Revolut Bank Review 2024

Trading platform:

  • Plastic card
  • Apple Pay
  • Bank account

Revolut Bank Review 2024

Updated:
Updated: February 12, 2024

9.7

/

10

TU Overall Score
The purpose of creating the TU Overall Score is to make the search for secure and reliable brokerage companies easier for the visitors of our website. We believe that it is a very important mission as, unfortunately, not every company in the financial industry is worthy of trust.

According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Supported Countries:
  • Globally
Supported
Currencies:
  • 30 currencies
Deposit rate:
  • 6.45%
Deposit insurance:
  • Yes

Summary of Revolut

The Revolut Bank was launched in 2015 in Great Britain. Today it is among the largest digital banks in Europe with 14.5 million customers worldwide. It provides personal and business accounts with over 30 currencies. There is an integrated converter and built-in investment solutions. Instant transfers between accounts at different banks are available. There are virtual and plastic cards with ATM cash withdrawals and online/offline payments (using MasterCard standard). The free plan is offered at the start; paid plans provide advanced features like interest payments for dollar deposits.

💼 Main types of accounts: Personal and business
💱 Multi-currency account: Yes (over 30 currencies)
☂ Deposit insurance: Yes
👛️ Savings options: Free international transfers, savings accounts, smart statistics, cashback, and bonuses
➕ Additional features: Revolut Junior, cryptocurrency exchange, vaults, insurance (including pet insurance)

👍 Advantages of trading with Revolut:

  • The Revolut app is installed for free on any mobile device and has an intuitive and functional interface.
  • There is a free plan for personal and business accounts, providing all the basic features; you can also connect one child account.
  • A wide range of investment solutions such as the client can invest in shares of 800 companies and precious metals in any amount, from $1.
  • 100% transparency with no additional commissions or hidden fees; all fees are specified in the tariff schedule.
  • Dozens of tools to automate your financial management, from saving "change" to setting up regular transfers.
  • Open banking – the client can link to accounts at any other banks and financial systems using his Revolut card.
  • The built-in Stay service allows you to book hotels all over the world with a cashback of 10% of the cost, and there are also insurance services.

👎 Disadvantages of Revolut:

  • The free rate has significant limits, for example, cash withdrawals without a commission are only up to €200 per month or up to five withdrawals;
  • The integrated cryptocurrency service is not regulated by the FCA, the bank itself doesn’t guarantee to work with cryptocurrencies and doesn’t insure them.
  • The most popular insurance solutions (e.g., against accidents) are available only on paid plans like Premium and Metal.

Evaluation of the most influential parameters of Revolut

User Satisfaction Customer Satisfaction Score (CSAT) is a unique metric of Traders Union based on the analysis of user reviews posted on pages of each broker profile by the visitors of our website from all around the world. We have been collecting these broker reviews for over 13 years, and therefore, we know and understand the level of customer satisfaction with a specific brokerage company better than anyone else.

9.41

/10

Commissions and Fees The score for this parameter is based on the licenses a company holds. The higher the level of the license, the higher the score. Obtaining licenses in other jurisdictions also improves a broker’s score. We divide all licenses into three levels:

Level 1 jurisdictions (high level of trust): CFTC – USA, FINMA – Switzerland, FCA — UK, ASIC – Australia, CBI – Ireland, JFSA — Japan, MAS – Singapore, FMA — New Zealand, IIROC – Canada, SFC – Hong Kong.

Level 2 jurisdictions (medium level of trust): CySEC – Cyprus, FSCA – South Africa, CBRC – China, SEBI – India, ISA – Israel, SECT – Thailand, DFSA – United Arab Emirates

Level 3 jurisdictions (low level of trust): FSC – Belize, FSC – British Virgin Islands, FSC – Mauritius, VFSC – Vanuatu, SCB – The Bahamas, BMA – Bermuda, CIMA – Cayman Islands

9.80

/10

Types of accounts This parameter comprises a comprehensive analysis of all commissions and fees charged by a brokerage company, including trading and deposit/withdrawal fees. Also specific fees, for example the inactivity fee, are taken into account in the final score for the fees. Users can find detailed fees charged by a company in the broker’s profile.

9.60

/10

The ease of opening an account For this parameter, we evaluate the number of trading assets a broker offers access to in each group of financial instruments. We analyze the quotes a broker offers on Forex pairs, metals, indices, commodities, stocks, and cryptocurrencies. This parameter also includes evaluation of broker’s investment programs, for example access to copy trading, which we regard as an additional type of a trading instrument.

9.10

/10

Online-Payment Usability Traders Union experts are confident that brand awareness mostly fully reflects the real state of affairs in a company – the more popular the broker, the more people trust it. The score for this indicator is based on the data analysis of such services as Ahrefs and SemRush, which show how often a company’s brand is searched on Google. In addition, indicators of the SimilarWeb service, which show the approximate number of visitors of the broker’s website, are also taken into consideration. We also review disclosed official reports of brokers, which allow for evaluating their client base.

9.20

/10

Customer Support work The score of this parameter is based on the number of available communication channels of a company’s support service. The quicker and easier it is to contact the broker’s support, the higher the score. We check every available support channel, test the speed of processing of requests and completeness of provided information through several interactions.

9.40

/10

Social programs This parameter provides an evaluation of a company’s capacity to work with beginners. Only quality training and provision of full and unbiased information can help novice traders and investors minimize the risks of losing money, even when working with top-ranked companies. Brokers with useful educational and informational tools, including webinars, tutorials, podcasts and articles, receive higher scores.

9.90

/10

Geographic Distribution of Revolut Traders

Popularity in

11.3%
GB
United Kingdom
5.1%
ES
Spain
4.2%
PL
Poland
4%
US
United States
3.6%
DE
Germany
3.5%
FR
France
3.4%
IT
Italy
3.3%
RO
Romania
2.4%
IE
Ireland
49.2%
Others
Others

Video Review of Revolut i

Revolut Bank Latest Comments for 2023 i

3 comments
Total score:
6 /10

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Emdad_eee
21 weeks ago

I’ve been using the services of Revolut Bank for a year and everything is fine. I received a card, everything is quite convenient, and transfers are fast. The mobile application is not bad. The only problem, in my opinion, is confirmation of deposits and withdrawals, which can take quite a long time sometimes.

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JimmieRed
1 year ago

I chose Revolut Bank based on customer reviews. Most customer reviews are positive. So I decided to open an account here. Revolut Bank itself is now considered by many to be very popular in Europe due to its low service fees. Yes, the commissions here are below average. But there is a problem - this is a long transfer of funds.

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jessicaun18
1 year ago

The main advantage of the Revolut card is that it is truly multi-currency and supports about 150 currencies. You can always exchange your currency for any other at the standard interbank rate. And this will happen without unnecessary markups and conversions. In addition, it is possible to create virtual maps. The only negative thing for me was that there are commissions for some currencies, although I thought there were none.

Expert Review of Revolut

Revolut Bank was founded in 2015 and provides services worldwide. It is a classic mobile bank with personal and business accounts, that offers free tariffs. The main advantages are the multi-currency account in which you can store, transfer and convert over 30 currencies. There is support for cryptocurrencies and several options for investing in securities and precious metals.

The bank is equally convenient for private use as a personal neobank and for managing the corporate business. It has average limits. For example, on the Standard account, you can withdraw up to £200 per month from ATMs for free. If you withdraw more, there is a fee, which is calculated regionally.

Account management is done via the Revolut app, which can be installed on all types of mobile gadgets. There is fine-tuning and micro-control of finances (even on the free plan). For example, you can round up the purchase amount and make savings pots. Interest on dollar deposits reaches 0.65% on the Metal tariff, which is the market average.

Anton Kharitonov

Anton Kharitonov

Financial expert and analyst at Traders Union

Latest Revolut News

12.02.2024
​British payments giant Revolut has launched phone data plans with eSIM technology in the UK, making it the first company in the country to offer the
24.10.2023
​Revolut, the online bank with more than 35 million clients worldwide, has expanded its investment offering in the European Economic Area (EEA) to
05.09.2023
​Digital bank Revolut has announced the integration of SegWit addresses for Bitcoin transactions, a key step in the development of
25.07.2023
UK-based online bank Revolut has launched its Joint Accounts product in the UK, following its success in the European Economic Area. The Joint Accounts
10.07.2023
A British fintech company and neobank, Revolut, lost more than 20 million dollars last year due to a security vulnerability. The main reason for the loss
05.07.2023
The UK fintech company and neobank Revolut announced the launch of its services in New Zealand as part of its program to expand its geographic
30.06.2023
A British fintech company and neobank, Revolut, has announced that it will stop supporting some cryptocurrencies. In an email sent to U.S. users on June
28.06.2023
A British fintech company and neobank, Revolut, has revised some of its cryptocurrency transaction fees.  The decision to reduce fees came after the
01.06.2023
One of the largest digital banks in Europe, Revolut, announced that the number of its users has exceeded 30 million.The majority of its clients are in the

Dynamics of Revolut’s popularity among
Traders Union’s traders, according to 2023 data

Logo TU
20,0%
Top 3
10,0%
Top 5
7,0%
Top 10
5,0%
Top 20
1,0%
Top 40
0,5%
Top 100
0,2%
Top 100+
0,05%
Jan.
Feb.
Mar.
Apr.
May.
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.

Investment Programs, Available Markets, and Products of Revolut Bank

  • Promotions. This digital bank offers its own investment platform with access to shares of over 800 global companies. The maximum amount of charges is $10,000. On the Metal tariff, the purchase and sale of shares are commission-free.

  • Metals. Revolut customers can purchase gold and silver bullion by paying directly from their account at the touch of a screen. The situation with sales is similar.

  • Cryptocurrencies. Bank customers can purchase cryptocurrencies and store them in their accounts. Cryptocurrencies are available for conversion in crypto-crypto and crypto-fiat pairs. Note that the service is not regulated by the FCA.

  • Vaults. Vaults at Revolut Bank are special pots where you can save money within the framework of customizable algorithms. The money is stored at an annual interest rate.

Note that the digital bank offers two types of vaults. Vaults do not involve interest payments. To earn interest, open a savings account.

Important!

If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.

Terms for Cooperation with Revolut

The account options, limits, investment solutions, and additional services all depend on the tariff chosen by each client. Paid plans provide more functions and have higher limits. Find the main parameters of Revolut in the table below.

💼 Main types of accounts: Personal and business
💱 Multi-currency account: Yes (over 30 currencies)
💵 Deposit terms and conditions: Annual rate of up to 0.7% in pounds sterling, up to 0.65% in U.S. dollars
💳 Loan terms and conditions: No
☂ Deposit insurance: Yes
👛️ Savings options: Free international transfers, savings accounts, smart statistics, cashback, and bonuses
📋 Types of payment: Bank account, MC plastic card, Apple Pay
➕ Additional features: Revolut Junior, cryptocurrency exchange, vaults, insurance (including pet insurance)

Comparison of Revolut with other Brokers

Revolut Wise Curve Bank Bunq Chime Bank Starling Bank
Supported Countries Globally Globally UK and EEA Netherlands, Germany, Austria, Italy, Spain, France, Belgium, Ireland, Bulgaria, Croatia, Slovenia, Republic of Cyprus, Finland, Greece, Hungary, Latvia, Lithuania, Luxembourg, Malta, Norway, Poland, US UK
Supported Currencies 30 currencies 54 currencies 26 currencies Euro (16 European currencies in the Easy Money plan) USD GBP, EUR, USD
Deposit insurance Yes No No EUR 100,000 Yes Yes
Minimum deposit No No No No No No
Deposit rate 6.45% No No 0.09% APY 5%-30% 15%-35%
Loan Rate 0.65%-0.7% No No The bank does not issue loans 0.50% 0.05%

Revolut Commissions & Fees

Information

The standard account is free, with subscription fees of £2.99, £6.99, and £12.99 per month for Plus, Premium, and Metal tariffs, respectively.

Each tariff has limits for free withdrawals from ATMs and free international transfers. There is a commission to be charged in cases above the limits, which is calculated individually when you make a transfer (depending on the currency, amount, and country).

If the client works with cryptocurrency, the exchange fee is 2.5% for Standard; for Plus, Premium, and Metal, it’s 1.5%. Similarly, for the trading exchange, it is 1.5% for Standard; and 0.5% for Plus, Premium, and Metal. There is no fee for cryptocurrency withdrawal (only a network fee).

Currency exchange can be done 24 hours a day from Monday to Friday. For Standard and Plus, there is a monthly limit of £1,000 or the equivalent in other currencies. There are no limits for Premium and Metal currency transactions, and individual discounts and bonuses are available at these rates.

We also compared Revolut fees with similar types of fees on other Digital banks.

Broker Overdraft fee ATM Withdrawal Fee International transfer fee International exchange fee
Monzo Bank 19-39% Free in the UK In other countries: - up to £200 - free - beyond £200 - 3% €0.5 0.35%-2%
Revolut No Up to $350 - free - beyond $350 - 2% 0.3% (min. $0.30, max. $6) From 0% to 1%
Chime Bank No No No 3% (max.$5)
Conclusion

Revolut Bank is a modern mobile bank with advanced investment features and a wide range of possibilities for easy interactions with banks in almost all developed countries. Depending on the tariff, different limits and options are available to the client. The bank has its card and even has its own exchange for buying and selling stocks, precious metals, and cryptocurrencies. However, it is worth bearing in mind that the cryptocurrency exchange service is not regulated, while the work of the bank itself is licensed by the FCA regulator. The bank ensures investors' deposits and offers an acceptable interest rate. The Revolut app is competitive with the leaders of the segment in terms of convenience and functionality

Detailed review of Revolut Bank

Revolut operates in most countries without restrictions. You don’t need to be a resident of a particular country to cooperate with this bank. There is no need to deposit funds in a particular currency, the account supports over 30 currencies. However, consider that the base currency is the pound sterling. This means that all transactions are valued equivalently in the pound at the current exchange rate (for example, this is how commissions are calculated). 

Revolut Mobile Bank by the numbers: 

  • over 14.5 million clients worldwide;

  • over 30 currencies can be stored, exchanged, and sold;

  • shares of over 800 companies are available for investment;

  • up to 0.7% per annum on deposits in pounds;

  • up to 1.5% commission on cryptocurrency exchange;

  • £0 for the subscription fee for the Standard tariff. 

In the application settings, you can set a wide range of limits and priorities for current expenses. Virtual and plastic cards are linked to the account (there is a Metal version). In stores, payments can be made from devices that support Apple Pay. Conveniently, the conversion of currencies between each other at the market rate is instantly available, similar to Forex. Trading is also possible with cr

Useful features of Revolut:

  • Early Salary. Revolut is free of charge for all the channels through which the client receives his wages. The bank doesn’t charge a fee for this, and the client can withdraw funds a little earlier than the deadline set by the employer because they are reserved by the bank. There is also the On-Demand Pay or Pay on Demand function.

  • Budgeting and Analytics. Integrated budgeting and analytics tools allow you to manage your accounts. You can set category limits, set goals, create pots for different tasks, optimize costs, automate regular payments, and connect notifications.

  • Junior. This is a special account for a child that is controlled by an adult. The child's account is completely identical to the standard account, but some features are disabled, plus the parent can set any restrictions and limits through their own account. Junior accounts are free, and the number of accounts is determined by the plan.

  • Pockets. A curious feature that allows you to set up adaptive payments. For example, it is possible to set up a pot from which utilities will be paid. If you bind the data of the service provider to the pot, the payment will be made automatically as soon as the provider generates a receipt. Loans can be automated in the same way.

  • Open Banking. You can link any account and payment account with Revolut, including cryptocurrency wallets and plastic cards (MC standard only). Instant transfer of funds between linked accounts is available with no fees, end-to-end analytics, and visual comparison charts (e.g., for choosing the account with the best credit history).

  • Stays. A unique integrated service that allows you to choose hotels, guest houses, and hostels around the world. Rooms can be booked directly from the app, paying for them immediately. Cashback on this feature is up to 10% depending on the rate. Deferred payment service is available (even if the hotel works on prepayment with other services).

Revolut Bank has one more unique service called Gifting. The function allows you to send cash gifts and gift cards to store-partners of the mobile bank.

Advantages:

1

Even the free plan provides the customer with a multi-currency account, where over 30 fiat currencies plus hundreds of cryptocurrencies are available for storage.

2

Currencies and cryptocurrencies can be freely exchanged with each other with minimal commissions at the current market rate.

3

To the Revolut Bank account, it is possible to link accounts in other banks, as well as various payment systems, including electronic ones. 

4

The bank provides standard limits on cash withdrawals and transfers without commissions, which become more profitable at paid rates.

5

It is also possible to link a child's account, which is fully controlled by the parent.

6

The Revolut app has built-in analytical tools, smart accounts, smart reports, and statistics functions.

7

The bank offers several investment options, including deposits, buying and selling cryptocurrencies and precious metals.

8

There is a unique service for booking hotels with cashback, and different types of insurance, including rental car insurance. 

Types of accounts for individuals and businesses

Personal and business accounts differ in terms of features. For example, the payroll service and corporate account management are not available for a personal account. However, for both types of accounts, all payment and deposit options, various insurance programs, and security mechanisms are available. The main differences between the accounts are determined by the fee schedule: 

Account Type
Description
Standard
Free. ATM withdrawal limit – £200 per month or 5 withdrawals (there is a fee if you withdraw more). There is a monthly fee for the plastic card. Revolut Junior for 1 child is 0.15% on deposits in pounds sterling.
Plus
£2.99 per month. Free ATM withdrawal limit of £200 per month, unlimited withdrawals, and free card delivery. Revolut Junior for 2 children is 0.2% on deposits in pounds. There are additional features.
Premium
£6.99 per month. Free ATM withdrawal limit of £400 per month. Revolut Junior for 2 children is 0.55% on deposits in pounds. All extra features except metal cards. One free international transfer per month.
Metal
£12.99 per month. Free ATM withdrawal limit of £800 monthly. Revolut Junior for 5 children is 0.7% on deposits in pounds. Plus, the Metal card, increase in cashback, and 3 free international transfers monthly.

On the Standard tariff, deposits are available only in pounds sterling, deposits in dollars can be made on all other tariffs. The more expensive the tariff, the lower the commission for cryptocurrency exchange and trading exchange. And the cashback increases with the cost of the tariff.

Banking features

Revolut provides all the typical features and functions of a mobile bank. Customers can make transfers within the country and between countries, accept funds in over 30 currencies, and convert them. There are different options for deposits and investments. Business accounts are provided with simplified expense administration, automation of employee compensation, and reporting to the competent authorities. Thus, this British digital bank gives private and corporate clients all possibilities for comfortable capital management and business, including worldwide.

Technical Support

All data on working with the mobile bank is presented on the main page of the official site. Locate the "Help" section in the footer. It provides a detailed explanation of all functions and tools. In the "Customer Help" subsection there is a brief FAQs section, and you also can send an individual request through the ticket system.

The site also has a "Community" section, where the bank's clients share tips and tricks. There you can create a topic with a question and get a prompt answer from the community. Communication with the technical support of the bank can be done in two ways – via online chat in the application and by phone number +442033228352. Support works 24/7.

The bank's clients can benefit from the blog and the news line. You can find them through the site's footer. They publish analytics on current events from the world of politics and economics and announce investment projects and new tools offered by the bank.

Social programs of Revolut Bank

Revolut Mobile bank offers a unique social program - animal insurance. Each neobank client can order individual insurance for their pet. Insurance allows you to receive payments in case of animal illness. If the pet is missing or suspected to have been stolen, Revolut uses its own resources to organize searches while contacting the relevant authorities and providing them with the proper information.

Within the Revolut app, you can create an animal profile by digitally adding accompanying documents. This package of documents can be transferred with one screen touch by e-mail or via messenger, which is convenient when visiting a veterinary clinic. The neobank application is directly synchronized with a number of British veterinary clinics, allowing you to receive the required services free of turn. Insurance can be ordered on individual terms by adding and removing target positions.

How to open an account at Revolut Bank

Follow the official website of the digital bank, and find the "Register" button in the upper right corner of the screen. Click on it. Select the residence country code, and enter your cell phone number. A link to the App Store or Google Play, depending on your device, will be sent to your phone in SMS format.

Follow the link, and download and install the Revolut app (Revolut Business on Google Play). After installation, the app will ask you to register. To register, you will be required to enter your personal information and provide scans of your identification documents (e.g., driver's license). Verification of documents may take several days.

In the application, you can choose whether you want to open a personal or a business account. In most cases, a personal account is adequate. A business (or corporate) account is opened to conduct business and manage the financial flows of an organization (including employee payments and reporting). By default, the free Standard plan is selected. After checking your documents, you can choose a paid plan of your choice.

Revolut landing page
Revolut landing page
Disclaimer:

Your capital is at risk.  Via Revolut's secure website. Your capital is at risk.

All information posted on the Traders Union website is based on reliable and objective data. We have combined our 10 years’ experience in the financial sector and the feedback of our customers to provide you with a true picture of the best forex companies in the market. Detailed information about our methodology.

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FAQs

How does Revolut earn money?

The main income of Revolut is from commissions. You can learn the structure of commissions in detail on the bank's website.

How does Revolut protect its customers?

Revolut uses two-factor authentication, data encryption and other security methods.

Is it possible to check the statistics of expenses?

Revolut provides clients with extended statistics. You can study the detailed information about revenue receipts, expenses, split into different periods of time, etc.

Is it possible to make international payments through Revolut?

Yes. Revolut allows you to make payments between customers in different countries.

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