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• May 9, 2024
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Revolut Review: An Unbiased Assessment of Features and Services

Revolut has taken the financial world by storm, serving over 28 million customers globally. This versatile app offers a comprehensive suite of financial services ranging from the basics of handling money to complex investment options. Users have access to a digital card that streamlines online and in-store purchases, sending and receiving funds, and even allows for holding multiple currencies. This is particularly beneficial for those who frequently travel, offering cost-effective currency exchange rates and added travel benefits like airport lounge access.

In terms of savings and investments, Revolut is not just a place to store money; it offers competitive interest rates and opportunities to invest in cryptocurrencies and other assets. The app caters to broader financial management needs too, enabling customers to track spending, save intelligently through round-ups, and earn rewards such as cashback. With high ratings on app stores, reflecting positive user reception, this platform is also advantageous for business owners and freelancers, thanks to its tailored business account features.

Key Takeaways

• Revolut is a multifaceted financial service app used globally by over 28 million people.
• The app features cost-effective currency exchange, travel perks, and an option to hold various currencies.
• Aside from personal finance, Revolut provides business accounts with specialized tools for managing company finances.

Personal Banking Experience

In today’s digital age, handling finances via an app is an increasingly popular option. Users can manage their funds effortlessly with features that typically accompany a physical bank, such as an account number, sort code, and the indispensable debit card.

Exciting Features include:

• App-Based Management: Keep track of balance, make payments, and alter card features through a smartphone.
• Security Controls: Freeze cards, set spending limits, and access PIN codes securely.
• Efficient Customer Support: Accessible customer service for banking assistance.

Innovative Tools:

• Payment Convenience: Split bills or send payment requests effortlessly.
• Public Account Tags: Receive payments without disclosing personal bank details.
• Subscription Supervision: Manage and block subscriptions swiftly to prevent unwanted charges.
• Consolidated Finances: View all bank accounts simultaneously for a comprehensive financial overview.
• Budgeting System: Employ budget tools and create ‘pockets’ for specific financial goals or bills.

By visiting the Revolut website¹, interested individuals can dive deeper into the range of features offered. Moreover, a special promotion through Nuts About Money provides an opportunity to sample the premium plan free for three months.

Revolut for Travel

Competitive Currency Conversion Rates

Revolut offers advantageous currency exchange rates compared to traditional currency exchanges or high street banks. Users can convert money within the app across a diverse array of 29 currencies. During weekdays, minimal fees apply to conversions exceeding £1,000 monthly, typically around 1% for larger amounts or 0.50% for premium accounts. Weekend transactions incur an additional 1% charge due to market closure, but users can sidestep this by converting during the week and storing the foreign currency in their Revolut account.

Benefits of a Revolut Spending Card

Revolut provides a seamless way of using funds overseas with their spending card, which can be utilized like any local debit card. Users experience the affordability of no transaction or conversion fees and lower ATM fees when abroad. One converts currency in the app, from British Pounds to the destination’s currency, and then uses the card to spend without incurring high fees usually associated with international card usage.

• Spending like a local in foreign countries
• Avoidance of typical banking fees for transactions and ATM withdrawals
• Convenience of a single card for international use

Access to Airport Lounges

For frequent travelers, Revolut’s Premium and Metal accounts offer the privilege of over 1,000 airport lounges worldwide, accessible at a reduced fee. This feature not only provides comfort away from the bustle of common areas but also adds a touch of luxury to one’s travel experience. Lounge access is just one of the many perks of upgrading to these account types.

• Access over 1,000 lounges globally at discounted rates
• Enhance travel experience with additional comfort
• Available with Premium and Metal account upgrades

Hotel Reservation Rewards

Booking accommodations through Revolut’s platform comes with the attractive incentive of earning 10% cashback on hotel stays. Although bookings are to be made through the app, and the offer applies solely to properties listed there, this feature can lead to significant savings. The platform encompasses a variety of locations worldwide and maintains ease-of-use for travelers looking to economize on accommodations.

• Receive 10% cashback on bookings made via the app
• Exclusivity to properties available through Revolut
• Applicable globally, enhancing travel savings

International Money Transfers

When transferring funds overseas, one might consider using services like Revolut. Their app allows users to remit funds across the globe in 29 different currencies.

• No transfer fees: Sending to another Revolut account is free.
• Varied fees: A minimal fee applies for non-Revolut accounts plus a low currency conversion charge.
• UK transfers: Sending to UK-based friends and family incurs no cost.

With its affordability and app-based convenience, Revolut stands out as a cost-effective choice for international money transfers.

Vaults

Vaults act as integrated savings compartments within a Revolut user’s main account. Designed to assist users in setting aside funds for particular objectives, these components allow for monetary accumulation with the added benefit of accruing interest. Users may specify targets such as purchasing a vehicle or any other significant expense, and the vault functionality aids in tracking progress toward this financial goal.

One innovative saving approach involves the “round-up” feature:

• Round-Up Savings: When a transaction is made, the total is rounded up to the nearest whole number, with the difference transferred into the vault. For instance, a £2.49 coffee purchase rounds up to £3.00; the additional 51p is seamlessly deposited into the savings.

Additionally, vaults can be a collective effort:

• Shared Vaults: Multiple individuals can contribute to a shared vault, making collaborative saving for joint ventures, like a group vacation, both approachable and manageable.

Revolut Personal Account Options

Revolut provides a versatile range of account tiers to accommodate various financial needs and preferences. These tiers are structured progressively, each with its own set of features and perks.

• Standard Plan: This option is cost-free and ideal for users seeking essential banking services without additional costs. Fast and straightforward to set up, it serves as the foundational tier from which users may start.
• Plus Plan: For a monthly fee of £2.99, users unlock additional capabilities beyond the Standard offering. This mid-tier option offers a balance between cost and functionality.
• Premium Plan: Priced at £6.99 per month, this plan is tailored for those who wish to leverage Revolut’s more in-depth features, like investment tools and travel conveniences, while enjoying lower fees tied to these services.
• Metal Plan: The pinnacle of Revolut’s account options at £12.99 monthly, this plan boasts an exclusive metal card and is packed full of premium features that cater to the seasoned traveler or avid investor.

Each higher tier is designed to yield more value to users who frequently utilize the advanced features provided by Revolut. The company also offers an economical approach for those considering an annual commitment, providing a 20% discount on fees.

Determining the most suitable plan largely depends on individual financial activity and the anticipated usage of Revolut’s diverse services. For someone just beginning or with minimal needs, the Standard Plan is an excellent way to get acquainted with the app’s functionality, with the flexibility to upgrade at any time. On the other hand, the Metal Plan might justify its cost for users who will take advantage of the exclusive features it includes.

Revolut also presents a promotional opportunity through Nuts About Money, where new customers can experience the Premium Plan free for three months— a chance to explore the plan’s benefits without initial investment.

Engaging with the Equity Market

Equity Trading Opportunities

The app in question offers a selection of approximately 1,500 different equities, including major companies from the UK and US. Users receive one commission-free equity trade monthly. Those opting for premium accounts can enjoy additional commission-free trades – up to ten on the highest-tier account. Standard fees apply beyond the free trades, typically the greater of 0.25% or £1. Additional holding charges of 0.12% annually and currency exchange fees on international equities may apply.

It’s important for users to educate themselves on equity trading before diving in, but for those inclined towards long-term wealth accumulation, professional management can be a wise choice. Many platforms can guide new investors through this process with expert-managed options that often offer greater value.

Entering the Cryptocurrency Market

The platform supports trading of popular cryptocurrencies like Bitcoin and Ethereum. Trading crypto here means users need not manage a personal crypto wallet or keys, a process which can be intricate and security-intensive.

Trading incurs a fee of 1.49%, a point where convenience is a trade-off for cost. The app complements its offering with price alerts and news updates from trusted sources for informed trading decisions.

For those whose primary interest is in cryptocurrency, various crypto exchanges exist that are optimized for both beginners and experienced traders, offering competitive rates and user-friendly experiences.

Precious Metals as an Investment

For those considering a traditional investment avenue, options to buy gold and silver are provided. These commodities can effectively diversify an investment portfolio as part of a robust investment strategy. Purchasing precious metals is straightforward through the app, appealing particularly to those with a preference for longstanding and tangible assets.

It is essential to ensure a solid understanding of the specific investment types one is considering and their place within one’s broader investment goals.

Additional Insights on Features

With the installation of a certain browser extension for Chrome, users enjoy a smoother online shopping experience. They receive alerts regarding cashback opportunities and promotional codes while browsing. In addition, it enhances security by offering the option of single-use virtual cards for transactions on less familiar websites.

Customers who find themselves in a pinch before payday can benefit from an early salary feature, permitting access to earnings one day in advance.

Keeping track of ongoing expenditures is streamlined with the feature that allows users to monitor their subscriptions in one location. This visibility into expenditures such as Netflix or Amazon Prime can prompt valuable reflection on the necessity of these services.

The bill splitting function is a convenient tool for sharing expenses with friends and family. The process is straightforward—done through a phone number and not limited to users of the same financial service.

Revolut Junior is a feature that stands out for fostering financial literacy among youth. Children between 6-17 years can manage funds via their own app and card, which are connected to the parent’s account. Comparable services, such as GoHenry and Rooster Money, offer similar educational benefits.

For individuals and businesses alike, these tools are part of a larger suite designed to modernize and ease financial management. Entities seeking a comprehensive solution can investigate the Revolut business account. Interested parties are invited to visit their website for detailed information and can possibly enjoy a three-month trial of the premium service.

Review of Revolut’s Business Account Features

Handling Multiple Currencies

Revolut’s business account provides the ability to deal with more than one currency. Companies can receive payments from overseas customers in several currencies, like Euros or US Dollars, without establishing foreign bank accounts or incurring high fees. Within the Revolut platform, business owners can seamlessly manage these accounts in up to 25 different currencies.

Cards and Expense Management

Business owners receive a debit card and can issue additional ones to their team. These cards come with features such as spending tracking, limit setting, and the ability to freeze or block cards. Moreover, team members can submit expense claims and receipts through the app.

Accepting In-Person Payments

Revolut has introduced a quick way to accept payments face-to-face through the creation and use of QR codes. Additionally, businesses can use the Revolut reader for contactless card payments, all while enjoying low transaction fees.

Using Payment Links for Immediate Payment

Businesses can generate and send payment links via email or text message, offering a straightforward method for customers to complete payments instantly.

Online Payment Acceptance

With Revolut, businesses can integrate payment solutions into their websites. This includes the option to build customized checkout systems and use plugins for seamless transaction processes.

Streamlined Invoicing Process

The Revolut platform enables users to generate and dispatch invoices directly, complete with payment options like credit or debit card payments. Keeping track of settled and outstanding invoices becomes effortless thanks to the app’s tracking capabilities.

Simplified Payroll Operations

For companies with employees, Revolut’s account comes equipped with payroll management tools. Salaries can be processed automatically, inclusive of correct tax deductions and reporting compliance with HMRC. There’s also an option for partial early salary payments.

Accounting Software Integration

To facilitate easier financial management, Revolut can be integrated with popular accounting software such as Xero and QuickBooks. This ensures that financial reports like profit and loss statements and balance sheets are automatically updated.

Summary of Account Services

Revolut’s business account offers comprehensive tools suitable for various business sizes and types, including freelancers. From managing payments and payroll to simplifying finance admin tasks—it provides a robust solution. Businesses can start with a free account and scale as required.

Customer Assistance

The company provides robust customer assistance:

• Help Center: A comprehensive resource for FAQs and guides.
• Live Chat: Real-time support via in-app chat.
• Email Contact: Available for lost phones or app access issues.
• There is no phone support provided.

Benefits and Drawbacks of Revolut

Benefits

• Comprehensive App: Robust application with user-friendly features.
• International Usage: Ideal for overseas transactions without heavy charges.
• Currency Exchange: Favorable exchange rates with minimal expenses.
• Currency Holding: Supports multiple currency wallets.
• International Money Transfers: Low-cost transfers across borders.
• Financial Management: Advanced tools for budgeting.
• Interest Rates: Competitive rates on savings.
• Account Options: Availability of a no-fee account tier.
• Business Services: Superior account features for businesses.

Drawbacks

• Subscriptions: Advanced features require a premium account.
• Investment Expenses: Higher charges on stock and cryptocurrency transactions.
• Customer Support: Lacks direct phone assistance.

Revolut Customer Feedback

With over 28 million users, Revolut has garnered significant attention, and more than 130,000 users have expressed their opinions on TrustPilot—an acclaimed review platform.

Feedback encompasses several aspects:

• Overall Satisfaction: Users have given Revolut a robust average rating of 4.3 out of 5.
• Comparison with Peers: This score notably surpasses what’s typical in the financial sector, with some major banks scoring as low as 1.4.
• Travel and Money Management: Customers frequently praise its efficiency for overseas use and general monetary management, applicable to both individual and business accounts.

Insights on Financial Management with Revolut

Revolut’s Approach to Money Management

• Enhances transparency and control over personal finances.
• Provides an entry point to savings and investment opportunities, laying the groundwork for improved financial stability.

Innovations for Savvy Travelers

• Offers a single card for international spending.
• Features cost-effective currency exchange.
• Supports holding multiple currencies, reducing the cost and complexity compared to traditional banks.
• Includes discounted access to airport lounges for an enhanced travel experience.

Revolut’s Pricing Model

• Free plan available with essential features.
• Premium features come at a cost, necessitating a personal assessment of their value.

User Experience

• Users need some time to acquaint themselves with the app interface.
• The app is regularly updated, which could shift feature locations but indicates a commitment to enhancement.

Nuts About Money’s Rating

• Overall, they award Revolut a perfect score for its suite of features.

If individuals are looking to get started with Revolut or expand their financial toolkit, they can explore options for both personal accounts with a three-month premium trial and business accounts with a one-month trial on offer.

Is There an Offer Available?

Revolut is extending a promotional deal that allows new users to experience the Premium plan for three months without any cost. This trial period offers a notable saving opportunity of approximately £20.

Current Promotions:

• Premium Plan: No charge for the first three months for new customers registering through Revolut’s promotional web page.
• Business Accounts: New business accounts enjoy one free month.

Important Notes:

• Exclusive to new customers; terms and conditions are applicable.
• Post-trial, standard subscription charges for the Premium plan apply.
• The trial includes a free cancellation option before it ends.
• Upon activation, there’s an option to order a Premium card.
• Reverting to a previous plan during the trial incurs charges for the card and any associated fees.

Further details on the plans and terms can be accessed on Revolut’s official Plus, Premium, and Metal plan documentation.

Common Inquiries

Benefits and Drawbacks of Revolut Cards

User Experiences with Revolut Customer Service

• Positive Feedback: Prompt responses through the app.
• Challenges: Some users report delays and scripted responses.

Comparison of Revolut Fees with Traditional Banking

• Exchange Rates: Revolut offers real exchange rate against typical bank surcharges.
• ATM Withdrawals: Free under a certain limit, compared to fixed fees at banks.
• Monthly Costs: Optional plans with varying benefits, unlike some banks with mandatory fees.

Security Measures Implemented by Revolut

• Transaction Notifications: Real-time alerts for card activity.
• Card Control: Freeze/unfreeze cards from the app.
• Customer Verification: Enhanced security checks during account setup.

Revolut’s Accommodations for Global Travelers

• Currency Support: Hold, exchange, and transfer in multiple currencies.
• Travel Insurance: Options available for international medical and dental coverage.
• Global Spending: No extra fees for card payments abroad within limits.

Employee Perspectives on Working at Revolut

• Career Growth: Opportunities for advancement cited by employees.
• Work Environment: Fast-paced atmosphere with high expectations.
• Company Culture: Dynamic and innovative, though sometimes demanding.