Revolut Bank and bank card: Revolut is a digital bank, it started in 2015 as a travel card offering cheap exchange rates, and is slowly becoming a bank.
It is the fastest growing digital bank offering the most features. It is a top choice for those who travel frequently. However, in the UK it cannot completely replace your bank.
Although at the time of this writing it is not functioning like a bank, but is slowly becoming so, having received a banking license in December 2018. Therefore, Revolut does not store your money, it uses Barclays and Lloyds to that. As it is not yet a bank, it does not offer any deposit protection.
In this article, we offer you a complete file for all about Revolut Bank, the Revolut bank card, its offers, Cards and service fees, things to know before creating a new account.
All about Revolut Bank, the online bank
Revolut is a smartphone payment application that comes with a prepaid card. Although Revolut is based in the UK, it is available in Ireland and the rest of the European Economic Area as well as Australia, Canada, Singapore, Switzerland and the United States.
Due to Brexit, the operation of all Irish Revolut accounts and other EU Revolut accounts will be moved from the UK to Lithuania.
In the next section, we will introduce you to the Revolut company, its history and its banking services.
What is Revolut?
Revolut is an application and a bank card exclusively digital that sets itself apart from traditional banks by emphasizing technology, low fees and flexibility.
It is particularly aimed at people who travel a lot, offering them to spend abroad and make international money transfers without hidden costs.
Revolut is not a bank, it is an “electronic money institution” based in the United Kingdom. It obtained a banking license in Lithuania in 2018, but is not currently operational outside Lithuania
Launched in 2015, Revolut has more than 8 million customers who, according to Revolut, have completed more than 350 million transactions for a total value of over £ 40 billion.
By opening a free standard account with Revolut, you will get a UK checking account, Euro IBAN account and a blue and pink colored bank card.
In addition to all the usual things you can do with a checking account, like sending money to friends and withdrawing money from an ATM, you can use an impressive array of other features, including transfers. free international money, free global spending, and access to a crypto currency exchange.
|Other Names||Revolut, Revolut Bank|
|Products||current accounts, debit cards, stock exchange transactions, foreign exchange, currencies, insurance|
|Services||Peer-to-peer payments, Currency exchange,|
|Prices||0 € per month|
|CEO||Nikolay Storonsky (CEO) Vladyslav Yatsenko (CTO) Ronald “Ron” Oliveira (CEO, Revolut USA)|
|Head office||London, England, United Kingdom|
|Address||4th floor, 7 Westferry Circus|
E14 4HD London, United Kingdom
|Mobile app||Android, iOS|
What is Revolut Business?
As the name suggests, this is the professional account option of Revolut Business, which vary in price and features depending on the size of your business and how you use the account.
Revolut says it understands the importance for international businesses to save on transfer fees and send international payments quickly.
The Revolut business account allows businesses to quickly manage and transfer funds in many different currencies. The account is currently available in UK and EU.
What can you do with Revolut Bank?
Once you've decided Revolut is right for you, signing up is easy. All you need to do is download the app and register - you won't need proof of address and there is no credit check, which speeds up the process.
However, you will need to verify your identity by taking a photo of yourself and showing valid ID. After registering, you can apply for a Revolut contactless card.
The app is simple, easy to navigate and streamlined. With Revolut you can :
- Use it as a UK checking account. You get a UK account number and sort code. You can make recurring payments, withdraw cash from ATMs, make contactless payments, and use Apple Pay and Google Pay.
- Make international payments. The application allows you to transfer money in 30 currencies, free of charge, at the interbank exchange rate (the same rates that banks agree to with each other).
- Spend worldwide at no cost. All expenses abroad are billed at the interbank exchange rate, which is the most advantageous for consumers.
- Hold different currencies. You can hold a balance on the app in 30 currencies.
- Pay your friends. Easily pay other people or use the split bill feature to split a group's expenses (for more information, see “Group Bills” below).
- See spending habits. Thanks to the analysis, you can see your expenses, classified by type of transaction, by merchant or by country.
- Freeze your card and set spending limits. You can freeze a card if you lose it, unlock it if you find it, set monthly spending limits, and activate additional security.
Save money. Set aside money by making regular payments or collect your spare change in Revolut's vaults. This system does not pay interest, but can help you save for short-term goals. You can also create a collective safe with your friends and family and save for a common goal, like a vacation.
Add device insurance and medical insurance. With the push of a button, you pay by the day, and the rates are low.
Buy cryptocurrency. We explain cryptography in more detail below.
How to open a Revolut account?
Follow the steps below to open an account with Revolut bank :
- Download the Revolut app (Android, iOS).
- Open the app and enter your phone number.
- Create a password.
- Enter the six-digit code you receive.
- Enter your first and last name, date of birth, home address and email address.
- Enter your SSN or select “I am not a US citizen”.
To open an account, you must complete the following conditions :
- Be at least 18 years old
- Valid social security number or taxpayer identification number
- Address valid in authorized countries
Make sure you have the following information handy when you open an account:
- Name and date of birth
- Postal and email address
- Government issued identity card
- Social security number or taxpayer identification number
The Revolut bank application allows customers to :
- to top up with a debit or credit card, or by making a bank transfer.
- view their spending habits: your spending can be classified by type of transaction, by retailer or by country.
- Send money to other Revolut users instantly
- Control your card and your account. You can lock and unlock your card in the Revolut app, as well as set monthly spending limits.
- Save money. Revolut's "Vault" feature allows you to build funds for a specific fundraising goal
- Buy stocks - you can only buy US stocks listed on Revolut (Nasdaq and NYSE). The fees are $ 1 per transaction (the first 3 months are free). The maximum transaction is $ 1. Participation fee of 000% (or $ 0,01 for every $ 1 of shares). View details of other online stock trading services
He's easy to open an account with Revolut. You just need to enter your phone number and they will send you a registration link to download the app to your phone. You will then need to verify your identity by providing a photo of a valid ID and taking a selfie.
After registering, you can apply for your Revolut contactless card and start using your account.
What is auto-exchange?
The Revolut app allows you to switch, for example, from the pound sterling to the euro with a few clicks, and it perform the exchange automatically for you.
If you are planning to go abroad, there is a useful feature that lets you track an exchange rate to make sure it doesn't fall in your favor. Use the app to select the currency you want to change your money to and set a target exchange rate.
Once this rate is reached, Revolut will convert your money. If you use it correctly, you can get a better return on your funds without putting a lot of effort into it.
You can also do this with cryptocurrencies. The only limit Revolut imposes is that if the market is particularly volatile, it will stop the conversion - it can exceed the target by 0,75% at most for normal currencies, and by 5% for cryptocurrencies.
Is Revolut a real bank?
Revolut is not yet officially a bank, but it is on the way to becoming one. At the end of 2018, Revolut obtained a European banking license from the European Central Bank, but this license is not yet fully operational and depends on a series of tests and improvements that Revolut is currently working on.
Once this phase is completed, the British regulator, the Financial Conduct Authority (FCA), will lift the restrictions on Revolut's license, the company will be able to call itself a bank and it could implement new features such as overdrafts. Customers' money will then benefit from additional protection (see “Is Revolut safe?”).
It should also be noted that it is not yet certain what will happen after Brexit. For now, European banking licenses are 'passported' to the UK (which means they are equally valid). If things change, Revolut has said it will also apply for a full UK banking license.
Revolut Bank: Features, Test & Reviews
Revolut's bank card
With Revolut you can use a physical card and a virtual card which is great! The Revolut card allows you to control a “Freeze” function. If you lose the map, it can be frozen until you find it.
Other important features include the ability to set additional security settings or set a monthly spending limit.
Go get your Revolut bank card, and if you run a business, there is a special promotion to receive 50 EUR / 50 GBP / 200 PLN bonus for business accounts.
The virtual card allows you to transact online, buy stuff from ASOS, a subscription to Netflix, Deliveroo, UberEATS and the like. It cannot be used for recurring payments like paying rent (although you can still set up a normal recurring payment in the app). So what is the point of this card? Can't use your physical card for everything?
The idea is that it is safer. You can freeze your virtual card and set monthly spending limits to stay within your budget. Also, you can remove the virtual card every few months, which will make it more difficult for fraudsters to steal your data and clone your card.
- To use it, go to the "Cards" section of your application.
- Scroll down to your virtual card.
- Use the displayed card number and CVV when ordering.
However, Revolut's real show pony is his "disposable" virtual card. However, they are only available to Premium users. After each online transaction, Revolut deletes your virtual card and gives you a new one. According to Revolut, this has reduced fraud by 30%.
There are three choices in total for the Revolut bank card. Each card will provide the same services as those included in the standard card wallet, after which additional services will be offered.
Depending on the use for which it is intended, each card can apply services which extend to the advantages which you wish to include therein. If there is one choice that should not be ruled out, the best card to recommend here is Revolut Metal. But for the explanation, here's what separates them all.
How to get a Revolut bank card?
To apply for the Revolut credit card, just follow these three steps:
- Download the app, get started with Revolut on your iOS or Android device.
- Go to Home> Credit, then tap Start.
- Tap on "Get a credit card" to start your request.
Fees, limits and pricing
Revolut bank offers three account levels: Standard, Premium and Metal. This review covers the Standard offer. We also took a look at the Premium (which costs € 7,99 per month) and Metal (€ 13,99 per month) plans - they both offer more features and benefits.
|Revolut||Standard (No monthly fees)||Premium|
(7,99 € per month)
(13,99 € per month)
|ATM withdrawals||The first 200 euros are free per month, costs 2% thereafter||The first 400 euros are free per month, costs 2% thereafter||The first 800 euros are free per month, costs 2% thereafter|
|Currency conversion||Interbank rate with an increase of 1% on weekends||Interbank rate with an increase of 1% on weekends||Interbank rate with an increase of 1% on weekends|
|Exchange / expenditure in currencies other than the euro||The first 1000 euros are free, then 0,5% fees.||No limits . Free||No limits . Free|
|Extras||-||Medical insurance abroad.|
Delayed baggage and delayed flight insurance.
Priority customer support
Instant access to 5 cryptocurrencies.
Single-use virtual cards
Access to the airport lounge - Key Pass
|Medical insurance abroad.|
Delayed baggage and delayed flight insurance.
Priority customer support
Instant access to 5 cryptocurrencies.
Single-use virtual cards
Access to the airport lounge - Key Pass.
0,1% cash back in Europe and 1% outside Europe on all card payments.
Access to a concierge to help you manage your lifestyle.
The Revolut Standard account comes with a few fees:
- Weekend surcharge on all international exchanges. If you do a currency exchange over the weekend, you will be charged a surcharge. Indeed, the interbank rate is always fluctuating and may not be the same on Monday as the previous Friday. The margin is 0,5% for the top 15 currencies and 1% for the others.
- Bank transfers: Free, at the interbank rate, in the 30 fixed rate currencies - although the rate is 0,5% for transfers exceeding € 5 per month.
- Withdrawals: Free withdrawals from ATMs up to € 200 per month. Beyond this limit, a charge of 2% is levied.
- No overdraft: You cannot go into the red. If a purchase exceeds your available funds, the transaction will be declined.
- Card issued: This is € 5,50 with a standard subscription
A little more on the weekend markup: Remember that card payments, ATM withdrawals, and money transfers abroad all involve a currency exchange, so the weekend markup. applies in all of these cases. There is, however, a simple solution: if you know that you will be traveling or sending money abroad on the weekend, change the currency in advance on a weekday and you will avoid the fees. This will be possible with the 30 currencies that Revolut allows you to hold.
How to recharge your account?
Linking your main bank account to your Revolut card allows you to top up instantly. In the app, do the following:
- The first time you top up, you need to link a primary bank account to your Revolut card. Go to the app and enter your 16 digit card number, expiration date, CVC code and billing zip code.
- Please make sure the address is correct, otherwise the payment may not be successful.
- Tap the "+" symbol in the upper left corner of the accounts screen.
- Add the card you want to top up and choose the amount you want to add to your Revolut account.
- Press 'reload' and the money will be transferred to your account instantly.
- Another recharging option offered by Revolut is the automatic recharging function. This function allows you to automatically top up your Revolut account from your main card if the amount is below a certain threshold.
How to buy and sell shares on the app?
A refreshing aspect of Revolut is the possibility of trading shares using the Revolut app. Three options can be chosen to trade shares for crypto and stock options of Revolut. These options allow you to earn up to $ 2000 in ETF and stock commissions per trade.
The app itself also shows you all the latest trading options, such as products on offer and even customer profiles. You can also trade through partner brokers: Robinhood and Freetrade.
The different account holding levels for your Revolut card will determine how much you can trade for free or with a small commission.
Is Revolut Bank safe?
In terms of multi-layered security protocols, Revolut has a lot to offer. First, it has partnered with the Metropolitan Commercial Bank to ensure that all client funds are held.
This further guarantees standard FDIC insurances that cover balances up to $ 250. All debit card transactions are further protected by the processing rules of companies such as Visa, Mastercard and Maestro.
Additional security thanks to their application allows you to protect your password and identify yourself with your fingerprints via your smartphone. It also allows you to instantly freeze your account if you lose or misplace the card - in seconds.
Unlocking the map works the same way once you locate where it is. There are options to enable / disable ATMs and contactless payments. Working exactly like GPS, this map features security-based location sensors.
If your smartphone and card are separated from each other during a purchase or transaction, you will be notified. You then have the power to block the payment directly via your mobile application.
Revolut Bank test: verdict & opinion
No bank card is free from advantages and disadvantages. Although the Revolut card offers solutions for many financial services, you might like to know what they are?
This is what our Revolut magazine has to present to you:
Benefits of Revolut:
- 0% fee for all foreign currency exchanges;
- 29 global currencies with real-time exchange rates or hidden charges;
- Free withdrawals from all ATMs of foreign banks (allowing withdrawals between 200 and 600 euros per month);
- A globally recognized Mastercard debit card service;
- Card payments in local currency in countries that can save you more in processing fees;
- Financial protection up to 100 (Euro / USD) as for other FDIC or EDIS banking insurance;
- Additional guarantees for cards, such as freezing, unauthorized use of cards and control of payments;
- Budget controls to analyze and personalize personal expenses.
- No physical bank machines that you can speak to in person (only 24/24 online support, for some that's actually a plus).
- Limited number of free withdrawals from ATMs.
- No credit allowed with funds available only from your actual balance.
- Trading is limited to weekdays (as the US and UK markets are closed).
- Online only. There are no branches, which can discourage those who prefer face-to-face customer service.
- Additional charges. You will need to pay shipping charges to receive your card, unless you are on the Premium plan. There is also a charge for replacing your card and for loading your card if you are using a debit card issued outside of the United States.
- Trading costs abroad with additional mark-ups.
Revolut is the best solution for travelers (she is in our list of the best online banks), spenders and savers. It is best known for offering account holders the ability to spend and transfer money at the interbank exchange rate, at no additional fees that other banks add.
But there are a few fees you'll need to watch out for if you're not covered by their bounty program.
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Revolut is currently only available to legal residents of the European Economic Area (EEA), Australia, Canada, Singapore, Switzerland, Japan and the United States. The EEA includes:
Germany, Austria, Belgium, Bulgaria, Croatia, Cyprus, Denmark, Spain, Estonia, Finland, France, Greece, Hungary, Ireland, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Norway, Netherlands, Poland, Portugal, Czech Republic, Romania, United Kingdom, Slovakia, Slovenia and Sweden.
They'll be launching worldwide soon, so stay tuned!
Yes, Revolut is accepted at all points of sale that accept prepaid Mastercards.
No, Revolut automatically changes your money to the local currency of where you use your card.
Revolut supports over 150 currencies, so you can travel and use the card anywhere in the world. Europe, South America, North America, Africa, Asia, and Australasia are all covered to some extent. Check the Revolut website to confirm coverage for a specific country.
No, unfortunately Revolut cannot be linked to PayPal at this time.