Are you on the hunt for a new current account? Or are you looking for a card that allows you to spend money abroad without any fees? Then take a look at this Revolut review to see if it’s the right account for you.
I’m not sure about you, but one of the last things I think of when booking my holiday is how I will spend when I get there. But the chances are, you won’t want to take a load of cash with you on the plane.
And if you decide on taking your debit card, every time you withdraw cash you’ll be probably be charged a hefty fee.
You could change money at the airport when you arrive, but you will always get terrible value. So why not try the Revolut account?
Who is Revolut?
Revolut was founded back in 2015 by Nikolay Storonsky and Vlad Yatsenko. Revolut’s aim was to “build a fair and frictionless platform to use and manage money around the world”. Basically, they wanted to offer a decent alternative to traditional banking.
Revolut is known as a challenger bank. They don’t have physical branches and your account controlled using an app on your phone. The app allows you to load and withdraw funds from your current account to the card in seconds.
You can then use your Revolut card to make purchases just like any other card.
Why use it?
The greatest benefit to Revolut is when it comes to foreign currency. When spending abroad, the card uses the best exchange rates available (the interbank rate). That means, there aren’t sneaky charges every time you spend. You can also withdraw £200 fee-free from ATM’s every 30 days.
You can hold multiple currencies (up to 16) on your card at any one time. Meaning, when you get home from holiday, you could transfer your money back into pounds and spend the rest here. Alternatively, you could switch Euros to Dollars, ready for your next holiday without having to shell out on two lots of fees.
How much does Revolut cost?
Revolut offers 3 types of accounts – Standard, Premium and Metal.
Standard is free, Premium costs £6.99 per month and Metal £12.99 per month. Obviously, paying a monthly fee comes with added benefits.
- Free UK current account
- Free Euro IBAN account
- Spend in over 150 currencies at the interbank exchange rate
- No fee exchange in 29 fiat currencies up to £5,000 per month
- No fee ATM withdrawals up to £200 per month
As above, plus:
- No fee ATM withdrawals up to £400 per month
- Overseas medical insurance
- Delayed baggage & delayed flight insurance
- Global express delivery
- Priority customer support
- Instant access to 5 cryptocurrencies
- Premium card with exclusive designs
- Disposable virtual cards
- LoungeKey Pass access
As Standard, plus:
- No fee ATM withdrawals up to £600 per month
- Exclusive Revolut Metal card
- 0.1% cashback within Europe and 1% outside Europe on all card payments
- Exclusive concierge service
Other Revolut benefits
Revolut also comes with a handy budgeting and analytics tool. The app can analyse how much you spend and where you spend it and breaks it down into categories.
And if you want tighter control on your money, you can set yourself budgets – either as an overall amount for the month or by breaking it down into smaller categories.
For example, you could set yourself a budget of £200 per month on groceries, £50 on travel and £50 on restaurants. Revolut will keep you posted on how your budgeting is getting on or failing miserably in my case.
And should you ever lose your card, Revolut allows you to freeze it from the app. Then, when you realise you left it on the side in the kitchen, you can unblock it again.
From your Revolut dashboard, there are options to arrange insurance for your devices or overseas medical insurance. You can even apply for credit – for as much as £25,000. However, at 12.9%, there are cheaper options out there.
Any downsides to the Revolut card?
The £200 you can withdraw from an ATM isn’t great. Anything more, and you will be charged a 2% fee. For short stays, this shouldn’t be a problem. However, for larger families staying away for a couple of weeks, £200 will probably not be enough cash to see you through. If this is the case, you may need to look at taking some extra money out with you.
Although the paid for options offer some nice benefits, most are only suitable for frequent travellers. So if you’re often abroad for business or just happen to holiday a lot, it’s definitely worth considering an upgrade.
The cashback may tempt you from the Metal card at 1% cashback with every purchase you make, especially compared to other cashback cards. However, that’s only outside of Europe. Purchases within Europe only earn you 0.1%.
My Revolut review conclusion
I think a Revolut card is a great option. Here, you can sort out almost all your financial needs for travelling abroad through just a few touches of a button. The standard option is a great way for you to find out the good points of the card without having to pay a monthly fee.
If this Revolut review has interested you, find out more by visiting the Revolut site.
If you need a card which will give you a little more cash when abroad, take a look at my review of the Halifax Clarity card