Insiders score
More info4.0out of 5
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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26.4%
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26.4%
25 July 2024 Revolut receives a UK banking licence.
Revolut provides low-cost solutions for:
4.0out of 5
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?
4.5out of 5
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 as a travel money card?
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. If you can't, check out Starling Bank or Wise instead.
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.
My guide to getting the best FX fees has more information on how to keep your costs low if you're a trader.
Investing fees
If you want to invest with Revolut, there are additional fees to pay. Those fees may consist of:
Depending on your plan, you’ll be able to make a certain number of commission-free trades:
Standard: 1 free trade per month
Plus: 3 free trades per month
Premium: 5 free trades per month
Metal and Ultra: 10 free trades per month
Any additional trades outside your monthly allowance will be subject to a commission fee which is currently 0.25% of the total order amount if you are a Standard, Plus, Premium or Metal user, or 0.12% of the total order amount if you are an Ultra customer. All of these are subject to a minimum fee of £1.
Since Revolut only offers US-listed securities, you will need to convert your deposits (if they're not held in USD) to make the trade. That means paying Revolut's currency exchange fees.
There may also be some small additional fees, imposed on all US stock traders by regulators. You'll find these are applied on all legitimate platforms that abide by regulations.
Revolut's investing and FX fees keep them solidly in the ‘low-cost provider' category. If you want to invest for free, then you can by staying within your allocated number of free trades per month. If you want to trade more regularly, then the prices you're paying are still reasonable. I'd say, however, that Revolut really is just a gateway into investing. There are other low-cost platforms, such as Dodl, which offer more choice for a lower cost (0.15% vs Revolut's standard rate of 0.25%) AND you're not paying a monthly subscription with Dodl as you are with Revolut's paying accounts. That said, of course, you're getting other services with Revolut that Dodl and other specialist investment platforms aren't offering.
If you're an Ultra customer, that 0.12% is cheap, although you are paying a whopping £45 per month to be an Ultra customer. It really does come down to whether you're getting your money's worth with the other products and services Revolut provides. If you are, then why not take advantage of that very low 0.12% commission rate.
If investing is something you're serious about then it's worth checking out the competition where you will get far more choice of assets to invest in. Trading 212 and InvestEngine offer alternative, ultra-low-cost options, for example.
For the cheapest trading platforms, take a glance at our comparison page.
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.
Have a question about Revolut that we haven't covered? Ask it here and we will get back to you as soon as possible!