Revolut offers accounts with debit cards that can be used abroad with no foreign transaction fees on weekdays. You can also trade US stocks, crypto and commodities with Revolut.
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Revolut provides low-cost solutions for:
Revolut feels a lot like a bank account. You get a debit card, there's an app, and it allows you to keep and spend money, pay bills and receive payments.
However, Revolut isn't a bank – it's an e-money institution (EMI). With Revolut, you can hold money in as many as 37 different currencies, send and receive transfers to multiple countries and currencies, and spend money around the world.
Products and services
Revolut offers the following products and services:
The currencies that Revolut offers access to are currently: AED, AUD, BGN, CAD, CHF, CLP, COP, CZK, DKK, EGP, EUR, GBP, HKD, HUF, IDR, ILS, INR, ISK, JPY, KRW, KZT, MAD, MXN, NOK, NZD, PHP, PLN, QAR, RON, RSD, SAR, SEK, SGD, THB, TRY, USD, ZAR.
What does Revolut do really well?
What is Revolut missing?
Unlike competitors Monzo and Starling Bank, Revolut isn't a bank. That means you won't have access to an overdraft or other lines of credit, and you can't top up your account by paying in cash or cheques either.
Revolut's fees vary according to the plan you choose. There's a free Standard account, then four accounts that require a monthly subscription.
You can see what is included in each plan, and the price you'll pay, here:
The higher-tier accounts also come with other perks including:
It's a pretty big hike in price for those top account tiers. It might be worth the £540 per year for Ultra if you do a lot of travelling, and you can make use of those subscriptions. For the couple of overseas trips I take each year, I'm more than happy with the free Standard plan.
Even with the free plan, weekday ATM withdrawals and debit card use is fee-free.
There are some things to watch out for with Revolut fees, however. Providers need to make money somehow, and this is where Revolut takes their profit:
How does Revolut compare?
If you use your card only on weekdays and stay within your fair usage limits, then Revolut is highly competitive. But, as the below table shows, drifting out of the fee-free zones means the costs can quickly add up.
My advice is: know your fair usage limits and keep track of what you're withdrawing when abroad. And don't use your card on a weekend, if you can help it!
If you can keep within those boundaries, Revolut is a very cheap way to spend money abroad.
What exchange rate does Revolut use?
Revolut Business customers get access to what's called the interbank exchange rate. That's generally considered to be the best rate as it's the ‘trade' price. You might also hear it referred to as the mid-market rate because it's midway between the rate the buy and sell rates used on the trading markets where currency is bought and sold. The interbank, or mid-market rate, is free from mark-ups. Very few platforms provide access to this wholesale rate to all customers, but there are exceptions: Wise offers the interbank rate to all customers, as does Currensea.
Revolut adds a mark-up to the interbank exchange rate for personal customers. However, all the analysis I've done on different exchange rates points to the differences being minute, so I wouldn't particularly worry about this.
Of much more importance to overall cost are the FX (foreign exchange) fees that providers charge. These fees are unrelated to the exchange rate, and are really just service charges. These will make a much bigger difference to your overall costs than differences between the varying exchange rates used by well-known providers.
As an ‘e-money institution', Revolut is obliged to protect your money through safeguarding rules. These rules are designed to ensure that if Revolut fails, your money can still come back to you as it has been kept in a safe place.
That is not the same as the Financial Services Compensation Scheme (FSCS), however, which provides bank account holders in the UK with compensation up to a total of £85,000.
When Revolut receives your money, it must either be placed in a dedicated ‘safeguarding account’ with a bank, or it must be invested in low-risk assets that the regulator has approved as an alternative to cash. Revolut keeps your money in these accounts or investments until you spend it.
In the unlikely chance that Revolut, or any e-money institution, fails, the customers’ claims on their funds will be paid from the safeguarding account.
Revolut is authorised and registered with the Financial Conduct Authority. Although it is not a bank, and therefore isn't covered by the Financial Services Compensation Scheme, Revolut does have to adhere to certain safeguarding rules which means your money should be kept separate ‘safeguarding' accounts until you spend it.
You can use Revolut for free, and not pay a monthly fee, if you sign up for the Standard plan. With all plans, there are no FX fees for using your card abroad on weekdays. The fee for using your card at the weekend, however, is 1% for all plan holders. Withdrawing cash from an ATM using your Revolut card is free, up to the limits of your plan. Beyond those limits, you will need to pay.
Yes. With Revolut, you'll get an account number and sort code so, in many ways, you can use it just like any other bank account. You can use your account to receive money, pay bills and make payments.
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