In the ever-evolving digital age, online banks are becoming increasingly popular for their convenience, flexibility and range of services. One of the leading companies in this emerging sector? Revolut. Launched in London in 2015, Revolut is often seen as a true revolution in the world of financial services. Its innovative approach has been well received by millions of users.
Today, Milesopedia explores the different digital accounts and services offered by Revolut, analysing their benefits, features and how they can help you save money on your next trip. But Revolut is not just loved by the seasoned traveler. The online platform offers a range of premium features, such as integrated travel insurance and stock trading capabilities, which can add further value for users seeking full access to a range of financial services. Read our review of Revolut.
Revolut stands out for its ease of use, its transparency and its commitment to providing financial solutions that are tailored to the needs of the modern user. Whether you’re looking to make international payments, exchange currencies, invest in cryptocurrencies or manage your money on a day-to-day basis, Revolut offers a comprehensive range of products and services designed to simplify your financial transactions.
Cards issued by Revolut also offer great flexibility, allowing you to control your spending while benefiting from secure, instant transactions, both online and in-store.
Revolut has even positioned itself as a must-have platform for cryptocurrency enthusiasts, offering the ability to buy, sell and store popular cryptos such as Bitcoin, Ethereum and many others. This integration of cryptocurrencies into a traditional banking application is a major innovation that reflects Revolut‘s commitment to staying at the forefront of financial technology.
We like the Standard account, which lets you pay in different currencies and is available free of charge in many countries. The Plus account, Premium and Metal accounts, meanwhile, start at just 2.99 euros a month and offer even more benefits, such as traveler-friendly insurance and priority customer service.
The Ultra account, Revolut‘s top-of-the-range account, is available for 540 euros a year. It comes with a platinum-plated card as well as the ability to make free, unlimited international transfers and withdraw up to 2,000 euros per month from ATMs worldwide, all at no extra charge, plus unlimited access to airport lounges.
Benefits and Fees
Whichever subscription you choose, Revolut provides a modern experience, convenient financial services and features tailored to the individual needs of travelers. However, one of the main benfits of the online platform remains the ability to change currency. Revolut lets you spend, exchange and transfer money in over 30 currencies instantly and without additional charges. No more worrying about having cash on hand in an uncommon currency. It’s like having your own international ATM in your pocket.
Changing currency is not the only benefit offered by the online platform. Here’s an overview of the various benefits offered by Revolut’s five accounts:
|Fees||Free||€2.99 / month||€7.99 / month||€13.99 / month||€45 / month|
|Account with Free French IBAN||Yes||Yes||Yes||Yes||Yes|
|Change of Currency||€1,000 / month||€1,000 / month||Unlimited||Unlimited||Unlimited|
|Free Withdrawals||€200 / month or 5x||€200 / month||€400 / month||€800 / month||€2,000 / month|
|Fees on International Transfers||100%||100%||20% discount||40% discount||Free|
|Cashback||–||–||–||1% on each transaction||1% on each transaction|
|Priority Customer Support||–||Yes||Yes||Yes||Yes|
In addition to offering Revolut account holders the possibility of obtaining a French IBAN, making free withdrawals and exchanging currencies, Revolut offers Plus, Premium, Metal and Ultra account holders a range of travel and day-to-day insurances and cover, as well as access to airport lounges at reduced prices.
|Global Medical Insurance||–||–||Yes||Yes||Yes|
|Car Hire Excess Insurance||–||–||–||Yes||Yes|
|Luggage, Loss, Damage & Delay Insurance||–||–||Yes||Yes||Yes|
|Winter Sports Insurance||–||–||Yes||Yes||Yes|
|Coverage Against Theft and Accidents||–||Yes||Yes||Yes||Yes|
|Ticket and Event Coverage||–||Yes||Yes||Yes||Yes|
|Buyer Protection Policy||–||Yes||Yes||Yes||Yes|
|Access to Airport Lounges||–||–||Discounted||Discounted||Unlimited|
The Standard account is completely free and offers a multi-currency digital account with essential features such as free international payments, an account with a European IBAN and a withdrawal limit of 200 euros per month. As the account is free of charge, it’s an excellent choice for those who are looking for a simple solution to help them manage their budget.
The Plus account is available for 2.99 euros a month, and provides all the same advantages as the Standard account, plus other significant benefits. Owners of this account have access to priority customer service, as well as cover for tickets and events booked with the card, and insurance against theft and accidents. All purchases paid for in full with the account are also eligible for the Buyer Protection Policy.
The Premium account is priced at 7.99 euros per month, and offers even greater benefits than the Premium account. It includes:
- Free monthly withdrawals abroad of up to €400
- Discount on international transfers
- Comprehensive travel insurance for you and your family
- Discounted access to over 1,000 airport lounges worldwide
If your flight is delayed for more than an hour, you can even get free access to certain lounges for you and your travel buddy. For people who travel a lot and need to use a range of currencies, Revolut’s Premium account is ideal.
- Metal card
- Cashback when spending abroad
- Car rental deductible
- Extensive medical insurance
- Concierge service
- Discounts on selected partners
The Metal account is designed for those looking for a high-end experience with a host of additional benefits.
The Ultra account is Revolut’s top-of-the-range account. It is also the most expensive. It is available for 540 euros a year. It does, however, come with a number of additional benefits over and above those included in the Metal account. This includes :
- A platinum Revolut card
- No charges on international transfers
- Additional coverage in the event of trip or event cancellation
- Up to 2,000 euros in free international withdrawals
- Unlimited access to DragonPass partner airport lounges
In the event of a cancelled event, flight, train or accommodation, the account holder can also benefit from a refund of up to 5,000 euros, and 600 euros for eligible purchases (up to 90 days after the date of purchase).
Opening an Account
Although Revolut does not require an income threshold, certain conditions must be met to open an account. Here’s what you need to have to open a Revolut account:
- A compatible smartphone: As Revolut is a mobile application, you’ll need a smartphone compatible with iOS or Android operating systems to access its services. You can download the app from Google Play and theApp Store. Make sure your phone is compatible to get the most out of Revolut.
- Valid ID: For security and regulatory compliance reasons, Revolut requires its users to provide official identification, such as a national ID card or passport. This helps to validate identity and ensure a secure environment for all users.
- Personal information: Like any financial institution, Revolut requires some basic information to create your account. You’ll need to provide your full name, address and date of birth. This information is necessary to comply with legal requirements and to personalize your digital experience.
Once you have met these requirements, you will have access to all of Revolut’s features, such as free payments, fast international transfers and foreign currency management.
If you have a problem with your Revolut card, you can contact customer service by phone on +37 05 21 43 608 (charges may apply). Please note, however, that this automatic call number only provides recorded information. It cannot put you in touch with an agent or allow you to make a call.
To get in touch with an agent, you can contact Revolut via its mobile application. A chat room is available at all times, with advisors on hand to answer questions at any time of day.
Honest Review About Revolut
Launched in 2015, Revolut has revolutionized the bank card market for travellers. Although the options for accumulating points are rather limited, Revolut cards are, in our opinion, particularly useful when it comes to paying in currencies other than the euro.
Opening an account is easy as pie (there are no income requirements), the mobile app is simple to understand and use, and foreign currency payments are instantaneous, allowing you to travel without the stress of having to find a bank or ATM in a foreign country, and facilitating travel abroad.
Alternatives to Revolut
There are more and more types of travel cards appearing on the market. Among the top? N26. Created in 2013 in Germany, N26 has become one of Europe’s most popular online banks, offering simple, convenient and transparent banking services. The bank doesn’t allow you to store different currencies in the same account, as Revolut does, but it does allow you to send money abroad at an interesting exchange rate through its partnership with Wise.
Wise’s services are integrated into the N26 application to offer fast, reliable international transfers in 38 currencies. N26 also allows you to pay for purchases and withdraw cash from ATMs worldwide, as long as the merchant or ATM displays the Mastercard logo. The bank does not charge any exchange commission on your card payments.
Frequently Asked Questions About Revolut
Is Revolut Reliable?
Created in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut has rapidly emerged as a disruptive force in the financial sector. Initially, this British fintech was just a mobile app offering currency exchange services at competitive rates. Revolut was an instant hit with travellers and people making regular international payments, allowing it to expand its service offering to include the ability to open multi-currency accounts, receive salaries, make international transfers and issue prepaid debit cards. The company has also introduced innovative features such as the ability to buy, sell and store cryptocurrencies directly from the app.
Within a short space of time, the start-up had raised considerable funds and was backed by renowned investors. Revolut‘s main investors include leading venture capital firms such as DST Global, TSG Consumer Partners and Ribbit Capital.
Thanks to important investments, Revolut has been able to accelerate its growth, extend its services to many countries and affirm its position as a leading online financial platform. Investors’ confidence in Revolut‘s potential is testament to the impact it has had on the traditional banking sector and its ability to innovate in an ever-changing environment.
In Which Countries Can I Open a Revolut Account?
All individuals or legal entities domiciled in France or the European Union, as well as individuals of French nationality residing outside France, can open a Revolut account.
Which Bank Manages Revolut?
Revolut is incorporated and licensed in the Republic of Lithuania under company registration number 304580906 and authorization code LB002119 with its registered office at Konstitucijos ave. 21B, 08130 Vilnius, Republic of Lithuania. It is licensed and regulated by the Bank of Lithuania and the European Central Bank as a credit institution.
What Currencies Does Revolut Accept?
Revolut accepts the following currencies: AED, AUD, BGN, CAD, CHF, CZK, DKK, GBP, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, QAR, RON, RSD, SAR, SEK, SGD, THB, TRY, USD and ZAR.