Revolut Review: features, fees and how it works in the UK?

Revolut is one of the most popular neobanks, both here in the UK and globally. They offer a multitude of services, such as their current account, debit card and easy-to-use app.

In this guide, we’ll cover Revolut’s key features and fees and create a detailed Revolut review. We’ll also help you decide whether this digital finance provider is the best choice for you and your needs.

Revolut Review: Quick Overview

Let’s quickly run through Revolut’s most important features:

Revolut: key features

Revolut offers five different personal account plans: Standard, Plus, Premium, Metal and Ultra. The Standard account is the only one that’s free, while the others cost between £3.99 and £45 a month. The more expensive plans include extra perks, such as insurance, cashback and partner subscriptions.²

Besides these plans, Revolut also has joint accounts, savings accounts and an account for under-18s.³

You get a multi-currency debit card with your account. All plans except for the Standard include a personalised card, while a platinum-plated card comes with the Ultra plan.²

When it comes to the exchange rate Revolut uses, they have their own variable exchange rate. You can always see it in-app or on their currency converter page.⁴

On top of the standard exchange rate, Revolut also has a special weekend exchange rate markup. There’s a 1% margin added to the standard exchange rate if you exchange money between 5 pm on Friday and 6 pm on Sunday.⁵

Ease of use

According to some positive reviews on Trustpilot, the Revolut app is very simple and straightforward to use. This makes it easier for customers to keep track of their finances and expenses, especially while travelling.⁶

However, some negative reviews from Trustpilot state that it can be difficult to solve issues with their customer support team and you can only reach them through the app.⁷

Customer service

Revolut’s customer support method is their in-app chat. It’s available 24/7 in over 100 languages. You can also find solutions to some common issues in their Help Centre FAQ, so this might be a good place to start.⁸

A special perk of their paid plans is priority in-app chat. With the Ultra account, you can even request a call back and talk to an agent directly.²

Revolut fees

Fees are one of the most important parts of our Revolut review and all Revolut plans except for the Standard plan have a monthly fee.

Here’s a brief overview of different plans and their costs per month:²

• Plus: £3.99 a month
• Premium: £7.99 a month
• Metal: £14.99 a month
• Ultra: £45 a month (during the introductory period)

There’s a monthly limit for currency exchange with the Standard and Plus plans. Once you exceed that, you need to pay exchange fees. The Standard account exchange limit is £1,000 per month and after that, you need to pay a fair usage fee of 1%. The Plus plan has a £3,000 monthly exchange limit and a 0.5% fair usage fee for any additional exchange after that.⁴

Revolut also charges transfer fees, but not always. For instance, local transfers to UK bank accounts made in GBP are free of charge. They don’t even charge for international transfers inside the SEPA region.

However, if you’re sending money outside the SEPA region, Revolut charges an international transfer fee. Exactly how much you’ll pay depends on the currency and where you’re sending money to. You’ll be able to see the exact amount in-app before your transfer. There’s a list of the minimum and maximum Revolut transfer fees per currency on their website.

With some account plans, you get discounted international transfer fees. If you’re using the Premium plan, you’ll get 20% off and a 40% discount with the Metal plan. If you’re using the Ultra plan, you won’t pay any transfer fees.¹¹

As far as foreign transaction fees go, if you’re paying in your base currency, you won’t be charged. However, a fee will be included if you’re spending or withdrawing in another currency.¹²

Finally, there are certain ATM withdrawal fees with each plan. After you go over the fee-free limit, you’ll get charged an additional 2%. Here’s a quick overview of withdrawal limits with each Revolut plan:²

• Standard: up to £200/month (up to 5 monthly ATM withdrawals)
• Plus: up to £200/month
• Premium: up to £400/month
• Metal: up to £800/month
• Ultra: up to £2,000/month

How does Revolut work in the UK?

When you use Revolut in the UK, you get a local account number and sort code, just like you would in a bank. Besides this, you’ll also have international account details and be able to receive international transfers in different currencies.⁹

In July 2024, Revolut received a UK banking licence and they’re in the so-called ‘mobilisation’ stage at the moment. Once they officially become a UK bank, they’ll be getting other features as well.

Is Revolut good for travelling?

Since Revolut is supported in over 160 countries and regions, it’s a great option for travelling. You can exchange 36 currencies directly in the app and save both time and money. If you don’t exchange currency in advance, Revolut will do it for you automatically.¹⁰

You can use your Revolut card wherever Visa and Mastercard are supported, which is virtually everywhere. They even have a virtual card which adds an extra layer of security.¹⁰

Conclusion: Is Revolut a good choice for you?

Revolut is a good fit for those who don’t want to pay monthly account fees or hefty foreign transaction rates. It’s a great option for travelling and sending money, since you can use Revolut in over 160 countries across the globe.¹³ Some of their plans even include reward points, medical insurance, cashback and other benefits.²

However, one of the downsides of Revolut is the weekend exchange rate markup, which can be inconvenient. On top of their own exchange rate, Revolut charges customers a 1% fee for currency conversion during the weekend. If keeping these types of expenses to a minimum is your priority, perhaps consider some alternative options.

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Sources used:

Sources last checked on date: 29-Aug-2024