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Revolut Review (2021): Pros, Cons, and How it Compares

As Revolut emerges as the fastest growing digit Pros Cal bank with the ability to hold a variety of currencies, explore the pros and cons in our 2020 Revolut review.

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Our take

4.3
Bitcompare score

What is Revolut?

The digital bank started in 2015, where it was initially a travel card that gave travelers the ability to exchange money without facing higher exchange rates. If you're someone that travels a lot, then you'd understand that having to trade currencies can, at times, be more of a hassle than its worth.

That's why having a travel card such as the one provided by Revolut would be extremely beneficial. Since its start, it's made the leap from a travel card to a digital bank. Because of this, there is more of a reason to use the bank, especially when traveling.

Now that you've got a better understanding of what Revolut is, we will dive into the features included when you use this digital bank's services. Trust us; you're not going to want to miss this.

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Money Management

One of the most significant issues that plague people today is the ability to manage their finances and spending habits. That's where Revolut comes into play because you can use it to set a money management plan that helps you to keep track of everything that you've spent for the month.

In other words, this would be known as a budget. You'll allot specific amounts of money to certain parts in your budget, including bills, internet, savings, etc. When you've met the monthly amount of money for that area of your budget, you'll receive an alert.

The alert will let you know that you're getting close to your spending limit or have passed the spending limit. At any point when you're using the digital bank, you can go back and adjust the specifications of your monthly budget. One of the other benefits of having a budget is to know where your money is going each month.

It helps you to set aside money each month to save for things that you'd like to do in the future. You don't have to use this feature, but it's recommended if you're looking to put aside extra money each month and pay down other bills that you have.

Data About Your Spending Habits

How can you understand where your money is going when you don't know what your spending habits are? Another feature that's implemented for the use of Revolut clients is the ability to access data about your spending habits.

For example, if you spend money frequently on retail throughout the month, the digital bank will track this and provide you with a detailed report of your spending habits. When you have a better understanding of your spending habits, you'll be able to change them to prevent yourself from spending more money than you have.

And there are times when you spend money and have no idea where it's gone, but that ends when you start using digital banking. Each month the bank will provide a detailed report of your spending habits throughout the week, and when you make changes the way you did with the monthly budget, you'll begin to see these changes reflected in this area.

If you're not sure how to change your spending habits, you can always speak with a financial advisor. They can help you focus on your financial future and learn healthier ways of managing money.

Reviewing this data is crucial to your financial health.

Spending Notifications When Purchases are Made

If you're tired of using banks that allow you to spend money without alerting you, those days are over. When you use Revolut each time you spend money from your account, it will give you a spending notification.

Having the ability to use spending notifications is beneficial because it can alert you when a purchase is made that you've not authorized. If that's something that happens, you can immediately stop the purchase from going through.

If you've given someone close to you access to your money, it will alert you when they make a purchase using the card. When you sign up to use the bank, ensure that you turn your notifications on; if at any point you don't want to receive notifications anymore, you can always go into your settings and turn the notifications off.

Rewards System

Everyone loves to get rewarded for saving or spending money, and when you use Revolut, you can do just that. The reward system they have in place offers a reward to clients after every 10th purchase.

The reward changes based on the promotions that the bank is running at the time, but you can expect to see your reward reflected after your purchases have been made.

Makes Transferring Money Easier

If you've got family or friends that live abroad and you need to send money to them, you can transfer money without the hassle. Not to mention you'll only face a 0.5% transfer fee when it comes to exchanging currencies.

And the next best part of transferring currencies from one place to another is that you've got the option to transfer money in more than 30 different currencies. And if you're going abroad, you don't have to worry about facing any spending fees like you would with other banks.

When you're spending abroad, there are some limitations that you will experience, but overall you'll be free to use your card and money as you please.

Increased Savings

Most banks offer this feature, and that's the ability to earn interest while your money is sitting in your savings account. Each month the bank will analyze the amount of money added to your account and apply interest accordingly.

You need to be aware that the amount of withdrawals you can make from your savings account to your checking account is limited. Because after all, you're trying to save money, not spend it all.

Take time to ask the representatives at Revolut bank what the interest rate is when you place money into your savings account. They'll be able to give you a more accurate explanation of how the interest and savings process works when you choose to open an account with their digital bank.

These are all the features that you need to know about, but how does it work you may be wondering? We've got the answers that you're looking for.

Pros and cons of Revolut

Pros

  • Best-in-class product that is easy to use and has every feature you could want
  • Easy to invest in stocks and crypto all from within the banking app
  • Fast international payments with a variety of currencies
  • Incredibly fast moving with constant updates
  • Beautiful cards with very fast international deliveries

Cons

  • You can invest in cryptocurrencies but you don’t really own them. You can’t store of transfer your cryptocurrencies, you only invest in their price.
  • Can be expensive if you want all the best features
  • No ability to earn interest on your cryptocurrencies

How Does Revolut Work?

When you're looking to open an account with Revolut, you've got two options as the bank's client. The first option you have is opening a free account, which gives you access to specific features. The next type of account that you can apply for is a premium account, which starts at $6.99 each month.

There is also the metal account that you can open, which's offered at $12.99 a month. Each membership has its own set of features that it provides to clients.

Premium Accounts

When you're using the premium account, you have access to the online app, and you can use the MasterCard that they provide to customers to transfer and spend money.

Not to mention the ability to exchange money anywhere in the world without facing any exchange fees. When you receive your MasterCard, you'll also be given an extra card if you need to give it to someone else.

If you require medical insurance while traveling, there's no need to worry because you will get the insurance you need when using this bank. And you've got unlimited access to the customer service center whenever you need help or have other questions.

Metal Card

The metal card is the newest upgrade that's offered by Revolut. When you use this card, you'll have access to all of the features offered by the standard and premium packages, which means double the features whenever you're using the card.

And you can go to the ATM and withdraw an allowance of $600 per month. If you need any help sorting out specifics when it comes to your finances, you have access to the 24/7 concierge offered to clients that select the metal card option.

And if all of those features don't sound great to you, then there's one more thing we're going to tell you about. And that's the ability to earn cashback on all of the purchases that you make. When you're spending money in Europe, you'll get 0.1% cashback, and when you're not in Europe, you'll get 1% cashback.

The more money you spend, the more money you're going to get back. There is an increase in price when you opt for this card, from $6.99 to $12.99.

After Selecting Your Card

Once you've selected the card that you're going to use, the next step is to use the app to upload a scan of your ID. Once you've completed this, you'll then move forward, setting up the rest of your account.

Once you've uploaded this information, you'll receive a message from the bank within minutes verifying your identification. After you've completed this, you can then order a physical card for your personal use.

After you've received your card, you can then move forward with setting up your pen, which you'll use at the ATM.

With every set of pros that are offered by the bank, there are a few cons that you need to consider.

Poor Customer Service

Although the bank boasts 24/7 customer service features offered to clients, there have been reviews left that note the customer service isn't excellent. This could be because they serve people all over the world.

But, one thing that we do know is that based on the reviews posted to TrustPilot, the customer service quality has improved as time has gone on. Pretty soon, you're going to see customer service as a part of the pros list instead of the cons.

Increase Exchange Rate

We know that the bank's exchange rates are relatively low, but there are times where the exchange rates may be higher than they usually are. When the weekend rolls around, you can expect to see the exchange rate rise from 0.5% to 1.5%.

While this is still lower than the rates of other banks, it's still a rise in the rate.

Frequently asked questions about Revolut

We’ve compiled some answers to questions we often get. Should you have any other questions, feel free to reach out below in the comments.

Can I buy Bitcoin and other cryptocurrencies with Revolut?

You can buy into the price of Bitcoin and other cryptocurrencies, however, you can’t buy and own Bitcoin and other cryptocurrencies.

This means you can’t store and transfer the asset. This is a serious problem if purchasing Bitcoin and other cryptocurrencies is a priority for a variety of reasons.

  1. If Revolut goes out of business, you can’t move those assets from Revolut to another wallet or platform
  2. Should you want to transfer your crypto assets, you’ll first have to sell them on Revolut and then purchase them elsewhere. This will create a taxable event.
Is Revolut available in the US?

As of the 24th March 2020, Revolut is available in the US

Is Revolut FCA or FDIC insured?

Yes, Revolut is insured in the UK and US.

Types
Platforms
Coins

Frequently asked questions about Revolut

We’ve compiled some answers to questions we often get. Should you have any other questions, feel free to reach out below in the comments.

Can I buy Bitcoin and other cryptocurrencies with Revolut?

You can buy into the price of Bitcoin and other cryptocurrencies, however, you can’t buy and own Bitcoin and other cryptocurrencies.

This means you can’t store and transfer the asset. This is a serious problem if purchasing Bitcoin and other cryptocurrencies is a priority for a variety of reasons.

  1. If Revolut goes out of business, you can’t move those assets from Revolut to another wallet or platform
  2. Should you want to transfer your crypto assets, you’ll first have to sell them on Revolut and then purchase them elsewhere. This will create a taxable event.
Is Revolut available in the US?

As of the 24th March 2020, Revolut is available in the US

Is Revolut FCA or FDIC insured?

Yes, Revolut is insured in the UK and US.

A Complete Revolut Review

If you were looking for a complete Revolut Review, we hope you found everything you were looking for above. From the good, the bad, and everything listed in between. This is the bank you're going to want to use whenever you intend to travel the world.

Our Revolut score

4.3
Bitcompare score
Support
Fees
Reputation
Ease of use