Revolut Review 2019 – My Personal Experience

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Last updated: October 2, 2019

Want to know more about Revolut? It’s an innovative digital bank that has quickly become a popular alternative to traditional banks.

It has more than 6 million people signed up and Revolut allows you to exchange currencies without any fees. 

But how good is it and should you sign up for it as well?

In this Revolut Review, I will share my personal experience as well as the pros and cons of the app and their cards. In addition to that, I will also answer some of the most frequently asked questions about Revolut and share more information. 

Readers of Swedish Nomad get a free Revolut card and €20 when using this link.

Some of the main benefits are zero fees when exchanging foreign currency, zero atm fees, and the fact that you can pay in the local currency with the Revolut card, which means that you will save a lot of money while traveling abroad or when you need to pay/send money in a different currency.   

What is Revolut?

Revolut is a digital bank that has more than 6 million customers. With Revolut, you’ll get access to a debit card that gives you free atm withdrawals and 0% fee when you exchange currency. The Revolut card is connected to their app and is the perfect solution if you like to travel or work online.

Despite being a digital bank, your money is protected up to €100,000, just like in your traditional bank. The main difference is that Revolut is saving you lots of money and help you avoid expensive fees for exchanging foreign currency, atm fees abroad as well as allowing you to always pay in the local currency. 

Revolut app

Where is Revolut available?

Legal residents of the following countries can sign up and enjoy the perks of having a Revolut card: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.

Also, citizens of Australia and Switzerland can sign up for Revolut. There are plans for launching worldwide, and next up is the United States, Canada, Singapore, and other countries.

Revolut Metal

Revolut Metal is the most exclusive card and that’s the one that I’m using. It’s a great card if you travel a lot and want to get the most benefits. With the Metal card, you can withdraw up to €600 from ATMs around the world, without any fees.

Then you also have unlimited currency exchange with 0% fees at the realtime market rate. That’s unique since most regular banks will add a surcharge of at least 1-3% when exchanging foreign currencies. 

As a Metal Card owner, you will also have access to more than 1000 lounges and concierge service as well as up to 1% cashback on your purchases.

Free travel insurance is also included, which compensate you if your baggage or flight is delayed. The insurance policy covers overseas emergency medical assistance and expenses up to £15m and dental fees up to £300.

There is no credit on the card to worry about and no credit check will be done. Free express delivery worldwide is included for all Metal card owners. 

Get your Revolut Metal card today

Metal users have access to all the services available to personal account holders, as well as the following benefits:

  • Up to three free Metal Cards;
  • Free access to disposable (virtual) Revolut cards;
  • Unlimited free currency exchange;
  • Double the free withdrawal allowance of standard personal account users;
  • Overseas travel insurance;
  • The opportunity to buy airport lounge passes;
  • Instant access to cryptocurrency;
  • Free turbo transfers (faster money transfers); and
  • Priority customer support through the app.
  • Contactless stainless steel Revolut card;
  • Concierge services;
  • Cashback in a number of currencies or cryptocurrencies (these may change from time to time);
  • Three times the free withdrawal allowance of standard personal account users; and
  • One free lounge pass.

Revolut Metal Card New

Revolut Premium

Revolut Premium is the mid-range choice and is great if you’re traveling throughout the year and want access to free ATM withdrawals up to €400 per month, and 0% in currency exchange fees. Just like Metal card customers, the Premium card includes free travel insurance. 

It’s a regular debit card without credit which you can use all over the world.

Get Revolut Premium

Premium users have access to all the services available to personal account holders, as well as the following benefits:

  • Up to three free Premium Cards;
  • Free access to disposable (virtual) cards;
  • Unlimited free currency exchange;
  • Double the free withdrawal allowance of standard personal account users;
  • Overseas travel insurance;
  • The opportunity to buy airport lounge passes;
  • Instant access to cryptocurrency;
  • Free turbo transfers (faster money transfers); and
  • Priority customer support through the Revolut app.

Revolut Premium Pink

Revolut Standard

Most people that sign up for Revolut starts with the standard card because it’s free and still offer the perks of 0% fees for exchanging currency. You can also enjoy up to €200 free ATM withdrawals per month.

Since the Revolut Standard is 100% free, it’s really a no-brainer and something that every traveler should have in their wallet. The card you get is a debit Mastercard that allows you to pay all over the world without extra surcharges when paying in the local currency. 

Also, you can always start out with the free standard card and upgrade later on once you realize all the benefits of upgrading and using Revolut on a daily basis.

Register for Revolut Standard and get €20 for free

revolut standard

My experience with Revolut

Revolut is without a doubt one of the best ways to avoid expensive ATM and currency exchange fees while traveling. For me who travels around the world full-time, it’s quite an obvious choice to use my Revolut Metal card and the app as much as possible to save money.

Now, not everyone will need a Metal card, but everyone should at least have the standard Revolut card because it’s free, and allows you to exchange 29 currencies without any fees at the realtime market rate. That’s a huge saver while traveling or when you need to send money abroad or pay something in another currency when shopping online. 

If you don’t pay in the local currency and use your regular debit or credit card, you’re paying unnecessary fees to your bank. In addition to saving money and avoiding fees, there are also other benefits by using the Revolut card and app.

For example, I use it to set up budget goals and get a clear overview of what I spend money on each month. The app is very easy to use, and I love the interface of it.

budget

Honestly, I don’t have any bad experiences with Revolut and their support team is quick to answer.

The only downside that I see is the fact that you have a limit on your free ATM withdrawals depending on what card type you have. But most countries these days accept payments by card, which is both safer and cheaper.

It’s not a big issue and I definitely recommend everyone to get a Revolut card, at least the free standard card, even though the Premium and Metal card offers great benefits as well. 

Get your Revolut card today for free

Pros

There are many pros for using Revolut, and the list could even be made longer than this. 

  • 0% fees for exchanging foreign currency
  • Exchange 29 currencies and get the actual market rate without hidden fees
  • Free atm withdrawals abroad (from 200-600 euro per month) 
  • You get a regular debit card (Mastercard) which works all over the world
  • When you pay with the card, you can always pay in the local currency, which will save you money
  • Your money is protected up to €100,000 just like in a traditional bank, thanks to the banking license of Revolut, which is protected by EDIS (European Deposit Insurance Scheme)
  • Free travel insurance is included for Premium and Metal customers
  • You can temporarily block your card, and unblock it yourself
  • The app is easy to use and has a great design while still keeping it simple
  • You can get a virtual card for online shopping
  • Premium and Metal customers have access to more than 1000 lounges and concierge service
  • You can make up your own budget goals and follow them in the app
  • Budget analysis within the app, so you can see what you spend money on, e.g clothes, trips, etc. 
  • You can see the currency exchange in realtime directly in the app
  • Support 24/7

You can signup and get €20 for free via this link

Revolut fördelar

Cons

After using Revolut and their card, I can only come up with 4 cons where 3 of them aren’t really any cons. For example, it doesn’t matter much that they don’t have a physical bank office because they provide online support 24/7, which is even better than regular banks. 

Without credit is also not something that has to be a bad thing. Because you don’t have to worry about credit card fees, interest rates, and overspending. 

Also, on weekends, there is a mark up of 0.5% when exchanging currencies because the market is closed, which is quite fair and still lower than regular banks who usually charge 1-2% when exchanging foreign currencies. 

  • There are no physical bank offices (However, they have online support 24/7)
  • 0,5% currency exchange fee on weekends (still lower than regular debit and credit cards)
  • Limited free ATM withdrawals
  • No credit

Revolut – Application step by step

Step 1 – Register your phone number

Start by clicking the link below to get to the Revolut registration page. Fill in your mobile number and you’ll receive a text message shortly after with further instructions. 

Click here to get to the registration

Step 2 – Download the app and follow the instructions

After receiving the text message it’s time to click that download link and get the app. After that, you will fill out the registration form with your name and verify your ID. Then it’s time to order your card!

Step 3 – Choose your Revolut card

When you’ve filled out the details in the registration form it is time to choose which card you want. Currently, you can choose between 3 types, standard, premium, and metal (same as I use). If you’re not sure which card to choose, you can always start with the free standard card and upgrade later on.

Click here to register for a Revolut card

Revolut

Frequently Asked Questions

Transferwise charges a fee for every transfer, and Revolut doesn’t, even though there is an upper limit depending on your account type. Overall, Revolut is cheaper than Transferwise and also offer more services. 

Standard delivery time is 9 working days at the moment. Express delivery to the UK, US, Australia or Canada takes about 3 business days.

Express delivery to other countries in the world takes 4 business days. You can also check the estimated time of arrival within the app, under the cards section.

Yes, your Revolut money is protected up to €100,000, just like a regular bank, thanks to EDIS (European Deposit Insurance Scheme).

The standard Revolut card is free. The Premium and Metal cards have annual fees. 

Revolut has a European banking license since December 2018, which means it’s officially a digital bank. 

Yes, you will need to have the app downloaded to an Iphone (IOS) or an Android smartphone to access your account. 

No, Revolut will automatically exchange your money into the local currency where you want to pay with your card. 

Revolut make money from card issuance fees, business accounts, MasterCard© interchange, delivery charges, 2% of all withdrawals above the monthly limit, consumer add-ons, currency exchange markup on weekends (0.5%), fees for topping up your account with non-EEA cards.

Premium and Metal subscribers pay an annual fee, and Revolut also receive a percentage from the merchants everytime you pay with the card.

At the time of writing, Revolut is not yet available in the USA. However it is scheduled to be launched later this year (2019). 

Yes, you can connect Revolut to Apple Pay. 

apple pay

How Does it Work?

The video below shows a short introduction to the Revolut app.

A mobile app, debit card, bank account, and E-card

The Revolut app makes it easy to view all your transactions and get a summary of how much you spent, and on what. The app also allows you to follow the realtime market rate of the chosen currencies in the app.

You can also have various accounts in different currencies where you can accept international payments via a personal IBAN number. It’s also easy to transfer money to friends and family, either to their Revolut account or another bank account. 

The virtual E-card is yet another perk that will protect you from frauds when shopping online. It will also make sure that your real card number won’t fall into the wrong hands. The virtual card is easy to deactivate and activate again in the app when you need to use it. 

Mobile App, debit card, bank account and virtual card

What is Revolut cryptocurrency?

Since 2017, Revolut offers customers to buy and sell the five major cryptocurrencies. It’s also possible to track the fluctuations of the market within the app. This is quite unique in the banking world, and yet another feature that makes it stand out as an innovative digital bank. 

Revolut fees

Revolut Metal has a monthly fee of circa 14 euros per month (£12.99) and the Premium card about 7.5 euro per month (£6.99). The standard card is 100% free without an annual fee. 

If you withdraw money from ATMs above your monthly limit, an extra fee of 2% will be charged. However, it’s easy to avoid this if you look in the app to see your monthly quota that’s left. 

On weekends, there is a small mark up of 0.5% when exchanging currencies such as USD, Euro, SEK, GBP, AUD, and other major currencies.

On the weekdays, you can enjoy a 0% fee when exchanging foreign currencies. Most regular banks charge at least 1-2% when exchanging currencies both on weekdays and weekends, so Revolut is still considerably cheaper and more favorable. 

More information about Revolut

Revolut Limited was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko as a startup in London. Since then it has become one of the fastest-growing Fintech companies in the world, and in 2018 they also received a European Banking Licence, which makes Revolut an official digital bank.

 The company has more than 630 employees and 6 million customers. And the number is estimated to rise quickly as the app is estimated to launch in the USA and Canada later this year. There have also been announcements of Singapore and other countries that are part of their plans to launch worldwide. 

This British Fintech-company offer banking services as well as a debit card and currency exchange. You can also transfer your money and buy cryptocurrency directly in the app, which is known for its user-friendliness and innovative services. 

Revolut founders

Summary

Revolut is one of the best alternatives if you want to avoid fees when you travel. You have the opportunity to exchange 29 currencies without any extra fees and 0% markups on the currency market rate. It’s a clear contender against the traditional banks and popular credit cards around the world. 

I recommend that you get Revolut in addition to your regular bank and credit cards. Because I’m sure there are benefits to all of them. However, every traveler should definitely get a standard card to start with. Simply because it’s 100% free and will save you a lot of money while traveling if you use it.

You don’t have anything to lose, and another benefit is that you’ll have another bank account which is protected up to €100,000. As times goes by and Revolut launches all over the world, there will only be more perks of having the card, so I suggest that you order it today already. 

The money you spend on hidden fees and currency exchange fees while doing online shopping and when you travel is much better spent on fun stuff instead of expensive fees that can be easily avoided. 

Click here to get your Revolut card for free

Revolut Review and summary


Do you have more questions about Revolut? Leave a comment below!

 
August 10th, 2019|

THANKS FOR READING MY BLOG

Swedish Nomad

Hello! I’m Alex Waltner — A Swedish Travel Blogger & Photographer.

My vision with this blog is to inspire people to travel more and better by sharing useful travel guides and tips from my adventures around the world.

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