Revolut is a revolutionary money management platform helping users track their expenditures at home or traveling.
I have compiled a detailed platform review focusing on its products, services and features.
By the end of my Revolut review, you’ll have a better idea of whether Revolut is the right platform for you.
Table of Contents
Overview of Revolut
Revolut is a UK-based financial platform founded in 2015.
Customers can access the platform’s services via the web platform and a mobile application.
The platform enhances effective spending and saving by consolidating all the user’s accounts in one place, thus tracking every expenditure.
The currency exchange section features 29 in-app currencies, while the currency spending section has over 140 currencies.
Revolut app has more than 30 million personal users and 500,000 business users.
It operates in more than 200 countries and is regulated in the UK, EU, US, Australia and more.
Revolut helps manage money effectively, speedy transfers, sustainable investment and travel benefits.
Product Range
Revolut has three primary accounts, with each available in five pricing options.
Revolut Personal
The personal account gives users easy money management, as they enjoy travel and investment benefits. Users can pay and receive money from over 200 countries.
Additionally, the app allows one to split bills with friends and family. The account attracts an annual interest of up to 3.44%, paid daily. Users get cashback rewards on their spending.
The pricing plans of the Revolut Personal Account are as follows:
- Standard Free
- Plus £2.99/month
- Premium £6.99/month
- Metal £12.99/month
- Ultra £45/month
Users get Revolut exclusive cards depending on the pricing plan. The cards feature instant payment notifications and enhanced card security on the mobile application.
Users can use Apple and Google Pay with Revolut cards. All the accounts are combined in one place, making it easy for one to manage their finances.
The platform offers an effective way of tracking your active subscriptions and canceling unwanted subscriptions.
Customers can use their Revolut Personal accounts to invest in various options through trading. You can create a customised trading portfolio.
The platform offers real-time updates on the market and secure cryptocurrency storage.
Apart from crypto trading, stock trading is also available on the platform. There are more than 1,500 global shares that are commission free.
Commodities like gold and silver are popular investment options for Revolut Personal account holders.
Travel benefits are among the most unique features provided by Revolut. Customers can make bookings using the application and enjoy up to 10% discount on accommodation.
They also get lounge passes depending on their Revolut pricing plans. The Revolut forex exchange rate enables one to spend like a local when they travel abroad.
Customers can take part in philanthropic activities through their Revolut Personal accounts.
The platform has partnered with various charities and organisations, and with just a tap, Revolut customers can donate to their preferred organisation.
Users can also offer their friends and family gift cards using the Revolut application.
Revolut Business
A Revolt Business account is a simplified and central account that manages a business’s finances.
The account supports more than 25 currencies and supports payment systems in more than 100 countries.
Companies receive and make payments in a secure system with very competitive money transfer rates. They also have 24/7 access to their funds.
Businesses can easily manage and track team spending using the Revolut Business account.
The account has in-depth analytics about the business, helping companies achieve more cost-effective expenditures. The firm consolidates all the team’s spending in one place.
Revolut Business account provides businesses with physical and virtual company debit cards.
Customers can set limits and freeze company cards to limit spending. The automated expenses feature enables timely payments of scheduled expenses.
Revolut Business helps a business stay ahead of the market movements. The company can quickly discover new revenue streams, plan for the future and manage risk.
They can set their fixed future exchange rates online at any time. With more than 25 currencies supported on the platform, users can access competitive exchange rate fees.
Accounting integration achieved by the Revolut Business reduces accounting admin duties.
Revolut has partnered with various accounting software, like Xero and QuickBooks, to provide businesses with more effective and speedy accounting processes.
Smart invoicing enables faster payments of products and services by business customers. Companies can operate all their applications from the Revolut Business account, achieving seamless business operations.
Revolut Business offers API capabilities. The business API integrates all the tools of a company, creating automated payments and customised payment structures.
However, the feature is only available for paid plans. High-quality tech security systems ensure the company always remains projected when using the Revolut platform.
Revolut Business Account has the following price plans based on the needs and goals of a business:
- Standard Free
- Grow £25/month
- Scale £100/month
- Enterprise custom pricing tailored for larger businesses
The Revolut Business account is suitable for companies and freelancers. The account opening process is very speedy and straightforward.
The Revolut team reviews the business account application before starting the onboarding process.
When opening a Revolut Business account, you will be requested to submit:
- Operating address
- Brief description of the nature of business
- Intended use of the Revolut Business account
- Preferred Revolut Business account plan
- Proof and verification of one’s identity
The onboarding process has various duration depending on the complexity of one’s business.
Revolut <18
The Revolut <18 is an online account for teenagers aged from 6 to 17 years. Account owners get a cash bonus when they refer friends and family eligible for the Revolut <18 account.
They can also send and receive money. The account helps in nurturing a saving culture among teenagers. They can also manage their allowances using their Revolut <18 account.
The Revolut <18 account features a contactless payment system, providing account holders with spending cards. They can also make payments through Google and Apple Pay.
Funds are protected using end-to-end security, and the cards have an enhanced security system to avoid fraudsters.
When opening the Revolut <18 account, teenagers need to get parent and guardian approval. Parents handle the account opening process for teenagers below the age of 13.
The Revolut <18 account currently has the following pricing plans:
- Standard Free
- Plus £2.99/month
- Premium £6.99/month
- Metal £12.99/month
- Ultra £45/month
The only con with the Revolut <18 accounts is the age limitation on most transactions and services.
Account holders can only transact with their fellow teenagers who are between 6 and 17 years.
Revolut Tools
Analytics
The tool helps in tracking, planning and managing one’s expenses. It offers a timely analysis of spending based on account, period and team members.
Spending breakdown enables an effective way of diving deep into individual transactions to get the spending analytics at a granular level by a team, project or company.
Companies can get future forecasts of real-time trends and spend analysis from the Analytics tool. The tool gives a complete team view of all business spending across all your cards and teams.
Expenses
Revolut offers an intelligent way of managing business and personal expenses.
The automated expenses eliminate the need for paper receipts and manual data entry. Businesses get Revolut company debit cards and tailor every aspect of the member’s card access. They can set spending limits and block and freeze debit cards.
Business owners get real-time expense information through team members’ spending notifications and expense approvals.
They can track approved payments and review current costs. Revolut ensures no delayed payments by providing timely reminders on upcoming expenses to team members.
They also get instant reminders after every card transaction. The automated bookkeeping tools provided by Revolut save time and reduce human errors.
Businesses can automatically sync their expenses with the accounting software or export them as CSV files.
Invoices
Thanks to the online invoking software recommended by Revolut, businesses can easily and swiftly create and send invoices. The online invoicing software allows multiple payment options, thus enabling bulk invoicing to various individuals.
It supports card, bank, Apple and Google payment of invoices. Automatic reconciliation of the invoices makes it easy for the business to track all their invoices. Companies can develop automatic reminders of submitted and future invoices.
The online invoicing software has various invoice templates. Businesses can create professional invoices from the web or mobile application without switching between platforms. Revolut invoicing system enables the faster request of payments by companies.
On-Demand Pay
The On-Demand Pay tool provides employees with instant access to their earnings. They can withdraw a percentage of their accrued earnings at a small fee.
The tool offers the staff real-time visibility of accrued base pay. They can easily view how much earning they have after every single shift, day or week, depending on their preference.
According to PWC, On-Demand Pay triggers a 30%* rise in productivity and 40% less employee turnover, increasing a company’s productivity.
Payroll
The Revolut Payroll features automatic calculations, making it easy to customise employee pay.
Setting up the tool is very straightforward and speedy; from the tool, you can add members, set pay schedules and input the essential details.
Businesses can effectively handle tax calculations, update employee salary information and pay salaries from their Revolut Business account.
They can customise the salary payment schedule based on different employee needs. The Revolut Business account is easily integrated into the HMRC.
Employers can make changes to employee tax codes and student loans. Daily and real-time updates of the HMRC system save a lot of time for HR. The Revolut system also provides Full monthly Payment Submissions.
Rewards
Revolut has various rewards for business account holders.
Partner companies like Shopify, Notion and Slack provide the prizes.
They are divided into five primary categories; finance, travel, operations, marketing and legal.
Revolut Pricing Plans
Revolut has the following pricing plans for its customers under the Revolut Personal and Revolut <18 accounts.
| Features | Standard Fee | Plus £2.99/month | Premium £6.99/month | Metal £12.99/month | Ultra £45/month introductory offer |
| Everyday benefits | |||||
| Exclusive Card | Not available | Personalised Plus card | Personalised Premium card | Personalised Metal card | Personalised Ultra card |
| Cashback on card payments | Not available | Not available | Not available | Available | Available |
| Priority customer support | Not available | In-app chat | In-app chat | In-app chat | In-app chat or request a callback |
| Save on international transfer fees | Not available | Not available | 20% discount | 40% discount | Free |
| Free ATM withdrawals | £200/month or five withdrawals | £200/month limit | £400/month limit | £800/month limit | £2000/month limit |
| Partner subscriptions included | Not available | Not available | Not available | Not available | Available |
| Everyday Insurance | Not available | Available | Available | Available | Available |
| Revolut Pro | 0.4% cashback | 0.4% cashback | 0.6% cashback | 0.8% cashback | 1.2% cashback |
| Revolut below 18 | One account with limited features | Two accounts with full access | Two accounts with full access | Five accounts with full access | Five accounts w/ full access |
| Travel benefits | |||||
| Air lounge access | Not available | Not available | Discounted | Discounted | Unlimited |
| Trip and Event cancellation insurance | Not available | Not available | Not available | Not available | Available |
| Feel Fee-free currency exchange | £1,000/month limit | £1,000/month limit | No fair usage limit | No fair usage limit | No fair usage limit |
| Cashback on accommodations | up to 3% | up to 3% | up to 5% | up to 10% | up to 10% |
| Global medical insurance | Not available | Not available | £10 M/y limit | £10 M/y limit | £10 M/y limit |
| Car hires excess insurance | Not available | Not available | Not available | £2,000 M/y limit | £2,000 M/y limit |
| Winter sports insurance | Not available | Not available | £3,000 M/y limit | £3,000 M/y limit | £3,000 M/y limit |
| Luggage, loss, delay and damage insurance | Not available | Not available | £1,000 M/y limit | £1,000 M/y limit | £1,000 M/y limit |
| Personal liability insurance | Not available | Not available | Not available | £1 M/y limit | £1 M/y limit |
| Investments | |||||
| Interest on savings | Up to 2.29% AER/Gross (variable) | Up to 2.39% AER/Gross (variable) | Up to 3% AER/Gross (variable) | Up to 3.44% AER/Gross (variable) | Up to 3.55% AER/Gross (variable) |
| Cryptocurrency exchange fees | 1.49% (minimum fee of £1.49) | 1.49% (minimum fee of £1.49) | 0.99% (no minimum fee) | 0.99% (no minimum fee) | (0.49%) (no minimum fee) |
| Commodity exchange fees | 1.99% (minimum fee of £ 1) | 1.99% (minimum fee of £ 1) | 1.49% (minimum fee of £ 1) | 1.49% (minimum fee of £ 1) | 1.49% |
The Revolut Business accounts have the following pricing plans:
| Features | Standard Free | Grow £25/month (Save up to 24% on the annual plan) | Scale £100/month (Save up to 21% on the yearly plan) | Enterprise Custom (Tailored for larger businesses) |
| Cards | ||||
| Metal cards. An additional £49 for every metal card outside of your free allowance | None | One free card | Two free cards | Custom |
| Plastic company cards. Get cards with individual limits for your team. Up to 3 per team member, fees may apply. | Available | Available | Available | Available |
| Virtual company cards. Set up online cards for an additional layer of security. Up to 200 per team member. | Available | Available | Available | Available |
| Transfers and exchange | ||||
| Fee-free international payments. A £3 fee applies per international payment outside the monthly allowance. | 0 | 10 | 50 | Custom |
| Fee-free local payments. A £0.20 fee applies to every local transfer made outside the monthly allowance. | 5 | 100 | 1000 | Custom |
| Foreign exchange at the real exchange rate. A 0.4% markup applies for each exchange outside the free monthly allowance. Fees apply outside market hours. | 0 | £10,000 | £50,000 | Custom |
| Crypto exchange | 1.99% fee | 0.99% fee | 0.99% fee | 0.99% fee |
| Bulk payments | Not available | Available | Available | Available |
| Spend like a local in 150 currencies | Available | Available | Available | Available |
| Hold and exchange 25+ currencies | Available | Available | Available | Available |
| Free transfers to Revolut accounts | Available | Available | Available | Available |
| IBANs for global transfers | Available | Available | Available | Available |
| Manage recurring transfers | Available | Available | Available | Available |
| Local accounts in GBP and EUR | Available | Available | Available | Available |
| Accept payments online | ||||
| UK consumer cards | 1% + £0.20 | 1% + £0.20 | 1% + £0.20 | Custom |
| International and commercial cards | 2.8% + £0.20 | 2.8% + £0.20 | 2.8% + £0.20 | Custom |
| Revolut Pay | 1% + £0.20 | 1% + £0.20 | 1% + £0.20 | Custom |
| Easy bank transfers. Fees will never exceed £1 per transaction. | 1% + £0.20 | 1% + £0.20 | 1% + £0.20 | Custom |
| Create and track your invoices | Available | Available | Available | Available |
| Accept payments on your website | Available | Available | Available | Available |
| Accept payments in-person | ||||
| UK consumer cards | 0.8% + £0.02 | 0.8% + £0.02 | 0.8% + £0.02 | Custom |
| International and commercial cards | 2.6% + £0.02 | 2.6% + £0.02 | 2.6% + £0.02 | Custom |
| Team management | ||||
| Invite unlimited team members | Available | Available | Available | Available |
| Team member permissions | Available | Available | Available | Available |
| Spend management | ||||
| Transfer approval | Not available | Available | Available | Available |
| Manage your team’s expenses. Add members for £5 per month. | Available | Available | Available | Available |
| Additional features | ||||
| Account management | Not available | Not available | Not available | Available |
| 24/7 support | Available | Available | Available | Available |
| Analytics | Not available | Available | Available | Available |
| Rewards | Not available | Available | Available | Available |
| Business API integrations | Not available | Available | Available | Available |
| Limit and Stop orders | Not available | Available | Available | Available |
| Forwards | Not available | Available | Available | Available |
| Manage your team’s Payroll. Add members for £3 per month. | Available | Available | Available | Available |
| Connect your company’s apps. Xero, Slack, QuickBooks and more. | Available | Available | Available | Available |
| Access on the web or via the app | Available | Available | Available | Available |
| Request payments with shareable links | Available | Available | Available | Available |
Research & Education
Revolut has prioritised information and educational content on its platform. Each account is featured with abundant resourceful materials and tools for users.
The tools and materials are categorised based on the user’s needs. The platform has a Use Case section for business accounts, which helps companies know the best Revolut tools based on the type of business and business needs.
Revolut has a budding community of customers and industry experts.
In the community, customers share ideas and news on various issues related to the platform and market.
Industry experts on the platform are available to offer professional advice to community members.
Lastly, the platform has a News & Media section featuring articles and blogs from industry experts. The content covers the corporate and product features of the platform.
Web Platform & Mobile Application
Revolut is a revolutionary finance platform available in web and mobile applications.
Even though the web version is equally functional, the Revolut Mobile application handles all the heavy lifting of the platform.
When you click the sign-up button on the website, you get a QR code and guidance on downloading the mobile application.
You can also request for a download link to be sent to your phone as an SMS. The application is designed to offer easy money management, investment and access to various travel perks. The application is compatible with iOS and Android devices.
The Revolut mobile application offers a seamless registration process. The user interface is straightforward, allowing simplified and speedy navigation on the platform.
Synchronising bank accounts on the application is fast. The Revolut Mobile app has a 4.5/5 rating on the Google Play store, with over 2 million customer reviews.
Customer Support
The Revolut customer support is reachable via:
- Live in-app chat support
- Email: [email protected]
- Automated phone: +442033228352 (fees may apply).
The platform also has a Help centre featuring a comprehensive FAQ section. The Help Center offers a faster way of getting answers to various questions about the platform.
Customers can give feedback about the forum via email ([email protected]).
Customers with the Plus, Premium, and Metal plans get priority customer support via an app chat. Those with the Ultra plan get in-app chat and callback requests as part of the priority customer support benefits.
Revolut is also active on various social media platforms:
- Facebook (https://www.facebook.com/revolutapp)
- Instagram (https://www.instagram.com/revolutapp/)
- Twitter (https://twitter.com/RevolutApp)
- LinkedIn (https://www.linkedin.com/company/revolut/)
- TikTok (https://www.tiktok.com/@revolutapp)
Pros & Cons of Revolut
Pros
- Available for personal (adults and children) and businesses
- The platform has a free plan
- Easily send and request funds from friends and family
- It has spending analysis and saving vaults
- Consolidates all your bank accounts under one application
- Businesses have access to multi-currency accounts
- Customers also get travel benefits
Cons
- High exchange rates during the weekend
- It isn’t a fully-fledged bank
- Limited features on the free plan
Revolut Alternatives
If you find Revolut isn’t suitable for you, here are some alternatives to consider.
InvestEngine
InvestEngine is an online investment platform that provides comprehensive investment opportunities.
Even though it doesn’t offer spending analysis and money management capabilities like Revolut, it’s a wonderful platform for novice and experienced investors.
The platform combines robo advisor and DIY platform categories to offer investors a more efficient platform. The customer service is highly responsive, and the fees on the forum are low.
Read my full InvestEngine review.
Plum
Plum mobile application uses the same concept of consolidating all bank accounts in one place for effective money management.
The platform features complex algorithms curated by artificial intelligence, which show users how much they can save. The registration process is simple and speedy, with the platform having low fees.
Like Revolut, Plum has free and paid plans based on the users’ needs. Each plan has a set of benefits and different functionality.
Read my full Plum review.
Snoop
Snoop offers unique money-saving ideas for its customers. The budgeting app is suitable for businesses and individuals, combining all the banking accounts under one umbrella to achieve timely and efficient budget tracking.
The mobile application uses open banking technology and charges zero fees for its services and products.
It provides a detailed analysis of one’s spending and suggestions for reducing expenses. The Snoop app is a read-only application with no funds or processing payments.
Read my full Snoop review.
Revolut Review UK – Final Thoughts
The Revolut mobile application is considered a super fintech app providing users with modernised financial services.
It is suitable for adults, teenagers, and businesses with customised products.
The free pricing plan provides limited features; however, users can access many more features with the available pricing plans.
Revolut has simplified spending, investing and saving, consolidating everything in one platform.
It eliminates the need to use many financial platforms to handle various tasks like invoicing, handling payments, processing salaries and investing.
Hopefully, my review has given you a better sense of what Revolut has to offer and whether it’s the right choice for you.
FAQs
How safe is Revolut UK?
Revolut, as an e-money institution (EMI), protects your money through “safeguarding,” which differs from how your money is protected by banks in the UK through the Financial Services Compensation Scheme (FSCS).
As an EMI, Revolut is required by law to keep customer funds separate from its own operational funds. This practice is known as “safeguarding.” In the event of Revolut facing financial difficulties or becoming insolvent, customer funds are not considered part of the company’s assets and are therefore ring-fenced and protected.
However, it’s essential to note that safeguarding does not offer the same level of protection as the FSCS, which applies to banks. Under the FSCS, if a UK bank becomes insolvent, customers are eligible to claim up to a certain amount of compensation (currently £85,000 per person per bank) to recover their funds. This compensation scheme does not apply to e-money institutions like Revolut.
While safeguarding provides an additional layer of protection for Revolut customers, it’s crucial to understand the differences between safeguarding and the FSCS and to be aware of the limitations to make informed decisions regarding financial security and risk management.
Is Revolut good for traveling?
Yes, Revolut is generally considered a convenient and practical option for traveling. Its multi-currency features, low foreign exchange fees, and real-time exchange rates make it a popular choice among travelers. With a Revolut account, users can easily spend and withdraw money in multiple currencies, avoiding the need for carrying large amounts of cash or dealing with unfavorable exchange rates at local banks or currency exchange booths.
Moreover, Revolut’s user-friendly mobile app allows travelers to manage their finances on the go, track expenses, and receive instant notifications about transactions. Additionally, it offers features like budgeting tools and spending analytics, which can be helpful for keeping travel expenses under control.
However, it’s always wise to consider individual preferences and requirements before choosing any financial service for traveling. Some travelers might prefer using other options based on their specific needs or destinations. It’s advisable to research and compare different travel financial solutions to find the one that best aligns with your travel plans and objectives.
Is Monzo or Revolut better?
Both Monzo and Revolut are popular and reliable options, but the better choice depends on individual preferences and needs. It’s advisable to compare their features, fees, and services to determine which one aligns better with your specific requirements and financial preferences.
Can I put cash in my Revolut account UK?
Revolut does not support cash deposits in the UK. However, this information might change, so it’s best to check the latest updates on Revolut’s official website or app for the most current features and services.