In this Revolut review, we will be examining whether Revolut is a good online banking option.
We'll be going through Revolut's history and background, its features, subscription plans, pricing, and fees, and finally, decide whether Revolut is worth it!
Background And History
Revolut offers a wealth of digital banking services in an app tailored towards tech-savvy millennials, including 29 currencies' transferability, as well as pre-paid debit cards that enable cash machine withdrawals in 120 countries – all while offering cryptocurrency exchange options for users to convert any chosen currencies into Bitcoin, Litecoin, Ethereum, and many more. Furthermore, Vaults are also accessible for users to save money and ensure fiscal security.
Nikolay Storonsky and Vlad Yatsenko founded Revolut in July 2015, fulfilling a lifelong dream. Nikolay is Russian-born but has lived in the UK for over two decades; whereas Vlad hails from Ukraine and has resided in the UK since 2010. Together, they set out to create a pioneering financial technology start-up that could revolutionize banking.
Before founding Revolut, Mr. Storonsky had spent much of his career at Credit Suisse and Lehman Brothers, whereas Yatsenko had been ensuring the success of financial systems for major investment banks for five years. They stated that their motivation was to alleviate the frustration many younger customers feel when it takes so long before traditional banks offer digital banking services – one which most prefer accessing via smartphones. Yatsenko is responsible for Revolut's technology department, and Storonsky serves as its CEO.
Revolut reports having reached 4.5 million customers – 1.6 million located in the UK alone – an impressive feat for such a young financial startup.
Investment data shows that its value has climbed to $1.7bn from its recent fundraising; indicating tremendous growth potential and success.
Moreover, each day 7,000 new users are signing up to their service while processing $3bn worth of transactions per month- overwhelming figures that demonstrate just how rapidly Revolut is growing.
Plans and Pricing
Revolut currently offers four different subscription plans, one of them is free, and the other three are paid, let's take a look at all of them and compare the differences.
Whether you're looking to save money spending abroad or sticking to your budget with our built-in budgeting, get more from your money with our Standard account
Give your everyday finances a boost. Get more out of your money for less than the cost of a coffee.
Upgrade to a global lifestyle. Get the confidence to spend, invest, and save smarter across the globe.
Unlock your money's potential. Make your money work for you with 2.5% interest paid daily on savings, cashback, low-fee crypto and much more.
Features included with each plan are subject to changes, Revolut tries to add new value to its subscription plans by regularly adding new features. For a list of the latest features included with each plan, follow the link below.
Revolut has a very competitive fee structure, the fees may be occasionally updated, with that in mind, we suggest that you follow the link below to get the latest numbers.
By law and under FCA regulation, Revolut customers' money is protected by regulated banks. Revolut keeps its customers' money in these accounts until the customer pays it out.
Revolut watches over customer accounts to flag suspicious transactions, keep the customer's card details safe, and ask for extra verification to protect the customer.
The team at Revolut always has its customers' back. Whether they're storing or processing customer card details, they’re always protected.
Revolut Pros & Cons
- App and desktop versions available
- Very intuitive user interface
- Many financial services available
- Support for cryptocurrencies
- Great customer support
- Quick and easy to open an account
- Some fees are higher when markets are closed over the weekend
- Some users report their accounts being frozen due to security reasons
- ATM withdrawal limits could be higher
Revolut Review: Verdict
Revolut is one of the most popular and well-established online banks in the world, and it's easy to see why.
Revolut is one of the most complete and user-friendly options in the market, even offering its customers the possibility to invest in cryptocurrencies.
Opening an account is quick and easy, customer support is very helpful and prompt to reply to any queries, and the fee structure is fair.
On the downside, some of those fees are higher during weekends, some users have reported having their accounts frozen due to security reasons, and ATM withdrawals could be higher.
Despite those downsides, we still believe Revolut is a great service for those looking for a reliable online banking option.
If you'd like to open a Revolut account, follow the link below and get three free months of Revolut premium!