the world. On Trustpilot, Revolut has an impressive 4.4 out of 5 stars based on over 95,000 reviews.
Here‘s what some Revolut fans have to say:
"Revolut has been a game-changer for me. I love how easy it is to budget and track my spending, and the savings Vaults have helped me reach my goals so much faster. Plus, the travel perks are unbeatable. I‘ll never go back to a traditional bank!"
Sarah, London
"I‘ve been using Revolut for about a year now and I‘m hooked. The app is so user-friendly and packed with features, and the customer support is top-notch. I especially love the disposable virtual cards for online shopping – such a smart idea!"
Marco, Milan
"As a frequent traveler, Revolut has made my life so much easier. No more worrying about exchange rates or ATM fees – I can use my Revolut card anywhere in the world and know I‘m getting a fair deal. Plus, the travel insurance has come in handy more than once. Highly recommend!"
Jenna, New York
Of course, no app is perfect and Revolut has its share of negative reviews too. The most common complaints seem to be around customer service wait times and accounts being suddenly frozen for security checks. However, Revolut is constantly working to improve its processes and address customer concerns.
The Bottom Line
So, is Revolut worth the hype? We say a resounding yes! Whether you‘re a savvy saver, a globe-trotter, or just looking for a better way to manage your money, Revolut has something to offer.
With its ultra user-friendly app, extensive feature set, and commitment to low fees and transparency, Revolut is giving traditional banks a run for their money. And with plans starting at just £/€0 per month, there‘s really no reason not to give it a try.
Ready to join the Revolut revolution? Head to revolut.com or download the app from the App Store or Google Play to get started. Your wallet (and wanderlust) will thank you!
