Revolut offers a international payment solutions for both individuals and businesses. Boasting free currency exchange, international transfers, debit cards and multi currency accounts, it almost sounds too good to be true. We're excited to see Revolut in Australia.
With Revolut set to Launch in Australia shortly, we’re going to see when they are a good option, and when you should be careful of hidden fees and charges.
What this Article will cover:
- Who Revolut are
- The Foreign Exchange products offered by Revolut
- When you should and shouldn’t use them
- Pros and Cons
Who are Revolut?
Revolut is a website and app that was founded in 2015 by Vlad Yatsenko and Nikolay Storonsky. They wanted to create a way that people could easily spend money internationally while reducing fees and simplifying the process. They offer solutions for both individuals and businesses and a number of products to suit different needs.
What does Revolut offer?
The Revolut website is very simplistic, but has information about all of their products. You can visit their website here, and we’ve got a brief summary of the services they offer.
Pros and Cons
When Should You Use Revolut in Australia?
Revolut is a very affordable option if you’re staying below their monthly limits. You just need to be aware that by withdrawing large amounts, or making large or frequent international transfers the fees can add up.
If you’re a frequent traveller and withdraw large amounts of money from ATMs, a Revolut card may not be the way to go. Another great Travel account you can look out for is the Citibank Everyday Account. You can read about it, here.
The Currency Shop Says:
- If you’re making low ATM withdrawals and staying within the limits of Revolut, they are a great travel option.
- The quick account set up makes them very convenient.
- Make yourself aware of all limitations and additional charges before signing up to Revolut and using the card.
- Yet to launch Revolut in Australia, so if you need a solution now this might not be it.
Frequently asked questions (FAQs)
It’s really easy to sign up to Revolut - which is one of their main advantages. You can do it within minutes on their website or through the App. You’ll need to provide your name, date of birth, address, contact number and email. You’ll receive a verification code via text and you’re in! Revolut is yet to launch in Australia so you'll be added to a waiting list. If you’re using it in another country you’ll then be able to customise the services you want from Revolut.
When it comes to opening personal needs, it doesn’t cost anything to open a standard account. Premium membership is £6.99. While Revolut do offer free international transfers, and very favourable exchange rates it is important to know there are monthly limits. There is a 0.5% charge for international transfers after you’ve reached your monthly limit, and while you can use the cards to withdraw money at ATMs all over the world, there is a 2% after you’ve reached your limit.
- Standard account access - Free
- Premium account access - £6.99 per month
- ATM withdrawals - Free up to £200 per month, 2% after.
- Currency Exchange - Free up to £5000, 0.5% after.
- Turbo Fee for transfers (optional) - £5 per transfer.
Find out more about Revolut personal pricing, here.
For business, there are three tiers of membership. Start membership is £25 per month, you will need this account as a freelancer or a company receiving less than £100K per month. Standard is £100 per month, if your company is receiving between £100k and £1M per month. And Professional is £1000 per month, when you're receiving more than £1m into the account each month.
Find out more about Revolut business pricing, here.
£200 limit for standard users and £400 limit for premium users on ATM withdrawals, after which a 2% fee is charged on all withdrawals.
£5,000 limit on currency exchange transactions, after which a 0.5% fee is charged on all transactions. This applies for both Standard and Premium users.
As well as travel cards, Revolut offer international money transfers, Cryptocurrency trade, insurance for travel and devices.
There isn’t yet a launch date announced for Revolut in Australia. You can already sign up for early access via the website or app. Revolut will then notify you when it’s ready to go. As of the middle of January more than 3,000 Australians were on the waiting list.
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