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Revolut Review 2024: Example for Future Neobanks?
Swen Keller
- URL: https://www.revolut.com/
- Year Founded: 2015
- Headquarters: London, United Kingdom
- Monthly/Yearly fees: Free account to £45 per month
- Account types: Personal and Business
- Physical Card: Yes
- Platform App: Mobile, Web
- No. of Cryptocurrencies: 100+
- Fiat Available: USD, EUR, GBP, +33
- Deposit Methods: Wire transfer, debit card, credit card, Apple Pay, Google Pay, Linked bank account, Direct deposit, and Early Salary
Revolut Review: Our Opinion
The Revolut app is an all in one Neobank. A Revolut account gives users access to a wide range of financial services and targets both individuals and businesses.
It is easy to use and stands out for its popularity, cryptocurrency support, no minimum deposit, free account, and multi-currency Revolut accounts.
However, Revolut has slightly above industry average fees when compared to similar services.
In general, a Revolut account is a ‘Super App’ that infuses everything modern finance into a single location.
What is Revolut?
Revolut is a global Neobank and EMI (Electronic Money Institution) that offers both individuals and businesses a wide range of financial services such as multi-currency accounts, travel perks, cryptocurrencies, debit cards, virtual bank accounts, easy money management, etc. via its web app and mobile app when they open a Revolut account.
A Bit Of Revolut History
Revolut was founded in 2015 and is headquartered in London, the United Kingdom.
The Neobank has over 30 million active personal users from around the globe and supports more than 200 countries.
Also, it has 500,000+ business accounts open by unique users and supports 28 in-app fiat currencies.
The current chairman of Revolut is Martin Gilbert and Nik Storonsky is the cofounder and CEO of the Revolut account platform.
Vlad Yatsenko is also a co-founder and Chief Technology Officer (CTO) of the brand. Other executive leadership members include Peter Collins (Head of Internal Audit), Pierre Decote (Group Chief Risk Officer), and Sid Jadodia (Chief Banking Officer).
After its launch in 2015 by Nik Storonsky and Vlad Yatsenko, Revolut in its Series A fundraising raised $15 million and reached 100,000 personal customers by 2016.
In 2017, users with a Revolut account got access to its cryptocurrency services and Revolut Business accounts were launched alongside a Series B fundraising campaign that pulled in $66 million.
By 2018, Revolut got a banking license from the Bank of Lithuania and in 2019 expanded its services to Singapore and Australia.
In 2020, Revolut launched in the United States and Japan as well as began offering banking services in Poland and Lithuania.
Pros
- Large selection of cryptocurrencies and fiat currencies
- Wide range of financial services
- No minimum deposit
- Offers an Annual Percentage Yield of up to 4.25% on savings
Cons
- Slightly higher than industry standard fees
Revolut Review: Unique Features
Revolut Pro
Revolut Pro is a service that allows you to easily set up an account for managing your business or side hustle within the Revolut retail app.
Revolut Pro is similar to Revolut Business, the major difference is that Revolut Pro is accessed through your existing Revolut personal account via the retail app.
You can only open a Revolut Pro account if you have a Revolut Personal account. The Pro account is meant for self-employed natural persons, freelancers, or sole traders not companies and it is designed for business purposes.
Revolut conducts routine checks to ensure that these terms are adhered to, and defaulting accounts will be closed down.
If your business grows beyond being a freelance job or side hustle or if you need more features, you can set up a Revolut Business account whenever you want.
You can sign up for Revolut Pro in the app, the Revolut team will review your application, and once it is verified you will have access to all the Pro features.
As already stated, Revolut Pro is the same account type as your Revolut Personal account. But they have separate balances. Revolut Pro has its own account number and transaction history and can be accessed independently in the app.
You can fund your Revolut Pro account directly from your account or you can top up from an external source within the app.
You can also make withdrawals from the account by using your Revolut Pro card, by transferring money to your Revolut Personal account, or by making an outbound payment.
Revolut Pro account holders can earn unlimited cashback on eligible transactions made with physical or virtual cards at eligible merchants. Merchants such as those that provide financial services are excluded.
The cashback percentages earned vary based on your Revolut plan.
Plus/Standard plan gets 0.4%, Premium gets 0.6% while the Metal plan gets 0.8% cashback.
The cashback is deposited in your Revolut Pro base currency every month.
Revolut Vaults
Revolut Vaults provides you with an easy way to stash away cash and achieve your financial goals faster using any of the supported fiat currencies.
The money in your Vault is separated from your main Revolut account. The Vault can be topped only with funds that are already added to your Revolut account. Revolut allows you to transfer money between your Vault and your main Revolut account anytime.
Currently, Revolut Vaults can only be accessed through the app, it is not possible to access Vaults through the website.
Setting up a Vault is easy. To set up a Vault:
Open the mobile app and go under the “Hub” section
Tap the “Vaults” icon
Give your Vault a name.
That’s it. You can start putting money in your Vault.
Revolut offers 3 different types of Vaults: Personal, Group, and Savings Vault.
- Personal Vault: With the Personal Vault, you can round up your spare change, make a one-time transfer, or set recurring transfers. You can create a Personal Vault on various currencies including EUR, USD, and GBP. The cryptocurrencies in your Vault are not bank-guaranteed and may lose value. The crypto is provided by Apex Crypto LLC, NMLS ID 1828849, not FDIC or SIPC insured. Fiat currencies in the personal Vault are held at Metropolitan Commercial Bank (MCB).
- Group Vault: With the Group Vault you can reach common goals faster. The Group Vault is not a joint account as the funds in the Vaults are owned by the Group Vault owner. Fiat currencies in Group Vaults are held at MCB and FDIC-insured only for the Group Vault owner for up to $250,000.
- Savings Vault: The Revolut Savings Vault gives you an easy way to achieve your money goals or earn interest on your spare change. Saving Vaults are similar to personal vaults, the only difference is that your money in the Savings Vault is deposited in a bank where you can earn interest. Revolut Savings Vaults are currently only available to USD customers resident in the 50 United States and the District of Columbia. You must have a valid Individual Tax Identification Number or Social Security number to access Savings Vaults.
Revolut Vaults can be funded in multiple ways. Available top-up methods include recurring transfers, one-time transfers, and Round-Ups.
Recurring transfers can be scheduled to be executed every day, weekly, or monthly.
With Round-Ups, your spare change is rounded up to the nearest whole number, and the difference is automatically saved whenever you spend with your Revolut card.
You can close a Revolut Vault whenever you wish. Once you do this, the entire Vault balance is moved back to your main account.
How to Buy Crypto with Revolut?
Before purchasing crypto with your Revolut account, it’s important to note that Neobank states that its crypto assets are not regulated or protected by any investor compensation schemes.
That said, to buy cryptocurrency download the Revolut app if you haven’t already and sign up for a free account to start buying cryptocurrencies.
Next, add money to your Revolut account using any of the supported 27+ fiat currencies and payment methods.
You can also top up your Revolut crypto wallet with another coin to swap it for the one you need.
Lastly, go to Crypto in your Revolut account and select the tokens you want to buy. Revolut supports over 100+ cryptocurrencies.
Once you have bought your Bitcoin or any supported coin, you can hold it in your Revolut account and exchange it for other crypto or sell it for 30+ currencies within the Revolut app.
How is Crypto Stored?
Revolut stores the majority of cryptocurrency in cold storage (custodial storage) and does not bring your private keys to the web.
That said, what you see on the front end is a hot wallet holding your crypto.
Cryptocurrencies Available on Revolut
Revolut supports over 100 cryptocurrencies.
Supported cryptocurrencies include Bitcoin, Ethereum, XRP, USD Coin, Cardano, Solana, Dogecoin, Polkadot, MATIC, Shiba Inu, Bitcoin Cash, Litecoin, Avalanche, ATOM, Uniswap, Ethereum Classic, Chainlink, HBAR, Internet Computer, Filecoin, etc.
Revolut Review: Fees
Revolut offers a range of fee-free services including a free personal account, free deposits by bank transfer to your home country currency account, and adding money using a UK or EEA-issued card.
Deposit Fees
If you add money by bank transfer to a local account not in your home country, Revolut charges a £8 wire fee.
Also, if you add money to your Revolut account using a debit card or credit card issued anywhere else aside from the United Kingdom or EEA (for example the United States, Switzerland, etc.) or add more using a commercial card the Revolut may charge an undisclosed fee to cover the costs.
Revolut Card Fees
The Revolut card is free but an undisclosed delivery fee applies. The neobank also charges £5 or the currency equivalent per replacement as well as the delivery fee.
There’s also a custom fee if you want to design a personal card in the Revolut app. Revolut will let you know the applicable fees before you place an order for the card within the app.
The same goes for ordering a Revolut Pro Card and a Special Edition Card. Revolut charges a customs fee for both options and will show it to you within the app before ordering it.
The delivery fee varies based on where you are sending the card and if you’re using Standard or Express delivery.
That said, virtual Revolut cards are free.
Spending Fees
ATM Withdrawals
Revolut offers fee-free ATM withdrawals for up to 5 ATM withdrawals or £200 per rolling month depending on which one comes first. After the fee-free ATM withdrawals, a Revolut fee applies.
This fee takes 2% of your ATM withdrawal and is subject to a minimum fee of £1 per withdrawal.
Sending Fees
Transfers to Other Revolut Users
You can transfer funds to any Revolut user for free.
Local Payments
Revolut does not charge fees for local payments. Local payments are transactions made in your base currency that are sent to an account in your country of residence.
Payments Within the Single European Payments Area
Payments in Euros that are sent to an account outside your country of residence but within the Single Euro Payments Area (SEPA) are free.
Card Transfers
There’s a dynamic fee charged when you send payment to a supported non-Revolut card number using the app. The fee is calculated in real-time and depends on how much you’re sending and where.
Exchange
When you make a currency exchange within your subscribed Revolut plan’s exchange limit you will get the platform’s exchange rate. This applies to cryptocurrency exchanges, fiat currencies, and precious metals.
However, if you exceed this limit, which is £1,000 per month for the Standard account and Plus account, you’ll be charged 1% for Standard and 0.5% for Plus plans for additional exchanges.
There’s no exchange limit and fair usage fee for Premium, Metal, and Ultra plans.
Crypto Fees
Standard account and Plus Revolut users will be charged the following crypto fees depending on which is greater: A percentage-based fee of 1.49% of the amount of your crypto transaction or a flat minimum fee listed below based on local currency:
- Nordic Countries, Ireland, Switzerland: £1.99 or currency equivalent.
- Western Europe, Great Britain, Cyprus (excluding Nordic Countries, Ireland, Switzerland): £1.49 or account currency equivalent
- Eastern Europe: £0.99 or currency equivalent
The percentage fee or minimum fee doesn’t apply to exchanges between fiat currency and USDC. That said, it applies to exchanges between USDC and cryptocurrency.
Exchanging Precious Metals
For precious metal conversions, Revolut charges a fixed minimum fee of UK 1 GBP or your local currency equivalent listed below:
- UK: 1 GBP
- Eurozone: 1 EUR
- Bulgaria: 4 BGN
- Switzerland: 1 CHF
- Liechtenstein: 1 CHF
- Czech Republic: 29 CZK
- Denmark: 9 DKK
- Hungary: 500 HUF
- Norway: 10 NOK
- Poland: 6 PLN
- Romania: 6 RON
- Sweden: 20 SEK
- Iceland: 200 ISK
Revolut may change a variable fee instead which is 1.99% of the value of the precious metal conversion for Standard account and Plus users. For Premium, Metal, and Ultra users, Revolut charges 1.49%.
The highest rate relevant to your conversion will determine which fee structure is used.
Revolut Pro Fees
Processing Fees
Revolut charges the following fees for processing Revolut Pro transactions:
2.5% for online payments
1.5% for offline payments using the Card Reader
1.7% for offline payments using the Tap to Pay function
Merchant Chargeback Fee
Revolut charges the following chargeback fees depending on the currency: AUD30; CAD25; CHF20; DKK130; EUR15; GBP15; HKD150; JPY2000; NOK200; NZD30; PLN80; SEK200; USD20; ZAR350.
Security: Is Revolut Safe?
Revolut is a regulated neobank and financial technology company registered with the Financial Conduct Authority (FCA).
The e-money institution has several security features in place to ensure that funds credited into users’ accounts are protected against fraud and scale.
The mobile app is protected with security features like PIN/Passcode, fingerprint or facial recognition, and an SMS one-time passcode.
A notification is sent to account holders whenever a transaction is initiated on their account or card. Users can instantly freeze any suspicious transactions and the affected card.
That said, Revolut has also had a string of controversies which may be of concern to some customers.
Staking Rewards and Cashbacks
Revolut currently supports the staking of the following cryptocurrencies: Ethereum (ETH), Cardano (ADA), Polkadot (DOT), and Tezos (XTZ).
Its XTZ staking product is powered by TzKT API.
To begin staking your crypto assets go to the crypto section and choose a supported token then tap on “Stake”.
The return rates are based on historical data and Revolut does not give a guarantee for expected APYs.
That said, the data shows users can earn an Annual Percentage Yield of up to 11.65%.
For its Cash Back rewards, Revolut offers up to 30% Cashback when you spend from your Revolut card.
There’s also a Revolut savings vault feature that gives you 1% cashback stored with your savings when you join the Revolut Metal plan.
Supported Countries
Revolut is available to legal residents of Australia, the European Economic Area (EEA), the United States, the United Kingdom, New Zealand, Japan, Switzerland, Brazil and Singapore.
Legal residents of the following countries can open a Lite account; Kazakhstan, Qatar, Kuwait, Macao, Azerbaijan, Moldova, Chile, Saudi Arabia, Sri Lanka, and Armenia.
Revolut Licences
Revolut Ltd is authorized by the Financial Conduct Authority under the Electronic Money Regulations 2011.
Revolut Trading Ltd and Revolut Travel Ltd are also both regulated by the Financial Conduct Authority.
Revolut Bank UAB is licensed and regulated by the Bank of Lithuania within the European Union.
Opening a Revolut Account
To open a Revolut account, go to the Google Play Store or Apple App Store then download the Revolut app.
Next, launch the app enter your mobile number, and create a 4-digit passcode for the Revolut account.
You’ll get a text message from Revolut containing a PIN.
Enter the PIN into the app to verify your account.
Input your personal information such as email address, first and last name, and date of birth.
Deposit into your Revolut account from an external bank account.
Next, verify your identity by tapping the Profile icon within the app then choosing “Personal Details” and “Verify your Identity*.
Take and upload a picture of a valid ID like your international passport and then a photo of your face.
Lastly, select the plan you want to join, whether a free account or one that requires a monthly fee.
To open a Revolut business account, you’ll need to fill out a short online application form.
After submitting this form, you’ll join a short queue while the Revolut business team reviews your application.
Revolut Card
The Revolut card is a prepaid card that lets you spend from your Revolut account. Revolut offers virtual disposable cards and physical cards.
Their single-use time virtual cards can be used for online shopping. Once payment is made with the card, the details are deleted and cannot be reused.
Revolut offers both a Visa and a Mastercard. The brand available to you is displayed in the app before you order the card. Also, the brand you get is determined by several factors including your location and the selected card design.
If your preferred brand is not available for the chosen design, you can check other card designs.
Both the Revolut Visa and MasterCard are accepted anywhere Mastercard and Visa are accepted both in-store and online globally.
Revolut allows you to have up to 6 active physical cards, 20 active virtual cards, and 1 single-use card linked to your Revolut account at a time.
That said there is a limit to how quickly you can obtain 20 virtual cards. You can only create a maximum of 4 new virtual cards every 30 days. This does not include single-use cards.
You can have up to 2 Metal debit and 2 Metal credit cards at a time.
Revolut offers different types of cards based on the account types.
Revolut Standard Card: This card allows fee-free ATM withdrawals up to $400/month at 55,000 in-network ATMs. It also offers low-fee international transfers.
Revolut Premium Card: The Revolut premium membership costs $9.99 per month. The card allows up to $800 fee-free ATM withdrawals or its equivalent amount in a foreign currency per month. Revolut offers express delivery for the premium card.
Revolut Metal Card: Revolut Metal costs $16.99 monthly. With the Metal card, you enjoy unlimited currency exchanges with no hidden fees and fee-free ATM withdrawals up to $1,200/ month.
You also enjoy priority customer support, discounted lounge access, flight delay insurance, low-fee international transfers, etc.
Revolut offers Metal Cashback which allows you to receive money back from all eligible payments you make with your physical or virtual Revolut cards.
Earn Cashback on purchases at the rate of 0.1% within Europe and 1% when shopping outside of Europe.
Revolut Mobile App
The Revolut mobile app lets you open an account with no minimum deposit, make payments, transfer, and manage your money on the go.
The Revolut app gives you access to all of Revolut’s features. You can make payments to over 30 countries, request money with a tap, and split & settle bills all in one place.
You can exchange money fee-free in more than 30 currencies using a mid-market exchange rate from Monday to Friday.
You can manage your Revolut card directly from the Revolut app.
You can set your spending limits, monitor your expenses, and freeze your card from the Revolut App.
The Revolut app offers smart budgeting and analytics tools that can help you stick to your budget.
You can also earn rewards and interest in the mobile app through the different plans.
You can get up to 4.25% annual percentage yield on the funds in your Savings Vault (depending on your region).
Note that the Annual Percentage Yield displayed is a variable rate and can change at any time.
You can also earn up to 3.44% AER/ Gross for your Metal account. This is paid daily on cashback, savings, discounted remittances, etc.
The mobile app also gives you access to 10 commission-free trades monthly. You can invest as little as $1 in US-listed companies.
Revolut Deposit and Withdrawal Methods
Revolut supports the following deposit methods: Wire transfer, debit card, credit card, Apple Pay, Google Pay, Linked account, Direct deposit, and Early Salary.
For withdrawals, Revolut allows you to send your money to a bank account or withdraw via an ATM using your Revolut card.
Customer Service
Revolut offers customer support via Live Chat and email at support@revolut.com.
The platform also has a Help Center that is equipped with detailed articles about different aspects of the platform.
Revolut customers are encouraged to check the Help section for an article that can solve their problem before contacting the support team or using the Revolut chatbot Rita.
For quicker response, Revolut recommends that users contact Revolut support via chat instead of email.
Revolut Compared with its Competitors
The 2 main competitors of Revolut are Wise (formerly Transferwise) and N26.
Wise is better than Revolut when it comes to fees as it charges less and lower fees as well as offers over 40 currencies (more than Revolut). Just like Revolut, it has no minimum deposit or balance requirement. However, Revolut outshines Wise in the general scope of its offerings and less restrictions. It supports cryptocurrencies, staking, cashbacks, Revolut savings vaults, and much more.
N26 though a main competitor is quite limited when compared to Revolut but outdoes Revolut in its personal loan services. Like Revolut, it has no minimum deposit or balance requirements.
What is a NeoBank?
A neobank is a fully online bank with no physical banking halls. It is typically accessed via a mobile app.
How to Choose the Right NeoBank for Your Needs?
To choose the right neobank consider the following:
- Payment methods for funding your account on the platform
- Ease of Use
- Supported fiat currencies
- Cryptocurrency availability
- Card availability
- Transaction fees charged
- Other restrictions/services (Some neobanks, like many traditional banking institutions do not allow the dealing, transfer, etc in crypto or even Fx providers.)
Conclusion
Revolut is rightly tagged as a one-in-all Super App. The neobank has one of the largest selections of financial services for an EMI, is very user-friendly and provides excellent customer support.
That said, it charges some higher fees, which may discourage beginners, plus its crypto services aren’t regulated by the FCA.
FAQ
Most frequent questions and answers
Revolut’s crypto services aren’t FCA regulated nor are they insured. It also has high fees.
Yes, you can use Revolut in the United States.
Revolut offers better foreign exchange rates and zero fees for international transfers. It’s a neobank that offers many additional services compared to PayPal.
Revolut is a well-regulated neobank and financial technology company that offers banking services.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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