If you’re planning a trip abroad, it’s important to think carefully about your spending options while you’re away. Taking plastic with you is convenient and safer than cash, but many debit and credit cards charge high foreign transaction fees when you use them abroad.
To avoid these fees, look for a card specifically designed for overseas spending. One option is Revolut.
What is Revolut?
Revolut is a digital banking app that comes with an account and a payments card. Everything is managed online, making it ideal for managing your money on the go, no matter where you are in the world.
You can use the Revolut app to make payments abroad and exchange currencies. You can also spend and withdraw cash on the Revolut card in more than 150 currencies across the globe, wherever Mastercard and Visa are accepted.
What features does Revolut offer for going abroad?
Below is a list of the key features Revolut offers to anyone heading overseas:
Low fees
You can use the Revolut card to spend and withdraw cash abroad in the same way you would at home. No fees will be charged for these transactions, provided you stay within your monthly limit and carry out transactions on a weekday. These limits depend on your chosen plan.
Any transactions that go over your fair usage limit or are carried out on a weekend will incur a fee. Note that fair usage limits apply to all exchanges, including currency and commodities.
Currency exchange
Revolut lets you convert money in 36 currencies in the app. This gives you the option to convert some spending money into the local currency before you head off on holiday and could work to your advantage if exchange rates are favourable.
If you don’t exchange currency before you go, Revolut simply carries out the exchange when you pay for something with your card overseas. Revolut uses its own variable exchange rate to carry out this conversion, and you can view the breakdown of the total cost in the app once you’ve carried out your transaction. Remember that each exchange counts towards your fair usage limit for Standard and Plus customers.
Money transfers
Revolut also lets you send money abroad in more than 150 currencies. Payments sent in euros to an account inside the Single Euro Payments Area (SEPA) are free (Monday to Friday). Other transfers incur a fee, which depends on the currency involved. Premium and Metal customers get a discount on these fees, while Ultra customers don’t pay a fee.
Any fees are calculated in real time and shown to you in the app before you make your payment. Again, each transfer counts towards your fair usage limit if you’re a Standard or Plus customer.
Travel insurance
Travel insurance is automatically included in Revolut’s Premium, Metal and Ultra plans. Customers benefit from cover for delayed, lost and damaged luggage, as well as cover for delayed or disrupted flights. Global medical insurance and winter sports insurance are also included, while Metal and Ultra customers get personal liability insurance when abroad.
RevPoints on accommodation
All plans enable you to earn RevPoints when you book accommodation abroad through Revolut Stays. The amount of RevPoints you earn depends on your plan.
Airport lounge access
Premium and Metal plan holders can enjoy discounted airport lounge access, while Ultra plan customers get access for free. Access can be bought through the Revolut app.
Car hire excess insurance
If you’re a Metal or Ultra plan holder, you’ll also benefit from car hire excess insurance. Revolut will cover the excess or damage liability fee if your hire car is damaged or stolen.
Pros and cons of Revolut
Pros
Fee-free card transactions abroad (up to your plan limit and on weekdays only)
Low cost international money transfers
Travel insurance included with certain plans
All plans let you earn RevPoints on Revolut Stays bookings
Cons
Fees apply for foreign transactions carried out on weekends
Fee-free cash withdrawals come with a monthly limit
The best offers apply to paid-for Revolut plans
Fees and limits can be a little confusing
Bottom line
If you’re heading abroad in the coming months, the Revolut card is certainly worth considering. If you want to apply, you’ll need to think carefully about the types of transactions – and how many of them – you plan to carry out when you’re away and whether you can manage most of your currency exchange on a weekday.
This helps you decide whether Revolut’s free Standard plan is sufficient or whether you’d prefer to pay a monthly fee and benefit from greater allowances and additional perks such as travel insurance. You might feel this is worth it if you travel regularly.
Frequently asked questions
Revolut is currently an e-money institution, which means your money won’t be protected under the Financial Services Compensation Scheme (FSCS). However, Revolut is authorised by the Financial Conduct Authority (FCA) under the UK Electronic Money Regulations. As a result, your money is kept separate from Revolut’s finances, which means you should still get your money back if Revolut were to cease trading.
Revolut supports more than 150 currencies, which means you can use your card in a range of countries across the globe. Due to international sanctions in place, you can’t currently use your card in Russia. You can see the full list of currencies on the Revolut website.
To be eligible, you must be a Premium, Metal or Ultra plan holder. You must be a UK or EEA resident and be between the ages of 18 and 75. You don’t have to use your Revolut account to pay for the trip. Eligible children must be 17 years or younger at the time of travel.
Revolut Stays lets you book hotels, holiday rentals and guesthouses around the world. You can book now and pay later and also earn cashback on your stay.
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Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio
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