Revolut Bank Review [2022]: Pros, Cons & Who It’s For

Last Updated on September 16, 2022 by Harrison Brown
8.3/10 (Expert Score)
Product is rated as #6 in category Banking
8.4Expert Score
Amazing online banking app for travelers

Revolut is a great all-in-one banking option for those who travel frequently or live overseas. The account comes with a debit card that can be used in over 150 countries with no foreign transaction fees, and you can hold and exchange multiple currencies within the app for free. The bank account also has no monthly fees or minimums. However, if you are looking for a traditional bank with physical locations, Revolut is probably not your best option.

Fees
9.3
Features
8.8
Support
6.8
Pros
  • No Monthly Fees
  • Free ATM Access
  • Free International Transfers
Cons
  • No Physical Locations
  • Customer Support
  • Low Savings APY

Overview

Monthly Fee:$0.00/mo
Minimum Opening Deposit:$0.00
APY:0.07% (0.05% with Standard plan)
Transactions:Unlimited
Cash Deposits:Not Supported
Bonus:$10.00 Sign-Up Bonus
Overdraft Fees:$0.00
In-Network ATM Access:55,000+ Locations
Out Of Network ATM Access:Free Up To $1,200/mo
Data From Revolut

Who Is Revolut For?

  • Busy travelers who want a hassle-free way to bank and access money on the go without fees or minimums.
  • People who live or work overseas so they can easily convert and transfer different currencies without any fees or long wait times.
  • Families who want to manage their finances together but still have some autonomy over their own spending.

Pros & Cons

Revolut Pros & Cons

Pros
  • No Monthly Fees: Revolut has no monthly fees, no account minimums, and no foreign transaction fees.
  • Exchange Currencies: Hold and exchange multiple currencies without any fees.
  • ATM Access: Free ATM access at 55,000+ locations and zero fees on out-of-network ATMs up to $1,200 per month.
  • Free International Transfers: Send money abroad with no fees up to 10 times per month.
Cons
  • No Physical Locations: Revolut has no physical locations, so support is limited to live chat and phone calls.
  • Low APY: Although the APY is higher than many traditional banks (i.e., Chase, Bank of America, etc.), many other online-only banks offer higher interest rates.
  • Customer Support: Although there is 24/7 live chat and phone support, some customers have reported long wait times for responses.
  • Limited Crypto Features: Although Revolut offers fee-free crypto trading, they only offer around 30+ different coins, so there are exchanges, like SoFi, that offer more coins and features.

Features

Revolut Top Features

Banking

Bank Account

Revolut offers a free bank account that pays 0.07% APY (0.05% with the standard plan) on your balance. Your money is also FDIC-insured for up to $250,000. You can open an account in minutes and there are no monthly fees or minimums.

Features:

  • 0.07% APY
  • FDIC insurance up to $250,000
  • No monthly fees or minimums

Rewards

Earn up to 30% cash back at select retailers when you use your Revolut card. You can also get discounts on travel, entertainment, and more. The rewards will be directly deposited into your Revolut account right after your purchase. There are no wait times, and you can access your cash immediately.

Features:

  • Up to 30% back at select retailers
  • Instant cash back

Debt Cards

Get unlimited 1% cash back with your debit card when you enroll in Revolut's Metal plan. There are no foreign transaction fees, and you'll get free ATM withdrawals up to $1,200 per month at out-of-network and unlimited fee-free withdrawals at in-network locations. Additionally, you'll be able to freeze and unfreeze your card with a tap, set spending limits, and get real-time notifications of all your transactions.

Features:

  • Unlimited 1% cash back (With Metal plan)
  • Advanced security features
  • Instant access to Apple Pay & Google Pay when you create an account

Get Paid Early

With Revolut, you can get paid up to 2 business days earlier when you enroll in direct deposit. There are no fees, and you'll get real-time notifications when your paycheck hits your account.

Cancel Subscriptions

Organize all your subscriptions in one place and cancel them with a tap. You can also see how much you're spending on subscriptions each month, so you can make changes if necessary. Easily block unwanted charges and subscriptions with the tap of a button and never get charged for a trial again.

Features:

  • Automatic subscription monitoring
  • Cancel your subscriptions with one tap
  • See all your subscriptions in one place

Parents & Guardians

Manage your family's finances all in one place with Revolut. You can set spending, freeze and unfreeze cards, and get real-time notifications of all transactions. Set your children up for financial success with Revolut's allowance feature. You can easily transfer money to your kids and track their spending all in one app.

Features:

  • Manage your children's finances in one place
  • Set up recurring allowance plans
  • Monitor their spending and set limits on how much and where they can spend

Investing

Stocks

Start investing in stocks with as little at $1.00. With Revolut, you can buy and sell stocks without any commission fees. You'll also get real-time market data, so you can make informed investment decisions.

Features:

  • Commission-free stock trading
  • Real-time market data
  • Fractional shares

Crypto

Start buying 30+ different cryptocurrencies with as little as $1.00. With Revolut, you can buy and sell crypto without any commission fees. Stay on top of market movements with real-time data and make informed investment decisions. Your investments are safe and secure since the majority of funds are stored in cold storage with trusted custodians. Additionally, learn more about crypto with Revolut's in-app guides and resources all free of charge.

Features:

  • Commission-free crypto trading
  • 30+ different cryptocurrencies available
  • Safe & secure with cold storage and trusted custodians

Commodities

Invest in historically stable commodities like gold and silver for as little as $1.00. With Revolut, you can buy and sell commodities without any commission fees. Stay on top of market movements with real-time data and make informed investment decisions. Set automatic round-ups to help you save and invest small amounts of money each day.

Features:

  • Commission-free commodity trading
  • Gold & silver commodities are available
  • Real-time commodity market data

Vaults

Create personal vaults to easily save and create goals with your money. With Revolut, you can set up automatic recurring deposits into your vaults and store up to 30+ different currencies in different vaults. You also can earn up to 1.35% APY on your savings vault with interest paid out daily.

Features:

  • Earn 1.35% APY
  • Create personal savings vaults
  • Set up automatic recurring deposits

Travel

International Transfers

Send your money internationally with low fees and get the real exchange rates with Revolut. You can also hold, exchange, and transfer 28+ currencies in-app. When you travel, your card will automatically use the right currency at the best rate with no fees. And if you need cash, you can withdraw up to $1,200 per month from any ATM worldwide without paying any foreign transaction fees.

Features:

  • Get real-time exchange rates
  • Hold, exchange, and transfer 30+ currencies
  • Fast transfers that arrive in minutes

Lounge Access & Smart Delay

If your flight is delayed over 1+ hours, get free airport lounge access for yourself and 3 guests. With Revolut's Premium and Metal plans, get discounted rates at 1,000+ airport lounge locations worldwide.

Features:

  • Free lounge pass with a delayed flight
  • Discounted lounge rates at 1,000+ airport lounge locations

Hotel Booking

Get up to 10% cash back when you book your next hotel with Revolut. With over 700,000+ hotels to choose from in 200+ countries, you're sure to find the perfect hotel for your next trip. Get exclusive rates and pay no booking fees on all your hotel bookings.

Features:

  • Up to 10% cash back on hotels
  • Choose from 700,000 different hotels
  • No additional booking fees

Insurance

Pet

Get affordable coverage for your pet with Revolut. With its comprehensive plans, you can choose the level of coverage that's right for you and your pet. Get access to 24/7 video online vet support, medical care while abroad, and compensation if your pet goes missing or passes away.

Features:

  • 24/07 video online vet support
  • Medical care while abroad
  • Compensation if your pet goes missing or passes away

Purchase Protection

With Revolut's purchase protection (Available for all paid plans), you can be reimbursed up to $600 per item if your purchase is damaged or stolen within 120 days of the date of purchase. You can also extend your warranty by up to an additional 24 months on all eligible purchases.

Features:

  • Reimbursed up to $600 per item
  • Extended warranty on eligible purchases

Open Account

How To Open A Revolut Account

Revolut Sign Up Page

How to sign up for a Revolut account and get a $10 bonus when you link a funding source and make a qualifying debit card purchase of $1 or more.

Total Time: 5 minutes

Sign Up

Sign up for Revolut and enter your phone number.

Download The App

After entering your phone number, download the Revolut mobile app.

Enter Your Personal Details

Enter your personal details like your full name, residential address, SSN, and email.

Link A Funding Source

Link an existing bank account you have to your new Revolut account, so you can fund the account.

Complete Set-Up

After you fund the account, order a free debit card and make a qualifying purchase of $1 or more to get your $10 sign-up bonus.

Fees

Revolut Fees & Plans

Standard

Price:$0.00/mo
Out-Of-Network ATM Limits:200.00/mo
Metal Card:No
International Transfer Discount:0.00%
Crypto Exchange Fees:2.5%
Commodity Exchange Fees:1.5%
Fee-Free Currency Exchange Limits:$1,000.00/mo
Hotel Cashback Rate:3.00%
Airport Lounge Access:No
Purchase Protection:No
Data From Revolut

Premium

Price:$6.99/mo
Out-Of-Network ATM Limits:400.00/mo
Metal Card:No
International Transfer Discount:20.00%
Crypto Exchange Fees:1.5%
Commodity Exchange Fees:0.5%
Fee-Free Currency Exchange Limits:Unlimited
Hotel Cashback Rate:5.00%
Airport Lounge Access:Yes + 1 guest
Purchase Protection:Yes
Data From Revolut

Metal

Price:$12.99/mo
Out-Of-Network ATM Limits:1,200.00/mo
Metal Card:Yes
International Transfer Discount:40.00%
Crypto Exchange Fees:1.5%
Commodity Exchange Fees:0.5%
Fee-Free Currency Exchange Limits:$1,000.00/mo
Hotel Cashback Rate:3%
Airport Lounge Access:Yes + 3 guests
Purchase Protection:Yes
Data From Revolut

Bonus

Revolut Bonus

$10 Sign-Up Bonus Exclusive

Revolut is offering an exclusive $10.00 bonus to SmartWealthTrends' readers. To get the bonus simply sign up, link a funding source, and make a purchase with the debit card!
We may be compensated for links clicked on this post.

Compare

How Does Revolut Compare?

Pros
Cons
Sofi Logo
SoFi Bank
SIGN UP
Pros
Zero fees or account minimums
Banking, loans, & More All In One
Sign-up bonus (Currently at $300)
Cons
No physical locations
Need direct deposit to get 2.50% APY
Live support can be slow
CIT Bank Logo
CIT Bank
SIGN UP
Pros
Zero monthly fees
High APY savings account (2.40% APY)
Free ATM reimbursements (Up to $30/mo)
Cons
No physical locations
No ATM network
Mobile check deposits sometimes take a while to clear
Fifth Third Bank Logo
Fifth Third Bank
SIGN UP
Pros
Has physical branches
Highest sign-up bonus ($250)
24/7 live support
Cons
Only available in 11 states
Some accounts don't earn high-interest
Service fees can be high

Revolut Vs. SoFi Bank

Revolut and SoFi offer many similar services such as free ATM withdrawals, no foreign transaction fees, and the ability to send money internationally. However, there are some key differences between the two companies. SoFi offers a higher interest rate on its savings account (up to 2.00% APY) and also offers lending products like personal loans, student loans, and a credit monitoring service. However, if you plan on traveling a lot and want to exchange different currencies, we recommend Revolut.

Revolut Vs. CIT Bank

CIT Bank is a traditional bank that offers many products such as checking and savings accounts, CDs, and IRAs. However, it does not offer the same features as Revolut such as free ATM withdrawals, the ability to send money internationally with no fees, or purchase protection. If you are looking for a more traditional banking experience with fewer fees, CIT Bank may be a good option for you. However, if you are looking for more features that are all in one app, we recommend Revolut.

Revolut Vs. Fifth Third Bank

Fifth Third Bank is a traditional bank that offers many products such as checking and savings accounts, CDs, and IRAs. However, it does not offer the same features as Revolut such as purchase protection, the ability to send money internationally with no fees, or purchase protection. If you are looking for a more traditional banking experience with

Bottom Line

Should You Sign Up For Revolut?

If you are looking for an all-in-one baking solution with great international features like fee-free ATM withdrawals and the ability to send money abroad with low fees, then Revolut is a great option for you. Additionally, if you frequently travel or stay in hotels, Revolut can offer great discounts and cash back offers. However, if you are looking for a more traditional banking experience or higher interest rates on your savings and checking accounts, there are other better all-in-one banking options available.

FAQ

Revolut FAQ

How To Buy Stocks With Revolut?

Revolut offers the ability to buy, sell, and hold stocks and ETFs with no commission fees. To do this, simply sign up for a Revolut account and link a funding source. Then, you can search for the stocks or ETFs you want to buy and hold them in your account. When you want to sell, you can do so with just a few taps.

Is Revolut Safe And Secure?

Yes, Revolut is safe and secure. It is a regulated financial institution and all your money is FDIC insured up to $250,000. Additionally, Revolut uses state-of-the-art security measures to keep your money and data safe.

What Is The Revolut Debit Card?

The Revolut debit card is a Mastercard that can be used to make purchases anywhere Mastercard is accepted. Additionally, the Revolut debit card offers free ATM withdrawals, no foreign transaction fees, and cash back rewards.

Revolut Bank Review [2022]: Pros, Cons & Who It’s For
Revolut Bank Review [2022]: Pros, Cons & Who It’s For

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