Revolut Card Review
In this review, we’re going to see when they are a good option, and when you should be careful of hidden fees and charges.
What you'll find out:
- Who Revolut are.
- The foreign exchange products offered by Revolut.
- When you should and shouldn’t use them.
- Pros and cons of using Revolut.
Who are Revolut?
Revolut is a website and app that was founded in 2015 by Vlad Yatsenko and Nikolay Storonsky. They wanted to create a way that people could easily spend money internationally while reducing fees and simplifying the process. They offer solutions for both individuals and businesses and have a number of products to suit different needs.
Pros
- Ease of signing up - can open an account in minutes.
- Access to multiple FX products and services.
- Customer support available through a contact number and the app itself. 24/7 support available for Premium card holders.
Cons
- Subject to monthly limitations on your account.
- Can only have local currency accounts in Europe and the UK at this stage.
- Yet to launch Revolut in New Zealand.
- Can be difficult to find transparent information about fees on their website.
What Does Revolut Offer?
The Revolut website is very simplistic, but has information about all of their products. You can visit their website here, and we’ve got a brief summary of the services they offer below.
Personal
- Multi currency accounts
- Free UK current account and Euro IBAN account.
- Currency exchange
- International money transfers
- Buy and sell cryptocurrencies
- Contactless international MasterCard
Business
- Multi currency accounts
- Free UK current account and Euro IBAN account.
- Instant transfers to businesses also using Revolut
- Make payments in currencies local to your
- Multi currency accounts.
- Corporate cards.
Can I use Revolut in New Zealand?
No - not yet. Revolut was set to Launch in New Zealand in early 2018 but Kiwi customers are still waiting.
Should you use Revolut?
Revolut is a very affordable option if you’re staying within their monthly limits. You just need to be aware that by withdrawing large amounts, or making large or frequent international transfers the fees can add up.
If you’re a frequent traveller and withdraw large amounts of money from ATMs, a Revolut card may not be the way to go. Another great travel account you can look at is the Citibank Everyday Account. You can read about it, here.
The Currency Shop Says:
- If you’re making low ATM withdrawals and staying within the limits of Revolut, they are a great travel option.
- The quick account set up makes them very convenient.
- Make yourself aware of all limitations and additional charges before signing up to Revolut and using the card.
- Yet to launch Revolut in New Zealand. If you need a solution now, this might not be it.
Frequently asked questions about Revolut
How do you sign up to Revolut?
It’s really easy to sign up to Revolut - which is one of their main advantages. You can do it within minutes on their website or through the App. You’ll need to provide your name, date of birth, address, contact number and email. You’ll receive a verification code via text and you’re in! Revolut is yet to launch in New Zealand so you'll be added to a waiting list. If you’re using it in another country you’ll then be able to customise the services you want from Revolut.
What are the fees for using Revolut?
When it comes to opening personal needs, it doesn’t cost anything to open a standard account. Premium membership is £6.99. While Revolut do offer free international transfers, and very favourable exchange rates it is important to know there are monthly limits. There is a 0.5% charge for international transfers after you’ve reached your monthly limit, and while you can use the cards to withdraw money at ATMs all over the world, there is a 2% after you’ve reached your limit.
- Standard account access - Free
- Premium account access - £6.99 per month
- ATM withdrawals - Free up to £200 per month, 2% after.
- Currency Exchange - Free up to £5000, 0.5% after.
- Turbo Fee for transfers (optional) - £5 per transfer.
Find out more about Revolut personal pricing, here.
For business, there are three tiers of membership. Start membership is £25 per month, you will need this account as a freelancer or a company receiving less than £100K per month. Standard is £100 per month, if your company is receiving between £100k and £1M per month. And Professional is £1000 per month, when you're receiving more than £1m into the account each month.
Find out more about Revolut business pricing, here.
What are the limitations with Revolut?
£200 limit for standard users and £400 limit for premium users on ATM withdrawals, after which a 2% fee is charged on all withdrawals.
£5,000 limit on currency exchange transactions, after which a 0.5% fee is charged on all transactions. This applies for both Standard and Premium users.
What currencies and countries can you transfer with Revolut?
The currencies available for spending are:
ZWD, CKD, KID, PND, TVD, AMD, FOK, ERN, BTN, EHP, CUC, SHP, GGP, JEP, IMP, SDG, SYP, IRR, PRB, SOS, KPW.
Online Tools
Save time and let our online tools crunch the numbers for you.
Currency converter
Burning to know what the exchange rate is? Check today’s exchange rate on any amount.
Travel money comparison tool
Heading overseas? Find the best rates for exchanging currency online or find a store near you.
Knowledge centre
Learn the ins and outs of currency
Money transfer comparison tool
Finding the best deal can be nightmare. We bring together all your options by highlighting the fees and rates.
