Compare Revolut exchange rate fees with our calculator.
Revolut Review: What is Revolut?
How can I use Revolut to transfer money abroad?
This is why Entrepreneurs love Revolut.
Revolut is a digital bank platform that offers international money transfer, global spending, and access to cryptocurrency exchanges. It was founded in Europe in 2015 and recently expanded into the United States. According to general reviews, Revolut doesn’t impose added fees on interbank exchange and is easy to use. It is ideal for travelers, savers, and spenders.
That said, standard account owners may be subject to a few fees not present in the premium plan. Here, we review everything you should know about the money transfer platform.
How Does Revolut Work?
Users have the option of opening a free or premium account. Although each one has different features, any account holder can create monthly budgets, spend and transfer money, freeze their card, and more. Their ATM network allows you access to over 55,000 free AllPoint ATMs. Here, you can withdrawal amounts of up to $300 to $600 a month, depending on your plan.
How to Compare Revolut Fees
Revolut charges the following fees for different services:
- Exchange Rates
Exchange rates on Revolut are real. This means there is no difference between the buy and sell prices on both ATM and international transfer. You can exchange currencies for free up to €6,000/£5,000 every month on weekdays. Anything above this amount costs 0.5 percent with weekend exchanges requiring 0.5 to 2 percent on both accounts.
- Account Fees
Opening and maintaining an account is free. However, a physical card costs €5.99/£4.99 on the free plan. The card is free in the premium account.
- Money Transfer
Money transfer from your account is also free with normal wire transfers. This included same-currency transfers to international banks. On the other hand, using SWIFT may carry a charge.
It is free to top-up your account using another bank card.
Who Can Open a Revolut Account?
You can open an account from the comfort of your home or office. You need to be at least 18 years old and have a valid US address, Social Security number, or Taxpayer Identification number.
You also need to provide the following information:
- Your name and date of birth
- A government-issued ID
- Your mailing and email address
- Your Social Security number or Taxpayer Identification number
How Do You Open a Revolut Account?
To open an account, follow the following steps:
- Download and install the Revolut app.
- Enter your phone number.
- Create a secure password.
- Key in the six-digit code you receive from Revolut.
- Fill in your name, date of birth, email, and home address.
- Enter your SSN or select “I am not a US citizen.”
How Do You Access Your Funds?
Revolut allows you to access your money in three ways, debit card, ATMs, and transfers. You can use them to deposit, withdraw, or transfer funds. As long as you remain within your monthly limit, all transactions are free.
What is Revolut Money Transfer?
Revolut Money Transfer does what the name suggests. It allows you to transfer funds to other Revolut account holders around the world. It can also be used to send money to international banks and other bank accounts outside of Revolut.
Merits of a Revolut Account
Revolut offers customers standard FDIC-insured funds up to 250,000. It also includes an app that allows you to manage your funds and freeze and unfreeze your ATM. This means that should you lose your card, you can disable it from your phone.
Other benefits of having a Revolut account include:
Lower exchange rates – When you Compare Revolut Money Transfer Fees to other banks, Revolut rates are customer friendly. The platform does not apply a margin on top of the interbank exchange rate.
- No credit checks
- It has a split bill feature that allows you to divide a group spend.
- The app allows you to ay friends.
- You can perform ATM withdrawals for free within your monthly limit.
Revolt presents customers with countless features and benefits. Nonetheless, there are some drawbacks to owning an account, such as:
- Unspecified markups on foreign currency transactions during the weekend
- Fees when you surpass your monthly limits
- Some features like cryptocurrency exchanges and metal cards are not yet available in the US
- Shipping fees for a card under the free plan
A Revolut account can come in handy for people who are always traveling. The service can hold several currencies and is available in Europe and the US. It also offers a wide range of perks, such as disposable virtual cards and crypto-trading. With a premium account, you can access features like travel insurance.
That said, some Revolut features are not available in the US, although they should be soon.