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Revolut banking review: Mobile platform that is a great option for international travelers

Revolut logo on light purple pattern background with gold coins x1
Revolut is a an app for saving and investing.

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Pros and cons

Pros Cons
  • Free standard account

  • 10 free international wire transfers per month

  • Spend abroad by exchanging currency (140 different currencies available)

  • Early direct deposit on Revolut Account

  • Mobile app only
  • Access to certain features depends on your plan
  • Monthly fees for Premium and Metal ($9.99 and $16.99)
  • Low interest rates on savings account
  • Limited customer support

Revolut Account

The Revolut Account is a prepaid debit card linked to a bank account. There’s no minimum opening deposit and zero monthly service fees. 

You might like this account if you prioritize international banking services. You can easily spend money internationally by exchanging 140 types of currency through the platform. The account also allows you to make 10 fee-free international or domestic wire transfers per month. 

The Revolut Account also has budgeting features that let you round up debit card purchases or set up individual savings goals through Vaults. 

Revolut Savings Vault

When you open a Revolut account, the mobile app also lets you open a Revolut Savings Vault, a type of savings account. The Revolut Savings Vault might be appealing if you’re looking to earn some interest on your money. However, keep in mind some online banks pay higher interest rates.

How Revolut works

Revolut is a British fintech company with an international banking and investing app. Access to certain app features will depend on your monthly plan. Here’s an overview of the US plans: 

Standard (Free) Premium ($9.99 per month) Metal ($16.99 per month)

 

  • Free prepaid debit card with Revolut account features

  • Earn 0.05% on Savings Vault

  • Trade cryptocurrency (commission-free up to $200,000 each month)

 

  • Free Premium prepaid debit card with Revolut account features
  • Earn 0.07% on Savings Vault
  • Disposable virtual cards to make online transactions
  • Overseas medical insurance
  • Get your Premium card in 1 to 3 business days through global express delivery
  • LoungeKey Pass access to over 1,000 airport lounges
  • Free lounge passes for you and one other person if your flight is delayed for more than 1 hour
  • Trade cryptocurrency (commission-free up to $200,000 each month)

 

  • Disposable virtual cards
  • Earn 0.07% on Savings Vault
  • Revolut Metal prepaid debit card with Revolut account features
  • Disposable virtual cards
  • Overseas medical insurance
  • Delayed baggage and delayed flight insurance
  • Express delivery globally
  • LoungeKey Pass access to over 1,000 airport lounges
  • Free lounge passes for you and 3 other people if your flight is delayed for more than 1 hour
  • Trade cryptocurrency (commission-free up to $200,000 each month)

Revolut’s mobile app is rated 4.5 out of 5 stars in the Google Play store and 4.7 out of 5 stars in the Apple store.

Customer support is available 24/7 through the platform’s live chat. Revolut only has an automated phone system, so if you have any questions about the app’s services and aren’t a customer yet, you’ll have to search through the FAQ section or send an email.

The Revolut Account and Savings Vault are FDIC insured by Metropolitan Commercial Bank and Sutton Bank.

Revolut trustworthiness and BBB rating

We use ratings from the Better Business Bureau to help determine how a business deals with customer issues. Revolut has a C rating from the BBB due to 55 complaints filed against the business, an unresolved business complaint, and an advertising issue.

The BBB stated that in 2019 it asked the business to verify claims in an advertisement that violated the BBB Code of Advertising. Revolut hasn’t responded to the BBB about the claims made, yet.

Also, keep in mind a strong BBB rating doesn’t necessarily ensure your relationship with a business will be perfect. Talk to customers or read online customer reviews to see if Revolut is right for you.

Revolut vs. Qapital

Revolut and Qapital are two mobile banking platforms. Here’s how the two compare.

The Revolut logo.
Qapital logo FDIC insured

 APY

Revolut Savings Vault

 APY 

Qapital Goals Account

Standout feature

International banking services

Standout feature

Rules provide ample ways to save

Revolut Savings Vault

Qapital Goals Account

Both Qapital and Revolut stand out as alternative options to the traditional brick-and-mortar bank. 

You may prefer Revolut if you’d like to avoid paying international transfer fees. Most banks charge between $40 to $50 per international wire transfer. Revolut provides 10 fee-free international or domestic transfers per month and charges a lower fee if you exceed the monthly free limit.

Qapital may stand out to you if you’re looking for ways to save. While Revolut lets you establish personal goals through Vaults and round up debit card purchases, Qapital provides a plethora of tools called Rules. You can use the 52 Week Rule to save $1,378 during a year or reward yourself with savings by tying your account to Apple Health.

Revolut vs. Wealthfront

See how Fulton Bank stacks up to another digital banking service: Wealthfront.

The Revolut logo.

 

wealthfront logo

APY

Revolut Savings Vault

APY 

Wealthfront Cash Account

Standout feature

International banking services

Standout feature

Competitive interest rate

Revolut Savings Vault Wealthfront Cash Account

You’ll probably prefer Wealthfront if you’re looking for ways to earn more interest on a bank account.

The Wealthfront Cash Account is a high-yield checking account that earns a higher interest rate than the Revolut Savings Vault

You might sway more toward Revolut if you frequently use ATMs. Both banks are connected to the Allpoint ATM network. However, Wealthfront charges a $2.50 out-of-network ATM fee, while Revolut allows you to withdraw up to $1,200 from out-of-network ATMs without charging a fee. 

You also might like Revolut if you’d like to exchange currency easily. You can exchange 140 currencies through the Revolut Account.

Frequently asked questions (FAQ)

Is Revolut safe?

The Revolut Account and Savings Vault are FDIC insured by partner banks. You may safely keep up $250,000 in an individual account, and your money will be protected even if a bank shut down. 

Can I transfer money from my Revolut to a bank account?

You can transfer money from a Revolut Account to another bank account. However, the Savings Vault only allows you to transfer money to your Revolut Account.

What are Revolut card usage limits?

You may withdraw up to $3,000 per day from an Allpoint ATM, or $1,200 from an out-of-network ATM.

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