Revolut

Revolut Review

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In this Revolut review we take a closer look at Revolut. We examine both the Personal and Revolut for Business accounts, to help you decide if they are the right choice for you. 

It’s fair to say that the banking world has changed dramatically in recent years. I remember when people were saying that mobile banking was unnecessary and that it would never catch on, how wrong that turned out to be. With banks now closing branches en masse and the PPI scandal coming to its conclusion, trust in high street banks is at a major low. 

This has led fintech firms into the sector, to try and change the way things are done. 

One such firm is Revolut*.

Who are Revolut? 

Revolut are an alternative app-based account provider aiming to shake up the world of banking as we know it. 

When they started life back in 2015, Revolut weren’t legally recognised as a bank. This changed in 2018, however, when they were granted a European banking license. They currently have over 8 million people using their service.

Revolut are looking to bring banking into step with the modern world. They do this by allowing you to transfer money into different currencies with no fees attached. You can also spend money abroad using your Revolut card, without all of the high fees that high street banks charge. On top of all this, they even integrate cryptocurrency use into their accounts.

You can sign up for a Revolut account for free* with no monthly fees but they also offer paid accounts. These paid accounts come with added or enhanced features. 

Let’s look at each of the 3 accounts currently offered by Revolut for personal use. We’ll then look at the Revolut for Business account, to see what that has to offer.

The Revolut Standard Account

The Revolut Standard Account* is a completely free account offered by the company. It’s free to sign up and there are no monthly fees. You can open an account in minutes using your phone and you can control your account via the Revolut app. 

The first thing to note is that all of Revolut’s accounts come with three common features. These are that they come with a free UK Account, a Euro IBAN Account and they allow you to spend in over 150 currencies at the interbank exchange rates. 

This means that you won’t pay any extra fees or charges when you transfer or spend money in different currencies. You also won’t be charged extortionate exchange rates.

The Standard Revolut account is a good basic account but it does come with limits on the amount you transact each month without incurring a fee. These limits mean that you will be able to:

  • Exchange in 30 fiat currencies up to £5,000 per month
  • Enjoy fee-free ATM withdrawals up to £200 per month

As you can see, for a free account, the limits in place are still pretty generous.

The Standard Revolut Account doesn’t come with access to cryptocurrencies or other extra services or features. For these, you will need to have either a Revolut Premium or Revolut Metal account.

Revolut Premium Account 

The Revolut Premium Account* is priced at £6.99 per month. The account comes with all of the features of a standard account but with higher transaction limits and other perks.

For example, with a Revolut Premium Account, there are no limits on the amount of money you can exchange into 30 different fiat currencies. If you remember, there was a £5,000 limit with the Standard Account.

You can also withdraw more from ATMs too, with the limit rising from £200 with a Standard Account, to £400 per month with a Premium Account.

The extra features and perks that come along with a premium account include:

Revolut Metal Account

Now we come to the Revolut Metal Account*.

The Revolut Metal account is the most enhanced account offered by the company. It comes at a cost of £12.99 per month. The Metal account includes all of the features of a Standard or Premium Account but with even more enhanced limits and features. 

The first point of note is that you can withdraw up to £600 in cash free from an ATM with a Metal Account. This is more than the £200 or £400 a month on offer with the Standard and Premium Accounts.

The Revolut Metal account allows you to earn cashback on card purchases and there is also advice available to help you manage your money and lifestyle.

Revolut Business Account

Revolut also now offer a Business Account called Revolut for Business*

To date more than 100,000 companies have signed up for Revolut for Business.

As with their personal accounts, Revolut are aiming to eliminate a lot of unnecessary fees and charges associated with high street business banks accounts. Revolut saw a need for a more interactive business account, an account that can integrate with your other online accounting services. Not only this, but an account that offers more in the way of enhanced features, giving you control over your expenses and those of your workforce, all at your fingertips.  

Pricing

Revolut for business currently comes with 4 different pricing levels. These range from a Free monthly account to an Enterprise account with a £1000 monthly fee. The most popular of these is their ‘Grow’ plan priced at £25 per month. Each of these accounts comes with different limits as to the amount and type of transactions you can undertake. These are outlined on the image below and for even more info check out this page*

This means that rather than being charged per transfer, you will have a set monthly fee  – if you opt for one of the paid accounts – and you can transact as many times as you want up to your limit.

Currency Exchange 

Revolut have made low-fee currency exchange a feature of all of their accounts. This can offer even more benefit for business account holders, as they are even more likely to be transacting in foreign currencies. 

With Revolut for Business, you will not only be able to exchange and transfer money without the high fees and charges common with high street accounts, but you’ll also be able to hold, send and receive funds in up to 28 currencies. The ability to hold money in different currencies could remove the need to exchange payments into another currency.

Expense Management 

Then there are the features that Revolut have introduced to help you manage your expenses and employee expenses. First of all, there is an ability to issue not just physical cards but also virtual cards with multiple currencies. These can even be added to Apple Pay. You can easily manage the limits on these cards and view expense transactions in real-time via the Revolut for Business app. These expense transactions can then easily be exported to accounting programs like Xero or FreeAgent, saving accounting time. 

Payment Features

Revolut for Business have also implemented various payments features into their account to help simplify the process, again saving you time. These include features for bulk payments, recurring payments and rules for payments.

Give Revolut a Try for Free

We hope that this review of Revolut Personal and Revolut for Business has helped you to decide if they are the right option for you. 

If you’re still unsure, then remember that Revolut have a free plan for both their Personal Account* and Business Account*. This means you won’t lose out if you open a Revolut Account to give them a try.

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