Revolut is a mobile-only neobank that started in the UK. As of 2020, the firm is now offering accounts in the US.
Revolut has been around across the pond since 2015, where it’s known as a “challenger bank.”
Similar to the banking industry in the US, these modern, tech-focused banking solutions are becoming increasingly common in Europe.
Since opening, it has exploded and now has over 15 million customers in more than 35 countries.
In this post, you’ll get a look at everything that the US version of Revolut brings to the table.
Revolut Personal Banking
Revolut’s personal banking product is an all-in-one account that comes in three tiers — Standard, Premium, and Metal.
The Revolut Standard account is its only free checking account option. There’s no monthly fee, and you get a free debit card, plus fee-free ATM withdrawals on up to $300 (USD) in cash per month.
You’ll also have access to two cryptocurrencies and one Revolut Junior account for your kid.
Revolut Premium comes with everything included in the Standard account option, plus a bit more.
ATM fees are reimbursed on withdrawals up to $600 per month, and you’ll also get added perks like overseas medical insurance, global express delivery, and priority customer support.
On top of that, there’s a premium card with exclusive designs, disposable virtual cards, LoungeKey Pass access, and free lounge passes if you end up with a significantly delayed flight.
You’ll pay a monthly fee of $9.99 for the added benefits, and unfortunately, there’s no way around it.
Metal is Revolut’s highest-tier account and is basically an elevated version of Premium.
The monthly fee is $16.99, which will hook you up with $1,200 per month in free ATM withdrawals, delayed baggage and flight insurance, and an exclusive contactless Revolut Metal card. The account also comes with one free SWIFT transfer per month.
A SWIFT code is a number that identifies a bank and the country that it’s located in. It’s similar to an International Bank Account Number (IBAN), and you’ll use it to send or receive transfers internationally.
Revolut doesn’t offer a separate savings account, but with Savings Vaults, you can still stash money away and earn interest.
Here’s a look at the APY available with each account tier:
- Standard: 0.10% APY
- Premium: 0.14% APY
- Metal: 0.14% APY
These interest rates aren’t exactly eye-popping, especially for a digital bank, but Revolut throws in a bonus opportunity that makes them a little more enticing.
Here’s how it works:
When you set up a direct deposit and spend with your Revolut card, you’ll earn a bonus rate of 4.50% on top of the base interest rate for up to the amount that you spend each month.
For example, if you have a Standard account with $10,000 in your Savings Vault, you’ll earn $15 per year in interest. If you also spend $1,000 in card payments per month, you’ll earn an additional $45 per year.
With a grand total of $60, this makes your Savings Vault equivalent to high-yield savings account with an APY of 0.60%. Plus, if you upgrade to Premium or Metal or increase your monthly spending, the rate climbs even higher.
The other benefit of a Savings Vault is that because it isn’t a traditional savings account, you don’t have to worry about withdrawal limits.
You’ll have full access to take money out of your Savings Vault at any time. To move money into your Savings Vault, you can set up recurring transfers or use round-ups to put aside the remainder of your card purchases automatically.
Revolut Junior is a bank account designed for kids aged 12 to 17 and is controlled by a parent or legal guardian.
Revolut Junior is only available to the children of current Revolut customers, and depending on your account tier, you’ll get access from 1 to 5 available Junior accounts.
You can set custom spending limits and get alerts in real-time, and you can freeze the card at any time.
There’s even a dedicated Revolut Junior app, which allows kids to learn about banking and independently manage their accounts.
Revolut Business Banking
Revolut offers business accounts for companies at various stages of growth. Each account option comes with free payments to other Revolut accounts, company cards, recurring payment dashboards, and fee-free spending in more than 150 different currencies.
There are three tiers, Free, Grow, and Scale. Here’s a quick overview of each one:
Free is, you guessed it, a free bank account with no monthly fee. The account also comes with five free local payments per month and fee-free account access for up to 10 team members.
That said, the account isn’t entirely without cost — you’ll pay a $3 fee for any international payments, and there’s a 0.4% markup on any foreign currency exchanges.
Grow costs $39.99 per month, which might seem like a big jump until you factor in the added benefits.
With Grow, you’ll get 10 free international payments per month, 100 free local payments, and up to $10,000 in free foreign currency exchanges.
You’ll also have the added flexibility to grant free account access to up to 30 team members.
Scale comes with another steep climb in pricing, with a monthly fee of $149.99.
For the added cost, your business will have access to 50 free international payments, 1000 local payments, and up to $50,000 in foreign exchange.
Revolut’s banking platform exists entirely within the Revolut mobile banking app. This means that everything you need, from account maintenance to payments to financial tools, is accessed from your smartphone. Revolut has no physical branches or ATMs, so customers don’t have access to in-person support.
Considering that Revolut is so mobile-focused, it’s no surprise that the mobile app is top tier whether you use Apple or Android. The app currently holds a rating of 4.7 stars (out of 5) in the App Store and 4.6 stars (out of 5) in the Google Play Store.
Since Revolut doesn’t have any in-house ATMs, customers are reimbursed for ATM fees.
Depending on which Revolut account you open, you’ll have a certain amount of cash you can withdraw per month for free.
As a globally-positioned institution, Revolut has a number of features in place to ensure that travelers, ex-pats, and immigrants are covered.
With a Revolut account, you have the option to hold, exchange, or send money in 28 different currencies.
Revolut offers fee-free transfers to more than 30 countries, and you’ll always get the interbank exchange rate when you need to make a major fiat currency exchange.
Early Direct Deposit
When you set up direct deposit, you can get your paycheck in your Revolut account up to two days early.
Unlike traditional banks that typically have a holding period while the money clears, Revolut issues your paycheck as soon as your employer makes the payment. You’ll also get a notification as soon as it’s deposited.
A lot of what Revolut aims to accomplish centers around the idea of a financial “superapp,” a one-stop-shop for all of your financial needs. While you might be used to using external apps like Venmo or Splitwise for payments, Revolut provides the same services within its app.
With Payments, you can easily send and receive money between other Revolut users. Another neat feature is Group Bills, which simplifies tracking and settling up shared expenses.
Budgeting & Savings Tools
Revolut uses analytics to help you set a budget and stick to it. Live tracking, analysis, and notifications can help you stay the course.
Savings Vaults lets you set goals and maximize the money you put aside based on how much you spend with your Revolut debit card (more on this in a bit). You can even set up a Group Vault for shared goals like a vacation.
When you spend with your Revolut card, which will be either a Visa or Mastercard depending on your location, you’ll get cash back and discounts from various companies and brands.
Like a rewards credit card, you’ll get exclusive offers from certain vendors, and once you make a transaction, the reward automatically credits to your Revolut account. Discounts are tailored to each customer’s buying habits and are instantly applied.
Revolut makes crypto trading a little simpler by being a crypto-friendly bank.
You can instantly buy, sell, or send cryptocurrencies from the Revolut app, and you can keep an eye on trends in the market.
At the moment, Revolut only supports Bitcoin, Bitcoin Cash, Ethereum, and Litecoin, but more options are on the way.
When it comes to pricing, Revolut doesn’t have much in the way of hidden fees. But there are some fees to watch out for.
If you’re looking for a free online account, you can definitely use Revolut to get it, but you won’t have access to its full suite of financial services.
Each account option with Revolut comes with a monthly fee, with the exception of the Standard account.
Unlike most banks, there’s no way to avoid the banking fees, so it’s important to figure out if the value added by additional features is enough to justify the monthly cost.
The modest APY increase between Standard and Metal likely isn’t enough to cover the fee, so be sure to think hard about whether or not the perks are worth it.
There are no overdraft fees with Revolut, but this is aided by the fact that you aren’t able to overdraft your account. If you try to spend more than your available balance, your card will just decline.
Revolut reimburses ATM fees for each account, but only to a certain point. If you go over the withdrawal limit for your chosen account in a given month, you’ll be subject to whatever fees the ATM charges, plus a 2% fee from Revolut.
Keep in mind how much cash you tend to take out, and go with the account option that suits your lifestyle best.
If you happen to go over your withdrawal limit halfway through the month, it might be a good idea to take out a larger sum of cash when you need it. This way, you'll only pay one ATM fee rather than having to go back and pay a fee each time.
Signing up with Revolut is about as simple as it gets. You can head to the Revolut website or straight from the app, and once you verify your phone number, the application process can be completed in minutes.
All you need is a valid ID, Social Security Number, and an existing account for funding with a bank transfer, and you’ll be good to go.
Revolut doesn’t run a credit check when you sign up for a new account, so no need to worry about dings to your credit score.
Unfortunately, Revolut doesn’t currently offer any sign-up bonuses for new accounts.
There used to be a referral bonus up for grabs – where existing customers could earn $50 by sharing Revolut with their friends and family – but that has ended.
Online security is a top priority for Revolut, and it has plenty of tools in place to keep you safe while banking on the go. All Revolut accounts are FDIC-insured through its partner banks.
Revolut also utilizes biometric authentication, an anti-fraud system, and customizable card features like freezing and contactless payments.
When you need support with your Revolut account, your best bet is the in-app chat, which is available 24/7. Premium and Metal users get priority access, and the chat should be able to serve most of your banking needs.
You can also call, but the phone line is automated and only offers limited support like card freezes and recorded information. If you have an issue that’s less pressing, you can head over to Revolut’s online help center, which is full of troubleshooting guidance and FAQs.
Revolut seems to have a solid reputation when it comes to service with its current account holders. The bank has a 4.3-star (out of 5) on TrustPilot, but it’s important to note that these reviews are not specific to the US version of the app.
Pros & Cons
- Great for international travelers
- High APY bonus
- Automatic discounts and rewards
- Leading-edge digital banking features
- High monthly fees for premium accounts
- Some features aren’t yet available in the US
- No physical locations
- No sign-up bonus
Alternatives to Revolut
Revolut, along with UK competitors Monzo and Starling, is what’s known as a challenger bank.
These online banks aim to compete with big, traditional banks by providing a seamless, low-cost digital banking experience.
In the US, we’re seeing the exact same trend. Some of the more popular online-only banks to check out include:
Each of these options provides tech-forward banking solutions at a fraction of the cost of the big guys.
Is your money safe with Revolut?
Yes, your money is safe in a Revolut account. Revolut US partners with Metropolitan Commercial Bank, a member-FDIC institution that provides insurance for deposits up to $250,000.
How much does Revolut cost?
It depends on the account you choose. Like most online banks, Revolut has a free account option that you can open without paying a dime. That said, if you want to take advantage of expanded features like travel insurance and unlimited money transfers, you’ll pay $16.99 for its Metal account.
How does Revolut make money?
Aside from the obvious revenue generators like monthly account fees, Revoult (along with most fee-free platforms) earns revenue through transaction fees.
What countries is Revolut available in?
Revolut is available in all member countries of the European Economic Alliance (EEA), plus the US, Japan, Switzerland, Australia, Canada, and Singapore.
Is Revolut Right For You?
Revolut is unique as a British bank trying to make its mark in the US. Its platform is positioned as a truly global option, so whether you’re spending in Euros, GBP, or USD, you’ll be set.
With digital tools for budgeting and saving, crypto trading, and a fresh approach to earning on interest, you’ll find an innovative banking option that deserves some attention — especially for frequent travelers and ex-pats.
That said, Revolut’s pricing structure doesn’t quite compete with some of its American contemporaries. The features are exciting, but to take full advantage of them, you’ll end up paying a monthly fee.
As Revolut continues to develop its US brand, it will be interesting to see how things evolve over time.
Now that you know what to expect, it’s up to you to decide if Revolut’s modern banking platform makes sense for you.