Revolut Card Review: A Prepaid Debit Card for Travel

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Revolut. What exactly is Revolut debit card?

Why do you need one? Is it possible to use it on a daily basis, get your salary transferred to the Revolut card and pay your bills? These are just a few of the topics I’ll cover in this Revolut card review. I have been using the Revolut card since Autumn 2017, and so far I’ve only had a good experience. Except for that one time when I was charged for the withdrawal. But that was my fault, because I missed the ATM notification telling me just that.

I first heard about Revolut in 2016, and I regret that I didn’t order it sooner. Because having Revolut I would have saved at least a few hundred euros a year on ATM withdrawal fees alone. Instead I just kept using my Latvian debit card and withdrawing money abroad from it. Paying on average 5 – to 7 EUR for every 100 – 150 EUR withdrawal. Don’t be like me!

Revolut Card Review

1. What is Revolut?

Revolut is a banking alternative.

It’s a banking app. To become a customer all you have to do is download Revolut app and create an account.

Order your Revolut debit card via the app or create a digital debit card and use it without ordering the actual card.

Have any questions regarding your account? Contact Revolut customer service via the app.

Revolut offers different prepaid debit cards and virtual debit cards. Similar to any other bank, it’s possible to receive and transfer money not only between the Revolut customers but also to / from other banks. Currently there are 3 different pricing plans: Standard, Premium, Metal. Standard is the free account. Premium and metal are paid accounts. Premium and metal plans include overseas medical insurance and other perks. See below for more information.

What else? Revolut card fees most probably are much lower than what you pay now. And free cash withdrawals are being offered. Making Revolut a great prepaid debit card for travel.

2. Revolut Credit Card?

Is Revolut a credit card? No, it’s not.

Note that before creating an account. Revolut offers only prepaid debit cards, and not credit cards. So you can’t set a credit limit to this card. And if you need a credit card for travel, look for other options.

Why it matters? Because, for example, many car rentals will not accept Revolut. Simple because it’s not a credit card.

3. VISA or MasterCard

Currently Revolut is issuing only VISA debit cards for standard free accounts, and MasterCard for both of the paid accounts.

Why Use Revolut Prepaid Card

Three of the biggest reasons why every traveler must have a Revolut debit card: ease of use, its well designed and easy to use mobile app and low costs.

1. Ease of Use

It’s very easy to get a Revolut debit card.

Click here to get your free Revolut debit card. You’ll have to pay for delivery though.

How to Order a Revolut Debit Card:

Visit revolut.com.
Type in your phone number.
A few minutes later you’ll receive an SMS.
The SMS will contain a link to the Revolut app. Download it and create an account.
Top up your account for 10 EUR (using your credit or debit card). You can use this money later – pay for goods with your card or withdraw it.
Order your Revolut card. To order yourself a debit card go to Cards > Add New > Physical.

Sometimes you can order a Revolut debit card with a free delivery.

But mostly only if it’s your first Revolut card.

And if there is such a campaign going on.

2. Well Designed Mobile App

The Revolut app is being updated frequently, and new features are being added on a regular basis.

Let’s look at the basics and the most important features:

It’s very easy to top up Revolut. And it’s free. How to top up Revolut card? Enter the sum you want to top up your Revolut card for and press “Top up”. Money to your Revolut card is added immediately. Which is probably faster than sending money from your bank account to other bank account of the same bank. When doing it for the first time you will have to add your bank card details. But you have to do it only once. After you just need to enter the sum and press “Top up”.
Sending money between Revolut accounts is super easy and super fast – it takes seconds. And you just need to know recipient’s phone number.
Requesting a payment is easy, too. Also from those who don’t have Revolut. You just need to provide phone number, e-mail or the person’s Facebook profile. Also in this case the money is transferred immediately. The person sending money will have to enter his or her bank card details to make the payment. Same like when making an online purchase or making a hotel booking.
Instant payment notifications. It keeps you informed about your Revolut balance.
Freeze and unfreeze your Revolut card using the Revolut app. If you have forgotten your Revolut card’s PIN, you can check it in the app, too.

And more.

3. Revolut Helps You Save Money

Revolut helps you save money every time you purchase goods in other currencies or withdraw money abroad.

Revolut (Standard) debit cards has no monthly fee.
With Revolut debit card you can withdraw up to 200 EUR for free (without ATM withdrawal fees) in almost any country of the world. After you have used up your quota (200 EUR), the ATM withdrawal fee is 2%. With Premium and Metal accounts there is a monthly fee, but at the same time you can withdraw 400 and 600 EUR, respectively, without paying ATM withdrawal fees. Since there is no minum fee mostly it’s still cheaper than to use other cards. I’ll give you an example – it’s the last day of your trip, and you need 10 EUR in cash for taxi. With Revolut this money withdrawal will cost you only 0.2 EUR (2% from 10 EUR). With my Latvian bank I would end up paying around 3 EUR for the same transaction.
Revolut uses interbank exchange rate. Exchange rates change not daily or weekly but every second. Revolut uses the exchange rate banks use when exchanging money between themselves. That’s the same exchange rate Google uses. To see it enter “100 USD in EUR” in Google.

“Garden Rhapsody” light show, Gardens by the Bay – Singapore

Exceptions

In some cases even using the Revolut debit card you have to pay ATM withdrawal fees.

Thailand

One example – Thailand.

When withdrawing money in the ATMs in Thailand you always have to pay ATM withdrawal fee. At the time of writing, in 2018, it’s 220 Thai Baht or approximately 6 EUR. It doesn’t matter how much money you withdraw, you always have to pay 220 Baht – be it a sum equivalent to 10 EUR or 150 EUR.

It’s possible to withdraw money in Thailand without paying any fee. Just do a counter withdrawal in any of Thailand’s banks (Bangkok Bank is the best). Head to a bank with your passport and your bank card. At the bank clerks will make a copy of your passport and your bank card. After they will place your card in a terminal, just like in any shop. You will enter the pin. After a short while you’ll get your money.

England, Singapore, Vietnam

In England, Singapore and Vietnam (not only) there are a few particular ATMs that charge for money withdrawal even if you are using Revolut. These are private ATM’s owned not by banks.

Usually you will be notified that you will be charged extra for this transaction. If you aren’t in a hurry and see other ATMs around you can cancel the transaction and try to withdraw money from other ATM. It is highly likely that you won’t be charged extra when withdrawing from another ATM.

On Weekends Exchange Rate Is Higher

On weekends to all the most popular currencies a markup of 0.5% is added to the exchange rate.

Markup for THB (Thai Baht), RUB (Russian ruble), UAH (Ukrainian hryvnia) and TRY (Turkish lira) – 1%.

“Expensive Currencies”

There are a few currencies to which Revolut adds a markup (a small fee).

Among them the most popular “expensive currencies” are THB (Thai Baht), RUB (Russian ruble), UAH (Ukrainian hryvnia) and TRY (Turkish lira). The markup is +1% to the exchange rate. On weekends total markup is 2%.

Read more about this on the Revolut web page.

Using Revolut as a Your Main Bank Card

1. Is it possible to use Revolut as your main bank card in your country?

Yes. Just remember that money withdrawal won’t cost you anything unless you use up your monthly quota of 200 EUR/400 EUR/600 EUR.

However, you can pay with your Revolut card or shop online how much you want. There’s no fee on that.

2. Is it possible to get paid to your Revolut Debit Card?

Yes. But only if a company you work for is in the SEPA (Single Euro Payments Area) Zone.

To see your Revolut bank account number open the Revolut app and press on your bank balance. There you will see your IBAN and BIC numbers. This way you can receive payments in EUR and GBP. Payments usually arrive in 1-2 working days.

3. Is it possible to pay your bills using a Revolut card?

Yes.

Open the Revolut app on your phone and select Payments > Bank transfers. Enter bank details of the recipient. The app will save recipient details, and next time you won’t need to enter anything.

The payment can take several working days.

Singapore Central Business district - Where to stay in Singapore — Singapore Central Business district

Using Revolut Online and Abroad

To use Revolut abroad you don’t have to do anything.

Just go on a trip. Need to witdraw money? Go to the nearest ATM and withdraw your money. You don’t have to exchange money while still at home or when abroad. Revolut will do it automatically, using real time interbank exchange rate.

Important! When withdrawing money from the ATM always choose local currency. Most probably ATM will ask you, whether you want it to do the money exchange automatically or let your bank do the exchange. Choose local currency and let Revolut (your bank) do the money exchange. Often it’s called one of the following ways – “No Conversion”, “Without Conversion”, “Debit in Local Currency”.

Why it’s important? It helps you to save money. Because Revolut exchange rate is better than what ATM’s mostly offer.

Why Use Revolut For Online Purchases

Because it’s cheaper and safer.

It will be cheaper (than using most of regular bank cards) if purchase is in another currency, not euro. And you are making it in that currency. Online shops and, for example, booking websites often let you to choose in which currency you want to pay. Choose the local currency and let Revolut do the money exchange.

For extra safety with Revolut Premium and Metal you can use either regular or disposable virtual cards.

So even if someone steals your data and gets information about your bank card, it will be of no use. Because disposable virtual card is “destroyed” after you use it. DON’T use disposable virtual card for flight bookings. Sometimes at the airport you may be asked to show your bank card you used to make the booking.

Revolut Standard, Revolut Premium, Revolut Metal: Which One to Choose

Monthly fee: 0 (Revolut Standard), €7.99 (Revolut Premium), €13.99 (Revolut Metal).

No fee ATM withdrawals up to: €200/month (Revolut Standard), €400/month (Revolut Premium), €600/month (Revolut Metal).

Revolut Standard

With Revolut Standard you have a free EUR and GBP account, no fee exchange in 24 currencies, interbank exchange rate for spendings in over 150 currencies.

Revolut Premium

With Revolut Premium you get all the same, but you can withdraw twice the amount of money (up to €400/month) without paying any fees. Apart from there is an insurance included – overseas medical insurance, delayed baggage & delayed flight insurance. Free express card delivery. Exclusive card designs. Virtual cards. And more.

Revolut Metal

With Revolut Metal you get all the same features like with Premium and Standard, but you can withdraw €600/month without paying any fees. Plus you have a few more perks, one of the best of which is cashback (up to 0.1% cashback within Europe and up to 1% – outside Europe). Which means if you are spending let’s say 1000 EUR a month outside Europe, you can get back ~ 10 EUR. Almost the amount of the monthly fee.

Only with Revolut Metal you can get a very unique design metal bank card.

Video:

Revolut vs TransferWise vs N26

TransferWise and N26 are two of the Revolut’s competitiors, offering similar service.

Let’s look at the numbers.

1. Revolut

Monthly fee: 0 (Revolut Standard), €7.99 (Revolut Premium), €13.99 (Revolut Metal).

No fee ATM withdrawals up to: €200/month (Revolut Standard), €400/month (Revolut Premium), €600/month (Revolut Metal).

Exchange rate: interbank exchange rate.

2. TransferWise

Monthly fee: 0

No fee ATM withdrawals up to: up to £200/month (30 days).