Revolut Review – Digital Bank 2021

By | June 16, 2021

In the article, we elaborate on Revolut, its banking features, how to open an account, minimum charges, pros and cons, and whether your money is safe or not in our complete Revolut Review.

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 operates as a full-fledged bank. Now it is the fastest-growing digital bank providing a vast amount of features and services.

It also supports commodity and cryptocurrency 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, but it also includes plenty of other exciting tools, like; you can create your own savings goals, make investments, do trading at mid-market rates, and many more. In addition, 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 :

  1. Nike
  2. Tesla
  3. IBM
  4. Microsoft
  5. Amazon
  6. Facebook
  7. Disney
  8. JPMorgan
  9. Apple
  10. Google
  11. 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 regularly.  

Revolut account opening

Opening a Revolut account is super easy. First, you have to fill in your information and have 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. 

The 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

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 complete the registration process, you will be automatically redirected to the Standard Revolut Account, which is entirely free.

The Standard or free account allows you to make 3 commission-free trades each month. You can also trade in cryptocurrency and commodities at a less favorable commission rate through a Standard account than a premium or paid account.

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

Premium account charges  €7.99/£6.99 monthly.

It provides:

  • No limit on the 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 holders.

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. 
ConsPros
Not much for experienced usersPremium subscription offers perks
Inability to withdraw cryptocurrency 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 its 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 Revolut?

In some instances, offline transactions or Revolut fees for Premium and Device Insurance services 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 add the required amount to correct the negative balance immediately.
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 team member, go to the ‘Cards’ tab of the app, click the ‘+’ icon, and then choose the option to 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 Revolut card?

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 proof of your residency. The whole process typically takes less than 5 minutes.

Once your physical card arrives, you’ll 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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