Revolut review 2025
Revolut was first founded in 2015, and has over 50 million global users. After a year of testing in New Zealand, the service launched here in July 2023.
But what’s Revolut New Zealand all about? This guide walks through all we know so far about the Revolut services that have launched – and what’s coming up in future. We’ll look at features, fees and exchange rates so you can decide if a Revolut account might be right for you.
Revolut review New Zealand: Key points
Key features:
- Fast online money transfers direct to bank accounts around the world
- Instant payments to other Revolut accounts
- 3 tiers of multi-currency account with different features and fees
- Hold and exchange multiple currencies
- Spend in 150 countries with your linked Revolut card
Key stats:
- Founded in 2015, and headquartered in London
- Revolut has over 50 million global users
| Revolut pros | Revolut cons |
|---|---|
| ✅ Hold and manage multiple currencies
✅ Use your linked Revolut card for spending and ATM withdrawals ✅ 3 personal account tiers ✅ Instant payments to other account holders ✅ Budgeting tools and account data available |
❌ You’ll need to pay a monthly fee to get the full range of features
❌ Out of hours and fair usage currency exchange fees apply ❌ Some transaction and service fees apply |
Overall: Revolut offers customers in established markets an impressive array of account types and service features. In NZ you can access Standard, Premium and Metal accounts which give a great taste for the services on offer, including no fee currency exchange (Mon-Fri, NY market hours) within your plan limits, ATM withdrawals with no Revolut charges, easy ways to send payments and split bills, smart analytics, custom budgeting and eSims (additional fees apply). This guide walks through what we know so far.
Is Revolut available in New Zealand?
Revolut launched in New Zealand in July 2023 with Standard, Premium and Metal plans available. You can use your account to hold a multi-currency balance, spend with your linked physical and virtual cards, split bills with instant payments to other Revolut users, and make global bank transfers. You’ll also get access to custom budgeting, smart analytics, joint accounts and have the option to set up an <18 account linked to your own if you’ve got kids between 6-17.
What is Revolut?
Revolut first appeared in 2015 in the UK, and over time has launched in a range of other global markets spanning Europe, the US, Australia, Singapore and more. Revolut is a mobile-first provider which describes itself as a financial super app, which offers personal users one app to simplify all things money.
Revolut offers multiple account tiers, <18 accounts, joint accounts, group pockets, comprehensive budgeting and analytics, foreign exchange, in-app money chat and eSims. You can open an account and use the Revolut app to view and manage your money and send payments, and your Revolut card to spend money in 150 countries. Let’s look at the key Revolut features and services available in New Zealand at present.
Revolut money transfers
You can send money in 40+ currencies, either instantly to other Revolut accounts, or by bank transfer to deposit into bank accounts around the world. Transfers to Revolut accounts and to local bank accounts (in the home currency) have no fee where no currency conversion is needed.
If currency conversion is needed some fees may apply there; you can exchange fee-free during market hours (Mon-Fri, NY time) within your plan limit. Overall the costs of sending money overseas to a bank account with Revolut are very competitive and can work out to be better value than using a bank.
Great for: Sending money overseas to individuals and businesses, in a broad selection of currencies, with just your phone.
Revolut account and card
Revolut account holders can hold and manage multi-currency balances in their Revolut account, and spend and make withdrawals with their Revolut Standard card. Each month there’s a fixed amount of no-fee currency exchange and ATM withdrawals, with fair usage fees after that.
Great for: Viewing and managing transactions on the move, spending in 150+ countries, and getting some no fee ATM withdrawals monthly
Revolut virtual cards
Revolut accounts in New Zealand also come with a virtual card which will have different card numbers compared to your physical card. This can be used online or in person with Apple or Google Pay from. your phone. If you’re concerned about security at any stage you can simply freeze or destroy your virtual card and instantly create a new virtual card with new card details. There’s no extra fee for a virtual card, or a disposable virtual card intended for one time use.
Great for: Enhanced security, particularly when shopping online with new retailers
How does Revolut work?
Revolut is a digital first service which operates primarily through an app. You can open a Revolut account to hold a balance in multiple currencies, and get a linked physical or virtual card you can use for easy payments and withdrawals. Then add a balance using a card, Apple Pay, Google Pay or bank transfer, and you can start to spend right away. Revolut accounts offer some no-fee currency conversion and some no-fee ATM withdrawals monthly.
How much can I save with Revolut?
Revolut is typically a much cheaper way to send money abroad compared to banks.
Revolut’s money transfer fees for international payments deposited to bank accounts are set as a percentage of 0.15%, with different min and max fees. The amount of this fee depends on your base currency. It can change from time to time, but you’ll always see the current fee in-app before you agree to the transfer. There are also minimum and maximum payment caps, which means you may pay a fee for many destinations. Up-to-date fees can be found here.
Is Revolut safe?
In New Zealand, Revolut is a registered financial service provider and ASIC-overseas company. It’s safe to use, and also regulated and licensed by a range of other global bodies based on the services it offers.
Revolut pricing
Revolut currency transfer service has variable fees based on the currency you’re sending to. You’ll pay a percentage fee, which is also subject to minimum and maximum limits. The percentage fee runs from about 0.3% of the transfer value, to 1%. Depending on the value of the transfer and the account tier you hold, you may also pay a fair usage fee if you convert currencies as part of the process – this applies if you have exceeded your account allowance, and the fee is 1% when this is exceeded.
If you’re sending a payment out of hours, an out of hours fee of 1% will also apply.
To help illustrate the costs of sending money overseas with Revolut, there’s a handy cribsheet on the Revolut New Zealand website which gives Revolut transfer fees for different payment values. Here’s a look at some of the costs of sending payments to Australia based on different transfer values, not taking into account fair usage and out of hours fees:
| Payment value in NZD | Revolut fee to transfer to AUD |
|---|---|
| 100 NZD | 1 NZD + any applicable currency conversion charge |
| 500 NZD | 1 NZD + any applicable currency conversion charge |
| 2,000 NZD | 3 NZD + any applicable currency conversion charge |
| 10,000 NZD | 15 NZD + any applicable currency conversion charge |
| 20,000 NZD | 30 NZD + any applicable currency conversion charge |
| 50,000 NZD | 75 NZD + any applicable currency conversion charge |
*Current as at 20 November 2024. Fees are updated here.
Revolut exchange rate
Revolut may set limits on how much you can exchange every month with no exchange fees, which are based on the account tier you select. Standard account holders can exchange up to 2,000 NZD/month with no extra charge. If you hit your account limit, you’ll pay fair usage fees of 0.5% until the limit refreshes the next rolling month.
If you’re exchanging currencies out of hours and at weekends, you’ll also be subject to a 1% fee.
Revolut personal account plans
Revolut account plans include the Standard plan you can get now, as well as Premium and Metal. Here’s what we know:
Standard: No monthly fee to pay, exchange up to 2,000 NZD monthly with no fee, make ATM withdrawals of up to 350 NZD/month with no Revolut fees
Premium: $9.99 / month, includes an exclusive Premium card in lavender, space grey or rose gold, discounted airport lounge passes, 60% off international transfer fees, increased currency exchange limits and more ATM withdrawals with no fee charged by Revolut
Metal: $24.99 / month, includes unlimited currency exchange, global spending and an array of lifestyle enhancing benefits. Includes a solid reinforced steel card with free personalisation, discounted airport lounge passes, 80% off transfer fees on international transfers (compared to a standard plan), increased ATM withdrawals with no fee charged by Revolut and cashback up to 1% when you spend overseas
How long does Revolut take
Payments sent with Revolut to other Revolut accounts arrive instantly. If you’re sending a payment for deposit to a bank account with Revolut, it may take a little longer. Ultimately delivery times vary based on where you’re sending money to, the value of the payment and the receiving bank’s own processes. Bank deposits can arrive quickly in some cases – but on other occasions they can take a few days.
Revolut Pros
- 3 account types for personal customers, including the Standard plan with no monthly fee
- Manage all your money needs from one app – from smart analytics to custom budgets and an easy way to split bills with friends
- Multi-currency options for holding and spending, as well as sending payments to others
-
No change fees or ATM withdrawal fees within limits
Revolut Cons
- Monthly fees on higher account tiers. Fees are updated here
- Fair usage fees apply when plan limits are exhausted
- Out of hours fees on currency exchange fees
How to use Revolut
One of the great features of Revolut is that you can quickly and conveniently send payments around the world, right from your phone. The steps may vary slightly depending on how your account is set up, and where you’re sending to – but usually it’s as simple as this:
- Log into your account or open the Revolut app
- Tap payments, then on the + to create a new payment
-
Enter the bank details for your recipient (if they are Revolut customers you can search by their phone, email, Revtag or QR code)
- Tap on the beneficiary, choose the currency you want to send and add the amount
- Add a payment reference
- Tap Continue to review your transfer details and estimated arrival time
Funding methods
You’ll be able to add money to your Revolut account by bank transfer or using a NZ debit card with no fees. You’ll also be able to use Apple Pay or Google Pay, or have someone else send you money from their Revolut account. Fees may apply for additional top up methods, but you’ll be shown these clearly in the app before you confirm.
Payout methods
Revolut offers payouts in 2 ways:
- Transfer to another Revolut account (for splitting a bill with friends for example)
- Transfer to a standard bank account (convenient when sending money to others at home and abroad)
How to create a Revolut account
Creating an account with Revolut is easy:
- Download the Revolut app or open up the website
- Click Sign up
- Enter your personal details, following the onscreen prompts
- Complete the verification step as required
- Once your account is verified you can add funds and get started
What documents you’ll need
Whenever you open any account with a financial service provider you may be asked to complete a verification step. With digital services like Revolut, you can complete this step without leaving home by uploading an image of your paperwork into the app. The documents needed may vary based on your situation, but will usually include:
- NZ drivers license or NZ passport
You may be asked to take a selfie holding your documents to verify your identity.
How long does verification take
Where verification can be done electronically it can be fast or instant. Manual verification takes longer.
Revolut limits
For security, Revolut accounts all over the world have a few limits. For example, the ATM limit is set to the currency equivalent of 3,000 GBP per day. You can also adjust some of your spending limits in your own Revolut app to tailor your account to your specific needs.
Revolut transfer limits
For most currencies there are no Revolut transfer limits. However, some limits may be set by Revolut payment partners, which are not disclosed in advance. You’ll see any limits which apply in the app before you transfer.
As a New Zealand personal Standard account holder you can exchange up to 2,000 NZD a month with no extra fair usage fee.
Revolut Standard account limits
Here’s a reminder of the Revolut New Zealand Standard plan no-fee transaction limits:
- Currency exchange – up to 2,000 NZD/month with no fee
- ATM withdrawal – up to 350 NZD/month with no fee
Is Revolut safe for large amounts?
Globally, Revolut is trusted by over 50 million customers, including business customers in many of its locations. It’s licensed and regulated, making it safe to use even for big transfers and higher value account balances.
Supported currencies
You can hold a broad range of currencies in your personal Revolut account, and spend with your linked card in 150+ countries.
Revolut reviews
Globally, Revolut has over 160,000 reviews on Trustpilot, and an average rating of 4.3 stars out of 5 – Excellent.
Generally customers praise the ease of use, customer service and low fees. Roughly 10% of reviews give the lowest rating, which may be because they’ve had transactions declined due to security concerns, or they’ve been unable to complete verification checks to get their accounts set up. That’s frustrating but it’s part of how Revolut and other financial service providers keep customers and their money safe.
Trustpilot aggregates live customer feedback so you can be confident the information you find there is recent – check out the latest reviews before you decide whether or not to sign up.
Revolut accessibility
All Revolut services are available through its desktop site and on the smartphone apps for Apple and Android phones.
Revolut customer service
If you have any problem, Revolut recommends you log into your app and start a chat with support:
- Tap on your profile picture or initials
- Open the Help section and choose a relevant category.
- Select a topic you need help with.
- If the article doesn’t solve your problem, tap Chat with us to be connected to an agent
You can also email support@revolut.com if you’d prefer to talk by mail.
Revolut alternatives
Depending on the exact services you’re interested in, there are a few good Revolut alternatives. Here are a couple:
- Wise vs Revolut – send payments with the mid-market exchange rate and low transparent fees, or open an online international account to send and hold multiple currencies
- Western Union vs Revolut – international payments available to bank accounts or for cash collection. Fees tend to be on the higher side.
- OFX vs Revolut: Open an OFX account for individual or business use for expert advice and bank beating exchange rates, and a 24/7 phone service
Conclusion: Is Revolut good?
Revolut is already justifiably popular in many global markets with a range of account types, physical and virtual cards for easy payments, ways to send money instantly to other Revolut accounts, and global transfers.
Revolut is releasing new features in New Zealand regularly, and customers can access lots of these with Standard account with no monthly fee to pay. You’ll get some no fee ATM withdrawals, and some no fee currency exchange – plus a handy payment card to use at home and abroad. Use this guide to decide if Revolut is right for you,and keep an eye out for more services coming our way soon.
Revolut in New Zealand FAQs
How much does Revolut cost?
There’s no monthly fee for the Revolut New Zealand Standard account plan, but other fees may apply.
How long does Revolut take to transfer funds?
Revolut to Revolut transfers are instant, bank deposits can be fast but in some cases take several days depending on the destination and other factors.
How safe is Revolut?
Revolut is a registered financial service provider and ASIC-overseas company. It’s safe to use, and also regulated and licensed by a range of other global bodies based on the services it offers.
How does Revolut apply exchange rates?
As a New Zealand personal Standard account holder you can exchange during market hours (Mon-Fri NYT) up to 2,000 NZD a month with no extra fees. If you exceed this limit, a charge of 1% applies. A 1% fee applies for exchanges outside market hours.
Does Revolut have a mobile app?
Yes. All Revolut services are available through smartphone apps for Apple and Android phones.
How does Revolut work?
Register a Revolut account online or in the Revolut app, to get a physical or virtual card for spending around the world and withdrawals around the world. Just add a balance in NZD and you can convert to other currencies for spending, or let the card do the conversion for you when needed.
How many currencies does Revolut support?
You can spend in over 150 countries. In the app you’re able to exchange and hold more than 30 currencies.
