Revolut Review 2024: a Really Convenient Online Bank
Revolut is a digital banking app that I discovered many years ago now, an that I have been using as my main bank ever since. It has a user-friendly interface and wide range of features, and it has quickly become one of the most popular banking apps available. In this article I will take a closer look at Revolut, including its main features, fees, and safety, to help you decide if it's the right banking app for you. Whether you're a frequent traveler, a consumer that has enough of traditional banks, or a stock market investor, Revolut may be worth considering. So, let's dive in this review and explore the world of Revolut!
What is Revolut and How Does it Work?
Revolut is a digital bank that makes it really easy to open a bank account, manage it from a mobile app (and now also from the web), and also have a card linked to the account. Revolut was founded in 2015 in the UK, and is now one of the largest digital only bank in Europe, and they now have over 25 millions users worldwide.
Once you open an account on Revolut (we'll see how to do that later in the article), you will get access to an account with an European IBAN if you are a EU customer, or an UK one if you are a UK resident, as well as the possibility to order a physical card to your home. However, you can also use your account right away as they offer virtual cards, that you can even use to pay in shops with Apple Pay / Google Pay.
What I really like about Revolut is that they solved the problem of foreign transaction fees. Basically, whenever you pay abroad with your Revolut card, they will automatically convert that to the currency you are holding in your account, at no additional cost.
On top of that, they also offer really cool features like being able to buy stocks (and receive dividends) right from the same app, at very low fees - making it an all-in-one app for investors like me.
Plans & Fees on Revolut
Revolut offers several different plans for you to choose from, each with its own set of features and fees. The most basic plan on Revolut, called Standard, is completely free to use and includes features such as free ATM withdrawals up to a certain limit, free international money transfers, and the ability to hold and exchange multiple currencies, and free payments in different currencies. However, fees may apply for certain transactions, such as foreign exchange transactions above the monthly limit.
There is another plan, called Premium, that costs £6.99 / 7.99 € per month and includes additional features such as higher ATM withdrawal limits, overseas medical insurance, and access to exclusive discounts. There is also another plan above that, called Metal, that costs £12.99 / 13.99 € per month and offers even more benefits such as a higher withdrawal limit, cashback on foreign exchange, and other premium features like a Metal card.
Revolut also offers a plan for business customers, called Business, which includes features such as multi-user accounts, invoicing, and receipt scanning for expense tracking. The Business plan has different pricing structure, which can be found on their website.
It's important to note that fees, limits and features on plans may change over time, and it's always recommended to check the terms and conditions on the Revolut website before signing up for a plan. Additionally, it's important to evaluate your spending habits and usage patterns to see which plan is the best fit for you.
Is it Safe to Have Your Money on Revolut?
When it comes to the safety of your money on Revolut, the company implemented several measures to ensure the security of its customers' funds. First and foremost, Revolut is authorised by the Financial Conduct Authority (FCA) in the UK and also holds a European banking license, which means it is subject to strict regulations and oversight as any bank would be. For example, thanks to Revolut being an actual bank, your funds are covered by the European Deposit Guarantee Scheme, meaning your funds are guaranteed up to 100,000 Euros.
Additionally, Revolut also uses state-of-the-art security technology to protect customer data and transactions. This includes 128-bit SSL encryption, two-factor authentication, and biometric login options.
Revolut also offers a number of features to help customers protect their money, such as the ability to freeze or block a card if it is lost or stolen, right from the app. This is so cool compared to traditional banks that usually require you to call them to do that. They also offer transaction notifications to help detect fraudulent activity. Customers can also set limits on their accounts to prevent unauthorised transactions.
Opening a Revolut Account & Using the App
It's really easy to open an account on Revolut, and that's also what I really liked about this platform. You just need to download the app on your phone, and in less than 5 minutes you'll have your account open. You'll just need to usually take a picture of some piece of identification, a selfie, and all the rest will be done for you.
Compare that to actually having to go to a bank and sign some contracts, which can sometimes take at least an hour.
After that, you can start using the app by depositing money on your account. You can do that with a credit/debit card top-up, but also by a bank transfer as Revolut provides you with your own IBAN on your name, as it's a full-fledged bank. You can even use it to get paid a salary or for your business, for example.
At this point you will also have the option to order a physical card so you can pay in shops. You can get a basic card for free, or a premium or metal card if you decided to subscribed to a better plan. As I mentioned before, you can also take a completely digital route and put a virtual card in the app as a card for Apple Pay or Google Pay, and use that to pay in shops.
Summary
To sum up, I really like Revolut as banking platform. It has a really user-friendly interface and low foreign transaction fees, and I really like that I don't have to think anymore about fees when paying in another currency while traveling. It also allows me to keep a stock portfolio right in the app, and also receive my dividend payments right on the same account. There are some features that are not yet there compared to other more traditional banks like credit cards & loans, but that's actually currently coming in some countries.