Revolut is recognized as one of the most famous names in the fintech world.
It was established in 2015, but already has more than 6 million users around Europe and Australia. Also, there are expectations to see Revolut expand over the Atlantic and reach the US in the nearest future. That is an impressive result since the company just celebrated its 4th birthday.
Regarding Wikipedia, as of February 2019, the brand claimed to have over 4 million users.
The idea was developed by Vlad Yetsenko and Nikolay Storonsky, who now are the company’s CTO and CEO, respectively. They both had a lot of experience in the financial companies before this fintech has born. Meaning, they knew exactly what they were doing.
By the details provided in Wikipedia, Revolut employs more than 600 people. These days, the fast expansion and growth of this company amaze plenty of people. The real Wolfs of Wallstreet included.
Are you interested in Revolut already? Well, PlutusPocket is here to present to you all the features and perks Revolut offers to consumers. So, without further ado, let’s dive deeper into this honest Revolut Review.
Money is kept in ring-fenced accounts. The application is protected with a passcode and/or Face ID or fingerprint.
Opening Revolut account
This action won’t take more than a few minutes. First, the future user must download an application from the applications store. It does not matter if the person uses Android or iOS as both support the Revolut app. To make things faster, enter a phone number on the Revolut website and get a link for direct download. It doesn’t get any simpler than this.
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? Not only it saves time, but it also helps you avoid filling and signing a lot of boring agreements.
After some time, customers must verify their accounts by providing a 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. Still, some small differences shouldn’t be ignored.
So, 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 accounts. Oh, check out the table below these three levels. It sums up all the details and prices.
|Plan||Price||No fees ATM withdraw||Medical Insurance|
It is the first level the user gets after opening an account. There are €0 monthly fees. However, users may need to pay for shipping fees unless they 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 ATMs.
This plan costs €7.99 per month. Though, the user gets more perks such as a bigger ATM free withdrawal limit of €400/month and overseas medical insurance. Also, the perks include delayed flight & baggage insurance, phone insurance, faster card delivery, and access to 5 cryptocurrencies. The list goes on with disposable virtual cards, LoungKey Pass access, priority customer support, and different card designs.
Metal level users should feel royal. They get everything that Standard and Premium users get. Additionally, they get a higher ATM free withdrawal limit of €600/month. Add 0.1% cashback within Europe, and 1% outside Europe on all card payments alongside an Exclusive concierge service, and real metal card. Yes, the metal one. Can you think of a bank that provides you with all this? Truly impressive, if you ask us! This package costs €13.99/month.
Revolut applies the fees in some cases.
|Using Revolut Standard||FREE|
|Transfers between Revolut users||FREE|
|ATM withdrawal after free limit is exceeded||2%|
*Standard users are charged 0.5% after €6,000 is exceded.
Using the mobile application
As you have probably understood 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 the device used, works flawlessly. It has all the features you can imagine. Revolut users can check their 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 by providing their mobile number. They do not need to put any banking details or anything else. This is a super cool feature. Naturally, transactions between Revolut users are free. They don’t cost even a single penny. It’s simple, fast, and handy 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. They 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, explore this review further to find relevant information on all features. Also, make sure to check all Key Features table above this text.
Revolut is a fintech company. Meaning, it’s not surprising that it has lots of various banking features and capacity. Otherwise, it wouldn’t be able to compete with market leaders and traditional banks.
Most people are used to traditional banking and how it works. Fortunately, new fintech startups bring a fresh perspective to the sphere. How? Well, by making it cheaper, more accessible, and more beneficial to end-users. So, let’s go deeper to find out what banking highlights Revolut offers.
First, let’s go over the essential feature – bank transfers. Customers can send and receive money using SEPA or Swift. Also, Revolut provides its users 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 the EEA region which supports SEPA while SFIFT is here for international wire transfer.
Second, users can select the preferred currency for sending or receiving money. US Dollar, Euro, or British Pound are among the numerous 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 to double-check for any exchange fees before making a Revolut transfer and 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 registering for an account and save precious time. If your country is not supported yet, there’s no need to despair. The company expands 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, too. It’s a fast and easy way to change money without paying soaring fees.
Revolut provides three different kinds of prepaid cards. One of them is a material card, and the rest are virtual and stored in your app. All of them operate as a standard MasterCard and can be used in various situations. But let us talk about each of them and explain their main differences.
Every Revolut user can order a real plastic card for payments at supermarkets, cafes, and other places accepting MasterCard. Also, the card can be used for ATM withdrawals to take cash.
You may receive your card at one of the Revolut giveaways, too. In that case, download the app and attach the card to your account. And yes, there will be no personal details on this card, but that won’t be an issue. Do not worry!
It’s important to mention that depending on the level of your account, you get a different type of MasterCard. Account-level can be purchased by the customer or assigned by Revolut.
Regular users get a simple card, which is okay but has a slightly different appearance. The Premium user gets a Premium card called Silver. It boasts a modern look with the name printed on the other side of a card. And finally, we have the top-notch Revolut card – Metal. Yes, you read it right. The card is made of metal and looks super cool. However, the highest account level is necessary for this card.
All the cards are contactless. You can pay with them at stores, restaurants, and anywhere else just by touching the card to a card reader. Of course, the site must have one. The 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.
How to create Revolut’s Virtual or Disposable card?
1. Go to the ‘Cards’ tab in the Revolut app.
2. Tap the plus sign (‘+’) in the top right corner.
3. Select ‘Virtual’ in the ‘Add new card’ screen.
4. To create a disposable card, swipe right to the ‘Disposable virtual’ option and tap the pink button to get your card.
That’s very simple!
Disposable Card – How does it work?
Well, it is not rocket science, even though I have heard a lot of questions about this concept. 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 change. 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 sources, 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 single-use card.
The name talks for itself. This is like a standard card; you just don’t have it physically. It exists on the 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 longer. This adds much more security and trustiness for online purchases. Use your Revolut card even more now.
First, Revolut has a very detailed FAQ with the answers to all frequently asked questions. It is like a mini-encyclopedia that covers various topics and common issues.
Second, Revolut holds a community forum where it communicates with regular users through moderators and the company staff. They share their knowledge, update it with the freshest news, and assist users whenever needed. Also, customers can request or give testimonials. This is a brave step but leads to improvement. Such testimonies are, we believe, delivered to the ears of developers and managers.
Finally, Revolut users find live chat help available 24/7. However, sometimes getting an answer may take even more than a few hours. For Premium or Metal level users, there’s 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, right?
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 that 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 each month. The application will start sending you 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 again. This is a super volatile but profitable market. Currently, Revolut allows buying five cryptocurrencies: Bitcoin, Litecoin, Ethereum, Bitcoin Cash, and XRP. The service provides users with real-time price monitoring and price alerts.
Also, users can send crypto to another Revolut user with zero fees and immediate completion. However, there’s no option to send cryptocurrency to other crypto wallets. The crypto funds must remain inside the app. That is a bit odd.
One more super cool feature – insurance. Revolut supports a few different types of it. Firstly, it’s 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 models are.
Overseas Medical Insurance
Pay £1 per day and travel carefree (Premium users get it for free). Customers receive emergency medical & dental treatment while abroad. Access to an extensive network of medical centers across the globe and rapid reimbursement paid directly into your Revolut account is included too. The user can also 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 within a few clicks.
The world is not always fair. Lots of terrible things can happen to other people, animals, or the environment. Luckily for those who want to help during such situations, Revolut is not insensitive to the world we live in. The company supports donations and doesn’t charge any fees on them Meaning, 100% of donations go directly to the receiving charity fund or organization.
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 for Metal users only. The Revolut concierge is available 24/7 and is ready to help you with various tasks. These include flight reservations, hotel booking, or finding and reserving a nice restaurant for your travel. It’s a charming touch that makes us 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 while travelling. Just relax and use Revolut!
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 frequently, this is no brainer. You should definitely get a Premium membership.
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, a premium design metal card. Not to mention, the higher ATM free withdrawal limit and the 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.
Will you be using Revolut occasionally, just for small payments, sending a few euros to your friend for dinner? If so, we highly recommend using a Standard account. You can upgrade it anytime if you enjoy the service.
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.
What we didn’t like?
Some time ago, there was a point of the support of 3D security. However, things have changed since that time. Revolut implemented this feature, which is excellent but not so special anymore. What about other shortcomings?
Firstly, the support is slow sometimes. Especially for regular users without a Premium or Metal plan. But in some cases, even with upgraded membership level, 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 though cash is pushed out of widespread usage, there are still some cases when we need it. Unless you are the user of Premium or Metal card, the limits are too low if you ask us.
Revolut is one of the best fintech companies in the world. It offers top-notch services for all EEA countries as well as Australia and Switzerland too. Plus, it’s expected to see the USA added to the list pretty soon.
But why we love Revolut so much?
First, it has excellent applications for both software – iOS and Android. It’s effortless to use and fast.
Second, it provides a lot of various features and perks. Insurance, cryptocurrency buying & selling, virtual cards, fast transactions between app users, etc., just to name a few. We have already described them all in this Revolut review above.
Finally, the company continually improves the app by implementing new features and options. Meaning, the abilities of this whole fintech constantly expand. All in all, using Revolut is a genuinely satisfying experience.