Revolut Review

Company info:

Revolut is one of the fastest-growing apps since 2015. The app's success is due to its simple user interface and no charges for the majority of its services. Revolut offers all the usual features that a current account provides, such as sending and withdrawing money. Additionally, you can use its other impressive features, including free international money transfers, fee-free global spending, and access to cryptocurrency exchange.

Pros & Cons

Pros: 

• You can set a spending goal and put money aside in a Vault. Group Vaults are also available.

• No credit checks required, and the setup process is effortless.

• Control over accounts and cards with a user-friendly app.

• A multi-currency current account available for free.

Cons:

• Free cash withdrawals are limited to £200 per month.

• Revolut applies a mark-up of 0.5% on major currencies and 1% on other currencies on its rates at weekends when the markets are closed.

• No physical bank branches are available.

Who is it for

Revolut mainly targets people who travel a lot. It offers spending abroad and international money transfers with no hidden fees. For personal accounts, you can obtain an international Visa or Mastercard card, and they also offer largely fee-free international money transfers at competitive rates to over 140 countries.

Revolut for Business is a business account platform for domestic and international payments. Businesses can enjoy multi-currency accounts that allow people to hold, transfer, and exchange money in over 20 other currencies. Their advanced mobile app lets you transfer money quickly, receive notifications, and split bills.

On-boarding process

1. Download Revolut app from the app store or play store

2. Register an account via the verification process.

3. Choose the services you need from Revolut: money transfers, a current account, or an international card.

4. Decide the currencies that you want to exchange money between.

Accounts & Pricing

Standard -  £0.00 per month

Plus - £2.99 per month

Premium - £6.99 per month

Metal - £12.99 per month

Key features

• Categorized view of your spending by the type of transaction.

• Set monthly budgets and spending goals. 

• Instantly send and request money to other Revolut users for free.

• Smart savings are available. You can put money aside through regular payments or round up your spare change with Revolut's Vaults.

• Revolut supports direct debits in EUR.

• You can set up Apple Pay & Google Pay in most of the countries.

To sum up

Revolut is an alternative to traditional banking, offering specific benefits for those who conduct transactions in multiple currencies. It is particularly useful for travelling. If you're planning a holiday or travel frequently for work, you can easily move the cash you need to your Revolut account and forget about extra fees. The app is well-designed and straightforward to use, so you should have no trouble getting used to it.