**This post may contain affiliate links, which means I may receive a commission if you click a link and purchase something that I have recommended. This comes at no additional cost to you**Your days of googling ‘where can I get the best exchange rate’ are now over! You can sign up to Revolut here. Sign up using this exclusive link and you’ll get the charge for the physical card removed! Read on for my Revolut Review…
What is Revolut?
Revolut is an app available on Apple and Android devices and it’s taking the foreign currency market by storm. It boasts the fact that it can provide currency at interbank rates, quickly and easily. These rates are the rates at which banks lend to each other which are generally vastly superior to the Post Office / M&S rates.
Signing Up to Revolut
When I signed up in August 2016, the sign up process was a breeze. I had to take a photo of my driving license along with a selfie (technology these days!) and they were able to verify my identity fairly quickly. I ordered my physical Revolut MasterCard for free but it’s now £5. However, it’s free if you use this link. You get your virtual card straight away and you’re good to use it on anywhere online instantly.
Physical Revolut Card
The app has so many options available to you too. It allows you to disable your card, order a new virtual or physical card, change your pin, enable security protection or set a monthly spending limit. These options give it a major advantage over conventional banks as you’re able to react quickly if your card was stolen for example.
Revolut also boast fast credit at rates 50% cheaper versus the average bank. You can request a maximum of £25,000 over 60 months at rates between 6.9% and 9.9% representative APR. The rate offered to you may be different to this as it’s based on personal circ*mstances. They also have insurance and investment options coming soon too which are definitely areas to watch.
Depositing Money
Next up is depositing money via the app. You’re able to top up by card, bank transfer, Apple pay or even by setting up an automatic top up facility. Once deposited you can change your initial currency in to one of 15 other currencies. These currencies include Great British Pounds, Euros, US Dollars, Australian Dollars, Swiss Francs and South African Rand. The deposit limit per year is £25,000 on the free membership but you can verify the source of funds to deposit more each year if you’re a big spender!
Revolut App Options, Top Up or Exchange
Topping up isn’t the only way of getting money in to the app. You’re able to send and receive money to and from other Revolut users fairly quickly. You can also request money from others using the bill splitting functionality. No more arguments with those pesky mates that order the steak! The app also gives you account details including account number and sort codes (for UK accounts) and IBAN and BIC details (for all accounts) so you can accept bank transfers.
My Experience of Revolut
I have spent €2,149 in 10 European countries and $826 in 4 countries around the world since signing up in 2016. I’ve never had one issue and you get a notification every time you use it too so you can stay on top of your balance. Hence the positive Revolut Review!
Another good aspect of Revolut is if you don’t have that currency available on the app it will just use a balance in a currency that you do have available. This also works for currencies that aren’t even available on the app too.
Revolut Total € Spend Analysis
What I’d recommend doing is topping up Revolut and then withdraw some of the currency you need when you’re in that country. This is definitely my top tip in my Revolut Review.
£300 to Euros Example
Revolut: £300 = €335.55
No1 Currency: £300 = €328.53
Post Office: £300 = €327.69
Marks and Spencers: £300 = €321.99
Revolut Review Conclusion
Revolut is a great way of getting your travel money. You get the best rates and it’s just so simple to use. This is definitely the future of banking and I’d recommend people keep an eye on Revolut to see where they go next. I’ve used it all over the world and loved the experience and notifications. It really lets you keep track of your money and also get the best travel rates. What’s not to like?!
Sign up to Revolut here
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FAQs
While Revolut could be a great choice for money transfers, it doesn't 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.
Is Revolut good for travel money? ›
Can I use Revolut abroad? Revolut is great for spending while abroad. The competitive exchange rates help you save when paying in different currencies, and you can hold a range of currencies on your account.
Does Revolut give you the best exchange rate? ›
Research results. On average Revolut was 25x cheaper when exchanging GBP 1,000 to EUR, USD, AUD, NZD, and PLN on weekdays. By quoting 'up to 10x cheaper', we can be confident that this remains true, even when rates fluctuate.
Why won't Revolut exchange money? ›
Daily exchange limit
For security reasons we limit the amount of exchanges/orders to 30 in a 24-hour period. If an order is triggered and you have exceeded this limit, it will fail and you will need to wait for the next day before creating a new one.
Is it safe to keep a lot of money in Revolut? ›
Protected funds
As an authorised financial institution compliant with Electronic Money Regulations, 100% of your main account balance is safeguarded.
What happens if Revolut goes bust? ›
Safeguarding helps protect you. It means if we became insolvent (unable to pay our debts), you'll get your money first. Our customers' claims would be paid out from our dedicated client money bank and asset accounts, before anyone else's claims are paid out.
Is Revolut still free to use abroad? ›
Fee-free spending: With Revolut, you can make payments in over 130 currencies without incurring any additional fees. This means that when you spend overseas, you'll get great value without worrying about excessive fees or markups.
Is Revolut legit and safe? ›
At Revolut, we're committed to protecting you against fraud and scams. We work hard to keep your information safe and secure. We do this by working together to check for problems, and taking action to fix them. This way, you can rest easy knowing that your information is protected.
Can I use Revolut in the USA? ›
You'll also get a Revolut card, which can be used in the US, UK and in countries all over the world. An important thing to note about signing up for Revolut in the US is that there are unlimited fee-free ATM withdrawals available at its network of 55,000 ATMs.
Why is Revolut charging me to exchange? ›
It is a variable exchange rate (which means it is constantly changing). We think you'll really like it. The fee we charge (if one applies) is an exchange fee. This is a variable fee (which means it is constantly changing) depending on the parameters of your exchange (like what you are exchanging and when).
The card selects which balance to use in the following order: *The local currency of the merchant/ATM e.g. if you are in Spain, it will deduct funds from your Euro balance. *Your base currency - i.e. if you used a UK address to sign-up, your base currency will be GBP. *Your largest balance.
Do I need to tell Revolut I am going abroad? ›
Do I need to tell Revolut I am going abroad? Revolut doesn't ask you to let them know you're travelling, but it's a good idea to double check that your contact details are correct in case they need to get in touch.
Is Revolut good for travelling? ›
Revolut foreign transaction fee
Revolut is a good option for spending abroad because they don't charge any fees for foreign transactions. You can enjoy your travels without worrying about extra expenses. Keep in mind that merchants can add their own charges at any time, but they're not defined by Revolut.
Why can't I withdraw my money from Revolut? ›
Confirm if you haven't exceeded your monthly withdrawal limit. Check your monthly withdrawal limit by going to your 'Profile' → 'Your plan' → 'Your limits'. Verify that your card is active. View your card status in the 'Cards' section (the card icon in the top right) and unblock it if necessary.
Why is money hidden on Revolut? ›
Why are my balances hidden? Revolut has a 'Hide balances' setting, which turns your balance blurry any time you quickly shake or flip your phone. This helps you keep your accounts private when you view them in public. You can quickly shake or flip your phone again to show your balance.
Which is safer PayPal or Revolut? ›
PayPal's benefits to the individual is to keep payment details hidden and protected from online fraud. Revolut is a digital bank optimized for FX. PayPal is not. Should your business require a payment gateway, consider comparing payment gateways for fees, features and supported registration countries.
Is it safe to link a bank account to Revolut? ›
Data protection. Rest assured, we make every effort to keep your financial transactions and personal information secure and private. The personal details you share with Revolut are always encrypted and protected by high levels of security.
