Revolut offers an everyday account for global fee-free spending. Here’s what you need to know.
- Low-cost money exchanges
- Free ATM withdrawals
- Analysing your spending
- Holding multiple currencies
Not suited for
- Withdrawing large amounts
- Earning interest on your savings
What to know about Revolut
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.
|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|
What does Revolut offer in Australia?
Revolut's app and everyday account is currently available for download in Australia.
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 three different account options to choose from: Standard, Premium or Metal.
|Standard: $0 per month||Premium: $13.99 per month||Metal: $22.99 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 15 fiat currencies with no exchange fees||Unlimited money transfers between 15 fiat currencies||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)||Withdraw up to $1050 a month with no ATM fees (after this a 2% fee applies per withdrawal)|
|Global express delivery of your Revolut card||Global express delivery of your Revolut card|
|Exclusive Revolut premium Metal card|
|Earn up to 0.1% cashback when using your card in Australia, and up to 1% cashback when using your card overseas.|
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 24 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.
Is Revolut right for you?
Not sure if Revolut will suit your needs? Weigh up the following before you sign up for a Revolut account:
- Low-cost global spending. You can benefit by spending at the interbank exchange rate globally and withdrawing cash at ATMs around the world with no international ATM fee. You’re also able to transfer money to bank accounts in over 130 countries and save up to 8% by being charged the real exchange rate.
- Buy, hold, trade and transfer multiple currencies. The account supports 24 fiat currencies. Revolut promises the best possible exchange rate for trading.
- Analyse and track your spending. Revolut will automatically categorise your transactions and send you instant payment notifications to help you budget.
- Card limits. You're only able to make fee-free ATM withdrawals up to $350 per month, after which a 2% fee kicks in. A 0.5% fee also applies to money transfers over $9,000 per month (Standard account).
- No free express delivery. Free express delivery isn't available on the Standard account, only on the Premium and Metal accounts.
- No interest earned on savings. Revolut allows users to save money in "Vaults" by rounding up purchases. However, you will not earn any interest by holding money in your Vault.
Is Revolut safe?
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.
How to sign up for Revolut in Australia
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.