Revolut fees in the UK: is it free?

If you’re thinking about opening a Revolut account, you’re probably interested in the costs involved. Since this popular neobank is based in London, you might be wondering whether the same fees apply here in the UK like they do anywhere else.

In this guide, we’ll cover everything you need to know about Revolut fees. This includes exchange fees and rates, foreign transaction fees, withdrawal costs and more. We’ll also let you know how you can avoid certain fees.

Also, if you’d like to look at Revolut alternatives, check out the Wise account from the money services provider Wise. It’s not a bank account but offers many similar features. It lets you send, spend and convert money in 40+ currencies for low, transparent fees* and the mid-market exchange rate 24/7.

Learn more about the Wise account 💰

Is Revolut free in the UK?

Yes, you could use Revolut free in the UK as it’s free to sign up and get a virtual card. You can also send and receive money for free in your base currency. But, once you have to exchange currency, then various fees start to apply depending on the type of transaction you make.¹

Also, depending on the account type you have, you might have to pay monthly fees. Some plans have a Revolut exchange fee once you go over your monthly exchange limit.¹

Let’s go over all Revolut fees and what their amount is.

Revolut fees in the UK

The Revolut fees you’ll be paying depend on the plan you choose. There are five different plans: Standard, Plus, Premium, Metal and Ultra.

Here’s an overview of the main Revolut fees based on the plan you pick:²

Now, let’s go into more detail for each of these key Revolut fees.

Revolut monthly fees

The Standard plan is the only one that’s free of monthly fees.¹ The other plans have monthly fees, but you can also pay for yearly membership and get a discount. Make sure you look up any recent updates on plan prices, but here’s an overview of Revolut monthly fees:

• Standard: no monthly fee
• Plus: £3.99 a month or £40 for the entire year⁴
• Premium: £7.99 a month or £80 if you pay ahead for 12 months⁵
• Metal: £14.99 monthly fee or a £140 annual fee⁶
• Ultra: £55 a month or £540 a year⁷ ($45/mo with an introductory offer)²

Revolut withdrawal fee

Each Revolut plan has a limit for fee-free ATM withdrawals. You can still use ATMs after you pass it, but you’ll be paying a 2% Revolut withdrawal fee for the withdrawals after your plan’s limit.²

Here’s an overview of ATM withdrawal limits for each Revolut plan:²

• Standard: 5 monthly ATM withdrawals or up to £200 a month (whichever comes first)
• Plus: £200 a month
• Premium: £400 a month
• Metal: £800 a month
• Ultra: £2,000 a month

Revolut exchange fees

The Standard and Plus plans have currency exchange limits, after which you have to pay the Revolut exchange fees.¹

The Standard account lets you exchange £1,000 per month for free. After that, a fair usage fee of 1% applies to any additional exchange. The Plus plan has a £3,000 monthly exchange limit and a 0.5% fair usage fee after that.¹

The exchange limit applies to all types of exchange. This includes money, cryptocurrencies and precious metals.¹

Revolut transfer fees

Revolut transfer fees only apply in certain situations. For example, transfers to UK bank accounts made in GBP are free.

When it comes to international transfers, they’re free if they’re inside the SEPA region. If you’re sending outside the region and outside the UK, a Revolut international transfer fee will be charged. The exact fee amount depends on the currency and where you’re sending money to and it will be shown in the app before you send a transfer. You can find the minimum and maximum Revolut fees per currency on their website.⁸

The Premium and Metal plans have discounted international transfer fees. You’ll get 20% off with the Premium plan and a 40% discount with the Metal plan. If you’re using the Ultra plan, you won’t pay any transfer fees.⁸

Revolut foreign transaction fee

There’s no Revolut foreign transaction fee when you’re paying in your base currency. The exception is spending or withdrawing in another currency, which you might be doing frequently when travelling.⁹

Revolut exchange rate

Revolut has their own exchange rate. It’s variable, meaning it’s constantly changing. Keep in mind that the Standard and Plus customers also have a monthly exchange limit, after which they’ll pay a fair usage fee. Premium, Metal and Ultra plans have neither an exchange limit nor a fair usage fee.

Revolut also has a special weekend exchange rate so the transaction ends up costing more. If you exchange money during the weekend, you’ll pay an additional 1% fee. The weekend exchange rate applies to all Revolut customers, regardless on the plan they have.

You can check the current Revolut exchange rate on their Revolut currency converter page and in-app before exchanging.

How do I avoid exchange fees with Revolut?

First, make sure you stop exchanging money on the weekends. Depending on the amount you’re exchanging, the 1% fee could add up to quite a lot over time. This is an unnecessary expense that can easily be avoided.

The next step is figuring out how much money you exchange per month. You might find that it would be cheaper to invest in one of the pricier plans than to pay fair usage fees after going over your plan’s exchange limit. For example, you won’t have any fair usage fees with the Premium, Metal and Ultra plans.¹

Does Friday count as a weekend on Revolut?

Yes, but only after 5pm. The 1% weekend exchange fee applies to all exchanges made between 5pm on Friday and 6pm on Sunday.

Is Revolut free to use abroad?

It’s not necessarily free to use Revolut abroad. If you don’t have the foreign currency you need in your account at the time of paying, Revolut will do the conversion for you. Depending on the situation, you could pay fair usage or weekend exchange fees.¹⁰

However, if you have the currency in your account, you won’t be charged extra for using your UK Revolut card abroad.¹⁰

Discover the Wise account: mid-market exchange rate all day, every day

Want a great exchange rate all the time, not just on weekdays?

Open a Wise account online and you can start managing your money in 40+ currencies (including GBP). It’s not a bank account but offers many similar features.

You can also get a Wise card for a one-time cost of just £7 and use it to spend all over the world in 150+ countries, including the UK.

This clever debit card automatically converts your pounds to the local currency at mid-market exchange rates whenever you spend. There are no foreign transaction fees, only a tiny conversion fee* - or it’s free if you already have the foreign currency in your Wise account.

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Sources used:

Sources last checked on date: 29-Aug-2024