**This post may contain affiliate links, which means I may receive a commission if you click a link and purchase something that I have recommended. This comes at no additional cost to you**Your days of googling ‘where can I get the best exchange rate’ are now over! You can sign up to Revolut here. Sign up using this exclusive link and you’ll get the charge for the physical card removed! Read on for my Revolut Review…
What is Revolut?
Revolut is an app available on Apple and Android devices and it’s taking the foreign currency market by storm. It boasts the fact that it can provide currency at interbank rates, quickly and easily. These rates are the rates at which banks lend to each other which are generally vastly superior to the Post Office / M&S rates.
Signing Up to Revolut
When I signed up in August 2016, the sign up process was a breeze. I had to take a photo of my driving license along with a selfie (technology these days!) and they were able to verify my identity fairly quickly. I ordered my physical Revolut MasterCard for free but it’s now £5. However, it’s free if you use this link. You get your virtual card straight away and you’re good to use it on anywhere online instantly.
Physical Revolut Card
The app has so many options available to you too. It allows you to disable your card, order a new virtual or physical card, change your pin, enable security protection or set a monthly spending limit. These options give it a major advantage over conventional banks as you’re able to react quickly if your card was stolen for example.
Revolut also boast fast credit at rates 50% cheaper versus the average bank. You can request a maximum of £25,000 over 60 months at rates between 6.9% and 9.9% representative APR. The rate offered to you may be different to this as it’s based on personal circ*mstances. They also have insurance and investment options coming soon too which are definitely areas to watch.
Depositing Money
Next up is depositing money via the app. You’re able to top up by card, bank transfer, Apple pay or even by setting up an automatic top up facility. Once deposited you can change your initial currency in to one of 15 other currencies. These currencies include Great British Pounds, Euros, US Dollars, Australian Dollars, Swiss Francs and South African Rand. The deposit limit per year is £25,000 on the free membership but you can verify the source of funds to deposit more each year if you’re a big spender!
Revolut App Options, Top Up or Exchange
Topping up isn’t the only way of getting money in to the app. You’re able to send and receive money to and from other Revolut users fairly quickly. You can also request money from others using the bill splitting functionality. No more arguments with those pesky mates that order the steak! The app also gives you account details including account number and sort codes (for UK accounts) and IBAN and BIC details (for all accounts) so you can accept bank transfers.
My Experience of Revolut
I have spent €2,149 in 10 European countries and $826 in 4 countries around the world since signing up in 2016. I’ve never had one issue and you get a notification every time you use it too so you can stay on top of your balance. Hence the positive Revolut Review!
Another good aspect of Revolut is if you don’t have that currency available on the app it will just use a balance in a currency that you do have available. This also works for currencies that aren’t even available on the app too.
Revolut Total € Spend Analysis
What I’d recommend doing is topping up Revolut and then withdraw some of the currency you need when you’re in that country. This is definitely my top tip in my Revolut Review.
£300 to Euros Example
Revolut: £300 = €335.55
No1 Currency: £300 = €328.53
Post Office: £300 = €327.69
Marks and Spencers: £300 = €321.99
Revolut Review Conclusion
Revolut is a great way of getting your travel money. You get the best rates and it’s just so simple to use. This is definitely the future of banking and I’d recommend people keep an eye on Revolut to see where they go next. I’ve used it all over the world and loved the experience and notifications. It really lets you keep track of your money and also get the best travel rates. What’s not to like?!
Sign up to Revolut here
Let me know below if you agree with my Revolut Review and also if you sign up!
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FAQs
Revolut is a great way of getting your travel money. You get the best rates and it's just so simple to use. This is definitely the future of banking and I'd recommend people keep an eye on Revolut to see where they go next. I've used it all over the world and loved the experience and notifications.
What is the downside of Revolut? ›
It is a good choice for beginner investors. On the downside, it doesn't offer popular asset classes like mutual funds, bonds or options.. Research and educational tools are very basic, and customer support only answers some basic questions. Also, Revolut has had some quite negative news coverage recently.
Is Revolut good for travel money? ›
Revolut is great for spending while abroad. The competitive exchange rates help you save when paying in different currencies, and you can hold a range of currencies on your account. Check our currency converter to learn more about exchange rates. Additionally, you can transfer money internationally in 70+ currencies.
Is Revolut trustworthy? ›
Almost all deposits made by people and businesses with Revolut Bank UAB are protected by the state company Deposit and Investment Insurance. This means, if Revolut Bank UAB can't repay deposited money, the Deposit and Investment Insurance company will repay it to the depositors.
How credible is Revolut? ›
Is Revolut safe? Yes, security is our top priority. We're trusted by 40+ million global customers to look after more than $15 billion in deposits.
Is Revolut losing money? ›
The company, which became the UK's most valuable fintech firm in 2021, detailed the loss in its delayed annual report on Friday, marking a return to the red after reporting its first-ever annual pre-tax profit – worth £39m – a year earlier.
What countries are not supported by Revolut? ›
Unsupported countries and regions
- Belarus.
- Cuba.
- Donetsk People's Republic.
- Iran.
- Kherson (Ukraine)
- Democratic People's Republic of Korea.
- Libya.
- Luhansk People's Republic.
It is a variable exchange rate (which means it is constantly changing). We think you'll really like it. The fee we charge (if one applies) is an exchange fee. This is a variable fee (which means it is constantly changing) depending on the parameters of your exchange (like what you are exchanging and when).
Does Revolut automatically pay in the correct currency? ›
You can withdraw cash with your Revolut card worldwide, allowing you to pay in cash while you travel. See which countries support ATM withdrawals, and make sure you know before you arrive. Revolut automatically converts your balance to the currency of the payment you choose to pay in.
How to avoid Revolut fees? ›
Revolut's currency exchange fees vary depending on the time and the day of the exchange, as well as your plan. On weekdays (between 6pm New York time on Sunday and 5pm New York time on Friday) no fees apply if you are within your plan's fair usage limit.
Nikolay Storonsky (born 21 July 1984) is a Russian-born British businessman. He is the co-founder and CEO of the financial technology company Revolut. Storonsky was born into the family of a senior Gazprom manager.
What happens if Revolut goes bust? ›
Safeguarding helps protect you. It means if we became insolvent (unable to pay our debts), you'll get your money first. Our customers' claims would be paid out from our dedicated client money bank and asset accounts, before anyone else's claims are paid out.
Can you get money back from Revolut if scammed? ›
If you think you are a victim of fraud by a Merchant, please contact us immediately via the Revolut app. You do not need to contact the Merchant first, and we will have a better chance of being able to help you if you contact us as soon as possible.
Does Revolut work in the USA? ›
You'll also get a Revolut card, which can be used in the US, UK and in countries all over the world. An important thing to note about signing up for Revolut in the US is that there are unlimited fee-free ATM withdrawals available at its network of 55,000 ATMs.
Who owns Revolut? ›
Who owns Revolut? Revolut is still a privately owned company. The largest portion of Revolut is owned by co-founder and CEO Nik Storonsky, who has a 20% stake in the company. The next largest portion of share ownership is from Revolut's corporate investors, who own approximately 75% of the firm's stock.
What bank does Revolut use? ›
Revolut Personal Terms
| Metropolitan Commercial Bank | Community Federal Savings Bank |
|---|
| Personal Terms (MCB Program) | Personal Terms (CFSB Program) |
If Revolut were to fail the accounts would quickly be turned over to the SIPC and transferred to another investment firm. In the unlikely event this couldn't happen you would be refunded your money. If Revolut is holding cash for you it's actually put into a third party bank which is FDIC insured.
Which is safer PayPal or Revolut? ›
PayPal is still fantastic at what it was made to do - facilitating online shopping and making secure transfers. Revolut, meanwhile, is a good option if you're looking for a digital bank account, along with access to other financial services such as investing and cryptocurrency.
How does Revolut work in the USA? ›
Download the Revolut app on your Android or iPhone mobile device and sign up. Add money into your Revolut account by topping up via your card or bank account. Choose your destination country and currency. Enter your recipient's details.
Can I transfer money from Revolut to my bank account? ›
You can use your Revolut Account for any of the following services: Send money to other Revolut users (we call these “Instant Transfers”); Send money to a bank account (we call these “Bank Transfers”); Send money to a card (we call these “Card Transfers”);
