Revolut Bank: Review (2023)
Revolut's apps, features, support and pricing assessed by fintech experts
Introduction to Revolut
Revolut is a fintech unicorn and one of the most successful mobile-first digital banks in the world. Headquartered in London, United Kingdom, it was founded in 2015 by Nik Storonsky and Vlad Yatsenko. Revolut started out with a focus on low-to-zero fee currency exchange, but since then evolved into a “global financial super-app”. The neobank is suited for both satisfying your day-to-day banking needs (including using your Revolut bank cards all over the world), as well as for multiplying your wealth via trading stocks and cryptocurrencies. Next to bank accounts for individuals, Revolut also offers banking services to businesses, in particular bank accounts for freelancers and self-employed persons. The wildly successful fintech now has over 28 million users and is operating in over 50 countries, becoming one of the few profitable challenger banks on the market.
Revolut is a pioneer of the digital banking revolution, but now that the competition is as fierce as ever and competition between top digital and mobile-first banks is at an all-time high, is it still a solid choice? We assembled a team of fintech experts and got "hands-on" with Revolut's bank accounts for personal banking, and in this review, we'll answer that question in full.
Revolut: Key Facts
|Personal Banking||Free plan available|
|Business Banking||Free plan available|
|Sign-up Bonus||-20% paying annually|
Limited time offer for Fintech Compass readers: 3 months of Revolut Premium free!
To claim the rewards, just follow any of the Revolut links on our website.
Our assessment will start with an overview of various plans Revolut offers for individuals, along with a comparison table listing differences between subscriptions. We'll then highlight key features and the biggest gaps in a "Pros & Cons" format, followed by an FAQ section to clear up any confusion. At the end of this article, you will find our suggestions for the best Revolut alternatives and wrap it up with our experts' verdict.
We previously mentioned Revolut's bank accounts in the following articles on various aspects of digital-first banking:
Revolut: Countries Supported
Revolut is available for citizens and residents of the following countries:
Review: Revolut Business
Find out if Revolut is a good fit for your business banking needs today. Read our in-depth review of Revolut bank accounts and cards for entrepreneurs, freelancers and SMEs.
Revolut Plans for Personal Banking
Revolut offers 4 subscription types for personal banking. Each of these is generously packed with perks and each comes at a different price point. Below, we'll provide a concise overview of Revolut's different plans, followed by a comparison table.
No monthly cost
"Standard" is a basic entry-level account without recurring monthly fees. It provides you with the bare essentials, and can be particularly useful as an alternative to your primary bank when dealing with currency payments. Includes solid budgeting and payment capabilities and even access to more advanced financial instruments, such as stock and crypto trading (subject to regional availability).
Would Revolut's free account be enough for you? The answer depends on your individual banking needs, but rest assured - the basics of banking (sending and receiving money, paying with your bank card either online or offline, Apple/Google pay, etc.) are covered at no extra cost. The only charge to be aware of is a card delivery fee in case you want a physical card, and a steep 2% + €1,00 fee for any ATM withdrawals beyond the €200 per calendar month. Sure, the app will frequently pester you into upgrading, but you can still bank just fine on a free account.
"Plus" is a very affordable subscription type for those who feel restricted by the free account. Revolut Plus includes additional benefits for everyday use, such as priority customer support, insurance coverage on purchases and event tickets. You can also get a personalized bank card (for a fee), and get full access to "Revolut Junior" (read about it below).
Bank Accounts for Individuals
Read our detailed reviews of personal bank accounts available at some of the world's most popular online banks, compare the plans they offer, explore their pricing and discover all the hidden fees.
This flagship-tier plan from Revolut promises "an upgrade to a global lifestyle", allowing users to spend, invest and save money in various currencies and other assets. With travel insurance, purchase protection and lounge access, Premium is a real strong proposition for users all across the globe.
However, there is also merit in saying that this subscription does not really deliver exceptional value, positioned between the VIP-like "Revolut Metal" plan and a "bread-and-butter" "Revolut Plus" in an awkward way. The only way this type of account is the way to go is for a frequent traveler who doesn't use a physical bank card enough to justify investing in the ultimate option.
Revolut Metal is the ultimate subscription from the UK-based digital banking behemoth. This plan offers "unlimited power with the full package" of financial services, including a metal bank card, insurance coverage, purchase protection, free lounge access with SmartDelay and up to 1% cashback (which goes up to 10% when booking accommodation through Stays).
Thanks to beautifully designed stainless steel cards and an avalanche of benefits that come with the subscription itself, we included Revolut's metal cards in our list of Top 5 Metal Bank Cards in Europe.
Revolut's bank accounts are also featured in our selection of in-depth "one-on-one" comparisons of the most popular and the best bank accounts in Europe. Read these by visiting the links below:
Revolut: Plan Comparison Table
|Price, per month||€ 0.00||€ 2.99||€ 7.99||€ 13.99|
|Commitment||12 months||12 months||12 months|
|Sign-up bonus||-20% paying annually|
|IBANs||LT, UK||LT, UK||LT, UK||LT, UK|
|Shared accounts||❌||❌||❌||Group Vaults|
|Other methods||Garmin Pay, Fitbit Pay||Garmin Pay, Fitbit Pay||Garmin Pay, Fitbit Pay||Garmin Pay, Fitbit Pay|
|Extra card fee||-||-||-||-|
|Replacement fee||€ 10.00||€ 10.00||€ 10.00||€ 10.00|
|Free replacements||1 per year||1 per year||1 per year||1 per year|
|SWIFT (receive)||€ 2.00||€ 2.00||€ 2.00||€ 2.00|
|Foreign exchange fee||1.00%||0.50%||0.50%||-|
|Currency fee-free limit||up to € 1000 per month||up to € 1000 per month||up to € 1000 per month||-|
|Daily limit||€ 3,000||€ 3,000||€ 3,000||€ 3,000|
|Free withdrawals, per month||5 times||5 times||5 times||5 times|
|After that, per withdrawal||2.0%||€ 1.00 + 2.0%||2.0%||2.0%|
|Withdrawal fee abroad||2.0%||2.0%||2.0%||2.0%|
|Transaction & Deposit Limits|
|Deposit Protection||Up to £85'000|
|Monthly spend limit||-||-||-||-|
|Other financial products|
|Cashback||10% cashback on hotels||10% cashback on hotels||❌||0.1% + 1% outside EU|
|Lounge access||❌||❌||After 1 hour delay||You + 3 friends|
|Purchase protection||❌||❌||€2'500 per year limit||€10'000 per year limit|
|Deals & Discounts||✔️||✔️||✔️||✔️|
|Other benefits||Powerful analytics||Purchase protection||Powerful analytics||90-day return|
Go to revolut.com
Unique Features & Other Benefits
Budgeting, Analytics & Insights
Revolut would not be able to claim to be a "financial super-app" without these features. In addition to automatic transaction categorization (which is a fairly standard feature for digital banks nowadays), the neobank offers weekly insights with an in-depth look at your spending habits. In addition to this, the app helps you stay within your budget - you can either set the limit yourself, or let Revolut's machine learning models suggest an appropriate amount, based on your transaction history.
Of course, budgeting only makes sense if you're given a way to accumulate savings. Luckily, Revolut's mobile apps have that covered as well - you can work towards your saving goals in multiple ways. For starters, you can enable rounding up your purchases to invest spare change. Got a coffee for €1,69? That's an immediate €0,31 added to your savings "vault" (and trust us, these do add up over time!). Alternatively, you can set up recurring transfers - for example, by setting aside a portion of your salary the day it hits your bank account. Of course, you can simply top up your savings account manually whenever you feel like it. These accounts are also customizable - you can name these whatever you want, set any amount as a goal, and even add a desired deadline to each. As an added benefit, you can do all of the above in any of the 30+ currencies supported by the bank to safeguard yourself against the currency exchange rate fluctuations.
One might argue that none of these features are ground-breaking, with both banks like Monese and even savings & investment apps like Trade Republic having similar features, and we'd be inclined to agree. Revolut does not go beyond what's expected, but it also does not have any significant gaps, and the execution of these features is extremely solid. They're reliable, straightforward, have a clean UI to them and they all come at no extra cost, so we'll let a slight lack of innovation slide.
Multiply Your Wealth
Doesn't matter if you're just saving up for that summer vacation or if you're planning your retirement, the best time to start investing is now. Explore our curated list of the best investment platforms and apps available today at Fintech Compass. Make your money work so you don't have to.
Revolut Joint Account (Group Vaults & Group Bills)
Main article:"Revolut Joint: Everything You Need To Know".
We previously mentioned "Vaults": they're Revolut's take on a sub-account created for a specific purpose, with their own balance, separate from your "primary" account. And it's not hard to guess what "Group Vaults" are: simply designate a person to create a Vault of their own (they'll be the Group Vault Administrator). They'll quickly set the Vault up: pick a name, set a savings goal and add a picture. Once that's done, the administrator can simply invite people to participate - and they get to decide whether the person would only be able to deposit into the Group Vault or if they're also granted permission to withdraw money from that Vault. And that's it! Obviously, the list of people who have access and their permissions can be managed in real-time by the administrator. This feature has a variety of use cases - for example, saving for a dream vacation with your friends, buying that video game console you've always wanted with your significant other.
The next feature that helps deal with shared finances is "Group Bills". The idea is similar - imagine you're going on a vacation with your group of friends. To avoid the seemingly inevitable flurry of payment requests, math that doesn't add up and people feeling like they paid way more than the others did, just start by opening your Revolut app, creating a group and adding your friends to it (they don't need to be Revolut customers - convenient!). After that's handled, everyone can add the expenses they incurred to that group. Then, once the trip's over, you just tap a button and the app automatically settles the books, taking into account each person's transactions. The UI is fairly clean and straightforward, but it does work best if you're all using Revolut, of course.
Overall, these shared finance features are nice and work well when solving the particular issues they're made to mitigate, however, it is fairly disappointing that in reality, "Revolut joint accounts" do not really exist. Compared to competitors like the Dutch bunq bank we've reviewed previously, where you can create up to 25 accounts, each with its own individual IBAN (yes, you can have a specific IBAN for just your rent and utilities, equally accessible and legally shared by you and your partner) and up to 10 people accessing it... Revolut falls short in that regard.
Want to learn more about shared banking and joint accounts? Head over to our "Guide to Sharing a Bank Account", where we go in-depth on the legal implications, things to consider when creating a joint bank account and learn more today.
Revolut Under 18 Account (ex-Revolut Junior)
Main Article:"Guide: Revolut <18 Accounts for Teens".
With Revolut <18 (previously called "Revolut Junior"), children can have their own debit card and make transactions online or in-person, just like with a regular bank account. Parents can also set up automatic allowances, and monitor their child's spending in real-time. This feature can help teach children financial responsibility and budgeting skills, all while giving parents peace of mind.
Another benefit of Revolut Under 18 account is that it offers a safe and secure way for children to learn about banking and money management. Revolut uses all the security measures you might expect, such as two-factor authentication and biometric login to ensure the safety of both the parent and child's personal information (and money in their accounts!). These safety features also extend to bank cards - and in case it gets lost, it only takes one tap in the app to temporarily freeze the card.
Interested in educating your children about personal finance and helping them gain financial literacy in a safe environment? Check out our selection of the best apps and services that help kids learn personal finance.
Revolut also offers a wide range of perks not directly related to banking. These are:
- Airport Lounges - SmartDelay ensures you and one more person (on Premium) or three more people (on Metal) have free lounge access in case your flight's not on time, while any Premium or Metal user can enjoy a discount when purchasing lounge access in most airports. Not groundbreaking, but nice to have.
- Discounts - Having a coupon code for a popular service is always great, but the offers are fairly underwhelming. Do you really need one more HelloFresh referral code?
- Stays - Booking accommodation all over the world directly from your banking app is convenient, and getting up to 10% cashback (if you're on Metal plan) feels great. However, realistically, any frequent traveler already has their go-to hotel booking app they're saving loyalty points or miles with, so the benefit here is fairly limited.
Revolut: Frequently Asked Questions
In this section we aim to resolve any leftover questions and issues you might still have in an FAQ format. Still have questions you'd like answered? Let us know via email or by using social media.
Is Revolut an actual bank?
The answer depends on the region. Being a bank implies having a full-fledged banking license and Revolut does have one, granted by Bank of Lithuania. This license applies all over EEA (European Economic Area), for other markets, Revolut has a variety of financial services licenses, including e-money account provider one, virtual currency license and many more.
Is Revolut safe and reliable?
Being one of the world's biggest neobanks puts Revolut in the spotlight - and it definitely applies to a plethora of authorities, regulatory bodies and auditors monitoring the neobank's every move. Revolut's full-fledged banking license granted by Bank of Lithuania means that the challenger bank undergoes the same level of scrutiny and "enjoys" the same regulations, audits and reporting requirements any other bank in the EU does. The funds in your account are also protected under the Deposit Guarantee Scheme, so your money is safe no matter what happens with Revolut itself.
Who can create a Revolut Junior account?
Teens who are 16 and above can open a Revolut <18 account themselves, given their parent's (or legal guardian's) approval. However, minors aged 15 or under would need their parent to create an account for them, using their own Revolut app.
Can I get a card for a Revolut joint account?
Yes, you can - head over to the "Joint" tab in your Revolut app and tap "Get" in the card section. Afterwards, just follow the on-screen instructions. This process works both for physical and virtual cards. You can not, however, order a card on behalf of the other person, only yourself. You can have up to 6 physical and 20 virtual joint cards. Read more in our in-depth guide on Revolut Joint.
Does Revolut have a desktop (web) app?
Yes, Revolut provides a web interface next to the "main" mobile apps for Android and iOS. It does not yet support all the features available on mobile, but the company claims it wants the two to be on par in terms of functionality.
Revolut: Pros & Cons
- Easy Currency Exchange: You can exchange and hold 30+ currencies including USD, GBP, HKD and AUD, with just a few taps in the app.
- Budgeting features: Revolut’s everyday use features usually get overlooked for it’s focus on currencies & investments. But it does have some neat budgeting features such as Vault (saving accounts that come with interests), Pockets (like sub-accounts that you can divide your deposits into for different purposes) and Group Bills for bill splitting with friends.
- Charity as a feature: Another overshadowed feature for Revolut that has been a success, it’s super easy to support causes that you care about in the app with roundup payments or scheduled contribution.
- One-stop shop: Revolut can make your money work by allowing you to trade a variety of assets, from US stocks, cryptocurrencies to commodities, it's hardly the best tool for serious investors, but it's an extremely convenient way to make a habit of investing.
- Great UX/UI: It is safe to say this point is what initially made Revolut popular. A very clean and easy-to-use mobile app (albeit, with a fair dose of annoying marketing communication left and right), a straightforward user interface and visually appealing card design.
- Acceptance issues in EU: Revolut is somewhat disliked by certain types of merchants because of the bank's popularity amongst scammers and fraudsters, thanks to its more relaxed KYC and anti-AML practices combined with an ease of opening an account. This results in Revolut not being accepted by the vendor, however, it does happen quite infrequently.
- Lithuanian IBAN: Yes, IBAN discrimination is illegal in the EU, so you can not be legally denied any services with an LT IBAN in, say, Germany or France, but it might be an unexpected surprise.
- "Hit-or-miss" Customer Support: There's quite a heap of poor online reviews, stressing that the customer support is a big issue. Granted, that same sentiment can be seen on online reviews of most of "digital-only" banks. Not that in-app support is bad enough to be a deal-breaker and as long as you are comfortable managing your everyday life from a smartphone, you should be fine.
Alternatives to Revolut
Not convinced that Revolut is the bank for you? Our team of experts suggests you take a look at following Revolut alternatives, based on your personal use case and your unique banking needs.
If you want a powerful mobile banking app with exciting and truly unique features, eye-catching bank cards and an ability to combine your personal and business banking in one place, consider bunq. In our bunq bank review, our experts alternate between signing praises and voicing harsh criticism of the Dutch neobank which recently exploded in popularity.
If you're looking for a cool app (and, perhaps, a stylish metal card to go with it), while still preferring to have an established "traditional" bank as your primary one, we suggest exploring Curve. A good starting point is, of course, our Curve "all-in-one" app & card review.
Promising assistance in "taking control of your money with one card and one app" to its users, Curve quickly gained popularity in the UK. Unique product that consolidates all your cards and accounts in one place, while categorizing payments and providing cashback.
And if your interest lies in conducting overseas bank transfers, doing payments in currency or receiving money from all over the world, we recommend taking a closer look at Wise (formerly TransferWise).
Formerly known as TransferWise, Wise is a go-to choice for money transfers abroad and international payments in any currency. With millions of loyal users, and a rich product development roadmap for years to come, Wise is a solid choice for a near-borderless experience.
Our verdict: Is Revolut a good choice for personal banking?
Revolut is no doubts at the forefront of the mobile-first banking revolution. Its digital banking platform offers a range of financial services, including a personal bank account that has no monthly or other kind of fixed costs. After a comprehensive review of the apps, Revolut's fee structure and pricing documents, online reviews and annual financial reports of the company, we can confidently state that Revolut is an excellent choice for anyone looking for a digital bank account.
It is by no means perfect - no product is. It might not support a specific payment method that's popular in your country, customer support can sometimes take their time resolving your issue and you might stumble into a non-critical bug when diving deep into the app. However, the level of convenience, smoothness and ease Revolut offers today is almost unparalleled, while the monthly subscription prices and other fees are more than reasonable. Committing to Revolut's bank account also provides you with a basic set of investment tooling, sets you up for success with international payments (however, we'd also like a PayPal integration like the one offered by Monese) and an array of budgeting features.
What's also refreshing to see as a customer is the fast pace of banking product's development. Sure, new features sometimes ship with a few bugs here and there, but your money is always safe thanks to a strict regulatory framework. Revolut is moving away from being a bank towards a "financial superapp" similar to what WeChat is in China or Tinkoff Bank (Europe's largest neobank by customer base) in Russia. We're sure it will soon expand harder outside the banking domain, for instance, by partnering with key food delivery players or taxi apps for a deeper integration. Because ultimately, someone else will do it anyway - becoming the "one stop shop" app for everything a person needs is too lucrative of an idea to not pursue.
Bottom line is, Revolut has a free bank account with a virtual card included, and it usually takes less than 10 minutes from start to finish to try it out. And (subject to regional availability), Fintech Compass readers get to try out Revolut Premium for 3 months for free with "no strings attached"! That's more than enough time to get familiar with the bank and decide if it's right for you or not - because nobody knows your unique banking needs quite like you.