Revolut Review: All You Need To Know

Revolut was launched in 2015, and landed in Australia back in 2019, offering simple, smart ways to manage your finances from your phone. Revolut accounts come with multi-currency access, linked debit cards, budgeting, investing and saving tools, and more.

If you’re thinking of joining the 18+ million personal customers who already have a Revolut account – or if you’re looking for a Revolut business account – this guide is for you. We’ll run through all you need to know about Revolut Australia, including account types and fees, safety, speed and service.

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Revolut: Key points

Key features:

  • 3 different types of personal accounts, and a further 4 account options for businesses
  • Hold and exchange 27+ currencies, and make payments all around the world
  • Linked debit card with some free ATM withdrawals based on account type
  • Get budgeting and analytics tools to manage your personal finances
  • Invest in commodities, stocks and crypto, and open multi-currency savings vaults
  • Junior accounts for kids, plus travel perks and discounts for paid account tiers

Pros:

  • Manage all your finances from your smartphone, including savings, investments, and multi-currency balances
  • Different account tiers available for different customer needs
  • Even free accounts come with some fee free transactions, a linked card and multi-currency functionality
  • Fully regulated, safe provider, registered in Australia

Cons:

  • You’ll have to pay a monthly account fee to unlock the full range of features
  • Fair usage fees may apply if you exceed your plan’s limits
  • Savings vaults are not interest bearing
  • Out of hours and exotic currency exchange fees apply

Overall:

Revolut describes itself as a financial super app, and comes with a pretty impressive range of products, features and services you can access right from your phone. Choose between several different account types, including the free Standard plan which is a good option for people looking for a low fee, low commitment account with multi-currency options and a linked card. Regular users may choose to upgrade to a paid plan later to unlock even more features and get higher fee free transaction limits.

What is Revolut?

Revolut was launched in the UK back in 2015, and has grown rapidly thanks to its popular range of personal and business account products. Services are being rolled out around the world at pace – Australians have been able to access Revolut since 2019, and more countries are being added to Revolut’s roster all the time.

Revolut accounts offer multi-currency functionality, linked debit cards, international transfers and currency exchange, budgeting tools and ways to save and invest. You can even get Junior accounts for kids to help younger family members learn about managing money. Revolut is a mobile first company, so the best way to access and manage your account is through the Revolut app, although a limited range of features are also available on their desktop site. We’ll walk through what you can do with Revolut, next.

Revolut money transfers

Revolut accounts can hold and exchange 27+ currencies, with all accounts offering some currency conversion which uses the mid-market exchange rate.

  • Standard account holders can exchange up to 9,000 AUD a month with the mid-market rate
  • Premium account holders can convert up to 20,000 AUD with the mid-market rate
  • Metal accounts come with unlimited currency exchange with the mid-market rate

Currency exchange within your Revolut account is instant – making this a faster and far cheaper option than using your regular bank. That said, there’s an extra fee for converting currencies out of hours, or into a couple of more exotic currencies. You’ll be made aware of any fees when you set up the transaction, but it makes sense to double check the terms before you get started.

If you’re sending money to a bank account from Revolut, you’ll pay a low fee of 0.3% for most currencies. There’s a flat fee when you send a transfer in a different currency to the local currency in the destination – if you wanted to send US dollars to someone based in the UK for example. This is 4 – 8 AUD depending on the countries and currencies involved.

Great for: Anyone looking to exchange currencies cheaply and make international transfers in 27+ currencies

Revolut account and card

When you open your Revolut account you’ll be able to hold and exchange 27+ currencies, and you’ll get a linked debit card to make it easier to spend and make withdrawals all over the world. Standard account plans come with up to 350 AUD – or the currency equivalent – of free ATM withdrawals every month, and you can get a higher transaction limit by upgrading to a paid account tier if you’d like.

The currencies supported for Australian Revolut account holders are: AED, AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, MXN, NOK, NZD, PLN, QAR, RON, SAR, SEK, SGD, THB, TRY, USD and ZAR. You’ll also be able to spend in 110+ currencies with your debit card, in person and online.

Great for: People who transact internationally often, travel a lot, or like to shop on international ecommerce sites

Virtual cards

Premium and Metal accounts come with the option to access disposable virtual cards, which can be created, used, and deleted as you wish. Virtual cards have different details to your physical card, which can give peace of mind if you’re shopping online with a retailer you don’t know. As you don’t hand over your normal card details you’ll be sure your main card can’t be compromised – and you’ll be able to delete the virtual card as soon as you’ve used it for added security.

Great for: Customers looking for peace of mind when shopping online internationally and with new ecommerce sites

Revolut business

Revolut also offers accounts to businesses. You can open a free account for a limited range of features, or upgrade to a fee paying account based on your business type, size and needs. Different account tiers have different perks and benefits – which can include:

  • Hold and exchange 27 currencies
  • Add unlimited team members and manage user permissions
  • Linked physical and virtual business debit cards to spend in 150+ currencies
  • Local and international payments
  • GBP and EUR bank account details for fee free payments
  • Currency exchange using the mid-market exchange rate
  • Bulk payments and a business API
  • Rewards and discounts

Great for: Freelancers, entrepreneurs and business owners who want a low cost international business account

Revolut stock trading

If you’re aged over 18 and a resident of Australia you can choose to use your Revolut account to invest in:

  • Stocks in 1,000+ global companies
  • Crypto currencies like Bitcoin and Ethereum
  • Commodities including gold, silver and precious metals

Depending on your account tier you could get some free trades every month, with just third party fees to pay. Third party fees include SEC, FINRA and broker fees, which are not paid to Revolut, and which tend to be fairly low.

Using Revolut to invest in international markets can also work out far cheaper than using a traditional bank if you take advantage of the free currency conversion option within your account tier. This will avoid you needing to pay conversion fees when you move your funds out of – and back into – AUD.

Great for: Beginner investors looking for fractional trading from as little as 1 USD, and people looking to start trading in a range of assets

Revolut kids account

If you’re the parent or legal guardian of a child aged 6 to 17, you can create a Revolut Junior account for them, which is linked to your Revolut account plan. Junior accounts are offered in one currency only – the base currency of your Revolut account – and come with a linked debit card for easy spending and withdrawals. Revolut Junior accounts come with their own limits including up to 70 AUD/month of fee free ATM withdrawals and up to 450 AUD of spending in a foreign currency per month fee free. After this, fair usage fees will apply.

Great for: Parents and guardians teaching younger kids about money management and teenagers who need a low fee account with a linked card

How does Revolut work?

Revolut is a mobile first, fully digital service, which means it doesn’t have the same overheads as traditional banks do. By operating entirely online, Revolut keeps costs down, and passes these savings onto customers in the form of lower fees. Because Revolut was created with the aim of offering frictionless and accessible financial products around the world, they’ve also invested in new approaches and technology to offer services which are faster, cheaper and easier to use compared to regular banks.

How much can I save with Revolut?

Revolut is typically a much cheaper way to send money abroad compared to banks. As well as having low international transfer fees, you’ll be able to convert your funds to the currency you need using the real mid-market exchange rate, subject to the limits within your account plan.

Banks, on the other hand, tend to have higher fixed transfer fees, plus an exchange rate markup which can be around 3% of the transfer value. Here’s how your international payment might work out with Revolut compared to a couple of major Australian banks. For our example we’ll assume you’re sending AUD to a friend in the UK, to be received in GBP:

Sending 1,000 AUD Sending 5,000 AUD Sending 10,000 AUD
Revolut 3 AUD transfer fee

 

No currency conversion cost

8 AUD transfer fee

 

No currency conversion cost

8 AUD transfer fee + 5 AUD fair usage currency conversion cost
ANZ 9 AUD transfer fee + exchange rate markup, which is often around 3% 9 AUD transfer fee + exchange rate markup, which is often around 3% No transfer fee

 

Exchange rate markup applies, often around 3%

NAB 10 AUD transfer fee  + exchange rate markup, which is often around 3% 10 AUD transfer fee  + exchange rate markup, which is often around 3% 10 AUD transfer fee  + exchange rate markup, which is often around 3%

Is Revolut safe?

Revolut is registered in Australia and holds an Australian Financial Services Licence (AFSL). That means that for the services it offers, it’s as safe as your normal bank will be.

Revolut account pricing

Here’s the account plan options for personal customers:

Personal account type Standard Plan Premium Plan Metal Plan
Monthly fee Free 10.99 AUD 24.99 AUD

And here’s what you’ll pay if you’re a Revolut business customer:

Business account type Free Plan Grow Plan Scale Plan Enterprise Plan
Monthly fee Free 25 AUD 100 AUD Custom fee

How long does Revolut take?

Sending money to another Revolut account can be pretty much instant. However, if you’re sending from a Revolut account to a bank account it may take a few days, based on the destination:

  • AUD transfers within Australia take from a few minutes to 2 working days
  • International transfers may take up to 5 working days

Revolut Pros

  • Varied account types to suit both personal and business customers
  •  Manage your money entirely from your smartphone
  • Multi-currency options
  • Free transactions available based on account type

Revolut Cons

  • Monthly fees apply to unlock all features
  • Fair usage fees apply on free or cheaper account tiers
  • Out of hours fees on currency exchange fees

How to use Revolut

Here’s how to send a payment to a bank account with Revolut:

  1. Open the Revolut app
  2. Open the Accounts page and tap Transfers
  3. Tap +New, and Add a bank recipient
  4. Enter the bank transfer details for your recipient
  5. Tap on the beneficiary, choose the currency you want to send and add the amount
  6. Add a payment reference
  7. Tap Continue to review your transfer details and estimated arrival time

Funding methods

You can add money to your Revolut account:

  • By bank transfer
  • With a card
  • By having another Revolut user send you money

Payout methods

You can send money from Revolut to other Revolut accounts, or to regular bank accounts in a broad range of supported currencies.

How to create an account

Revolut is best used on a smartphone via the Revolut app – here’s how to create your account in just a few simple steps:

  1. Download the Revolut app
  2. Click Sign up
  3. Enter your personal details
  4. Complete the verification step by uploading required documents
  5. Once your account is verified you can add funds and get started

What documents you’ll need

You’ll be guided through the verification process when you set up your Revolut account, and will usually have to upload an image of an eligible piece of ID documentation such as:

  • Your passport
  • Your full or provisional driving licence
  • Your visa

If you’re opening a business account you’ll normally need ID documents for all business owners, and details of your company registration.

How long does verification take

In most cases your Revolut account will be automatically verified, which makes it a pretty much instant process. If you need to provide more information or paperwork to get your account set up you’ll be informed.

Revolut limits

If you have an Australian Revolut account the only international transfer limit you’re likely to come across is when sending to JPY – in this case you can only send up to 1 million JPY per transaction. Other currencies don’t normally have any Revolut limits, although Revolut’s payment partners may impose limits on some occasions. If this happens you’ll be notified within the app.

Supported currencies

You can hold 27+ currencies in your personal Revolut account, and spend with your linked card in 110+ currencies.

Revolut reviews

Revolut gets a 4.4 out of 5 star Excellent  rating on Trustpilot, from over 100,000 reviews posted.

Happy customers love the ease of use and the low fees for most services. Where customer reviews are not so positive this is often due to Revolut’s required compliance and verification checks. While these can be frustrating, they’re a legal requirement – banks have to do the same when customers create accounts or make certain transactions.

Revolut accessibility

All Revolut services are available on the smartphone apps for Apple and Android phones. Some services are also offered through the desktop site, but you can’t get full functionality this way.

Revolut customer service

Here’s how to reach Revolut if something goes wrong:

Customer support channel Revolut availability
Phone support Phone support is available if you need to block your Revolut card on +61 1300 281 208
In-app chat support Available – priority access given to higher tier members
Address Level 8, 222 Exhibition Street, Melbourne VIC 3000 Australia

 

Revolut alternatives

  • Wise – send payments which use the real exchange rate and low transparent fees, or open an online international account to send and hold multiple currencies. No monthly fees apply.
  • Western Union – domestic and international payment service with a network of agents as well as online and in-app services.  Payouts available to bank accounts or for cash collection. Fees tend to be on the higher side.
  • PayPal or Xoom – send instant payments at home and abroad – convenient and quick, but not always the cheapest. With PayPal your recipient will also need to set up an account to get their money.

Conclusion

Revolut aims to offer low cost, frictionless and accessible money management, through its financial super app. It’s pretty revolutionary compared to traditional banks – making it no surprise that so many customers have signed up for personal and business accounts.

Revolut might be for you if you want a digital account which has low – or no – monthly fees, to spend and withdraw funds, transact internationally, and access great features like savings, investments and budgeting tools.

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FAQ

How much does Revolut cost?

Standard Revolut accounts are free, but you can upgrade to a fee paid personal or business account to unlock more features.

How long does Revolut take to transfer funds?

Transfers to other Revolut accounts may be almost instant. International p[ayments can take up to 5 days.

Is Revolut safe?

Yes. Revolut is registered in Australia and holds an Australian Financial Services Licence.

How does Revolut apply exchange rates?

Revolut uses the real mid-market exchange rate, subject to fair usage limits which are based on your account tier.

Does Revolut have a mobile app?

Revolut is primarily accessed through its app on both Apple and Android phones.

How does Revolut work?

Open a Revolut account online or in the Revolut app, to hold and exchange 27+ currencies, send payments, spend with your linked debit card, and even trade in stocks, crypto and commodities.

How many currencies does it support?

Hold and exchange 27+ currencies in your Revolut account, and spend with your card in 110+ currencies.

By Ileana Ionescu Updated June 28th, 2022