Revolut Card Review – What gives it the edge?

revolut card review

In an ideal world, you’d be able to book a trip abroad and then simply sit back and look forward to your travel date. 

Unfortunately, this isn’t the case for many of us because we’re busy worrying about all the little details. Passports, travel documents, packing, and making sure pets are going to be looked after are just some of the usual anxiety-inducing issues.

What about money? 

Paying for things abroad can be a real nuisance at times. Banks will often charge you for transactions in a different country, give you unfavourable exchange rates, and will sometimes block your bank account altogether to protect you from potential fraud. The last thing you want when travelling is to be put on hold as you wait to confirm your identity to a customer service advisor. 

Revolut Card Review – The Best Digital Banking Service?

With all of this in mind, having an alternative way to spend money abroad would certainly help to reduce travel stress.

Revolut claims to be the solution to this very problem.

Launched in 2015, Revolut is a digital banking alternative with over 7 million current users. Founded by Vlad Yatsenko and Nikolay Storonsky, Revolut claims to be the perfect banking solution for those looking for a ‘world of better money management’.

But what does that entail? Let’s look at the benefits of using Revolut:

Money Management

One of the first benefits of applying for a Revolut account is that you can do it directly from your phone and it only takes a couple of minutes. With all of the key account features available through the Revolut app, your digital bank is at your fingertips whenever you need it.

Being able to see exactly what you’re spending in real-time allows you to keep on top of your finances. App notifications will give you a heads up whenever money enters or leaves your account. Not only this, you can also set budgets for bills, shopping, and even treats. There’s no need to feel guilty about that Friday night takeaway anymore because you’ll know if it’s in your premade budget or not. 

If you’re looking to save for a big ticket item or simply put some money away where and when possible, you can set the Revolut app to round up your card payments to the nearest whole number, and put the spare change away into a savings pot. For example, if you bought a coffee for £2.70, the app would round it up to £3 and place the spare 30p in your savings account to access whenever you need it.

Travel

revolut card review travel

Revolut boasts many great features but being able to spend money abroad easily is one that really stands out. With a Revolut debit card, you’re able to make payments in over 150 currencies free of charge. 

Not only that, you also receive a better exchange rate than you’d find at most banks or a bureau de change. This is because Revolut customers are provided access to the interbank exchange rate, a special rate that banks offer to each other when exchanging currencies. 

The only small print to look out for here is that you’ll be charged a 0.5% fee on anything over £5,000 per month and a flat mark-up may be charged on the weekend due to the foreign exchange markets not being operational on those days.

If you’re the kind of person who prefers to carry cash with you on your travels, then that’s not a problem. As a Revolut customer, you have access to £200 per month in international ATM withdrawals without fees. Do note, however, that any withdrawals over £200 will be charged a 2% fee.

Protecting yourself and your possessions is always a good idea. With Revolut Travel Ltd, you have the option of obtaining worldwide insurance starting from £1 per day. 

International Money Transfers

Beneficial exchange rates can also be found when transferring money through Revolut. Making use of the interbank exchange rate, you can transfer money abroad in 29 currencies fee-free. Once again, you’ll be charged a 0.5% fee on anything over £5,000 per month and a flat mark-up at the weekend on certain currencies. 

Sending and receiving money couldn’t be easier with the Revolut app. In just a few seconds, you’ll be able to confirm how much money you want to send, leave a note with text or images, and the recipient will rapidly receive the funds. 

Everyday payments can also be made via the Revolut app. All you need to do is set up a recurring payment and your rent, bills, and savings will all be taken care of automatically on their set dates. 

Security  

One of the potential stumbling blocks for a digital banking alternative like Revolut is the fact that people don’t seem to trust a system that doesn’t have a branch on every corner of high streets around the world.

Nevertheless, Revolut provides peace of mind with a magnitude of security features and options that you can tailor to your own preferences. Firstly, if your card is lost or stolen, you can freeze your account in the app. You’ll then be sent a new card and can unfreeze your account in a matter of seconds. 

For a more personalised touch, you can turn certain features on and off within the app. For example, if you don’t want your card to be able to make ATM withdrawals, simply turn the feature off. Don’t like contactless payments? Turn them off. Don’t want to be able to make online payments with your card? Turn them off. Of course, you can turn them back on whenever you like with the press of a few buttons in the app.

Location based security is a fantastic optional feature that offers you increased protection. If your card is used in a different location to the one that you’re currently in, any payments will be blocked, and you’ll be notified. 

Cryptocurrency Exchange

For people who are interested in cryptocurrency investments, Revolut gives you the option to buy Bitcoin, Litecoin, Ethereum, Bitcoin Cash, and XRP directly. 

Real-time charts allow you to analyse current exchange prices, and you can even set up price alerts to let you know when a certain cryptocurrency is valued at a specific price. 

Account Prices

Standard – Free

  • Free UK account
  • Free Euro IBAN account
  • Spend in over 150 currencies at interbank exchange rate
  • Exchange in 30 currencies fee-free up to £5,000
  • £200 international ATM withdrawals fee-free

Premium – £6.99 Per Month

  • Free UK account
  • Free Euro IBAN account
  • Spend in over 150 currencies at interbank exchange rate
  • Exchange in 30 currencies fee-free up to £5,000
  • £400 international ATM withdrawals fee-free
  • Overseas medical insurance
  • Delayed baggage and delayed flight insurance
  • Global express delivery
  • Priority customer support
  • Access to 5 cryptocurrencies
  • Premium card with exclusive designs
  • Disposable virtual cards
  • LoungeKey Pass access

Metal – £12.99 Per Month

  • Free UK account
  • Free Euro IBAN account
  • Spend in over 150 currencies at interbank exchange rate
  • Exchange in 30 currencies fee-free up to £5,000
  • £400 international ATM withdrawals fee-free
  • Overseas medical insurance
  • Delayed baggage and delayed flight insurance
  • Global express delivery
  • Priority customer support
  • Access to 5 cryptocurrencies
  • Premium card with exclusive designs
  • Disposable virtual cards
  • LoungeKey Pass access
  • 0.1% cashback within Europe and 1% outside Europe on all card payments
  • Access to a concierge to help manage your lifestyle

Ultimately, even if you’re looking to make use of the free account option then Revolut boasts some great benefits over standard banking. In the modern world, having access to immediate digital banking information, being able to tailor preferences to your own lifestyle, and having control over key security aspects is a very useful thing. Even without all these extra goodies, the interbank exchange rate makes Revolut a fantastic option for anyone looking to spend money abroad or convert to other currencies.  

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