Planning a trip? Whether you’re jetting off for a beach break or staying for a few months, you’ll need to find the best way to manage your money while abroad.
If you have a UK bank account, you’re likely to find it very expensive to use it or your linked debit card overseas. So, you might need a more flexible alternative, one designed with international use in mind.
One option is Revolut, the UK-based online money provider. It offers similar services to a bank, including a current account and a debit card, but it’s all set up for travel. But is Reviolut the best choice for spending abroad?
Read on to find out, as we’ll be taking a look at how using Revolut abroad works. And crucially, how much it costs. We’ll factor in fees and exchange rates, and look at supported countries and currencies.
Plus, we’ll compare Revolut with another provider - Wise- to see how it measures up for holiday spending.
So, let’s get started.
What is Revolut?
Revolut is a fintech company which offers a current account and card, all managed through the Revolut app. It doesn’t have physical branches like a bank, because everything is online.
It’s not a bank and doesn’t offer Financial Services Compensation Scheme (FSCS) protection like a UK bank account does. However, it is regulated by the Financial Conduct Authority (FCA) in the UK.¹
Revolut offers a choice of monthly plans. There’s a free Standard plan, which comes with a card and basic features. And then there’s a tier of paid plans, each with a monthly fee and an increasing list of extra perks. For example, increased spending limits, discounts on international transfers and extra products like insurance.
Does Revolut work abroad?
Yes, Revolut is all set up to work outside of the UK.
You can access the Revolut mobile app and your account all over the world, wherever you can connect to the internet. This means you can send and receive payments, check your balance and convert between currencies. And of course, use all the other features of the Revolut app.
You can also use your Revolut card for spending and ATM cash withdrawals in over 140 currencies. Essentially, wherever Mastercard and Visa are supported.¹
Using your Revolut card abroad - how it works
With the Revolut card, you can spend and withdraw cash overseas just as you would while in the UK. This means you can use it for shopping, dining, drinks, accommodation, transport or anything else you like while you’re away.
However, there are a few crucial things you need to know about currency conversion.
Revolut gives you the option to convert between a total of 29 currencies within the app.² This means you can convert some spending money to the local currency before you go.
So, for example, if you’re heading to France, you can convert £500 to EUR in your Revolut account ahead of your trip. This will mean you have a euro balance to spend or withdraw on your card.
The main reason to do this is that you have control of the currency conversion. You’ll see the exchange rate beforehand, and can even keep an eye on rates to secure yourself the best one. There will be no need to convert the currency at the time you spend, when rates could be less favourable.
Of course, Revolut only lets you convert between 29 currencies in the app. If the local currency where you’re travelling to isn’t one of these currencies, you won’t be able to convert spending money in advance.
Spending on your Revolut card
If you haven’t converted currency in advance, the Revolut card will do the exchange for you when you spend.
It’s important to remember that this will only happen if you choose ‘without conversion’ if prompted when paying for something on your Revolut card. If you choose ‘with conversion’, the merchant will do the currency conversion, and apply their own exchange rate.¹ This is likely to be worse than the rate Revolut offers, so it’s best avoided.
Revolut offers competitive exchange rates, although fees can apply for currency conversions carried out at the weekend or for converting unusual or exotic currencies.
There are also limits on how much you can spend in foreign currency on your Revolut card. Spend more than this in a month, and a fee may be charged. We’ll look at this in more detail later.
Withdrawing cash with your Revolut card
You can use your Revolut card to withdraw money in the local currency at a foreign ATM. It doesn’t charge you a fee to do this, but bear in mind that many ATM operators do charge their own fees for using the ATM.
Just like with spending, there are limits to how much money you can withdraw using your ATM card. And again, remember to choose ‘without conversion’ at the ATM, so that the ATM operator doesn’t apply their own unfavourable exchange rate.
As a rule of thumb, always choose to be charged in the local currency of the country you’re in. Revolut will take care of the rest.
Fees and exchange rates for using your Revolut card abroad
Now, how much will it cost you to use your Revolut card abroad? Here are the key costs and charges you need to know about:
| Transaction | Fee |
|---|---|
| Currency exchange - Monday to Friday | Free³ |
| Currency exchange - weekends | 1%⁴ |
| ATM withdrawals up to limit (£200 to £800 a month, depending on plan) | 2%⁴ |
| Spending more than £1,000 a month in foreign currency | 1% for Standard plans; 0.5% for Plus plans; Free for Premium or Metal plans⁴ |
One of the most important charges to pay attention to from the above is the 1% fee for currency exchange at weekends. Revolut doesn’t charge fees for spending or withdrawing in a foreign currency during the week, but this fee could make it more expensive to spend at weekends. Which unfortunately, is when many people like to take mini breaks to foreign cities.
You’ll also need to watch out that you don’t spend more than your monthly limit in foreign currency. Otherwise, another fee could be charged.
Revolut exchange rates
Revolut uses mid-market exchange rates,⁴ also known as interbank rates. These are considered to be the fairest you can get, but are only used by a handful of providers including Wise.
If you use another provider like a bank, you’ll find that they add a margin or mark-up to the mid-market rate. This is how they make a profit, but it means you essentially lose money on the transaction.
Revolut doesn’t do this, but it does slightly dent its great exchange rate by charging an additional fee to convert currency at weekends.
International spending and withdrawal limits with Revolut
To help you choose a Revolut plan and watch out for extra fees when spending abroad, here are the main limits you need to know about:³
| Standard - free | Plus - £2.99/m | Premium - £6.99/m | Metal - £12.99/m | |
|---|---|---|---|---|
| ATM withdrawal limit | £200/m or 5 withdrawals | £200/m | £400/m | £800/m |
| Foreign currency spending limit | £1,000/m | £1,000m | Unlimited | Unlimited |
Travel perks with Revolut Premium and Metal plans
If you’re willing to shell out £6.99 or even £12.99 a month, Revolut’s Premium and Metal plans do include a few extras which could be very handy for travel. This includes:³
- Cashback on Stays bookings made through the Revolut app
- Overseas medical insurance
- Car hire excess
- Flight insurance
- Personal liability insurance
- Winter sports cover
- Baggage loss, damage or delay
- Free or discounted airport lounge access.
The Wise card: a low-cost alternative for travel spending in 174 countries
Of course, Revolut isn’t the only option out there for travel spending. Open a Wise multi-currency account online and you can get a Wise card for spending and ATM withdrawals in 174 countries. This contactless international card automatically converts your money to the local currency at the mid-market rate.
You’ll get the same great rate every day of the week, not just Monday to Friday. There’s a small fee for the conversion, and this doesn’t rise at the weekends either. If you already have the currency in your account, there’s no fee to pay.
Join Wise today
Please see the Terms of Use for your region or visit for the most up-to-date information on pricing and fees.
After reading this guide, you should have a better idea of how Revolut works abroad - and how much it costs.
It’s a great option for spending and withdrawing cash when you travel, but there are a few caveats and conditions to watch out for. For example, extra fees for spending abroad on weekends, or going above your monthly spending or withdrawal limit.
If you want to spend when you want, for low fees and the same exchange rates, it could be worth considering another provider like Wise. Whichever option you choose, have a great trip!
Sources used:
Sources last checked on date: 21-Apr-2023
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
As an enthusiast well-versed in international finance and travel, let me dive into the intricacies of managing money abroad, focusing on the key concepts discussed in the article.
Revolut Overview: Revolut is a UK-based fintech company offering a range of financial services, including a current account and a debit card designed for international use. While not a traditional bank, Revolut is regulated by the Financial Conduct Authority (FCA) in the UK, ensuring a level of oversight. It provides various plans, including a free Standard plan and paid plans with additional perks.
International Use of Revolut: Revolut is specifically tailored for use outside the UK. The mobile app allows users to manage their accounts globally, performing tasks like payments, balance checks, and currency conversion in over 140 currencies. The Revolut card can be used for transactions and ATM withdrawals wherever Mastercard and Visa are accepted.
Currency Conversion with Revolut: Revolut provides the option to convert between 29 currencies within the app, allowing users to exchange money in advance at competitive rates. This feature is advantageous as it empowers users to lock in favorable exchange rates and avoid potentially unfavorable rates at the time of spending. However, it's crucial to note that this option is limited to the supported currencies.
Spending Abroad and Currency Exchange Rates: When spending abroad, using the Revolut card without conversion is recommended to benefit from competitive exchange rates. Revolut employs mid-market exchange rates (interbank rates), considered fair and comparable to providers like Wise. It's important to be cautious about the 1% fee for currency exchange during weekends, as this could impact the overall cost of spending.
Fees and Limits: Understanding the fees associated with using Revolut abroad is essential. While currency exchange during weekdays is free, a 1% fee applies on weekends. Other fees include 2% for ATM withdrawals within specified limits and a 1% fee for foreign currency spending exceeding £1,000 per month. Different subscription plans offer varying limits and perks, making it crucial for users to choose a plan aligned with their travel needs.
Comparison with Wise: The article draws a comparison between Revolut and Wise (formerly TransferWise), presenting Wise as a low-cost alternative for travel spending in 174 countries. Wise offers a multi-currency account and card with transparent conversion fees, providing the mid-market rate without additional weekend charges.
In conclusion, while Revolut offers a convenient solution for managing finances abroad, users must be mindful of fees, currency conversion practices, and plan limitations. The comparison with Wise suggests that alternative providers may offer competitive rates without some of the weekend fees associated with Revolut. Ultimately, the choice between Revolut and Wise depends on individual preferences and travel habits.
