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Revolut Account

Revolut is an online bank that focuses on low fees and flexibility. Revolut is designed for people that travel often, spend money abroad, and want to save. You can get a free bank account through Revolut and manage your money on the Revolut app. A Revolut account comes with a UK current account, a Euro IBAN account, and a debit card. 

With a Revolut account, you can transfer money internationally for free, spend money abroad without any extra fees, exchange cryptocurrency, use Google Pay and Apple Pay and more!

This guide has everything you need to know about the bank accounts Revolut offers!

Revolut Accounts

Revolut offers three bank accounts: Standard, Premium and Metal. Each account includes a free GBP account and a free Euro IBAN account. With these accounts, you can hold and exchange up to 30 currencies. Furthermore, all transfers with Revolut use the true interbank exchange rate, also known as the mid-market rate. This means that you don’t have to worry about any hidden exchange fees. 

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  • Monthly Cost
  • Free UK account
  • Free Euro IBAN account
  • Get the interbank exchange rate
  • Access to 5 cryptocurrencies
  • Exchange in 30 currencies with no monthly limit
  • Limit on free ATM withdrawals per month
  • Disposable virtual cards
  • Overseas medical insurance
  • Delayed baggage & delayed flight insurance
  • LoungeKey Pass access
  • 0.1% cashback on card payments within Europe
  • 1% cashback on card payments outside Europe

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  • €0
  • Up to €6,000 fee-free exchanges
  • €200

International Money Transfers

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The Revolut account makes it really easy to transfer money. With Revolut, you can transfer money in 30 currencies.  The best part is that Revolut always uses the interbank exchange rate, also known as the mid-market rate. This means that there are no hidden fees. With the free Revolut Standard account, you can transfer up to €6,000 at the interbank exchange rate for no additional fees. With the Premium or Metal account you can make unlimited transfers at the interbank exchange rate with no fees. These rates also apply to card transactions. Lastly, with a Revolut account you’ll receive both GBP and EUR account details for easier and faster local payments. 

  • Transfer money in 30 currencies
  • Always with the interbank exchange rate
  • With Standard account, transfer up to €6,000 at the interbank exchange rate for free
  • With Premium or Metal account, unlimited transfers at the interbank exchange rate 
  • Receive both GBP and EUR account details

Sending and Receiving Money

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With Revolut, you can send money to and receive money from other Revolut account users for free in 30 currencies. In addition, you don’t have to exchange bank details to make the transfer. You can pay bills, transfer money and receive your salary with your Revolut account. Using the Revolut app, you can split bills with people by choosing the payment you want to split and who you want to split it with. If the person forgets to pay you back, Revolut will send them a reminder. 

Revolut also offers a really cool feature called People Near Me. Revolut has GPS technology that makes it easy to send and receive money from Revolut users without using their phone number. With People Near Me, you can send or request money from the other Revolut user by going on the Revolut app and selecting their name when it pops up.  

You can use Revolut Payment Links to send and request money from people that don’t have a Revolut account. All you have to do is send them the payment link! With the payment link, non-Revolut users can easily send you money. 

  • Easily transfer money between Revolut users
  • Transfer in 30 currencies
  • Easily send money on the app with People Near Me 
  • Send and request money with non-Revolut users with Payment Links
  • Split bills with others via the Revolut app

ATM Withdrawals

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With your Revolut debit card you can withdraw cash from any ATMs in your home country or abroad that support Visa or Mastercard. Depending on which Revolut account you have, Revolut will not charge you ATM fees up to a certain amount. However, most ATM operators will charge you a fee. Therefore, make sure you pay attention to how much the ATM operator is charging you. 

When you withdraw cash, the ATM will ask if you to withdraw from a credit, checking or savings account. Always select a checking account or savings account. 

Some ATMs give you the option to withdraw money with a conversion or without a conversion. Whenever this is the case, you should always select “without a conversion”. This goes for card payments as well. You will save money if you choose to be charged in the local currency! If you choose “with a conversion” then the ATM provider or merchant will apply their own exchange rate. Their exchange rate will be higher than the interbank exchange rate that Revolut uses. So – if you choose “without a conversion” then Revolut will do the conversion and you’ll save money. 

With Revolut Standard account, you can withdraw up to €200 per month without any ATM fees. With Revolut Premium, you can withdraw up to €400 per month without any ATM fees. And, lastly, with Revolut Metal you can withdraw up to €600 per month without any ATM fees.

It’s important to bear in mind that third-party ATM operators can charge you ATM fees.

Revolut Fees

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ATM Fees

 

Revolut does not charge ATM fees for cash withdrawals within your monthly allowance. After you exceed your monthly allowance Revolut charges a 2% fee. The monthly allowance for fee-free ATM withdrawals is for €200 for Revolut Standard, €400 for Revolut Premium and €600 for Revolut Metal. 

The limit for ATM cash withdrawals is £3,000 per 24 hours.

Currency Exchange Transactions

 

With Revolut Standard, the monthly allowance for currency exchange transactions is €6,000. Revolut charges 0.5% for transactions you make after you’ve hit your monthly allowance. Revolut Premium and Revolut Metal have unlimited fee-free currency exchange transactions. 

Card Fees

 

For Standard, Premium and Metal you get your first debit card for free! If you have Revolut Standard, a spare card costs £4.99 (or the equivalent in your currency) plus shipping. With Revolut Premium and Revolut Metal, you can get an extra card delivered express for free! 

It’s important to note the limit on the number of cards you can have at a time. With Revolut Standard and Revolut Premium, you can have 3 physical cards and 5 active virtual cards. If you have a Metal account, then you can only have 2 active Metal cards. Disposable virtual cards don’t count towards your allowance. 

Revolut Insurance

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Medical & Travel Insurance

 

Premium and Metal accounts include overseas medical insurance and delayed baggage and international flight insurance. 

Revolut overseas medical insurance covers emergency medical treatment and related expenses up to £15m. It covers emergency dental treatment up to £300. This also covers medical emergencies that occur while you’re on a cruise. Revolut delayed baggage and international flight insurance covers up to £320 each. The delay must be at least 4 hours. 

Revolut insurance does not cover cancelled flights, delayed domestic flights and accidents due to preexisting health conditions. 

Revolut Mobile Phone Insurance

 

With Revolut, you can also get mobile phone insurance. Revolut Mobile Phone Insurance covers drops, cracked screens, liquid damage, breakages and out-of-warranty breakdowns. It does not cover loss or theft. 

Revolut Mobile Phone Insurance costs £0.90 per week. If you pay for the whole year upfront then you get 13% off. The length of the contract is 12 months. You cannot cancel it early. 

Anyone within the European Economic Area (EEA) with a Revolut bank account can buy mobile phone insurance. You can insure devices less than 6 months old. If you’ve had your phone for more than 14 days at the time you buy Revolut Mobile Phone Insurance then your insurance will start 4 weeks later. If you’ve had your phone for less than 14 days then your mobile phone insurance will start immediately. 

Budgeting with Revolut

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Budgeting is really easy with a Revolut bank account. With the Revolut app, you can track expenses. You have the option to set up monthly budgets for things like travel, restaurants, utilities and groceries. You can also round up your card payments to the nearest whole number and save the spare change. 

Track Expenses

 

There are a few different ways you can track expenses with your Revolut account. First, you can easily follow how you’re spending your money with Revolut’s automatic categorizing of payments. Under the Analytics tab on the Revolut app, you can see how much you’re spending in different categories, such as shopping and restaurants. You can even create custom categories!

You can also tell Revolut how much you want to spend every month and Revolut will calculate a daily spending limit. The best part is that Revolut will send you account balance updates immediately after you make a purchase with your card. This way you always know how much money you have left until you hit your limit! And – don’t worry – Revolut won’t cap your spending if you hit your limit. It’s just there as a tool to help you keep track of your money.

  • Categorize your expenses to see how you’re spending your money
  • Set spending limits
  • Get account balance updates after you make purchases

Vaults

 

With Revolut Vaults you can set aside money to reach financial goals. It’s really easy to set up. You can create as many vaults as you want. On the Revolut app, set a goal for the amount you want to save and give the Vault a name. Then you can put money in the Vault a few different ways. First, you can transfer money from your main Revolut bank account to your Vault. Another way to put money in your Vault is to set up automatic recurring payments every week or month. Lastly, you can save spare change from purchases you make with your card in the Vault.

You can also set up Group Vaults to save and spend money with a group of people. Create a shared wallet and add money to it with your friends, family or co-workers! You can add, remove and set rules for Group Vault members on the Revolut app.

  • Create Vaults to set money aside
  • Set up Group Vaults to save and spend with friends and family

Save Automatically

A really easy way to save automatically is through Revolut’s “round up your spare change” feature. You have the option to round up your card payments to the nearest whole number. Then Revolut will put the difference (the “spare change”) in your Vault. For example, if you buy lunch for €13.57, then Revolut will put €0.43 into your Travel Vault.

With a Revolut bank account, you also have the option to buy cryptocurrencies with your spare change. All you need to do is select the spare change option with Vaults, and automatically invest in crypto with the difference. For example, if you spend €3.35 on a coffee, you can add €0.65 of Bitcoin to your Vault.

  • Round up your transactions to the nearest whole number and save the difference
  • Put the spare change in your Vault
  • Buy cryptocurrencies, such as Bitcoin, with your spare change

Revolut Account Safety and Security

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Revolut offers many safety features to protect your account. First, Premium and Metal account owners can get free disposable virtual cards. Disposable virtual cards make online payments more secure. Revolut replaces the card number after every payment. As a result, the card cannot be used more than once. Revolut also offers fingerprint log-ins.

You can customize card controls on the Revolut app. For example, you can deactivate online transactions, ATM withdrawals, contactless and swipe payments and then activate them again anytime. And, lastly, you can put a temporary lock on your card if it gets stolen or lost.

  • Use disposable virtual cards for online payments
  • Fingerprint identification for log-in
  • Customize card controls to decrease the risk of fraud
  • Lock and unlock your card

Cryptocurrency

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With a Revolut account, you can buy and exchange Bitcoin, Litecoin, Ethereum, Bitcoin Cash and XRP. Revolut also has a real-time cryptocurrency graph of the current exchange rates. You can even set price alerts for when one of the cryptocurrencies hits a specific price. Lastly, you can easily transfer any of the five cryptocurrencies to other Revolut users without hidden fees. 

  • Exchange 5 cryptocurrencies
  • See real-time exchange rates 
  • Set price alerts
  • Transfer cryptocurrencies with no hidden fees

Revolut Account Pros & Cons

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Pros: 

  • Free UK account
  • Free Euro IBAN account
  • No foreign transaction fees for purchases made in over 150 currencies
  • Exchange money in over 30 currencies with the interbank exchange rate (no hidden fees)
    • Standard plan includes €6,000 of free transfers per month
    • Premium and Metal plans unlimited
  • Buy Cryptocurrencies
  • Mobile app
  • Google Pay
  • Apply Pay
  • Services in English

Cons:

  • Any exchanges you make over the weekend (Sat-Sun London time) have a markup between 0.5%-1%
  • Limit on free ATM withdrawals (Standard €200; Premium €400; Metal €600)
  • Standard account: delivery fee for your Revolut card (Free reliever for Premium and Metal)

Frequently Asked Questions (FAQ)

  • How can I open a Revolut account?

    Signing up for Revolut is easy. You do everything through the Revolut app. You don’t need to prove your address and there are no credit checks. This makes the process faster. You will, however, have to verify your identity. To do this, you will need to take a picture of yourself and a valid ID document. Then you’re good to go!

  • What are Revolut Vaults?

    Revolut Vaults are an easy way to save and work towards your financial goals. You can put money into your Vault to save for things like travel or dining-out. You can set up a Vault on the Revolut app, and transfer money between your main account and your Vault at any time. Furthermore, you can set up a Group Vault to save and spend with your friends, family and co-workers!

  • Does Revolut charge ATM fees?

    It depends on which Revolut account you have. For Revolut Standard, there are no fees for ATM withdrawals up to €200 per month. With Revolut Premium there are no fees for ATM withdrawals up to €400 per month. Lastly, with Revolut Metal there are no fees for ATM withdrawals up to €600 per month.

  • How does the disposable virtual card work?

    Revolut offers disposable virtual cards you can use for one-time, online purchases. With a disposable virtual card, your card number changes after every transaction. This adds an extra layer of security and prevents fraud. 

  • Can I donate my cryptocurrency Revolut's partner charities?

    No, you cannot donate cryptocurrency. You can, however, exchange your cryptocurrency into one of Revolut’s supported currencies to donate.

  • What insurance does Revolut offer?

    Premium accounts and Metal accounts include Revolut Medical and Travel Insurance. You can also buy Revolut Mobile Phone Insurance for as little as £0.90 per week. For expats in Germany, our article, „Insurance in Germany,“ has a lot of really helpful information about the different types of insurance you might need!