Revolut – better than your conventional bank account?
Revolut Ltd. offers a multi-currency account based on a mobile app (Android/iOS). There are no monthly fees within the standard price plan. You can order a maximum of two physical cards (VISA, mastercard or maestro prepaid). You cannot overdraft your account and thus are never tempted to spend more than your balance allows.
For whom is Revolut best suited?
As opposed to many conventional banks, with Revolut you will get very good FX (foreign exchange) rates. Therefore, the revolut cards are perfectly suited for foreign currency transactions.
Revolut has the following advantages:
- Control your spendings, any time, any place. Stay within your monthly budget effortlessly.
- Reduce your Foreign Exchange Fees to a minimum.
This is what you get
- Free UK current account
- Free Euro IBAN account
- Interbank FX rates
- Free bank transfers in 25 currencies
- £200/€200 Free ATM withdrawals per month
Table of Fees
Account / Revolut Card Fees
| Service | Standard User | Premium User |
|---|---|---|
| Mobile App | Free | Free |
| Account Management | Free | Free |
| Security Features | Free | Free |
| Virtual Revolut Card Issuance Charge | Free | Free |
| Physical Revolut Card Issuance Carge | 5 GBP or currency equivalent, unless you ask for Global Express Delivery in which case 10 GBP (UK), 20 EUR (EU), 30 EUR (everywhere else) or currency equivalent. | Free |
Additional Revolut Card Charges
| Service | Standard User | Premium User |
|---|---|---|
| Spare Premium Revolut Card | Not applicable | Free |
| Additional Virtual Revolut Card | 5 GBP or currency equivalent | Free |
| Additional Physical Revolut Card | 5 GBP or currency equivalent, unless you ask for Global Express Delivery in which case 12 GBP (UK), 20 EUR (EU), 30 EUR (everywhere else) or currency equivalent | Free |
Top-Up Charges
| Service | Standard User | Premium User |
|---|---|---|
| Bank Transfer | Free | Free |
| Top-Up via Stored Card | Free (both debit and credit cards) | Free (both debit and credit cards) |
Revolut Transaction Charges
| Service | Standard User | Premium User |
|---|---|---|
| Instant Transfers | Free | Free |
| Turbo Transfers | 5 GBP / 6 EUR / 6 USD / 25 PLN / 6 CHF / 45 DKK / 55 SEK / 55 NOK / 25 RON or currency equivalent | kostenlos |
| ATM Withdrawal Fee | ATM Withdrawals up to 200 GBP / 200 EUR / 200 USD / 200 CHF / 800 PLN / 1500 DKK / 2000 SEK / 2000 NOK / 800 RON or currency equivalent per month are free. Anything over the above limits is charged at 2% of value of ATM withdrawal | ATM Withdrawals up to 400 GBP / 400 EUR / 400 USD / 400 CHF / 1600 PLN / 3000 DKK / 4000 SEK / 4000 NOK / 1600 RON or currency equivalent per month are free. Anything over the above limits is charged at 2% of value of ATM Withdrawal |
The standard exchange rates
| Currencies | During FX market hours | Outside of FX market hours |
|---|---|---|
| USD,GBP,EUR,AUD,CAD,NZD,CHF,JPY,SEK,HKD,NOK,SGD,DKK,PLN | Interbank rate | 0.5% above the interbank rate on any exchange |
| All other currencies except THB,RUB,UAH | Interbank rate | 1.0% above the interbank rate on any exchange |
| THB,RUB,UAH | 1.0% above the current interbank rate on all exchanges | 2.0% above the interbank rate on any exchange |
How to use your Revolut card efficiently
Like any other business, Revolut Ltd. needs to make profits. As you can see from the tables above, Revolut therefore charges some fees. However, there are a few rules which help you get the best conditions at low cost:
- Pay with your Revolut card preferably. This will help you control your spendings, and furthermore help Revolut earn interchange fees.
- Don’t exceed your monthly ATM withdrawal limits (200 EUR) (anything above is charged at 2% of value of ATM withdrawal)
- For currencies other than EUR, GBP and USD: If applicable, avoid using your Revolut cards for payments in the time between Friday 23:59 and Sunday 23:59 (UK time).
Avoid DCC (Direct Currency Conversion)
When withdrawing money from ATMs, be especially careful. Many ATM vendors try to impose DCC (Direct Currency Conversion) on you. You are offered a fixed exchange rate. Never ever agree! DCC is a rip-off, you will most likely pay very high fees (up to 10% on top). This anti-DCC rule applies to almost all payment cards, not just Revolut.
How to get your Revolut account
Klick the button at the end of this blogpost and follow the instructions. You need to own a smartphone (Android/iOS), be resident of the European Union, and be at least 18 years old. After registration, you’ll need to upload a photo in order to legitimize. It’s pretty easy, all you need is your smartphone with Revolut app installed plus your ID card.
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