Revolut review 2020: Card, Rates, Fees – Is Revolut Safe?

Revolut review: lady purchasing online with revolut

Revolut is an innovative free bank account that allows you to perform transactions in any currency without conversion fees. Revolut is both an alternative to a traditional bank or an extra card that you can use when travelling abroad. 

In this Revolut review:

What is Revolut?

Revolut metal card

Revolut is a company offering banking services for incredibly low rates. Revolut provides you with any banking service you need for free: a bank account, a bank card, an IBAN and a place to store your money. 

Another great feature of Revolut is that you can exchange your money to any currency without any fees. This means that you can pay or pick up money in any currency anywhere in the world for free at the interbank exchange rate. This makes Revolut the perfect option for people travelling or making online purchases in foreign currencies.

On top of it, Revolut offers a great app where you can easily manage your money. 

The main reason why Revolut can offer you all of this for free is that Revolut does not have physical branches. This saves Revolut bank so much money that they do not need to charge you for their basic account. Of course, there are options to pay to upgrade to Revolut Premium cards to get fancy stuff like business lounge access. But the Revolut standard free account already offers anything you need!

Let’s get into the details of our Revolut review.

Where is Revolut available?

Revolut and Revolut cards are available pretty much anywhere. All European countries offer Revolut and recently Revolut has expanded to America. In particular, Revolut US is available from early 2020. Revolut already has millions of customers all over the world and I can only imagine it to keep on growing. As of April 2020, Revolut cards are available in the European Economic Area (EEA), Australia, Canada, Singapore, Switzerland, and the United States.

Revolut vs normal bank

The main advantage of Revolut is the fact that you will be able to use it all over the world without incurring in any conversion or usage fee. The main disadvantage is that Revolut does not have physical branches. However, you can still pick up your money at the ATM of any bank branch. And to be honest, when was the last time you actually needed to go to the physical office of a bank to get something done? With Revolut you can do anything from the app on your phone. Thanks to its low conversion fees, Revolut is also perfect for people living abroad or travelling a lot.

How do I transfer money to my Revolut bank account?

This is really easy, you can transfer money from your traditional bank to your Revolut bank account via bank transfer or via your debit or credit card. You can do this in any currency you like, and Revolut bank will normally not charge you any fee. So I would recommend doing this in the currency of your bank account since your normal bank would probably charge you exchange conversion fees otherwise. 

Revolut App, bank account functionalities

The Revolut App is probably the best feature of a Revolut account. The app is really intuitive, safe and easy to use. From the Revolut App you can literally do anything. Some of the functions are:

  • Converting money into the currency you need 
  • Setting withdrawal limits
  • Instantly transfer money 
  • Change your pin code
  • View all the expenses you incurred divided by category (groceries, travel ecc..)

Revolut cards review

revolut metal card

Revolut offers different cards, depending on the plan that you choose. The basic account offers a free Revolut card. This will be Mastercard, Visa or Maestro, depending on the country where you live. 

I really like Revolut’s careful approach to this. It is great for countries where one payment system is much more accepted than the other. For example: in the Netherlands, Maestro is much more accepted than Visa, and Revolut offers a Maestro card. This is quite unique as most competitors of Revolut always offer the same payment system for all countries. In this Revolut Review I will explain the features offered by all the Revolut cards, from the standard card to the most prestigious metal Revolut card.

Revolut standard account: Free card review

Let’s start with the good news, the Revolut standard account is completely free and it offers all the functionalities you need. In fact, it probably offers more functionalities than most bank accounts. In fact, Revolut card standard offers:

  • Free UK (or US for Revolut US) account
  • Free Euro (or $) IBAN account
  • Spend in over 150 currencies at the interbank exchange rate
  • Exchange into 30 fiat currencies up to €6,000 per month without any hidden fees
  • No fee ATM withdrawals up to €200 per month
  • Possibility to use your card to buy products online

revolut card conditions

This is quite impressive for 0 Euro per month! To be honest, I would recommend anyone to get at least a Revolut card standard. In fact, it is free and it is pretty much the only way to exchange currencies for free. If you will ever go on holiday abroad or buy something online you should open it for free using this link. No hidden fees! 

One of the things I like the most about Revolut is that when they say no hidden fees, they really mean it. This is not that common nowadays. If you are willing to pay some fees to get more from your Revolut card, of course it is possible to get two premium Revolut cards: Revolut Premium Card and Revolut Metal card. Let’s see what these options have to offer.

Revolut Card Premium review

If you are willing to pay something to get some more services, you can consider upgrading your Revolut card to premium. The Revolut premium card offers the following features:

  • Free UK (or USA for Revolut USA) account
  • Free Euro (or $) IBAN account
  • Spend in over 150 currencies at the interbank exchange rate
  • Exchange into 30 fiat currencies – no monthly limit
  • No fees for ATM withdrawals up to €400 per month
  • Overseas medical insurance
  • Delayed baggage & delayed flight insurance
  • Global express delivery
  • Priority customer support
  • Instant access to 5 cryptocurrencies
  • Premium card with exclusive designs
  • Disposable virtual cards
  • LoungeKey Pass access
  • Free lounge passes for you and a friend if your flight is delayed by >1 hour

As you can see, the main upgrade you will get is travel insurance, including medical insurance. I also like the idea of giving out free business lounge passes in case your flight is delayed. This makes Revolut premium perfect for frequent flyers. 

The price of Revolut premium differs country by country, it ranges from few Euros to just below $10 for Revolut US. 

You can use this link to open a Revolut Premium account.

Revolut Metal Card review

If the premium card is not fancy enough for you, no worries, Revolut offers a Revolut metal card for you. The Metal Card is the most prestigious card you will hear about in this Revolut Review. 

The revolut metal card offers the following features:

  • Free UK account
  • Free Euro IBAN account
  • Spend in over 150 currencies at the interbank exchange rate
  • Exchange into 30 fiat currencies – no monthly limit
  • No fees for ATM withdrawals up to £600 per month
  • Overseas medical insurance
  • Delayed baggage & delayed flight insurance
  • Global express delivery
  • Priority customer support
  • Instant access to 5 cryptocurrencies
  • Exclusive Revolut Metal card
  • Disposable virtual cards
  • LoungeKey Pass access
  • Free lounge passes for your and up to 3 friends if your flight is delayed >1 hour
  • Generous top brand discounts with Perks Plus
  • 0.1% cashback within Europe and 1% outside Europe on all card payments
  • Get access to a concierge to help you manage your lifestyle
  • Revolut Junior accounts for up to 5 kids

Basically the main difference between the Premium and the Metal card is a cashback on your payments. If you live in Europe and plan to spend a lot outside Europe, revolut card metal is probably the best option. The cost of revolut metal is ~13 Pounds, the exact amount depends on your home country. In my opinion, the choice between metal and premium is quite simple. Just calculate how much you expect to get back from your cashback. If this exceeds the difference in fees between premium and metal, then go with Revolut card Metal, else just stick to Premium. Of course, you should still go with metal if you cannot resist the charm of a Revolut card made out of metal!

You can use this link to open a Revolut Premium account.

Revolut USA

As previously said, Revolut started in Europe and then expanded to the US. For this reason, the conditions for Revolut USA are slightly different than the European ones. You can find the details on the conditions of Revolut USA in this link.  

You can use this link to open a Revolut bank account in the USA.

Is Revolut safe?

revolut google pay

Is Revolut safe (USA Account)? 

According to Revolut USA “Your funds are held by Metropolitan Metropolitan Commercial Bank, Member Federal Deposit Insurance Corporation, and are insured by the Federal Deposit Insurance Corporation for up to $250,000.” 

This means that you do not have to worry about the safety of your funds on Revolut. Disclaimer: I am not a financial advisor and the rules can change over time. Please check the latest information directly on the revolut safety page on their website.

Is Revolut safe (European account)? 

Revolut Europe is generally speaking safe. As you can find in the official revolut website, Revolut keeps your money separate from theirs. This is great as it means that if Revolut goes bankrupt, you should normally not lose your money since they are in a separate account. This is called Safeguarding and it is required by law for financial technology companies. However, since Revolut is not a bank, your money is not covered by the Financial Services Compensation Scheme.

Disclaimer: I am not a financial advisor and the rules can change over time, please check the latest information directly on the official revolut website.

Contactless phone payments with Revolut

revolut google pay and apple pay

Revolut Apple Pay

Revolut allows Apple Pay in most countries. You can find all the information on the Revolut Apple pay official page.

Revolut Google Pay

Revolut allows Google Pay on Android phones in most countries. You can find all the information on the Revolut Google pay official page

Revolut alternative options

At the end of this Revolut review, I want to show you some alternatives to revolut. However, in my personal experience Revolut bank is by far the best option.

N26 vs. Revolut

N26 offers a similar service as Revolut, however it has much higher fees. In fact, in the Revolut vs. N26 contest, Revolut wins because of its lower fees. N26 charges a fixed fee (~2 Euros) for money withdrawals and also an extra fee for exchange rates. 

Revolut vs Monzo

What is the main difference between Monzo and Revolut? That Monzo is a bank based in the UK. In fact, you need to be resident in the UK to open a Monzo account.

The verdict

Revolut bank is a great option to get a free bank card, Revolut IBAN and to enjoy the convenient Revolut exchange rate for foreign transactions. I would recommend everyone to open a Revolut bank account. It is free and you will never regret it, in particular if you plan to go on holiday abroad or purchase something in a different currency. Do not forget to open your free Revolut bank account from this link!