Revolut is an app-based banking brand with a range of personal e-money accounts. In July 2024, it finally got authorisation to become a bank, but isn’t operating as one yet. The app has several innovative features, such as allowing you to send and receive money without entering account details and organise your subscriptions into one place so you can easily track your spending on them. Plus, there’s fee-free spending abroad. Revolut currently offers a £20 sign-up bonus for new customers joining the app.
If you’re a small business, take a look at our Revolut Business review to find out more about that account, and if you’re looking for banking app for your child, read our Revolut <18 Account review.
Our expert says: A premium account from Revolut: Is it worth it?
"There’s not a huge difference between the Standard Revolut plan and the Plus plan that charges a monthly fee of £3.99. Unless you’re regularly exchanging currency and need a monthly fee-free currency exchange limit of £3,000 versus the £1,000 you’ll get with the free plan, the monthly fee is unlikely to be worth it.
Earning RevPoints is possible with both plans. RevPoints are earned through everyday spending, turning card purchases into perks. Interest paid on savings is also the same for both (but you can get much better rates elsewhere). Other features of the Plus plan include a personalised card (not really worth the monthly fee) and customer support through the app.
The Premium plan at £7.99 a month, or £80 a year, has more to offer, but again, this is really only worth it if you’re a regular traveller or often send money abroad. You’ll get a 20% discount on international transfer fees, a higher fee-free ATM withdrawal limit of £400 a month and unlimited fee-free currency exchange on weekdays.
The ability to earn RevPoints on accommodation bookings, discounted airport lounge access and insurance cover (global medical, winter sports, delayed flight and lost luggage) that’s included with the plan is pretty decent. But you’ll need to ask yourself whether you really need airport lounge access and how often you’ll book accommodation through Revolut Stays.
Realistically, you could also buy a travel insurance policy for a lot less. According to the ABI, the average single trip travel insurance premium is £40 for someone aged 36-40.
The Metal plan takes it to the next level, with higher withdrawal limits (£800 a month) and a 40% discount on international transfer fees. You’ll also get car hire excess insurance and personal liability insurance on top of global medical, winter sports, and delayed flight and lost luggage cover. But unless you travel several times a year, paying £14.99 a month is unlikely to be worth it.
I certainly wouldn’t pay £45 a month for the Ultra plan (and this price is only an introductory offer). You don’t get a huge amount more with this plan than you get with the Metal plan. Key differences include unlimited airport lounge access and trip and event cancellation insurance, plus a higher cash withdrawal limit and a 3GB global data eSim plan per month. But personally, I don’t think these features are worth £540 a year."
The app is simple, easy to navigate and streamlined. With Revolut you can:
Use it like a UK current account. You get a UK account number and sort code. You can set up recurring payments, withdraw cash at ATMs, make contactless payments, and use Apple Pay and Google Pay.
Open a joint account. As of this summer (2023), Revolut offers joint accounts to its existing customers. Perfect for duos that share everything.
Make international payments. The app enables you to transfer money in multiple currencies, fee-free, at the interbank exchange rate (the same rate that banks give each other).
Spend globally fee-free (on weekdays). All card spending abroad on weekdays is charged at the interbank rate, which is as good as it gets for consumers.
Hold different currencies. You can hold a balance on the app in multiple currencies.
Pay friends. Pay other people with ease or use the split bill feature to divide a group spend (more on Group Bills below).
View spending habits. Using analytics, you can see your spending, categorised by type of transaction, by merchant or by country.
Freeze your card and set spending limits. Freeze a card if you lose it, unfreeze it if you find it, set monthly spending limits and enable additional security.
Save money. Put money aside through regular payments or round up your spare change with Revolut’s Vaults. You can also set up a Group Vault with your friends and family and save for a common goal, such as a holiday.
Add travel insurance. At the touch of a button, you pay by the day.
Use virtual cards for spending. You have an unlimited number of virtual cards to buy things online that will help prevent fraudsters from stealing your details and cloning your card.
Book hotels. With Revolut Stays you can book hotels with no booking fees and earn RevPoints.
Pay group bills. Whether it’s splitting the bill with housemates for a pizza takeaway or settling up the spending on a group holiday, Revolut customers can create and customise a Group to do this.
Receive your salary early. With Revolut’s Early Salary you can often get paid a day earlier than normal depending on your payroll provider. There is also On-Demand Pay, that is a Revolut feature that lets its account holders access a portion of their earned wages before pay day.
Hands-on test: I tried out Revolut’s banking app
"Revolut’s app has so many different areas to explore. There’s not only its banking account, but also the opportunity to invest and its lifestyle rewards. Personally, I keep it simple and just use Revolut when I’m travelling abroad or booking accommodation for my holiday and paying in a different currency.
While the app has been designed to simplify transactions, I sometimes struggle to work out exactly how to make a basic transaction like sending a payment. The interface has been simplified so much that the steps aren’t necessarily intuitive. My experience with Revolut’s customer service has been very positive though. I received an instant response when I questioned a transaction that I didn’t recognise on my account."
Revolut has 5 tiers: Standard, Plus, Premium, Metal and Ultra. This review covers the Standard offering, which is free. We’ve also reviewed Premium, Metal, Ultra and Revolut Plus – these essentially offer more features and benefits in return for paying a monthly fee.
The Standard Revolut account comes with a few fees:
Weekend markup on all foreign exchanges. If you make a currency exchange during the weekend (including card spending and ATM withdrawals), you’ll be charged a markup. That’s because the interbank rate is always fluctuating and may not be the same on a Monday as it was on the previous Friday.
Transfers. You get free money transfers to any UK account, as well as other Revolut accounts worldwide, plus its free to transfer euros to any account in the SEPA region. Fees for all other transfers depend on the currencies involved.
Withdrawals. You can make free ATM withdrawals up to a total of £200 per month (and across a maximum of 5 withdrawals), either in the UK or abroad. After this limit, there is a 2% fee.
No overdraft. You cannot go into the red with a Revolut account, so there are no overdraft fees. If a purchase exceeds your available funds the transaction will be declined.
Card delivery. This is a card delivery fee with a standard subscription.
A bit more on the weekend markup: keep in mind that overseas card payments, international ATM withdrawals and money transfers sent abroad all imply a currency exchange, so the weekend markup applies in all these cases. There’s an easy way around it though: if you know you’ll be travelling or sending money abroad over the weekend, exchange the currency in advance on a weekday and you’ll avoid the fee. This will be possible with all the currencies that Revolut lets you hold.
And a note on “fair usage”: Revolut’s free Standard account comes with a fair usage limit of £1,000 per month for currency exchange transactions – which again applies to overseas card payments, international ATM withdrawals and money transfers sent abroad. After that, a 1% fee applies (in addition to any 1% weekend markup).
Can you use your Revolut abroad?
Yes you can. One of Revolut’s most appealing features is that it lets you spend fee-free (on weekdays) at the interbank exchange rate in multiple currencies.
When you’re spending abroad, you typically get hit with transaction fees or hidden charges. That’s because most financial institutions will either charge you extra fees to use your card abroad, or they change money at a less competitive rate, or both.
Revolut doesn’t do that, which is why it’s popular with those who have a global lifestyle. Using it abroad is much like using it in the UK. However, don’t forget the weekend markup and the £1,000 per month free limit on currency exchanges (both outlined above), plus the fact that free ATM withdrawals are limited to £200 a month – after which you’ll be charged a 2% fee, whether you’re in the UK or abroad. Learn more about using Revolut abroad.
Is Revolut a bank and is it safe?
Despite not being a bank yet, Revolut is regulated by the FCA as an institution that deals in electronic money and has to hold all client funds in a “segregated account” at a licensed UK bank. This means that users’ money is kept separate from Revolut’s finances and that Revolut cannot invest it. So, even if something were to happen to Revolut as a company, your money couldn’t be used to pay off its debts. Technically, this means Revolut is not a current account but an e-money account.
However, until it officially becomes a bank, funds held with Revolut aren’t covered by the FSCS (Financial Services Compensation Scheme), which protects deposits up to a maximum of £85,000 in the event a bank goes bust. The exception to this is Revolut’s “Saving Vaults” – even though these interest-earning savings pots are managed through the Revolut app, the customer funds themselves are deposited at licensed UK banks which have partnered with Revolut to provide savings products.
When it comes to security, Revolut’s smartphone app is protected by a password or fingerprint ID. You can also immediately freeze or unfreeze your card in the app if it’s been misplaced, lost or stolen. Further control can be added by turning online, ATM and contactless payments on or off.
Case study: Lauren likes being able to get her salary a day early
"The main feature I went for (when I chose Revolut) was getting paid earlier. The Early Salary feature helps, especially in the build-up to payday, and ensures funds are in my account so money can be sorted before direct debits are taken the next day.”
If there’s one thing you’d tell a friend who’s thinking of getting this, what would it be?
“That it’s easy to use and there’s an option to get paid (a day) earlier."
Lauren Hatfield
Chatham
Does Revolut offer any promotions, discounts or refer-a-friend offers?
Yes, Revolut offers a sign-up bonus when you open an account. It also offers refer-a-friend bonuses. If you’re looking for more than what Revolut offers, we have a page on all the latest switching deals.
Does Revolut offer joint accounts?
Revolut offers joint accounts for 2 people. You can apply in the app.
Does Revolut offer premium/packaged or premier accounts?
In our independent 2024 customer satisfaction survey, 95% of Revolut’s users said they’d recommend the brand to a friend. Customers highlighted the e-money account service’s excellent customer services and personalisable in-app features. However, some cite that Revolut’s rates could be more competitive. Here’s what some of those Revolut customers had to say:
“The app is easy to use and so I can check my money whenever I need to.”
“There is a chat function you can use if you ever need help or information. I’ve used it a few times and any problems have always been solved quickly.”
“I spend a lot of time working abroad and it fits my needs.”
On the Apple App Store, Revolut is rated 4.7 out of 5 stars from over 41,000 reviews. On the Google Play Store, Revolut is rated 4.5 out of 5 stars, from 2.6 million reviews (February 2024).
Pros and cons of Revolut
Pros
Free multicurrency account, you can hold up to 30 different currencies.
Quick to apply for and set up, no credit checks.
Use the card abroad with no or few fees.
User-friendly app with control over accounts and cards, spending control visualisation and a lot of great features.
International money transfers at the interbank exchange rate (and free to other Revolut accounts).
You can put money aside in a Vault and set a spending goal for it. Group Vaults are also available.
24-hour customer service, via the app.
You can buy travel insurance directly from the app.
Cons
Not a bank and does not have FSCS protection on the main account balance.
No interest on the main account balance.
At weekends, when the markets are closed, Revolut applies an exchange rate markup.
Free cash withdrawals can be limited depending on your plan.
No other banking products available, such as overdrafts or credit cards.
No branches, which can put off those who prefer face-to-face customer service.
Our verdict
Revolut is a great account for travelling as it’s packed with features such as fee-free currency exchange, airport lounge passes, travel insurance and the ability to earn RevPoints through Revolut Stays. As it’s app-based, it has functionality you won’t see with other accounts. It also has a range of other innovative features such as the ability to set up automatic currency exchanges.
Fee-free spending abroad isn’t as unique as it used to be though. Other challengers, such as Starling and Monzo, also offer fee-free card payments abroad, and unlike Revolut, these providers also have a full UK banking licence.
But if you’re looking for a range of features, then Revolut is tough to beat – you won’t find the international options, share trading or auto-exchange in the same place pretty much anywhere else. If you need a combination of those features, Revolut is probably your best bet. Get started by visiting Revolut's website and downloading the app.
Frequently asked questions
There is the optional paid-for account subscription fees and Revolut also earns a nominal fee paid to it by merchants every time you spend on your Revolut card. There are also other customer fees including excess ATM withdrawal charges, card delivery fees and exchange rate fees under some circumstances. Business customers also pay fees depending on their account plan.
You can call Revolut’s automated telephone service on 020 3322 8352 if you need to block your card. You can also block your card via the app, and Revolut’s in-app chat is available 24 hours for all other queries too.
Revolut currently supports (and grants cards to) residents in the European Economic Area (EEA), Australia, Singapore, Switzerland, Japan, the United States and the United Kingdom. Countries in the EEA are: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.
Yes, you need the app installed on your Android or iOS device.
Yes! Revolut acts like a traditional account when you use your card in the UK. Revolut sends out cards issued by either Mastercard or Visa, and these will be accepted in all retail outlets and venues that accept Mastercard or Visa respectively.
Revolut supports over 150 currencies, so you can travel and use the card around the globe. Europe, South America, North America, Africa, Asia and Australasia are all covered to some extent. Check Revolut’s website to confirm specific country coverage.
No, it’s not currently signed up to the service so you won’t be able to use it to switch your account to Revolut.
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To make sure you get accurate and helpful information, this guide has been reviewed by Cathy Hudson, a member of Finder's Editorial Review Board.
Kate Steere is an editor at Finder, specialising in fintech, banking and cryptocurrency. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run. See full bio
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Kate has written 176 Finder guides across topics including:
Jason is a writer and editor. He worked as a senior subeditor for Finder for 5 years and in that time became familiar with a wide range of financial products and services. Before that, he worked for Australian Associated Press. He has a BA from Macquarie University in Australia. Jason loves to help other people find new ways to save money. See full bio
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