Revolut – one of the most famous names in the fintech world. It was opened in 2015, but already has more than 6 million users around Europe and Australia. Also, it is expected that Revolut will expand over the Atlantic and will reach the US in the nearest future. That is an impressive result considering the fact that it just celebrated its 4th birthday.
The idea was developed by Vlad Yetsenko and Nikolay Storonsky, who now take the titles of CTO and CEO, respectively. They both had a lot of experience in the financial companies before this fintech has born. Naturally, they knew what are they doing.
By the details provided in Wikipedia, Revolut employs more than 600 people. All in all, the expansion and growth speed of this company amazes a lot of people, including real Wolfs of Wallstreet. However, PlutusPocket is here to present you the features and perks Revolut has. So without further ado, move along on this Revolut Review.
Opening Revolut account
This task will probably not take more than a few minutes. First of all, the future’s user must download an application from the applications store. It does not matter if the person uses Android or iOS; both software supports the Revolut app. To make things faster, enter a phone number at Revolut website and get a link for direct download. It cannot be simpler.
The best part, the new user does not have to go to some office or branch. All the procedures can be completed using a smartphone alone. How cool is that? It does not save a lot of time only but also helps to avoid filling and signing a lot of boring agreements.
However, after some usage, the customer will be asked to verify his account by providing selfie, photo of national ID or passport, etc. On the other hand, the process is straightforward and easy to do. Personally, it didn’t take more than a few minutes. Again, it was much faster than using a regular bank.
Revolut has three different account levels. Mainly, they are the same, and however, at the same time, it differs a lot. But let’s untangle each of them step by step. But before doing that, it is essential to state that all levels include free Euro IBAN and free UK account. Oh, and do not miss the table below these three levels. It sums up all the details, and prices.
It is the first level the user gets after opening an account. There are €0 monthly fees. However, the customer may need to pay for the card’s shipment. Unless he received the card at some promo event. Also, money exchange is free for up to €6,000 per month, as well as ATM free withdrawal for €200/month. When the limit is exceeded, the user pays for withdrawals at an ATM.
Firstly, this plan has a monthly fee of €7.99 per month. Though, the user gets more perks such as bigger ATM free withdrawal limit – €400/month, overseas medical insurance, delayed flight & baggage insurance, phone insurance, faster card’s delivery, access to 5 cryptocurrencies, disposable virtual cards, LoungKey Pass access, priority customer support, and different card design.
Metal level users should feel royal. They get everything that Standard and Premium users get. Additionally, they get higher ATM free withdrawal limit – €600/month, 0.1% cashback within Europe and 1% outside Europe on all card payments, Exclusive concierge service, and real metal card. Yes, the metal one. Which bank gives you this? Impressive. However, this package costs €13.99/month.
|Plan||Price||No fees ATM withdraw||Medical Insurance|
Using the mobile application
As you have probably understood that already, all the processes and money operations are done via mobile application. There is no place to sign in and use as traditional online banking. However, the mobile app, no matter on what device it is used, works flawlessly. It has all the features you can imagine. The Revoluter can check his balance within a few seconds, without even making a single click. Just unlock the app, and the balance shows up immediately.
The users can send and receive money to each other without providing anything else than a mobile number. They do not need to put any banking details to do an operation like this. This is a super cool feature. Of course, transactions between Revolut users are free. It does not cost even a single penny. It’s simple, fast and very useful for quick and small transactions between friends, family members or co-workers.
The mobile apps user interface is brutally excellent. There are no unnecessary buttons or insidious functions. Everything is reachable just with a few clicks away.
Moreover, users have a lot of other things to do. He/she can make a bank transfer, send money to other Revolut users, buy cryptocurrency, get insurance, etc. Plutus does not want to reveal all the details without explaining each of them more. So go above or below on this paragraph to find relevant information. Also, make sure to check all Key Features table above this text.
Since Revolut is the fintech company, it is not a surprise that it must have a lot of various banking features and capacity. Otherwise, it wouldn’t be able to compete with market leaders and regular banks. Most people are used to traditional banking and how it works. Fortunately, new fintech startups bring fresh winds to the sphere making it cheaper, more accessible and developing to the benefit of a final consumer. So let’s go deeper to find out what banking highlights Revolut offers.
Firstly, and probably most essential features, bank transfers. The customers can send and receive money using SEPA or Swift. Also, Revolut provides its customers with personal IBAN. So getting money directly to the Revolut’s bank account is not a big deal. No matter where the money comes from. Is it EEA region which supports SEPA, or international wire transfer – SWIFT is here as well!
Secondly, the user can select the currency he wants to send or receive money in or out. US Dollar, Euro or British Pounds, these and much more currencies supported. Most noteworthy, a user can have more than one active currency. Depending on the selected currency, different details for bank transfer may show up. So remember that when sending or receiving funds to Revolut, double-check it to avoid losing money.
While the company supports a lot of different currencies, not all these countries are accepted. The full list of supported countries still lays above this text, in the features box. Check it before trying to open an account. It will save you a lot of time. If your country is not supported yet, do not get sad. The company expanses fast so re-check this Revolut review to find out if the situation has changed since your last visit.
Lastly, users can make a money exchange on the app. Just select the pair, and you are good to go. The exchange rates are pretty good as well. It’s a fast and easy way to change money without paying a lot of fees.
Revolut provides three different kinds of prepaid cards. One of them is a material card, and the rest stays in the application by being virtual. However, all of them operate as ordinary MasterCard and can be used in various situations. But let us talk about each of them and explain to you how does it contrast.
Every Revolut user can order and receive a real plastic card for using it to pay at a supermarket, cafe, restaurant or any other place accepting MasterCard. Also, the card can be used for ATM withdrawals to take cash.
Also, it is possible that you got your card at one of the Revolut giveaways. In that case, download the app and attach the card you got. And yes, there will be no personal details on a card, but it’s normal. Do not worry!
Important to mention, depending on the level of your account, a different type of MasterCard belongs. Account-level can be purchased or applied by the Revolut itself.
The regular user gets a simple card, which is okay but has a slightly different appearance. The Premium user gets a Premium card, which is called silver. It has a more modern look with the name printed on the other side of a card. And finally, top-notch Revolut card – Metal. Yes, you read it right. The card is made of metal and looks super cool. However, the best level account is necessary.
All of the cards are contactless. You can pay at a store, fast food restaurant or any other place just by touching the card to a card reader. Of course, the site must have one. Nevertheless, cards support PIN code confirmation as well.
Disposable and Virtual cards
Moreover, Revolut provides customers with two different types of cards. However, neither of them is the physical one. But let’s talk about each of them separately.
Disposable Card – How does it work?
Well, it is not rocket science, even though I have heard a lot of questions on how that kind of card works. Here is the answer. The card works like a real one; it has a regular card number, expiration date and CVV number; however, after every use, these details changes. It means no one can use that card ever again. This is a great feature to protect your funds when shopping online. In a case of a breach or entering data on untrusted source, your funds still stay safe because the card you used is already destroyed. And you have a new disposable card with totally different details. In other words, this is a one-time use card.
The name talks for itself. This is like a standard card, and just no one gets it physically. It exists on Revolut application only. The user still has the full card number, expiration date, and CVV number, so a virtual card stays fully functional. It can be used to buy stuff online, for various online subscriptions such as Neteller or Spotify. Also, a user can set a spending limit, which is a nice feature to control expenses on every card.
All these cards support 3DS (also called 3D) security since 2019-08-26. Now the list of the e-shops and places where 3DS cards are necessary is much wider and longer. This adds much more security and trustiness for online purchases. Use your Revolut card even more now.
First of all, Revolut has a very detailed FAQ with the answers to probably all possible regular questions. It is like a mini-encyclopedia which covers various topics and most common issues.
Secondly, Revolut holds community forum where communicate regular users with the interference of moderators and the company stuff. They share their knowledge, update with the freshest news and help as much as they can. Also, users can request or give testimonials, which, we believe, are followed and flown over to the ears of developers and managers.
Finally, Revolut users find live chat help, which is available 24/7. However, sometimes getting an answer may take even more than a few hours. On the other hand, Premium or Metal level users get priority help. From the personal experience of being a Premium account user, we did not have to wait for more than a few minutes. Pretty fast, huh?
Other Cool Features
We have already mentioned a few of them, however, without a more detailed description. So let’s go and check every feature more carefully.
Do you struggle to save some money for some small dreams? Well, Vaults are here! Set your goal, set the amount you need, and your piggy bank starts to breathe inside the phone. How does it work? Every time you pay with the card, the spare change is rounded and put into the vault. For example, you pay €2.6 for the cup of coffee, which is €3.00 after rounding up. 3 – 2.6 = €0.40, this is the amount which goes to your vault. It can be used for buying a fraction of cryptocurrency as well. Plus, there is an option to set up recurring payments – each month, each day or each week. Whatever you choose.
Another feature which helps to save money – budgeting. The name talks for itself. Just set the limit on how much money can be spent this or next month, and the application will start sending notifications with the details about the current situation.
The world is crazy about cryptos right now. Well, could it be otherwise? Bitcoin and some other cryptocurrencies skyrocketed, got down, and jumped up again. This is a super volatile but profitable market at the same time. At the moment, Revolut allows buying five cryptocurrencies: Bitcoin, Litecoin, Ethereum, Bitcoin Cash, and XRP. Revolut provides users with real-time price monitoring with the possibility to turn on pricing alerts.
Also, users can send crypto to another Revolut user with zero fees and immediate completion. However, there is functionality to send cryptocurrency to other crypto wallets. The crypto funds must remain inside the app. And that is a bit odd.
One more super cool feature – insurance. Revolut supports a few different types of it. Firstly, it’s a phone insurance. The user who subscribes to it gets phone protection from screen
crack (even if the phone was dropped), liquid damage, battery failure, or screen malfunction. The price – £1 per week. It is not much knowing how expensive the repairs of the newest phones are.
Overseas Medical Insurance
Pay £1 per day and travel calm (Premium users get it for free). The customer receives emergency medical & dental treatment while abroad, access to an extensive network of medical centres across the globe, and rapid reimbursement paid directly into your Revolut account. The user also can add a partner or a friend to the insurance policy. Signing up for insurance is easy and fast. Everything can be done on the app with a few clicks only. Cannot be simpler.
The world is not always fair for some people, animals or the people aren’t appropriate with the environment they live in. And Revolut is not insensitive to the world we live in. The company does not take any fees, so it means 100% of donations go directly to the charity fund or organisation.
A user can set up daily, weekly, or monthly donations, as well as giving away his spare change. The feature can be turned off at any time.
This feature is on for Metal users only. The Revolut concierge is available 24/7 and is ready to help you with flight reservations, hotel booking, or finding and reserving a nice restaurant for your travel. Nice touch allowing us to feel more special.
Premium & Metal users also get a built-in lounge pass feature. Just open an application, select Lounges and add a lounge pass at one out of the hundreds of lounges around the world’s airports. Usually, the price per pass is €24. However, Metal users get one lounge pass for free. You don’t need to have a first-class ticket to sit and enjoy top-notch luxury when travelling. Just relax.
Is It Worth To Buy Premium or Metal?
Well, this is totally up to you. However, getting a Premium account gives a lot of advantages. You get insurance, disposable cards, higher ATM free withdrawal limit, more favourable exchange zero fees limit, priority support, and more. If you are going to use Revolut hardly, this is no brainer, get a Premium.
If you travel a lot and your calendar is full of tasks and meetings, consider getting Metal. You will get concierge service as well as access to trading stocks — also, premium design metal card. Not to mention, a bit higher ATM free withdrawal limit, 1% cashback in any currency. Of course, the monthly price is higher, but trust us, it’s worth it if you are a daily Revolut user.
If you are going to use Revolut partly, just for small payments, sending a few euros or pounds to your friend for dinner, then we highly recommend using a Standard account. You can upgrade it anytime.
To maintain this Revolut review up to date, we continuously follow the news of the fintech world. Every update is covered in the Plutus Pocket news section, also in the expanding table below this review.
Revolut is one of the best fintech companies in the world. It offers top-notch services for all EEA countries, also Australia and Switzerland. And it’s predicted that the USA will be added to the list pretty soon. Why we love Revolut so much?
Firstly, it has really nice applications for both software – iOS and Android. It’s really simple to use and fast.
Secondly, it provides a lot of various features and perks. Just to name a few – insurance, cryptocurrency buying and selling, virtual cards, fast transactions between app users, etc. We have already mentioned them all in this Revolut review above.
Lastly, the company constantly develops the app by implementing new features and options, also expanding the abilities the whole fintech supports.
What we didn’t like?
Some time ago, there was a point of the support of 3D security, however, the things have changed since that time. Revolut implemented this feature which is great.
However, there are still a couple of pieces we did not like. Firstly, it’s slow support sometimes. Especially for the regular users who do not have a Premium or Metal plan. But in some cases, even with upgraded plans we still had to wait a few hours before getting an answer, not to mention some scenarios when resolving an issue took a few days.
Secondly, it’s low limits for cash withdrawals. Even cash is pushed out of widespread usage, still, there are some cases when we need them. And unless you are the user of Premium or Metal card, the limits are really low.