Revolut Review

By | March 2, 2021

Revolut Review (Short Description) : In the review, we elaborate on what is Revolut, its banking features, how to open an account, minimum charges, pros and cons, and is your money safe or not in Revolut.

Revolut Review

What is Revolut?

Revolut is known for its digital banking services. It started as a card providing company at cheaper exchange rates, now it is operating as a full fledged bank. Now it is the fastest growing digital bank providing a wide amount of features and services. It also supports commodity and crypto-currency investments. Revolut offers everyday financial services at your fingertips. 

Revolut provides you with a visa and mastercard so that you can make online and in-shop transactions at ease. Not only this it also provides plenty of other exciting tools, like; you can create your own savings goals, make investments, do trading at mid-market rates and many more. It has listed shares of 750+  U.S companies.


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What stocks can you trade?

Revolut gives access to only two exchanges : New York Stock Exchange (NYSE) and the NASDAQ, which means you can not invest in other markets. 

Stocks include :

  • Nike
  • Tesla
  • IBM
  • Microsoft
  • Amazon
  • Facebook
  • Disney
  • JPMorgan
  • Apple
  • Google
  • Square

These are some of the  listed companies, as mentioned earlier Revolut gives access to  750+ companies. And with that it also adds new stocks on a regular basis.  

Revolut account opening

Opening a Revolut account is super easy. You have to fill in your information and have to put a snapshot of documents required for verification. And now you’re done with your account, you’ll receive your card a few days later by post.

Revolut is available in the United States of America (USA), Australia and Switzerland. 

Current account is available in 28 types of currencies : AED, AUD, BGN, CAD, CHF, CZK, GBP, HKD, HRK, ILS, ISK, JPY, MAD, MXN, NOK, NZD, PLN, QAR, RON, RSD, RUB, SAR, SEK, SGD, THB, TRY, USD, ZAR.

35 Currencies are available to trade in using the app : AED, AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, IDR, ILS, INR, ISK, JPY, MAD, MXN, MYR, NOK, NZD, PHP, PLN, QAR, RON, RSD, RUB, SAR, SEK, SGD, THB, TRY, USD, ZAR.

You can top up your Revolut account in 15 currencies: AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, JPY, NOK, PLN, RON, SEK, USD, ZAR.

Cryptocurrency you can trade in Revolut trading app : Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, Stellar.

Revolut Trading Account types

As mentioned above Revolut accounts can be opened easily with just some information and snapshots of required documents (Govt. Id’s). Once you are done with the registration process you will be automatically redirected to Standard Revolut Account which is completely free.

The Standard or free account allows you to make 3 commission free trade each month. You can also trade in crypto currency and commodities at a less favourable commission rate through Standard account as compared to premium or paid account.

There are two types of paid account provided by Revolut app; Premium and Metal. 

Revolut Review

Premium account charges  €7.99/£6.99 monthly.

It provides:

  • No limit on currency exchange rate
  • Priority customer support 
  • Global express delivery 
  • 0.25% commodity trading commission
  • 1.5% cryptocurrency trading commission

Metal account charges €13.99/£12.99 monthly. It is the most expensive plan provided by Revolut.

It provides :

  • Limitless number of commission-free stock trades per month
  • 0.25% commodity trading commission
  • 1.5% cryptocurrency trading commission
  • Junior accounts for up to 5 kids

Card fees :

If you opted for a free plan it charges €5.99/£4.99 to deliver a card. On the other hand, this service is free for premium account holder.

ATM fees :

Up to  €200/£200  monthly, withdrawal is free, but 2% is charged after the amount specified.


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Revolut features

  1. You can set monthly budgets and spending goals.
  2. Round Up Debit card purchases.
  3. Send money requests to other Revolut users instantly and for free.
  4. You can use Google Pay in some countries
  5. It also provides loans and insurances. 
Revolut features
ConsPros
Not much for experienced usersPremium subscription offers perks
Inability to withdraw crypto currency from
Revolut wallet
Provides an array of features
Poor customer serviceHandy for inexperienced users
Less features for Standard account holderMinimum investment of just $1

Customer Service

Live chat is available 24/7, and phone support is limited for the purpose of blocking cards only. 

Revolut customer service

Is Revolut Safe ?

The safety of customer funds at Revolut is an interesting talking point in the online space.  But before diving into the explanation one has to know that they are operating under which regulatory body.

For example, those in Europe – but excluding Ireland and the UK, will benefit from Revolut’s status as a ‘bank’ in Lithuania. In turn, this means that you will be eligible for the European Union’s Central Bank’s Deposit Guarantee Scheme (DGS).

For those unaware, this would cover your money up to the first €100,000 in the event Revolut went bust.  In the UK and Ireland, you are covered by the Financial Conduct Authority (FCA).

But, this protection does not include the UK’s Financial Services Compensation Scheme (FSCS) – which normally covers you up to the first £85,000.

The reason for this is that FCA authorized Revolut as an e-money provider and not a bank.  On the flip side, Revolut must keep your money in segregated bank accounts. For this purpose, Revolut uses Lloyds.

This ensures that Revolut is not able to use client funds for its own day-to-day operations. Is this a surefire safeguard? Unfortunately not. With that, there is no reason to believe that Revolut will run into financial difficulties – but of course, this is never guaranteed.


FAQ’s

What happens if my balance goes negative?

In some instances, offline transactions or Revolut fees for services such as Premium and Device Insurance can lead to your balance dropping below zero.
According to Revolut’s Terms & Conditions, if for any reason you have a negative balance, you agree to immediately add the required amount to correct the negative balance.
Revolut will notify you following a negative balance, and allow you up to 7 business days to add money. After that, Revolut will attempt to correct the balance automatically by exchanging funds between accounts or adding money from your registered card.
Add money automatically to keep your balance positive!

Can I transfer my account from/to another broker?

At the moment, you cannot transfer your investments into or out of your Revolut account. However, account transfers are on the roadmap.

How do I connect an existing Revolut card?

If you have received an unpersonalised physical card given to you by a member of our team, go to the ‘Cards’ tab of the app, click the ‘+’ icon, and then and choose the option choose ‘Already got a card? Link it here’.. Enter the 16-digit number on the front of your new card or scan your card details by tapping the ‘Camera’ icon.
You can re-link a card that has previously been reported lost or stolen this way.

How do I activate a card?

In order to activate your Revolut card, you need to verify your identity.
We’d ask you to submit a government-issued photo ID, a selfie, and sometimes a proof of your residency. The whole process normally takes less than 5 minutes.

Once your physical card arrives, you’ll just need to activate it by making a chip and pin payment in a physical terminal. It can be either a shop terminal or an ATM

Revolut Review

8.5

Products Offered

9.0/10

Account opening

9.5/10

Fees

8.0/10

Customer Service

7.5/10

Pros

  • Provides lot of features
  • Beginner friendly
  • Minimum investment

Cons

  • Not for experienced user
  • Poor customer service
  • Less features for Standard A/C

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