Is it reliable? What are the negative and positive opinions of Revolut? It’s free?
POINTS IN FAVOR
You will be able to change money from your Revolut application without commissions.
Your account available in just a few minutes and online.
You will be able to buy cryptocurrencies, stocks on the stock market and even raw materials such as gold.
The arrival of new banks as a result of the digital economy has given us new options in the current account market, such as Revolut, and you want to know what the opinions of users of this fintech are, as well as our own opinion. . We have compiled all of this information in this article to help you choose your new bank.
Since December 2018 Revolut has a license to operate as a bank in Europe . Although Brexit may change its location, at the moment the place of operations of this company is from where it originated, in London.
You may think that operating with a bank located in London is somewhat complicated, but the fact that this bank is native 100% online makes things much easier and if you are used to using applications and electronic banking, you will have no problem having an account in Revolut.
However, there are some negative aspects derived from the fact that this entity is not a traditional bank and you must take that into account. For example, at the moment you do not get along very well with the administration and for certain tax payments you may have problems. It is also not compatible with Binance and you will not be able to use Revolut debit or credit cards to load balance in this broker.
Who is Revolut for?
Revolut is undoubtedly designed for those people who are used to using technology . In addition, if you travel or live abroad you can take advantage of the ease with which you can exchange currencies without commissions and taking advantage of the best exchange if you have patience.
It is also a good entity if you invest or are thinking of investing your money in stocks of the American market, cryptocurrencies or raw materials.
If you make purchases online, the options you have to create virtual cards will help you to activate and deactivate cards, greatly improving the security of your online purchases.
Finally, if you send money abroad , you can do it free of charge if the other person who receives this shipment has a Revolut account. In fact, it works like Bizum, you only need the contact to send the money instantly.
1. You can open your account in Revolut in just a few minutes
2. You have at your disposal infinite investment possibilities
3. The best conditions to exchange money
4. Send money fast and free of charge to Revolut users around the world
5. Pay securely online with single-use cards
6. One of the most complete applications on the market to manage your personal finances
1. It does not have physical offices
2. Support is only by mail or call to the UK
3. The cards are not compatible with all websites
4. The account is not hosted in Spain
- With Revolut you can create your account in just a few minutes . It has a very simple verification system and almost instantly your account will be verified and ready to operate. You can load money into your account by bank transfer, card or even Google or Apple Pay.
- Just by opening your account, you will have at your disposal the possibility of investing in cryptocurrencies , stock assets of the United States stock market and raw materials such as gold or oil.
- You can decide when to change money with just one click. Without commissions and instantly. In addition, you can have as many accounts open as you have available coins.
- If your friends have a Revolut account, you can send money wherever they are as if it were a bizum.
- This bank allows you to create single-use cards to avoid card theft or unnecessary subscription charges.
- The options do not end here and the application of this fintech is one of the most complete in the market, you can make donations directly from your account, keep track of expenses, pay bills, enjoy offers and promotions and a long list of options that are they are increasing every month.
- Revolut is a bank without physical offices , especially in Spain, so if you ever need to solve something urgently, you will not be able to go to the office to solve it.
- Similarly, if you want to speak with your agent, you will have to do so by phone, calling the United Kingdom . This is not always comfortable and although the support is in Spanish, it can make communication difficult. You can also contact them by email.
- We have found that some websites do not accept Revolut . This is the case of Binance and some other platform that has rejected payment with this card. With a Spanish account we have had no problem.
- Having an account in Revolut implies that the IBAN is not from a Spanish account . This can sometimes be a problem and we have known cases of inability to pay taxes with your Revolut account.
Revolut’s standard account has quite favorable commissions that can be improved with a higher account by paying a monthly fee.
For the Standard account, registration is totally free . Adding money to your Revolut account has no additional cost. The debit card is free the first time, if you need new cards in physical format due to loss or deterioration, they are € 6.
Unlike Bnext, which is limited to this option, you can create as many virtual cards as you want, the price of this service is free. You have up to 5 withdrawals at ATMs or € 200 per continuous month without commission. After this the commission is 2%, with a minimum fee of € 1 for each withdrawal.
Transfers to other Revolut users are free and instant, wherever they are. National and European transfers are free. The rates for international transfers are variable, you can see the latest updated rates from this link .
The commission for currency exchange is free . A 1% commission is only charged on weekends or if the change occurs with a rare currency (the euro, the pound or the dollar are not on this list of course).
The monthly payment to have this type of account is € 2.99 . You can also pay an annual payment of € 29.99.
The differences of this account with respect to the previous one are the following:
- Debit card shipments are free (not just the first one).
- You can withdraw up to € 200 per month at ATMs, regardless of the number of transactions. Then you will have the same commission as the standard account
- Extended purchase insurance
- Daily interest on your savings
The monthly fee for this card is € 7.99 per month or € 82 per year. The commissions are very similar to the plus account, only with this account you can withdraw up to € 400 per month at ATMs without commission.
You also have other advantages such as additional travel insurance , profitability of your savings or buyer protection.
With regard to investments in Revolut, you will also obtain better conditions in your negotiation and you will be able to enter the VIP lounges of the airports.
You can get the most premium Revolut account for € 13.99 per month or € 135 per year.
With this account you can withdraw up to € 800 per month at any ATM in the world without commission.
The most outstanding feature of this card is that you will receive a refund of 1% of the expenses made with your card, which this time will be Metal and will be sent to you free of charge.
Many of the opinions about Revolut speak of the fear of having your money in a virtual bank. Well, this entity is authorized by the Financial Conduct Authority for all the electronic money custody, insurance and investment services that it offers.
On the Revolut website it is stated that this entity keeps its clients’ money in independent accounts of its global banking partners. In this way, in the event that Revolut goes bankrupt, your funds will be protected.
With regard to the security of your account, the creation of as many virtual cards as you need is a great advance because in case of theft or loss you will be much more calm. The entire system is closed and difficult to access so that only account users can enter, but it will still be important that you use a secure password that you never give anyone.
Cards, cash withdrawals and compensation
Revolut debit card
Although it does not like to separate debit / credit on its website, the card that this company offers us is much more similar to a debit card than a credit card, since what was purchased is deducted from our account at that moment. It is what is known as a prepaid card.
The first card has no issuance or maintenance commission . It can be virtual or if you wish, it can be physical. You will have to pay the shipping.
You can create as many virtual cards as you want at no additional cost. You can pay abroad with the currency you want and also without any extra cost.
Depending on the plans to which you are subscribed, you can have improvements to the card and even a new metal card that will arrive in physical format and with which you will get 1% refunds with each purchase.
We have already talked about withdrawing cash in Revolut before. They are somewhat more limited than in other entities, but keep in mind that since it is not a national bank and is designed for the use of the card through the internet, they do not give as much importance to cash.
Depending on the contracted plans, you can get more or less money without commission:
- Standard . Up to € 200 and a maximum of 5 withdrawals without commission
- Plus . Up to € 200 with no maximum number of times
- Premium . Up to € 400 without commission
- Metal . Up to € 800 without commission
Once you pass these withdrawals you will have to pay 2% of the total, the minimum commission being € 1.
In the most basic Revolut account, you do not receive any type of remuneration for your savings . If we move forward with their plans, we find very interesting things.
With the Plus account from now on we have the possibility of obtaining interest per year when you save. It is not a large amount, but you can pay the subscription from the € 15,000 saved.
With the Metal account you will also receive 1% of your expenses made with the card.
You also have the option to invest in stocks, cryptos, and metals.
Transfers with Revolut are mostly free and the only negative opinion we found is the fact that there is no bizum . However, for those transfers you make to other users of this entity, it will be free, immediate and you will only need their contact.
Transfers to accounts in Spain and Europe are also free in all available account types. In the case of international transfers outside the European Union, the commission is variable as we have seen before.
Thanks to the currency exchange options , you can send money in foreign currency in a very simple way and never seen before with a traditional bank. Everything can be done from the app and if you have basic notions of the internet you will not need help.
The additional services that we can enjoy with Revolut are among the most complete on the market. We have already talked about the main ones, but we still have a few more that are really useful:
- You can donate to the causes of your choice from a single click and on a recurring basis
- You will be able to invest (without costs for higher priced accounts) in cryptocurrencies, stock market and raw materials.
- Infinite single-use virtual cards
- Smart budgets to manage your personal finances
- Exclusive discounts and access to VIP rooms for higher accounts,
Revolut customer service
Revolut customer service is good, the times we have tried to contact them we have had a pleasant response and the solution has been quick . However, it is not as fast as going to an office and we find certain limitations typical of an internet banking like this.
The most comfortable way to contact is through the application chat . Although there are times when you have to wait, the response is quick and effective. The chat is accessed from the help tab of the app and the hours are from Monday to Friday from 0:00 a.m. to 11:59 p.m.
You can also contact them by phone, at +44 2033228352 , it is a UK phone.
There are no physical offices, so we will not be able to go to one in case of a serious problem. We must follow the usual channels for any online bank in the event that we have to make a claim.
We can conclude that if you are a person accustomed to new technologies, you can take advantage of this Revolut account. The options, more and more and better, allow us to have full control of our finances and personal investments from our app .
It is true that the support is not the best, but really, except for some exceptions, everything is documented and you should not have a problem so big as to contact them.