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Founded in 2015, Revolut has been supplying online banking and transfer services to customers across the globe for years.
Using our unique scoring system, we’ve reviewed Revolut based on cost, speed, transfer limits, and more.
Revolut is one of the cheaper providers available on the market, but their fee structure is a little complicated. They have no transfer limits, making them great for large transfers, and their wide range of additional banking features lets you meet all your financial needs in one place.
Pros and cons
No transfer limits
Lots of additional features
Well-respected brand
Few payment options
Complex fee structure
Limited number of currencies available
Revolut fees and exchange rates
Fees and rates
Revolut transfers are cheaper than most of its competitors, but its fee structure is quite complicated. Here’s a full summary.
Transfer fees
Transfers between Revolut accounts are free, while transfers to other bank accounts are charged a variable fee. For transfers of $200 or more, there’s a fee of up to 5% of the transaction total. For amounts of less than $200, the fee is up to $10, depending on the amount of the transfer.
Luckily, you can work out exactly how much your transfer will cost using Revolut’s in-app calculator before you make the transfer. Wire transfers are also available with Revolut, but these are $10 per transfer, regardless of the amount.
Exchange rates
Revolut usually offers the mid-market rate on its transfers, but there are some conditions. If you make an exchange outside foreign exchange market hours, a 1% markup is added to the rate. Foreign exchange market hours are all hours except 5pm on Friday to 6pm on Sunday, Eastern Time. To keep things cheaper, it’s better to transfer on a weekday.
Things get a bit more complicated when you add the Revolut tier system. If you’re on the Standard plan, you can exchange up to $1,000 per month at the rates mentioned above. Any more than this, and you’ll be charged an additional 0.5% fair usage fee. The free limit for Premium plan members is $10,000. Metal account holders have no upper limit.
Does the Revolut fee structure look a bit complicated? If you like to keep things simple, you may find it easier to use a provider like Wise. They offer the mid-market rate on all international transfers, regardless of when they’re made. You can also calculate the exact cost of your transfer before you send any money.
See how Revolut compares with Wise in our full comparison.
Transfer speed
Transfer speed
This is much simpler. Transfers from one Revolut account to another are usually instant, no matter where the other account is located. Transfers to external bank accounts vary, with most domestic transfers within the US taking around one business day.
Wire transfers also take around a day to complete, while other international transfers take around one to five business days, depending on your payment method.
Transfer limits
Transfer limits
There are no limits on the amount of money you can transfer with Revolut, but the fees due will vary depending on how much you send and which plan you’re on. Check the fees section for more details.
Product offering
Product offering
For transfers, Revolut actually has a fairly limited product offering. It’s available in just over 35 countries, much fewer than a lot of other providers like Wise and Currencies Direct. They can only exchange around 36 currencies too, which is also much less than the majority of the market.
You can make payments with Revolut in two ways; directly to another Revolut account, or to another bank account. Transfers to other Revolut accounts are free, while transfers to other banks come with a fee.
Revolut’s transfer offering is less comprehensive than some other providers, but they do offer other services aside from just transfers. If you’re after more than just a transfer provider, you may be interested in some of Revolut’s additional features.
Ease of use
Ease of use
Despite a very complicated fee structure, Revolut is actually fairly easy to use. The app is clear and simple, with the November 2023 update drastically improving navigation. The tier system makes some parts of the app more difficult for standard planholders, but the process of transferring is still quick and easy to manage.
Customer service
This is a mixed bag. The Revolut in-app live chat is quite useful, but you’ll need to go through a few FAQs and a virtual assistant before you get connected to a real agent. You can also email Revolut via their customer support email address.
You can only phone customer service if you’re on the Ultra Revolut plan. You can access the number through the Revolut app when you become an Ultra member. Unfortunately, Ultra is only available to UK and European based members. Otherwise, you’re limited to an automated contact number, which is listed below.
Revolut contact details
Phone: 1-844-744-3512 (automated only)
Email: [email protected]
Safety and trust
Safety and trust
Revolut is completely legit. It’s registered with the FDIC and has to comply with US financial regulations. The complex fee structure marks Revolut down a little on simple transparency, and the tiered system makes it harder for Standard plan customers to trust they’re getting the best deals available.
The Revolut app also uses encryption to protect your money when you store it with Revolout or make a transfer. You can also set up multi-factor authentication, to add an extra layer of security to your account.
You should only ever use regulated providers to transfer money. If a provider is not regulated, it’s likely to be a scam.
Remember: We will only ever recommend regulated financial institutions.
Customer feedback
Customer feedback
An average score overall when compared with other providers. Revolut has been widely reviewed on Trustpilot, the App Store, and Google Play. Reviews are largely positive, with negative comments reflecting issues getting hold of customer service when people had problems with their account.
Trustpilot | App Store | Google Play | |
|---|---|---|---|
Revolut | 4.2 | 4.5 | 4.4 |
How to sign up for Revolut
Register
Enter your details
Verify your identity
Choose a plan
Fund your account
Additional features
Revolut isn’t just a transfer provider. They also offer banking services, a multi-currency account, and a platform for businesses. If you’re after more than international transfers, here’s some of the benefits you could enjoy with Revolut.
Multi-currency account
Revolut offers a multi-currency account, allowing you to hold up to 30 currencies at once. To open an account in a new currency, just press the ‘+’ icon in the Revolut app and choose the currency you want.
Each currency you choose will give you a local account in that currency. If you need to receive money to this account, you can provide people with these bank details and if they live in the country the bank account is held in, they can make the transfer locally.
Multi-currency debit card
With Revolut, you can order a free debit card (plus postage). With this, you can make purchases overseas without paying any fees. And, as long as you have the currency you need to spend in your Revolut account, you won’t have to pay any currency exchange fees either.
There are some limits on ATM withdrawals, though. The monthly limits are different depending on your membership tier. These are:
$400 with standard
$800 with Premium
$1,200 with Metal
If you go over these limits in a month, you’ll be charged a 2% ‘fair usage’ fee. You may also find you’re charged a fee for using an out-of-network ATM, but Revolut has over 55,000 ‘in-network’ ATMs that are fee free.
Tiered membership
Revolut’s tiered membership system allows you to access more features for a monthly subscription. For example, with a Premium or Metal account, you can access a range of travel benefits. These include primary accidental medical insurance, trip delay expense coverage, trip cancellation and interruption protection, and selection of baggage protection.
We’ve included a brief summary of some of the key differences between the tiers below.
Standard (Free) | Premium ($9.99 per month} | Metal ($16.99 per month) | |
|---|---|---|---|
Interest on savings | 3.25% APY | 4.25% APY | 4.25% APY |
Mid-market exchange rate limit | $1,000/m limit | $10,000/m limit | Unlimited |
Discounted international transfers | No | 20% discount | 40% discount |
Revolut for business
If you’re a business owner, Revolut offers a great business account too. Like the personal account, you can hold and exchange over 25 currencies, make both domestic and international transfers, and enjoy the mid-market exchange rate on transfers within market hours.
As well as this, the business account lets you issue physical debit cards to your team, and freeze the cards if you need to in the Revolut app. You can also accept payments to your business online and in-store, and integrate seamlessly with accounting software like Xero and Quickbooks.
These are the four tiers available to businesses:
Basic - Free.
Grow - From $30/month.
Scale - From $119/month.
Enterprise - Custom pricing. For larger businesses.
Revolut - More than just a transfer provider
Revolut isn’t just a transfer provider. Their additional features are wide-ranging, meaning there’s something for everyone in a Revolut account. With banking features, the ability to earn interest, and an option for business, Revolut offers some of the most diverse services of all the providers we recommend.
However, if you’re only looking for money transfers, you may find their fee structure more complex than necessary. Simpler transfers are available from the likes of Wise and XE.
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