Revolut is a virtual wallet for spending money and making transactions worldwide. Through its app, you can access all its benefits in a matter of seconds.
In this review of Revolut, we will analyze nine factors that you should know before creating an account in your application. Don’t miss it!
1. Revolut Fees
The Revolut tariff is quite simple and fair.
You can spend up to £ 5,000 per month with the official exchange rate in more than 150 currencies. Any amount above that will have an additional rate of 0.5%.
On weekends, it has a surcharge of + 0.5% on most currencies and + 1% on some specific currencies. This is because they protect themselves against possible fluctuations.
To withdraw money at ATMs, they offer up to £200 per month with no surcharge (in free accounts) and a 2% commission on amounts higher than this. For Premium or metal accounts, the amount expands to £400 and £600 to withdraw for free, respectively.
Revolut stands out for its clear and direct commissions. That is why they currently have more than 8 million people who trust Revolut.
2. Types of account
We have already mentioned something about the types of account, but now we will explain in detail what each one offers:
This type of account is free, so it has no monthly costs.
With this, you access a free Euro IBAN account. This account allows you to receive money worldwide.
You can spend in more than 150 currencies with the interbank exchange rate.
Also, as we have said before, there is no cost to make ATM withdrawals up to £200 per month.
The premium account has a maintenance cost of £6.99 per month. You have the benefits of the standard account plus Overseas medical insurance, premium support, access to 5 cryptocurrencies, premium card, and other benefits.
Other benefits are that you have flight insurance and luggage on delayed flights.
Also, with this account, you can withdraw up to £400 per month at ATMs at no cost. The surplus has a cost of 2%.
You also have special discounts with Perks plus.
The metal account has a monthly cost of £ 12.99. It includes the benefits of the premium account, plus 0.1% cashback within Europe and 1% outside Europe (in card payments) and access to a concierge for advice.
Also, with this account, you can obtain an exclusive Metal card.
3. Cryptocurrency Exchange
Cryptocurrencies have exploded in the last five years. Investing in one of them can be a great option if you are a betting investor. You should keep in mind that betting on cryptocurrencies can carry great risk, as these can rise or fall quickly.
Revolut offers access to cryptocurrency exchange in its Premium and Metal accounts. Unfortunately, it isn’t available in the Standard account.
With this service, you can access Bitcoin, Litecoin, Bitcoin Cash, Ethereum, or XRP. These 5 are the main cryptocurrencies in the market.
With just one click, you can now access some of these cryptos. It has no hidden fees; the purchase/sale price is the one that appears on the screen.
The Revolut Crypto Wallet isn’t regulated by FCA (unlike its general financial service that is regulated).
4. Revolut Perks
You can also win prizes with this Revolut program.
Revolut is associated with many restaurants, online stores, transportation, travel agencies, and many more. You can get up to 30% discount.
This program works as follows: when you make the 10th purchase, you receive a cashback or discount. That’s why you should be aware of this discount program.
This is another benefit of using Revolut. It may not seem like a big deal, but it is another benefit.
5. Revolut Insurance
Additionally, Revolut offers two types of mobile phone insurance and overseas health insurance.
This type of insurance costs from £ 1 per week and covers all kinds of damages.
More specifically, this type of insurance covers:
- Liquid damages: all types of water damage.
- Damage due to breakage and falls.
- Any damage committed by a third party.
- Damages outside the warranty.
You need to know that this insurance is specifically for damages and failures, but not for thefts.
Overseas health insurance.
This type of insurance is for people who vacation or travel for work (or simply if you go abroad for a while).
This type of insurance costs from £ 1.00 per day and covers medical and dental care. It is super cheap insurance and has geolocation technology to cover only the days you are out.
This insurance covers:
- Emergency medical or dental treatment while abroad.
- Access to specific medical centers worldwide.
- Refund in your revolut account.
You can also add friends and family to this health insurance if you wish.
Besides, they offer an annual plan for frequent travelers for £ 30. So if you travel regularly, this plan can be useful.
6. Is Revolut safe?
When you sign up for one of these applications, the first question that arises is: is it safe?
You do well to ask yourself since it is an essential factor to analyze.
Revolut is a company regulated by the FCA (Financial Conduct Authority). This organization is dedicated to ensuring that the company is financially in order and control its movements. Its objective is to protect the rights of consumers.
On the other hand, the application is entirely safe to use. If you lose your card, you can freeze all movements from the app.
The app also has a geolocation function, which you can activate to block any type of expense outside your place.
And another of the functions of the app is that you have total control to disable services such as ATM withdrawals, online payments, or magnetic payments.
7. Revolut for Business
Revolut also offers a unique solution for companies. With this platform, you can operate with domestic and international payments.
When you open an account in Revolut, you have access to a personalized account in EUR and GBP. With your account, you can also store funds in 28 different currencies.
Also, it offers integration with tools such as FreeAgent, Zapier, or Xero. Also, you can design custom integrations with its Open API.
With the payment automation tool, you can forget about the tedious routine payments. Besides, you can make up to 1,000 payments to employees or partners with one click.
8. About the company
Revolut is a company created in 2015 to facilitate payments and financial operations.
As we mentioned earlier, this company is regulated by the FCA. Therefore, it is considered to be financially secure.
It currently has more than 8 million operations, operates more than 350 million transactions, and has a total value of £ 40B +.
Organizations like CNN, The Guardian or CNBC, highlighted Revolut for its revolutionary mobile app and its card.
9. Revolut Review: Should you go for it?
So, should you create an account?
Well, first let me tell you that it’s free, so you have nothing to lose.
Once you open the account, you have access to the free European IBAN account. You can also order the card and start managing your payments.
The benefits of creating an account in Revolut are many. Such as your prizes, exclusive discounts, low rates, and special insurance.
To finish this review of Revolut, yes, we can recommend this payment platform.
If you don’t have an account yet, you can create one now!
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