Revolut Review: What is Revolut and How to Use a Revolut Card

Revolut Review What is Revolut and How to Use a Revolut Card
My Revolut Review
  • Free Account
  • No Monthly Card Fees
  • Free ATM Withdrawals
  • Built-in Budgeting
  • Transfer Money Globally
  • Freeze and Unfreeze Your Cards
  • Exchange Cryptocurrency
  • Trade Commission-Free Stocks
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My Revolut Overview:

I am one of the biggest FinTech fans and enthusiasts! I have used Revolut for the past 2 years and they have saved me hundreds of dollars and euros on international and local transfers. Not to mention how much I have earned by exchanging money withing their app, instead of using my local bank.

Revolut is fast, bold, and free. Even when you have to use a Revolut service with a commission, you pay pennies in comparison to your local bank.

Further, I use Revolut for budgeting, doing all my local and online payments with my two Revolut cards (physical and digital). With the freeze/unfreeze perk, my money is in a safe place.

Go get your card, and if you run a business, there is a special promotion to receive 50 EUR/50 GBP/200 PLN bonus for business accounts.

1) What is Revolut?

Revolut is a digital banking solution that started in July of 2015. Described as a ’digital banking alternative,’ it was created out-of-frustration from existing foreign exchange services that the founder Nicolay Storonsky encountered.

It allows fee-free international money transfers and global spending with access to several cryptocurrency exchange services. It includes over 130 global currencies worldwide with real-time exchange rates that can be transferred to foreign banks for free.

Essentially eliminating extra banking transfer fees and avoiding added ATM fees in the local currencies, you prefer.

What is Revolut Review

2) How Does Revolut Work?

The first step in applying for the Revolut card is the sign-up process via an app that is simple and fast. It verifies an existing bank account that you hold as proof of their initial security checks. You can set-up a Euro or Sterling account in seconds by topping-up your account through your bank card.

You may also choose from three types of services offered from their card selection. After verification, if finished, then you proceed with ID verification via the app with a driving license or Passport ID. The app has a built-in photo comparison to check your image with the ID that you provide.

Once that is verified, you may decide between a physical or virtual card to use. Thought most of us prefer the physical card. In this Revolut review we’ll further tell you why:

2.1) Revolut Accounts

You can view your account history and balances through the app itself, further allowing you to budget your banking needs from one account to another.

The simple app functions further will enable you to have instant at-glance updates for all the currency exchange rates.

2.2) Payments with Revolut

Through the app itself, you can transfer up to 24 various currencies through interbank exchange rates for free to the account of your choosing.

Rates do apply for any transfer over $6,500 (per month) at only 0.5% per transaction. Further charges may be applied on weekends or to selected currencies using their excess limit.

2.3) Split Bills and Pay Friends

Quickly pay friends and relatives at the touch of a button to their bank account. They also offer a split bill’ feature, which allows you to divide multiple payments for your groups easily.

2.4) Analyze Your Spendings

Define and track your spending habits through the selected categories for all transactions and merchants by country to country.

2.5) Manage Your Cards

With Revolut you can use a physical and a virtual card, which is awesome! The Revolut card allows you to control a ‘Freeze’ function. If you happen to lose the card, it can be frozen until your card is found.

Other significant functions include being able to set additional security settings or setting a monthly spending limit.

3) Using Revolut Abroad

The best solution to travel through Europe or to global destinations that allow you to access up to 150 currencies worldwide. Due to their unique feature to transfer for free at interbank rates, you’ll enjoy less applied charges when traveling abroad.

Although there are some fees for higher transfer limits, the Revolut card will save you from excessive banking transfer charges in the long run.

Revolut Review on Mobile App

GET 50 EUR/GBP/200 PLN*

*Go get your card, and if you run a business, there is a special promotion to receive 50 EUR/50 GBP/200 PLN bonus for business accounts.

4) Is Revolut Safe?

In terms of multi-layer safety protocols, Revolut has much to offer. Firstly, they have partnered with the Metropolitan Commercial Bank to ensure the holding of all client funds.

This further ensures the standard FDIC insurances that cover balances worth up to $250,000. All debit card transactions are further protected by the processing rules of such companies like Visa, Mastercard, and Maestro.

Additional security using their app allows you password protection and fingerprint ID through your smartphone. It also allows you to instantly freeze your account if you lose or misplace the card -in seconds.

Unfreezing the card works just the same once you locate where it is. There are available options to switch on/off ATM and contactless payments likewise. Working precisely like GPS, this card offers security-based location sensors.

If your smartphone and card are ever separated from each other while purchase or transaction occurs, you are notified. You then have the authority to block the payment directly through your mobile app.

5) What is Revolut Cryptocurrency?

One of the first digital banking alternatives to feature access to buy and trade cryptocurrencies within the app functions. A total of 5 currency options are offered at the moment for all UK users.

Added analytics lets you track the fluctuations and real market value of crypto coin brands. They offer Bitcoin, Litecoin, Ethereum, Ripple, and Bitcoin Cash – currently.

6) How to Trade Stocks on Revolut

One refreshing aspect of Revolut is the ability to trade stock using the Revolut app. Three options can be chosen to trade stocks for both crypto and stock options from Revolut. These options allow up to $2000 for ETF and Stock commissions per trade.

The app itself also shows you all the latest trade options, such as products offered and even client profiles. You may also trade through the partnering brokers: Robinhood and Freetrade.

The different levels of account holding for your Revolut card will determine how much you are allowed to trade for free or with a small fee attached.

7) The Advantages and Disadvantages of Revolut

No card is free from having proper Pros and Cons attached. While the Revolut card has solutions for many finance-related services, you might like to know what they happen to be?

Here is what out Revolut review has to present:

7.1) Revolut Advantages:

  • 0% is charged for all foreign exchanges;
  • 29 global currencies with real-time exchange rates or hidden fees;
  • Free ATM withdrawals from all abroad bank automats (allowing 200-600 Euro per month);
  • A Mastercard debit card service that is recognized globally;
  • Card payments in local currency in countries that can save you further in processing fees;
  • Financial protection up to 100,000 (Euro/USD) as with other FDIC or EDIS banking insurances;
  • Added card securities such as freezing, unauthorized card usage, and payment controls;
  • Budgeting controls to analyze and customize personal spending.

7.2) Revolut Disadvantages:

  • No physical bank tellers you can speak to face-to-face (only 24/7 online support, for some, this is actually an advantage);
  • Limited free ATM cash withdrawals;
  • No allowed a credit with funds only available on your actual balance;
  • Trading is limited to weekdays (as US/UK markets are closed);
  • Foreign trading fees applying additional markups.

8) Types of Revolut Cards

Revolut for Business

GET 50 EUR/GBP/200 PLN*

*Go get your card, and if you run a business, there is a special promotion to receive 50 EUR/50 GBP/200 PLN bonus for business accounts.

There are three options in total for the Revolut card itself. Each card will allow the same services that are included in the standard card portfolio, following extra services after that.

Depending on the usage intended for, each card can apply services that extend to include perks that you want to have included. If there was a choice that should not be dismissed, the best card to recommend here is the Revolut Metal. Yet for explanations, here is what separates them all.

8.1) Revolut Standard

This card allows basic services that give you access to exchange money all over the world. The app provides many features but is limited to basic service needs and some perks that include free trading of only 3 stocks per month.

It only allows 200 Euro to be withdrawn per month from ATM’s for free.

8.2) Revolut Premium

The perfect choice for traveling and is the standard mid-range card for all the same features the Standard card offers. Increased limits for ATM withdrawal up to 400 Euro per month.

This card also offers free travel insurance for all frequent flight business or pleasure travelers. Stock trading allows up to 8 free stocks per month.

8.3) Revolut Metal

For those who travel extensively, this is the card to have. It allows the maximum amount of 600 Euro to be withdrawn for free. It offers an impressive collection of 1000 airport lounges and concierge services likewise.

Cashback bonuses allow 1% toward all purchases you make. Along with flight insurance, this policy also allows for overseas medical assistance worth 15m. There is also an emergency dental service insurance that will cover up to 300 if needed.

9) Transfer Money Internationally

There are no fees involved with transfers to your accounts in foreign banks, as you’ll find saving money is simplified. Continental borders now have no limits using the Revolut system to transfer money quickly and safely.

Before, the older SWIFT system had many hidden fees and added charges that were not regulated from bank to bank. Customers would lose value for their money that was wasted through international transfers. Revolut offers a fool-proof alternative service with online control you can rely upon for years to come.

Which are the Best Revolut Alternatives?

So far, I am using alternative banking cards from Curve, MoneseTransferwise, and iCard. I also use Coinbase to buy altcoins.

10) ATM Withdrawals Overseas

The number of withdrawals you may enjoy is limited to the three tiers of cards that are offered from Revolut. The standard allows 200 monthly, while the Premium allows 400 to be taken out for free.

Only the Metal card can allow up to 600 for free in a month. Anything after that point is subject to the fees that apply in that country you travel to. As usual, ATM fees will always differ from bank to bank and each country as a whole.

Be sure to check your ATM for information that tells you what fees are applied if you use your card beyond the free usage limit.

GET 50 EUR/GBP/200 PLN*

*Go get your card, and if you run a business, there is a special promotion to receive 50 EUR/50 GBP/200 PLN bonus for business accounts.


Some links on this page may contain affiliate links, which means that I may earn a commission if you register through them. None of the posts on this blog have been sponsored. Opinions are mine.

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