Revolut Bank Review 2024: Is it the Best Modern Financial Bank?
TLDR
In this Revolut review, I will cover all the features that set it apart in the contemporary banking landscape.
With this crypto-friendly bank, you can:
- Receive and transfer money overseas and locally in 25+ fiat currencies.
- Invest in 80+ cryptocurrencies and stocks.
- Deposit and withdraw via SWIFT, wire, and bank card transfers.
- Access travel benefits like premium lounge access and points.
- Access a pre-paid debit card for global purchases and free ATM withdrawals up to $1200.
- Receive your salary in advance.
It comes in three account types, from free to $12.99 for the highest tier.
While there’s a limitation on actual cryptocurrency ownership and limited altcoins, Revolut is a legitimate and generally safe platform.
Revolut at Glance
| Attribute | Information |
|---|---|
| Coinwebs rating | ⭐⭐⭐⭐ (4.5 stars) |
| Launched In | 2015 |
| Supported Cryptocurrencies | 80+ Cryptocurrencies |
| Supported Fiat Currencies | 25+ Fiat Currencies |
| Payment Methods | Bank, SWIFT, Wire Transfer, Card Transfers |
| Debit/Virtual Cards | Yes |
| Customer Support | Live Chat, Phone Support For Premium |
| Minimum Deposit | $0 |
Company Overview
Revolut is more than just your typical fintech company and acts as a Crypto bank to make international payments easy. It began in 2015 when two former bankers, Nikolay Storonsky and Vlad Yatsenko, decided to simplify how we handle and send money.
Initially, Revolut focused on currency exchange and peer-to-peer payments.
Over the years, it’s evolved into a complete financial hub, offering everything from mobile banking and card payments to full money transfers, transfers, remittances, and cryptocurrency trading.
With over $1.6 billion in funding and a valuation of $33 billion in 2021, Revolut has proven its mettle.
Let’s dive into more details!
Who should use Revolut?
Here is who we think should use Revolut banking
All-in-one finance enthusiasts
If you’re the type who loves to have everything under one digital roof, Revolut is your go-to choice. It’s like your personal finance command center, simplifying various aspects of your financial life.
For travelers
Revolut is a reliable travel companion designed with international travelers in mind, offering a treasure of travel-related perks for its premium users.
From currency exchange at unbeatable rates to travel insurance, you are covered. Also, the no-commission trading on the go only sweetens the deal.
To get high-yield savings
You might want to explore other options if you’re seeking a more traditional high-yield savings account with a higher AER of up to 4.75%.
The crypto bank’s strengths lie in its versatile financial services and travel perks, so for those focused solely on savings, there may be better alternatives out there.
Fees and Costs
| Standard | Premium | Metal | |
| Monthly Fees | Free | $6.99 | $12.99 |
| International Payments | 0.5% Above $200,00 | $200,000+ | $200,000+ |
| Free ATM Withdrawals | $400 | $800 | $1,200 |
| Interest | 3.25% | 4.25% | 4.25% |
| No fee currency | $1,000 | $1,000 | Unlimited |
Geographical Availability
Revolut offers services in more than 35 countries, primarily within the European Economic Area (EEA). Beyond Europe, it has also made its mark in selected global destinations.
Here are a few countries:
- Australia
- Singapore
- Japan
- United States
- Estonia
- Germany
- France
- Japan
Additionally, it is possible to open a Lite account if you are a legal resident of the following countries:
- Sri Lanka
- Saudi Arabia
- Chile
- Macao
- Armenia
What are the Advantages of using Revolut?
Let’s look at the advantages of using Revolut.
Get your paycheck up to two days early
Waiting for payday can be tough. Revolut lets you access your direct-deposited funds up to two days earlier than many other crypto banks.
The timing depends on when your payer submits the funds and your eligibility.
No fees for ATM withdrawals
With crypto bank’s Standard Plan, you get the green light to withdraw money at any 55,000 ATMs scattered across the nation – no hidden fees, no fuss.
But Revoult goes the extra mile. You can enjoy out-of-network withdrawals for up to $1,200 monthly without a fee.
However, different ATMs have charges you must pay, but no hidden charges from Revoult.
A variety of travel perks included
Revolut truly fulfills the needs of travelers with an array of features, including seamless currency exchange, hassle-free multi-currency card payments, and travel insurance, including Smart Delay perks.
While some stand-out features are reserved for paid members, the convenience is worth every penny.
Cash back on debit card purchases
Revolut isn’t just a place to store your money; it’s your financial ally. With its diverse budgeting and analytics tools, tracking your spending becomes hassle-free.
You can set up spending alerts and effortlessly categorize your expenses to highlight areas where you might be going overboard.
Revolut Junior
Revolut Junior is a safe and fun way for young people aged 7-17 to learn about money.
It comes with a parent-controlled app and a prepaid debit card so that kids can learn financial responsibility under the supervision of their parents.
Parents can transfer money to their child’s account, set spending limits, and receive real-time notifications of their child’s transactions.
Earn cash-back rewards on purchases
When you use your Revolut card at certain stores, you’re in for a treat as the cash back awaits. The rate, however, depends on your account details and the company you’re dealing with.
Plus, it sweetens the deal with discounts at select retailers. It’s like having a little extra in your pocket every time you shop. Money management and rewards rolled into one – that’s the Revolut way!
Revolut Review: Top Key Features
Let’s explore some standout features of the crypto bank:
A minimal user interface
We have to say that Revolut has some of the best usability aspects among other crypto-friendly banks, both as far as mobile-based banking solutions and crypto exchanges are concerned.
Surprisingly, it is exclusively based on the mobile platform. No matter if you were to stroll through the app or register to check out the exchange part, chances are that the ease of use factor would be undeniable.
What did we like the most? There are no needless buttons, everything’s showcased in a minimal design, and the app is quite fluid. How? If you press the button, the action happens – no delays or lagging.
All in all, ease of use remains the main factor when picking out the best crypto exchange for yourself. Revolut provides the best example of why it’s important and how big of a difference it can make.
Supported cryptocurrencies
Revolut trading supports 80+ cryptocurrencies. Here are a few popular ones:
- Bitcoin
- Bitcoin Cash
- Ethereum
- Litecoin
- Ripple
Looking at the short list above, it’s obvious that the company went with the five major cryptocurrencies dominating the industry and the popularity-ranking lists.
That’s a good thing! While it means the crypto bank stays clear from some less-known altcoins, you can still invest in the major cryptos.
So, if you fall into this category, Revolut’s platform is often recommended as an excellent starting point, as user reviews suggest.
Revolut businesses account
We’ve tested Revolut’s business account and are genuinely impressed with how it fulfills the needs of new businesses or freelancers with multi-currency business accounts.
This account handles over 25+ currencies effortlessly. But there’s more. If you have a spending habit like most of us, their customizable debit cards work for spending control.
In addition, we even tried in-person payments using QR codes and contactless machines – it was slick and convenient for small businesses.
Still, the automatic payroll management is surely the winner for us. They’ve got automatic payments, handle tax deductions, and seamlessly integrate with accounting software like Xero and QuickBooks.
Revolut Vault
Vault on Revolut works more like your savings accounts within your crypto bank account. What makes them unique is that they’re not just for stashing money away; they’re goal-oriented.
You start by setting a specific goal for a new car or a dream vacation. The Vault then acts like your financial ally, helping you stay on track to achieve that goal.
One of our favorite tricks with Vaults is the ’round-up’ feature. Say you buy a coffee for $2.49 and set up a round-up to the nearest pound.
That extra 51 cents goes straight into your savings Vault automatically. It’s a seamless way to save regularly without even noticing it.
And here’s the cool part: you can also share a Vault with friends and family who are saving for the same things.
Customer Support
Of all the crypto banks we’ve reviewed, Revolut stood out for its effective resolution, but it might not be the ideal.
On the positive side, their live chat feature was responsive. When using this feature, we connected with a knowledgeable support agent within minutes, and they promptly resolved the issue.
However, there’s one notable limitation: the crypto-friendly bank doesn’t offer live telephone support, which is expected from a financial banking company. During a transaction issue, we couldn’t reach a live person via phone; instead, there was an automated system only for card blocking.
While we missed the option of speaking directly over the phone, the live chat support was more than compensated with its speed and effectiveness.
Rewards on Revolut
Revolut offers some enticing rewards depending on your plan and spending habits. Here’s a breakdown of what you can expect from this crypto bank:
- Cashback Rewards: With Revolut, you earn cashback of up to 1% on every purchase made with your Revolut card. The cashback percentage varies based on your plan, and the currency of the transaction is deposited directly into your Revolut account.
- Additional Cashback: Revolut takes it further when you shop with participating retailers through Revolut Rewards, Stays, and Shops. You can easily find and activate offers from top brands in the Revolut app.
- Discounts and Perks: Revolut partners with companies like Salesforce, Deliveroo, and Apple to offer exclusive deals and benefits to its customers. For example, you can enjoy a 14-day free trial and a 25% discount on an annual subscription to Salesforce Essentials, a CRM platform for small businesses.
Safety and Security
Revolut has effective security measures in place; it’s reassuring to know that the platform operates under the FCA’s (Financial Conduct Authority) oversight, offering a high level of regulatory scrutiny.
What’s impressive is how they handle and store information, utilizing a third-party server like Barclays or Lloyd’s fortified firewalls. This makes them compliant with FCA requirements, Electronic Money Regulations 2011, and Payment Services Regulations 2017.
Meanwhile, in the USA, Savings Vaults are held by Sutton Bank, which means your funds are fully insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000.
Plus, every exchange of personal data between the app and third parties is shielded with robust 2048-bit SSL encryption.
Speaking of the Revolut smartphone app, it’s packed with top-notch security features. Whether it’s the convenience of fingerprint ID or the reliability of a password, the app puts the power to protect your account right at your fingertips.
Debit and Virtual Cards
The Revolut Card is a standout innovation, and we found it to be our passport to hassle-free worldwide contactless purchases.
Moreover, you can make transactions in 2 different currencies without dealing with foreign exchange currencies or exchange rates from brokers.
For crypto enthusiasts like us, Revolut’s crypto card makes handling Bitcoin, Ethereum, and Litecoin a breeze.
While you can’t choose between Visa or Mastercard, you can still personalize your card’s design and color, ranging from sleek rose gold to classic grey with Premium cards.
Then there’s the crypto bank’s Virtual Card, which we found perfect for online shopping and recurring payments. You can freeze it if lost and set spending limits to stick to your budget.
Deleting these virtual cards every few months is a brilliant security feature, significantly reducing the risk of fraud.
Deposit and withdrawal methods
Revolut’s flexibility in payment methods has genuinely streamlined our financial transactions. Here’s a quick overview:
- Revolut Pay: With this feature, you can instantly and securely send or request money from other Revolut users. Just scan a QR code or enter a phone number, and you’re good to go.
- Apple Pay or Google Pay: We love the simplicity of using our Revolut card with these mobile payment services. Add your Revolut card to your Apple Wallet or Google Pay app, and you can make contactless payments with your smartphone or smartwatch.
- Credit or Debit Card: Revolut accepts cards in 14 different currencies, making it easy to link your external credit or debit card to your Revolut account for balance top-ups or online payments.
- Easy Bank Transfer: Transferring money from your external bank account to Revolut is a breeze. They support various payment methods, including FAST, Interbank Giro (IBG), Telegraphic transfer, MEPS+, and SWIFT.
Revolut personal accounts
Revolut has different account options for different markets. For the US, it has three different account types, while the ones in the UK can access five account types.
Here’s a quick breakdown of the US-paid account plans:
- 1. Standard (Free): The Standard plan is a solid choice if you’re looking for a basic account without any monthly fees. It’s quick and easy to set up.
- 2. Premium ($9.99 per month): If you anticipate using features like investing and travel-related perks, the Revolut Premium plan may be worth the monthly fee. It provides lower trading fees and free travel insurance.
- 3. Metal ($16.99 per month): The Metal plan is a top-tier option with a unique metal card. It’s a cool perk, but whether it’s worth $16.99 per month depends on how extensively you use the advanced features.
Starting with the Standard plan is a good idea to familiarize yourself with the app. As you discover features you’d like to access, you can easily upgrade when ready.
How to get started with Revoult?
Follow these steps to create an account in just a few minutes:
Supported Crypto
- 80+
Service Fees
- Bank transfers
Interest Rate
- 0.5% to 2.5%
More details
Revolut offers an easy way to manage 80+ cryptocurrencies, 25+ fiat currencies, and trading stocks, all in one app. Plus, their debit card allows you to spend money with instant conversation, with fees as low as 0.5% percent. Not to forget, the saving vault that offers up to 4.75% interest.
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Travel-friendly card.
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Multi-currency support.
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Cheap global transfers.
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High-interest savings.
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Free account available.
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Paid plan for extras.
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High stock/crypto fees.
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No phone support.
Step 1: Visit the website
Start by visiting the Revolut website. Once there, click [Sign up].
Step 2: Scan the QR
After that, you will see a QR code on your screen to download the app. Scan it on your phone.
Step 3: Open the app
Once you have downloaded the app, open it and enter your mobile number.
Step 4: Country of residence
Then, select the country of your residence to move forward.
Step 5: Enter personal details
After that, you will be asked to enter your name and date of birth.
Step 5: Enter your home address and e-mail
Then, you need to verify your home and email address.
Step 6: Verify your identity
Lastly, you will be asked to take a quick photo to verify your identity.
Once you have gone through the process, congratulations!
You have successfully created an account with Revolut.
Revolut Review: Drawbacks
In exploring Revolut’s cryptocurrency offerings, we’ve encountered some notable downsides that are essential to consider. Let’s delve into these aspects:
- Cryptocurrency Ownership: Despite claims to the contrary on their official blog, Revolut Trading doesn’t provide actual cryptocurrency ownership. It operates more like derivative trading. You won’t be able to transfer your cryptocurrency out of Revolut, limiting your control over your assets. This contrasts with the mantra in the crypto world: “Not your keys, not your coins.”
- Lack of Insurance: Your cryptocurrency investments on Revolut aren’t insured. Unlike traditional stock investments, there’s no formal assurance that you’ll be refunded if something goes wrong.
- Dissuasive Fees: Revolut’s fee model is unique but not in a positive way. They use the “VWAP model,” which can result in missed opportunities during price swings. Additionally, Revolut charges a 2.5% fee when trading cryptocurrencies and imposes further fees above $200k worth of crypto traded.
- Limited Cryptocurrency Selection: Revolut supports a limited number of cryptocurrencies compared to other high-end exchanges. If you’re interested in exploring a wide range of altcoins, Revolut may not be the ideal platform.
Alternatives
Wirex
Compared to Revolut, Wirex takes the lead with its support for over 130 cryptocurrencies. However, Wirex offers a more cost-effective solution for managing digital assets and fiat money within a single app.
Supported Crypto
- 130+
Service Fees
- $29/Month
Interest Rate
- 16% of APY
More details
Our Wirexapp review found that the crypto bank is a single solution to manage your fiat money and cryptocurrencies. With its Cryptoback rewards card, you can spend your crypto as traditional money anywhere. Yet, the lack of DeFi and limited token support might be a dealbreaker for those with extensive portfolios.
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Regulated by FCA and MAS.
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All-in-one currency management.
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Use crypto anywhere.
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No maintenance fee.
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High interest.
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Identity verification is required.
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Regulatory impact on cards.
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Custodial operations.
Coinbase
If you want a digital bank more aligned with crypto, Coinbase is the way to go. With support for over 100 cryptocurrencies and full control over your assets, including NFTs, it offers a comprehensive crypto experience. Coinbase also provides a debit card with enticing cashback offers of up to 4%, surpassing Revolut’s offerings.
More details
Coinbase is one of the largest crypto exchanges in the world and a widely-used platform for buying, selling, and trading over 200 cryptocurrencies. It offers trading solutions for beginner, advanced, and institutional traders alike. Take a look at what makes it an excellent option for individual traders looking to trade in cryptocurrencies and beyond.
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A wide-selection of coin offerings.
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Most secure online crypto platforms.
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Top-rated mobile app.
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Easy interface and user-friendly.
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Expensive and complex fee structure for beginners
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Higher fees as compared to other cryptocurrency exchanges.
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Slow customer support.
Binance
Binance and Revolut are popular crypto digital banks, differing significantly. It offers 350+ assets, diverse trading options, and lower fees, while Revolut supports 80+ cryptos and spot trading and has higher fees. The former is also a crypto exchange and offers full asset control, while Revolut only has crypto capabilities.
More details
Binance is a great combination of low fees, deep liquidity and multiple cryptocurrencies and trading pairs. We have tested every aspect of it and it STILL holds its reign as the top exchange in the world. In our view, it is the perfect crypto exchange for both newbies and advanced traders alike.
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Biggest exchange in the world.
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Industry's lowest trading fees.
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Advance trading options like leverage trading.
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600+ crypto options, 150+ for the US.
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Lucrative on-site staking options.
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Hiccups in account verification.
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Less regulated than some competitors.
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The corporate structure is not transparently.
Revolut Review: Our Verdict
Revolut is reshaping money management, providing transparency and control over your finances. It’s a valuable tool for improving financial well-being, offering insights into savings and investing.
The crypto bank simplifies currency exchange, international transfers, and spending for avid travelers and even offers discounted airport lounges access.
However, it comes with a cost, and you’ll need to choose a plan that suits your needs. The app may take a little time to grasp, but it continually improves.
You can start with the free plan and explore its benefits. Overall, it’s a promising financial ally on your journey to financial success.
The downsides of Revolut include limitations on true cryptocurrency ownership, dissuasive fees, a limited selection of cryptocurrencies, and the absence of insurance for crypto investments.
Revolut is a legitimate platform, but its suitability depends on individual preferences and needs.
Revolut is generally considered safe and offers security features, but users should know the limitations and risks associated with their services.
Revolut's funds are typically safe due to regulatory safeguards, but users need to understand the terms and conditions and the specific features of their services.
Julia Zakharchuk
Julia is a professional crypto and blockchain writer known for her insightful YouTube channel "MoneyFest." She showcases her dynamic presentation skills as a host and moderator at blockchain conferences. Julia drives also business development at ChainUp and advises UNITBOX, an innovative NFT renting protocol. With her exceptional expertise, Julia is a highly valued industry contributor and is set to make a lasting impact. We at Coinweb are lucky to have her on board.
