Revolut offers an everyday account for global fee-free spending. Here’s what you need to know.
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.
Account keeping fee
ATM withdrawal fee
Overseas ATM withdrawal fee
Revolut's app is currently available for download in Australia. You'll be asked to join the wait list, and when you're at the top you'll get a notification inviting you to create your new account.
Revolut Personal Account
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||Metal: $24.99 per month|
|Spend in 110+ currencies at the real exchange rate||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 27 fiat currencies with no exchange fees||Transfer up to $20,000 a month between 27 fiat currencies with no exchange fees||Unlimited money transfers between 27 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)||Withdraw up to $1400 a month with no ATM fees (after this a 2% fee applies per withdrawal)|
|Instant access to 6 cryptocurrencies||Global express delivery of your Revolut card||Global express delivery of your Revolut card|
|You can add a Revolut Junior account for 1 child||Instant access to 6 cryptocurrencies||Exclusive Revolut premium Metal card|
|You can add a Revolut Junior account for 2 children||Earn up to 0.1% cashback when using your card in Australia, and up to 1% cashback when using your card overseas.|
|You can add a Revolut Junior account for 5 children|
What are Revolut's features and benefits?
The following features are on offer from Revolut:
- Simple spending while overseas. Revolut allows you to spend and transfer money around the world while charging you the real exchange rate. You can also make free international ATM withdrawals up to $350 for the Standard account. Anything above this you will pay a 2% fee.
- Buy, hold and exchange multiple currencies. You can hold and exchange 27 fiat currencies in your Revolut account.
- Set up recurring payments. If you have regular payments such as rent, utility bills, credit card bills or anything that isn't automatically direct debited from your account, you can set up recurring payments in Revolut so you don't forget to pay.
- Send and request money within the app. Revolut allows you to send money as well as request it from your friends directly within your revolut app. You can also attach notes, images and gifs when you ask to get paid or make a payment.
- User-friendly app. The app is intuitive and you can manage all of your card and account needs in it. It will automatically categorise your spending, send you instant payment notifications and give you a detailed view of your transactions.
- Security. You can "freeze" and "unfreeze" your card instantly in your Revolut app if it is lost or stolen. You're also able to turn on location-based security, so your card's payments will be blocked if your card is used in a different location to where you are.
How to apply
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. After you've downloaded the app, you'll be asked to join the wait list. When you're at the top of the list, you'll get notified by Revolut and you'll be able to create your new account.