Details for Revolut neobank

Pros and Cons

Pros

• Available to residents of 36 countries
• Free or low-fee bank cards
• Deposit protection guarantee
• Competitive exchange rates
• Free local payments and low-fee international money transfers
• Multi-currency accounts that support 30 international currencies
• Free or low-fee ATM withdrawals in the local currency
• Cryptocurrency trading

Cons

• Lack of traditional bank services, like loans or mortgages
• Lack of physical branches
• Slow customer service and difficulties in resolving some customer issues

After extensive testing, it can certainly be concluded that Revolut comes out on top as a leading truly global neobank that offers innovative financial services to over 26 million customers around the Globe.

Revolut’s user-friendly and intuitive bank app offers multiple features, such as free or low-fee international money transfers, currency exchange at near interbank rates, and a prepaid Visa or MasterCard debit card with no hidden fees.

What is unique about Revolut is that it allows cryptocurrency trading and offers budgeting tools and insurance products, making this bank super-app a one-stop shop for one’s financial needs and providing a seamless and convenient banking experience that is second to none.

Executive Summary

After extensive testing, it can certainly be concluded that Revolut comes out on top as a leading truly global neobank that offers innovative financial services to over 26 million customers around the World. Revolut’s user-friendly and intuitive bank app offers multiple features, such as free or low-fee international money transfers, currency exchange at near interbank rates, and a prepaid Visa or MasterCard debit card with no hidden fees.

What is unique about Revolut is that it allows cryptocurrency trading and offers budgeting tools and insurance products, making this bank super-app a one-stop shop for one’s financial needs and providing a seamless and convenient banking experience that is second to none.

Revolut’s Story

Revolut was founded by Nikolay Storonsky and Vlad Yatsenko in 2015. Nikolay Storonsky, a former trader at Credit Suisse and Lehman Brothers, serves as the CEO of the company. Vlad Yatsenko, who previously worked as a software engineer at Credit Suisse and Deutsche Bank, is the CTO of Revolut.

The duo wanted to create an intuitive and simple platform to transfer money from one country to another. Revolut has grown rapidly since 2015 and has attracted significant funding, including $800 million in a funding round led by SoftBank in 2020.

The raised funding has helped Revolut to expand its services beyond digital banking and branch out to offer cryptocurrency trading, insurance, saving accounts and other financial services.

As an illustration, In the UK alone, Revolut has 15 million customers. In addition, Revolut has a strong presence throughout Europe and its largest countries, such as France, Spain, Germany, Italy, and Poland, as well as ever-growing presence in the U.S., Switzerland, Australia, Singapore and Japan.

Revolut Card Plans

With Revolut, you have four options for current accounts:

• Standard Plan
• Plus Plan
• Premium Plan
• Metal Plan

The Standard Plan includes a bank account with a corresponding IBAN in your country, a Visa or a MasterCard debit card (sometimes a small card delivery fee is applicable), pre-paid virtual cards and up to 200 EUR/GBP/USD free ATM withdrawal. This offer is FREE.

The Plus Plan includes a free bank account with a corresponding IBAN account, a free personalised Visa or a MasterCard debit card, up to 200 EUR/GBP/USD free ATM withdrawal, full access to Revolut <18 features, 24/7 priority customer support, theft and accident coverage, the possibility to make cryptocurrency exchange operations and unlimited number of pre-paid virtual card. This offer costs € 2.99/month (EU) or £ 2.99/month (the UK).

The Premium Plan includes a free bank account with a corresponding IBAN account, a free personalised Visa or a MasterCard debit card, up to 400 EUR/GBP/USD free ATM withdrawal, international currency exchange in 30+ countries with no commissions, discounted international transfers, full access to Revolut <18 features, 24/7 priority customer support, theft and accident coverage, foreign health insurance, luggage insurance, the possibility to make cryptocurrency exchange operations, a premium card and an unlimited number of virtual cards. The Premium Plan costs € 7.99/month (EU) or £6.99/month (the UK) or $9,99/month (the U.S).

The Metal Plan includes a free bank account with a corresponding IBAN account, a free personalised Visa or a MasterCard debit card, up to 800 EUR/GBP/USD free ATM withdrawal, heavily discounted international transfers, full access to Revolut <18 features, international currency exchange in 30+ countries with no commissions, 24/7 priority customer support, theft and accident coverage, foreign health insurance, luggage insurance, the possibility to make cryptocurrency exchange operations, a premium card and an unlimited number of virtual cards. The Premium Plan costs € 13.99/month (EU) or £12.99/month (the UK) or $16,99/month (the U.S).

The most comprehensive and up-to-date overview of Revolut’s Private Plans can be found directly at Revolut’s website.

Revolut also offers four distinct plans for its Business account owners catering to companies, business-owners and self-employed. The most comprehensive and up-to-date overview of Revolut’s Business Plans is provided at Revolut’s website.

How to open a Revolut account?

Revolut accounts are easy to open and require only two steps. Before you can use Revolut, you must first download the application. An identity verification process will be performed along with the request for your phone number. You just need to credit your account to start using the platform.

You will need to transfer money from another bank account to your Revolut account in order to credit it. Finally, you can order a physical bank card by going to the “Card” tab in the app, selecting “Physical” and following the instructions.

With the Revolut Junior plan, customers of the neobank can open sub-accounts for their children aged 7 to 17. An application is specially designed for your children, they also have a prepaid bank card.

Bank Cards Offered by Revolut

As it is the case with many other neobanks, Revolut’s bank cards are pre-paid Visa or MasterCard debit cards. Since both Visa and MasterCard are universally accepted around the globe, there is virtually no difference between these equally attractive debit cards.

All of the bank cards offered by Revolut come with a range of security features to ensure that client’s funds are safe and secure. Depending on the selected Revolut card plan (inter-link to point 2 above), customers can withdraw up to 200, 400 or 800 euros, pounds or U.S. dollars worth of local currency from a local ATM free of charge.

With Revolut customers can also benefit from virtual disposable cards, which provide extra protection against the theft of personal data and hence the financial loss. These virtual cards are frequently used for online purchases.

Revolut’s fees and charges

Since the choice of every bank, and especially a neobank or a digital bank, is often made on the amount of fees it charges, Revolut’s fees and charges are closely scrutinised. The key conclusion is that overall Revolut's fee structure is transparent, free or low-cost, and designed to offer outstanding value. The most important and impressive feature of Revolut as a neobank is that these fees are transparent and normally communicated beforehand.

Where it matters most for day-to-day internet transactions, all European payments, the so-called SEPA payments within the EU and in euro, are free of charge. Revolut charges no fees for local currency ATM withdrawals within the limits determined by the Card Plan (for instance, € 200/£200 per month for Standard and Plus Plans and € 800/£800 per month for Metal Plan card owners).

Another important consideration is the level of fees for international transfers, which – again – depends on the Card Plan. The owners of a Metal Plan card will receive a 40% discount and the owners of a Premium Plan card a 20% discount on international transfers.

The third most important aspect for fees and charges is the currency exchange into 30+ supported currencies. Standard Plan and Plus Plan card owners have a free near interbank fees exchange rates from Monday to Friday until 1000 euros, pounds or dollars. At the same time, Premium Plan and Metal Plan card owners have unlimited free near interbank fees exchange rates.

Revolut’s Business Accounts

Revolut's Business Account is a dedicated bank account designed to meet the needs of modern companies and business owners providing them with a flexible and cost-effective way to manage their daily operations, finances and financial services.

One of the most attractive features of Revolut’s Business Account is that it offers a range of features to help companies save time and money. For example, the account allows for free international transfers in over 150 currencies at near interbank exchange rates. This is a major game-changer for companies, which can enjoy significant cost savings compared to traditional banks.

Additionally, companies can set up multi-currency accounts, which enables them to hold and manage funds in multiple currencies. This feature is particularly useful for companies that operate internationally or have clients or suppliers in different countries.

Revolut’s Business Account also provides companies with a range of tools to help them manage their finances more efficiently than any of other neobanks or digital banks. For instance, companies can issue physical or virtual cards to specific employees and set spending limits or restrictions on each card. The Business Account also provides real-time expense tracking and in-built automated bookkeeping, which makes it easier for companies to monitor their spending, provide transparency and stay on top of their finances and book-keeping.

Opening the Business Account is almost as smooth as opening a personal account. Companies need to provide basic information such as the company's name and address, the nature of the business, and the details of the company's directors and shareholders. The authentication of the directors and shareholders and the fulfilment of the KYC requirements takes place digitally and is smooth and generally efficient. The account can be set up in minutes, unlike days and weeks that can be spent with other digital banks or legacy financial institutions.

The fee structure varies depending on the Business Account plan. In general, a Free Plan of the Business Account has no monthly fees or minimum balance requirements. However, companies will be charged a small fee for certain transactions such as international transfers that exceed a certain limit.

Overall, the Revolut’s Business Account is an outstanding option for companies that want a fast, flexible, and cost-effective way to manage their finances.

Revolut Junior for Youth and Teens Below 18

If all the abovementioned features were not enough, Revolut also offers a dedicated account for youth and teenagers between the ages of 14 and 17. The Revolut <18 card thus offers a safe and easy way to manage the money and learn the basics of financial planning and independence.

The teens account can be managed by both the teenager and their parent or guardian. Thanks to the prevailing transparency and in-app controls that gives parents a total peace of mind.

The main advantages of the Revolut <18 account is that the account:

• teaches the youth financial responsibility from a young age, helping them to learn how to budget and save money.
• also offers a broad range of features such as free foreign currency payments, instant transfers to other Revolut users, and the ability to track spending in real-time.
• the youth account has no monthly fees and offers low-cost exchange rates for 30+ foreign currency transactions.

However, the account has certain limitations in terms of spending and withdrawal, and the parent or guardian must have a Revolut account to manage the teenager’s account.

In general, the Revolut Teens account is an excellent option for teenagers who want to have more financial independence but are also eager to learn how to manage their finances. It is a great choice for parents in terms of transparency, flexibility of parental controls and very low fees.

Other Revolut Features

Revolut’s Vault

Revolut's Vault feature is a tool that allows the customers of this innovative neobank to set aside money in a separate account for a specific goal. This feature is designed to help users to segregate their “vault” from their daily spending and thus save money and reach their financial goals without the risk of tapping into the “vault”. The Vault can be created in just a few clicks and can be customised to match each person’s objectives.

Once the Vault is set up, customers can transfer money from their main account into the Vault account. The money is then separated from the customer’s main account balance and starts earns interest similar to that of a traditional savings account. Vault’s most interesting feature is that the interest on the amount held in the Vault is paid out daily. Users can also withdraw money from their Vault account at any time, although a modest fee may apply.

Investing and Trading

Revolut offers a range of investment and trading services to its customers, giving them access to a variety of financial instruments, such as stocks, exchange-traded funds (ETFs), precious metals and commodities, and even cryptocurrencies.

Depending on whether the customer has a Standard account or a Plus account, customers will often be able to invest in a wide range of stocks and ETFs with no commissions or fees on trades. The Premium account and Metal card holders, on the other hand, have access to a wider range of investment options, including cryptocurrencies, commodities, and even options trading. Premium users also receive a higher limit on their trades and can benefit from benefits and discounts on other Revolut services.

One of the strong points of Revolut's investment services, unlike of other digital banks, is that they are fully integrated into the Revolut “super-app”, which makes it easy for users to manage their investments alongside their finances and keep track of their portfolio. The app of provides real-time market data and allows users to set up alerts and notifications for their investments. Additionally, Revolut offers a range of educational resources and tools to help users make educated and well-informed investment decisions.

Customer Service

To reach Revolut’s customer service you can use the embedded chatbot available on the app 24 hours a day, 7 days a week. If you opt for Revolut’s Plus plan, Premium plan or Metal plan you will get priority customer support.

Overall, in terms of customer experience Revolut's customer service can be a mixed bag. Some customers have praised Revolut's customer service and have found it to able to resolve their issues quickly. However, there have also been reports of poor customer service, especially due to long wait times to get in touch with customer support, unhelpful responses from agents, and difficulties in getting issues resolved. Others have reported issues with frozen accounts or blocked transactions.

How to get free money on Revolut?

To get new customers, Revolut has set up a referral system. The reward for referring a friend will vary depending on the country, but it usually includes a cash bonus or a discount on their Revolut subscription. The referred user can also receive a reward, which may include cash, cashback, a discount on their first transaction or subscription or other perks.

To get a reward you must go to the dashboard of Revolut’s app and then to “Invite friends, get paid”. When a friend signs up for Revolut using the referral code, both the user and the friend will receive a reward. The sponsorship offers change regularly in amount and is usually between EUR 70 and EUR 50 for the sponsor and between EUR 30 and EUR 10 for the sponsored person.
Revolut also offers a comprehensive referral program to those who have a Revolut for Business account.

Conclusions

Despite the abovementioned advantages and impressive features, Revolut is not the only game in town. The most formidable Revolut’s rivals include Chime in the US, Monzo in the UK, N26 in Germany, Bunq in the Netherlands, and Qonto in France, Spain and Italy. However, thanks to Revolut’s “super app”, which offers multiple services through one interface, Revolut has become one of the most successful global neobanks with a truly global blueprint.

Overall, Revolut can be a great option for frequent travellers, expats, digital nomads or people who work or study abroad, or simply need to send money abroad. However, it may not be the best choice for people who require more traditional banking services or prefer to have in-person support.