Revolut

Revolut Bank has rapidly emerged as a leading financial technology platform, offering a wide array of banking services tailored for the modern consumer. 

Service Rating

*Service Rating Score 90% (how this is calculated)

Overview

There are a whole host of banks to choose from, but a growing number of people are opting for digital alternatives. One of these is Revolut, an app that operates in 38 countries, 11 of which it’s ranked as the number one banking app.  

Key Information

• Revolut’s main aim is to offer more flexible, transparent and affordable financial services.
  
• It’s known for its convenience, with easy access to cryptocurrency and international spending. 
  
• Revolut’s focus is on providing an tech-driven alternative to traditional banking.
  
• It’s particularly popular amongst frequent travellers, digital nomads and tech-savvy individuals.
  
• There are various Revolut plans available, with costs ranging from free to £45 per month.

Revolut’s Background and History

There’s no denying that Revolut is somewhat of a newcomer to the world of banking, but that’s not stopped it from quickly making its mark. Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut is a British fintech company. It was first launched as an alternative to digital banking, and it started off by offering low cost currency exchange services through a mobile app. 

But, Revolut quickly grew to offer a wider range of services. This includes banking, trading, crypto transactions and budgeting. It’s now a global financial platform with over millions users worldwide. In fact, Revolut’s impressive growth has led to it being given ‘unicorn’ status, which refers to companies valued at over $1 billion.

What Makes Revolut Different?

• Multi-Currency Accounts - With Revolut, you can hold and exchange over 30 different currencies at interbank exchange rates. This makes spending in other currencies quick and easy, and the exchange rates tend to be better than those of traditional banks.

• Global Spending - Though traditional banks allow users to spend wherever they are in the world, Revolut does so without hefty foreign exchange fees. This makes it a popular choice for travellers, expats and those who holiday a lot.

• Personalised Financial Tools - Revolut provides budgeting tools, spending analysis and savings vaults, all of which can help you to manage your finances more effectively.

• Free and Instant Transfers - Revolut supports instant international money transfers between users, and it boasts low fees for sending money across borders. This differs from traditional banks, who often charge more and take longer.

• Cryptocurrency Support - Revolute was one of the first fintech platforms to allow users to buy, hold and sell cryptocurrencies directly in the app. This isn’t something that all fintech platforms or traditional banks accommodate.

• Stock and Commodities Trading - With Revolut, you can trade stocks and commodities, and invest in fractional shares with ease through the app. This enables you to manage your finances, savings and investments all in the same place. 

• Premium, Metal and Ultra Plans - There are a variety of plans to choose from with Revolut. These subscription services offer additional perks such as overseas medical insurance, concierge services, cashback on purchases and higher cash withdrawal limits. Though these plans vary in cost, the benefits often outweigh the monthly fee.

Revolut is a Neobank, But What Does That Mean?

Revolut is a neobank, which is the name given to digital-only financial institutions, the banks that operate solely online and without any physical branches. Unlike traditional banks, neobanks such as Revolut offer financial services through mobile apps or websites, making them a popular choice for people who prefer to manage their money online.

So, how does a neobank work? Instead of holding customer deposits directly - which is what a traditional bank does - Revolut uses licensed banks to manage and protect them. This means that when you deposit money into your Revolut account, it’s actually held at a partner bank. This provides insurance in case the partner bank fails, keeping funds protected. 

The Pros and Cons of Neobanks

Neobanks tend to offer low or no monthly fees, as is the case with Revolut, and they often provide more competitive rates for currency exchange or spending abroad. This makes them ideal for travellers and holidaymakers, especially if being abroad means managing multiple currencies. Plus, with a neobank, you can manage your entire banking experience through an app.

However, while funds deposited with a neobank are insured, this protection applies through the partner bank. If the neobank fails, you could experience delays in accessing your funds, depending on how the partner bank decides to handle things. It’s also important to remember that some neobanks, and Revolute is included in this, don’t offer all financial services. As neobanks are completely digital, in person support is non-existent.

Key Information

• Revolut’s main aim is to offer more flexible, transparent and affordable financial services.
  
• It’s known for its convenience, with easy access to cryptocurrency and international spending. 
  
• Revolut’s focus is on providing an tech-driven alternative to traditional banking.
  
• It’s particularly popular amongst frequent travellers, digital nomads and tech-savvy individuals.
  
• There are various Revolut plans available, with costs ranging from free to £45 per month.

Revolut’s Background and History

There’s no denying that Revolut is somewhat of a newcomer to the world of banking, but that’s not stopped it from quickly making its mark. Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut is a British fintech company. It was first launched as an alternative to digital banking, and it started off by offering low cost currency exchange services through a mobile app. 

But, Revolut quickly grew to offer a wider range of services. This includes banking, trading, crypto transactions and budgeting. It’s now a global financial platform with over millions users worldwide. In fact, Revolut’s impressive growth has led to it being given ‘unicorn’ status, which refers to companies valued at over $1 billion.

Reasons to Choose Revolut as Your Banking Platform

• Global Access and Flexibility - Revolut gives you the ability to spend and transfer money worldwide, without breaking the bank, so to speak. You can spend and transfer money abroad with low fees and real time currency conversions.

• Cost Effective - Compared to a lot of other banking platforms, Revolut's fees and exchange rates are competitive and relatively low. This makes it a good option if you’re wanting to avoid the sometimes hidden costs that come with traditional banking.

• User Friendly Mobile Experience - If you’re anything like us, much of what you do is on your phone, and you’re probably familiar with a lot of different apps. Revolut stands out as being user friendly, sleek and intuitive, making managing finances, tracking your spending and saving money a seamless online experience.

• Security and Control - Regardless of the type of banking that you’re doing, security is important. You want to be able to access your money and it around, knowing that no one else has access. Revolut gives you enhanced security options, such as the ability to freeze and unfreeze cards instantly, set spending limits and receive real time transaction alerts.

• No Monthly Fees - Revolut’s standard account has no monthly fees, and you can send and receive funds in more than 25 currencies for free each month. There are paid and premium plans available with Revolut, but you also have the free option to use.

The Pros of Revolut

For Revolut to be as popular as it is - as of July 2024, Revolut has 45 million customers - it has to have a lot to offer. Here are some of the pros that come with using Revolut.

• Low Transaction Fees - Revolut boasts low transaction fees, particularly for currency exchange. This is because the platform offers interbank rates, which are lower than what you'd get with traditional banks. This can save you a lot of money if you’re regularly transfering funds from one currency to another.

• Wide Range of Financial Services - A lot of people make the mistake of assuming that platforms like Revolut have a somewhat limited array of services, but this isn’t actually the case. With Revolut, you can access banking, investing and crypto services all from one platform.

• Real Time Notifications - Revolut provides transaction notifications in real time, ensuring that you always know what’s going in and out of your account. This is sure to come in handy if you’re trying to budget better.

• Instant Spending Insights - The Revolut app categorises your expenses, giving you a detailed look into where your money is going. This can be hugely helpful when it comes to budgeting and financial management.

• Cryptocurrency and Stock Trading - If you’re a keen trader or you fancy yourself as a stockbroker, you’ll appreciate having the ability to manage everything from within the Revolut app. The app is an accessible way to dip into these markets without needing separate investment accounts.

• Convenient International Transfers - With Revolut, you can enjoy quick and easy international transfers. The platform offers instant and low cost transfers, which is hard to find if you limit yourself to traditional banks.

• No Hidden Fees - Revolut prides itself on having a transparent fee structure, so you won’t be suddenly struck by a charge you weren’t expecting. This is a major appeal, as many users have become tired of traditional bank fees.

• Discounts and Cashback - If you use your Revolut card at certain retailers, you can access discounts and cashback earnings. This is to reward you for being a Revolut customer.

• No Minimum Balance Requirement - Unlike many traditional banks, Revolut does not require you to maintain a minimum balance in your accounts. This makes it more flexible and accessible for users with varying financial needs.

The Cons of Revolut

Of course, as is the case with every bank, there are a few downsides of Revolut. Along with the advantages, there are a few disadvantages to be aware of.

• Limited Customer Service - Some Revolut users have reported slow response times, which can slow down your banking. This tends to mainly impact customers who choose the free plan and don't have access to priority support.

• Limits on Free Cash Withdrawals - There are some limits on how much you can withdraw from a cash machine with Revolut, especially if you are on the free plan. This means that you could be charged to withdraw money, especially if you’re withdrawing large amounts, or withdrawing regularly.

• Fees for Premium Features - A lot of Revolut’s key features come at a cost, which means that not all the major ‘selling points’ are available to all users. If you choose one of the lower plans, you might miss out on some perks, including travel insurance, airport lounge access, and cryptocurrency trading. This tends to be locked behind paid and premium plans.

• Weekend Foreign Exchange Limitations - Revolut charges slightly more for currency exchanges done over the weekend, which is unlike a lot of traditional banks. This makes exchanging money slightly more expensive if you forget to do it during the week.

• Limited Financial Needs Addressed - Though Revolut does boast a range of financial services, it doesn’t address all of your potential financial needs. This includes mortgages or large loans. 

Who is Revolut Best For?

Revolut has something for everyone, but it’s especially well suited to users who need a flexible account for currency exchange, particularly frequent travellers, expats and digital nomads who want to avoid the high fees associated with foreign transactions. These are the users that will benefit most from Revolut’s ability to hold, exchange and spend in multiple currencies at competitive interbank rates.

It’s also a worthwhile banking consideration if you are looking for a self-serve approach to banking, as Revolut enables you to manage your finances entirely through a mobile app. You don’t need to rely on banking support in person or visiting a branch. If you are comfortable with technology and you appreciate having the option to quickly and easily monitor your finances - including freezing cards or making transfers - without needing to visit a branch, Revolut could work for you.

Unlock the Future of Banking with Revolut

Experience seamless global banking with Revolut today!

Click the link below to join millions of satisfied users who have already upgraded their financial game. With Revolut, you'll enjoy competitive exchange rates, innovative financial tools, and a secure, user-friendly app. Don’t miss out—tap the link to get started and explore all the perks Revolut has to offer!