Revolut Review 2024 (2024)

Revolut is an innovative digital finance provider which is challenging the high street banks and traditional money transfer companies with its value-added services and competitive pricing.

It has become a favourite choice for many frequent travellers as well as those who need to send money overseas. But is it right for you? Read our detailed review to see what Revolut has to offer and the relative pros and cons.

Revolut at a glance

Revolut launched in 2015 offering a prepaid card and an app-only overseas payments service. It has expanded rapidly and now has 35 million customers worldwide and offers a comprehensive range of payment services for personal and business customers, as well as savings and investment products.

Is Revolut a bank?

As of 25 July, 2024, Revolut was granted a UK banking licence. It is currently in a 1-year ‘mobilisation’ period, which is a standard process completed by other digital banks including Monzo and Starling.

During the process, Revolut can only hold up to £50,000 of customer deposits in total. This means that for the time being it is still operating as an e-money institution and customers’ money is not automatically protected by the Financial Services Compensation Scheme.

Instead, Revolut safeguards customers’ cash by ring-fencing it away from its everyday business transactions.

Key features

• Account types

Revolut offers five different levels of personal accounts, an account for under-18s and a business account. Its standard account has no monthly or annual fee, while the other four personal accounts all charge a monthly fee in exchange for additional benefits or services (more on this below). Interest, from 2.29% gross, is paid on savings held in Revolut personal account. Joint accounts are also available.

• Money transfers

From the UK, Revolut offers overseas money transfers in more than 80 currencies. Rather than an interbank exchange rate, Revolut operates on its exchange rate. It’s important to weigh this up against alternatives before committing to a money transfer.

Revolut’s money transfers are fee-free on weekdays – Monday to Friday – and to a limit of £1,000 per month on the Standard and Plus accounts. Charges apply for transfers made at weekends on all accounts, including premium accounts, and charges apply over and above the £1,000 per month limit on Standard and Plus accounts.

The company recently added a new AI-powered anti-fraud tool to its app, which alerts customers before they make a transaction deemed suspicious.

• Speed of transfers

The standard time for overseas transfers is one to two working days, depending on the type of the transaction (whether it’s a card payment or bank transfer, for example) and the policy of the receiving bank. Some transfers can take up to five days.

• Budgeting tools

Revolut offers advanced budgeting tools to help you keep track of your spending, as well as your savings goals. You can set up different pots of money, called ‘Pockets’ for different purposes to help you keep on track and you can also get reminders for upcoming payments and alerts about expiring trials and subscriptions.

Accounts and pricing

Revolut has five personal accounts. Its free Standard account offers a free debit card with fee-free spending overseas. But as Revolut is not a bank there is no overdraft facility available on any account.

Customers can make up to five cash withdrawals, or withdraw up to £200 per rolling month (whichever is reached first) anywhere in the world, with no withdrawal fees. The fee is 2% (min £1 per withdrawal) thereafter.

Revolut’s fee-charging accounts include Plus (£3.99 a month), Premium (£7.99), Metal (£14.99) and Ultra (£45 a month). Each account offers extra added perks and benefits which increase the more you pay for your account. Cash machine withdrawals are also higher on Premium, Metal and Ultra accounts.

Benefits include airport lounge access, shopping discounts, cashback on card spend, baggage insurance and investment benefits, such as commission-free share trading, among other perks.

Savings interest (savings can be made in UK Sterling, US dollars or euros) is paid at 2.29% for Standard customers, 2.39% for Plus, 3% on Premium, 4% on Metal and 4.75% on Ultra. Your savings account can be accessed without penalty at any time.

Bank transfers within the Single Euro Payments Area (SEPA) are free with Revolut, but a variable fee applies on transfers outside the SEPA. There are fees for card transfers, which vary depending on the size of the transaction but could be up to £5, for example. Transfers are free and instant to other Revolut customers.

Business account

Revolut offers a range of business accounts, with four pricing levels, for companies and freelancers, including a fee-free account. Accounts with a monthly fee offer added perks and benefits. Business accounts also offer forward contracts on currency transfers (this is not available on personal accounts with Revolut). A forward contract enables you to lock into an exchange rate now for a transaction at a later date.

What are the benefits of Revolut?

The main benefits of using Revolut are the fee-free card spending overseas and the ease and low costs of overseas bank transfers. Transfers up to £1,000 per month are free if you exchange the money between Monday and Friday. Transfers between Revolut customers are always free.

Revolut customers also like the innovative budgeting and savings tools on offer.

There is also cashback on accommodation booking through Revolut Stays, its travel booking service.

The money transfer provider has a 4.3 out of 5 rating on Trustpilot.

What are the drawbacks of Revolut?

While Revolut could be a great choice for money transfers, it doesn’t yet offer the full banking services of some of its competitors, such as Monzo or Starling Bank.

This means it won’t suit people who want to pay in cash and cheques, for example, or who want access to an overdraft facility or other lines of credit.

This may change in the future now that Revolut has a ‘authorisation with restrictions’ banking licence.

It is also important to note that Revolut is a digital only provider, so there are no branches or call centres and customer service is likely to be limited for those with the free account.

Revolut’s exchange rates may also sometimes be less competitive than other providers. Although its fee-free weekday transfers (up to £1,000 per month) could mean it still works out cheaper than competitors, depending on your specific transaction.

Is Revolut the right choice for me?

While Revolut doesn’t currently offer a full banking service (no overdraft or credit, and you can’t pay in cash or cheques) it will suit those who need an account for travel and foreign exchange services at decent rates, but who don’t need to use it as a day-to-day bank account.

But while fee-free debit card spending has no limits overseas, there is a £1,000 limit on cash withdrawals on Revolut’s standard account, which could be a bit limited for some customers.

Consumers who want extra perks, such as travel discounts, cashback on holiday bookings and discounted airport lounge access, might also want to consider Revolut.

Although it’s important to note the more premium benefits are only available to customers with one of its fee-charging accounts, such as Metal and Ultra.

To open an account with Revolut, you’ll need to be at least 18 years old.