- Low-cost money exchanges
- Free ATM withdrawals
- Analysing your spending
- Holding multiple currencies
Not suited for
- Withdrawing large amounts
- Earning interest on your savings
|Product Name||Revolut Account|
|Supported Currencies||AUD, USD, GBP, CAD, NZD, JPY, CHF, SEK, DKK, NOK, PLN, HUF, RON, TRY, ILS, HKD, SGD, ZAR, MAD, QAR, AED, THB, INR, EUR|
|International ATM Fee||$0|
|Licensing||Partnered with an institution that holds a licence|
Revolut launched in July 2015 and currently has over 3 million customers throughout Europe, the UK and Australia. It offers a range of products focused on travel and spending, but its main product is a transaction account and a card that allows for international transfers and simple global spending.
Revolut's app and everyday account is currently available for download in Australia.
The Revolut personal account allows you to spend your money all around the world. When you spend you will be charged the real interbank exchange rate, which is the rate the banks use to buy and sell currency themselves, and you’re also able to make free international ATM withdrawals up to $350 a month on the Standard Account after which a 2% fee applies.
There are two different account options to choose from: Standard and Premium
|Standard: $0 per month||Premium: $10.99 per month|
|Spend in 110+ currencies at the real exchange rate||Spend in 110+ currencies at the real exchange rate|
|Transfer up to $9000 a month between 15 fiat currencies with no exchange fees||Unlimited money transfers between 15 fiat currencies|
|Withdraw up to $350 a month with no ATM fees (after this a 2% fee applies per withdrawal)||Withdraw up to $700 a month with no ATM fees (after this a 2% fee applies per withdrawal)|
|Global express delivery of your Revolut card|
The following features are on offer from Revolut:
Not sure if Revolut will suit your needs? Weigh up the following before you sign up for a Revolut account:
Revolut has not released details of its banking licence, but it's using the Australian Financial Services Licence of a yet unnamed bank. This bank will be responsible for your transactions and funds. In terms of safety and security, Revolut offers 24/7 customer service line or use its in-app chat service. You're able to lock and unlock your card if it is lost or stolen and you can also utilise its innovative location-based security feature.
You can join Revolut by clicking through the "Get the App" button on its website. The app is available for download on both Apple and Android devices.
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