Revolut Bank Analysis

Last Updated On : June 28, 2022

Revolut Bank is a revolutionary approach in the digital bank arena. It came into existence in 2015, and from thereon; the digital banking system has reached the top of its excellence. Revolut has access to all over the world and is generating high in profits. Revolut allows opening many accounts, as per the usage. For instance: Premium, Metal, Plus, and Standard. Along with it, you will get a Revolut Business account; ideal for business persons. It’s mere a gist, let’s see what’s in coming…

About Revolut

Revolut started its journey in 2015. Nikolay Storonsky and Vlad Yatsenko are two persons who founded this challenger bank. The intention of these two young men was clear, that was to make them excel in the digital banking system by providing the best services out there. Understanding figure wise: it has more than 15 million active users worldwide. Apart from it, it has 500,000 businesses onboard. They have provided their services in Japan and in the USA, leading to becoming one of the global financial super apps. Also, with the help of the Revolut Application, you can transfer funds from one person to another. Alongside, the app could be used to buy stocks, cryptocurrency, travel insurance, etc. Now, to understand Revolut bank and its functions in a most understandable way, we have divided its pros and cons down below. This will help understand Revolut in the most sophisticated manner.

Revolut pros and cons

Pros

Trade stocks, crypto, and commodities
Connect all your bank accounts with Revolut
Multi-currency accounts
Great security features
Ability to pay with a single-use card to keep your money safe
Instant international money transfers
Daily discounts and cashback
Great for traveling and sending money abroad
No need for a card

Cons

Free ATM withdrawals up to €800/m only
Can’t send cryptocurrencies to a crypto wallet
Having no physical bank branches

How to open a Revolut account?

Account opening is what is known as one of the advantages of digital banks, and so does Revolut bank. Unlike traditional banks, you do not require visiting one of the branches to get your account opened; however, it’s possible to be at your place and download the Revolut application. All you are required is: Download the Revolut application either on android or on iPhone. Follow the instructions mentioned on the app, provide the required documents and complete the process. This process merely takes 15-20 minutes to complete, which is very less compared to the traditional way of opening an account. The Revolut application is one of the most sophisticated apps, which has everything aligned in a proper way to be used. Along with it, it is also compatible with Google Pay and Apple Pay.

How is Revolut regulated?

When you sign up for a Revolut account, there would be two accounts: One is EMI and the second is a Current account. Both the accounts are best suited for the users’ point of view; however, a difference in their functioning may be witnessed. Currently, Revolut banking services are not available worldwide, and therefore, Electronic Money Institution (EMI) is adopted by many users. Also, Revolut applied for a banking license in the UK at the beginning of 2021. Apart from it, The Bank of Lithuania has given license to Revolut, which Revolut is taking help of to operate in the EU.

Is my money safe with Revolut?

Revolut ensures security when the user shows interest in signing up in EMI, UAB, or LTD. Although your money is secured with Revolut bank, the other kind of facilities such as signing up with the given features adds value to it. For instance, in the US, the money is safe with the help of the Federal Deposit Insurance Corporation for up to $250,000. Revolut is operating in many countries of the world; however, it’s not a bank anymore there. Despite it, the users’ money is safe with additional safeguards.

How to check Revolut’s entity in your country

Identification of entity is very much possible to find out on Revolut. For that:

Launch your Revolut App on your device.
Pick a profile and find “Dashboard” there.
Next, pick the “Settings” icon

Finally, move down to the bottom of the page

This is how the entity is checked for your Revolut account.

Revolut accounts

Revolut accounts are divided into 4 parts over here. These are divided on the basis of their features, which also depends on which country you’re operating it. The features are supported or not supported, country-wise. This is not important that you will get access to all the features in Revolut, if it is prohibited or not yet started in your location. Below-given are the glimpses of different accounts along with their features.

Premium (£6.99/€7.99/m)

No-fee ATM withdrawals up to £/€400/m
2 Revolut Junior Accounts
Commodities exchange markup 0.25%
0.65% APY on savings
Ticket and returns protection
Overseas medical insurance
Customizable card with free express delivery
Unlimited no-fee currency exchange
Crypto exchange markup of 1.5%
The free UK and Euro IBAN account
up to £/€2,500/y purchase protection
International payments

Metal (£12.99/€13.99/m)

The free UK and Euro IBAN account
Crypto exchange markup of 1.5%
Commodities exchange markup 0.25%
Overseas medical insurance
Car hire excess
Customizable metal card with free express delivery
0.65% APY on savings
Up to £/€10,000/y purchase protection
No-fee ATM withdrawals up to £/€800/m
5 Revolut Junior Accounts
Unlimited no-fee currency exchange
Cashback on card payments
International payments
Ticket and returns protection

Standard (Free)

The free UK and Euro IBAN account
Crypto exchange markup of 2.5%
No-fee currency exchange up to £/€1,000/m
Commodities exchange markup 1.5%
No-fee ATM withdrawals up to £/€200/m

1 Revolut Junior Account

Plus (£/€2.99/m)

2 Revolut Junior Accounts
0.3% APY on savings
up to £/€1,000/y purchase protection
No-fee currency exchange up to £/€1,000/m
Crypto exchange markup of 2.5%
Ticket and Returns protection
Customizable card with standard delivery
Commodities exchange markup 1.5%
The free UK and Euro IBAN account
No-fee ATM withdrawals up to £/€200/m

Along with it, you will get a chance to earn 1% cashback on your metal card transaction. However, the fee for ordering a metal card is €13.99 per month. This also helps in delayed baggage & delayed flight insurance, overseas medical insurance, LoungeKey Pass access, and priority customer support.

Revolut Business

Revolut also allows business people to use its services, with the same ease. With the help of a business account, you can create an unlimited number of accounts by sending money options in 30 currencies. Talking about accounts, there are four company accounts along with three freelancer accounts. Some of them are free to use while others are paid.

Revolut money transfers

Revolut also facilitates the transfer of money internationally and nationally both, that too on an ideal “Exchange Rate.” For this purpose, you don’t need to pay anything extra as a fee charge. There are other competitors like Wise working on similar things with lots of new advancement strategies. However, Revolut is nothing behind in the race.

Investing in cryptocurrencies

Investing in crypto is now a trend, it helps in earning as well. Revolut helps to make this way easy with its investing in crypto option. It is a comparatively easy process that requires no specialization to make your trading started. Also, the range of cryptocurrencies lies from 1 to 30 different ones, including Bitcoin (BTC), Ethereum (ETH), Loopring (LRC), etc. Stock trading Along with Cryptocurrency features, Revolut allows trading on more than 850+ stocks with as less as $1. In the stock trading feature of Revolut, you get stock of all big companies like Tesla, Zoom, etc.

Revolut Budget & Analytics

With the help of Revolut, you can manage your funds’ allocation: Spending, Savings, etc. This feature is best for all those who are conscious enough to manage their money in the best way. You can also set your limits for spending, and savings, manually. This is easily done with the help of features given on the application of Revolut. Money management is a healthy practice that, if done properly with the right source, can be worth it in the future.

Device insurance

Apart from that, you can now get your mobile phone insured with the help of Revolut. Doing so will help you recover the amount of your insured phone which includes damages caused by screen damages, drop, and many others. This facilitates a repair and replacement policy to fulfill your loss. It’s a good feature which you will find merely in any such vast challenger banks.

Revolut account-blocking controversy

A lot of such queries you could find on the official site or on the other platforms as well that Revolut is blocking the account automatically. This is done with the automated suspension which is triggered by illegal actions done on the bank’s app. Revolut is a reliable payment application and therefore it makes sure the users’ data is secured. However, if anything feels suspicious, the automated suspension triggers and it results in blocking the account quickly. This is done with the purpose of maintaining the security of users’ accounts. Therefore, always make sure you use the right kind of acts to be done on the app to avoid being in such situations. Also, never ever share your credentials with any other person, because this might be hazardous for your money.

Competitors

Whatever field you are in, you will be sure to get competitors, which is mostly good for the balance and surging of innovative ideas, and services among users. Similarly, Revolut is surrounded by different payment application which has similar kind of features and is liked by millions of people as well. Some of them are Monzo, Wise, Starling, etc. These are ahead in the race of competitors which have different offerings to lure users in. A short glimpse is yet to be taken…

Revolut vs Starling

If we talk about the UK’s best banks; Starling remains at the top. This one application has been emerging so rapidly that it has won several awards in the UK’s banking arena. Particularly known for its personal account with no fees, this digital-only bank has given a lot.

Revolut vs Monzo

Monzo is a registered bank in the UK with several perks with it. For instance: bank overdraft, loan features, and others. Along with it, you get your deposits secured for up to £85,000, by the government. Other perks like budgeting and analytical tools, and savings tools are there for the users to maintain their balance.

Summing Up!

Revolut is a global online-only bank that provides numerous features or says, almost all the features that you will get to see in other digital banks. It has 4 different kinds of accounts with different purposes. Also, it is equally important to note that it provides budgeting and analytical features to help manage expenses, and savings, and also it is ideal for loans as well. Revolut is best for you to start for digital banks.