The minimum age limit required to open a bank account with Revolut would be 18 years. From Revolut’s side, you don’t have to pay any fee to transact globally. Other than that, you get to convert your cash into 150 different currencies and do so freely with up to 6000EUR. We combine our 10+ years finance experience with readers feedback. Within this Revolut review, you will find everything you would need to know about the system. BrokerChooser.com does not provide any investment advice, we only help you to find the best broker for This feature is useful if you have to make monthly or other scheduled payments. However, there is a charge to use SWIFT. In what was seen as a turning point for digital banks, in December 2018, the start-up got a European Central Bank license. You will only be charged based on the interbank exchange rate. Our recommendations and rankings are based on our In order to overcome this hurdle, Revolut bank would have to apply for a UK banking license. Don’t worry, this process won’t be as rigorous as verifying and creating your account in a normal bank. The signup process for Revolut is very simple and convenient and you’ll need a smartphone and your Passport/ official government ID and everything is done via the app. While at the time of writing it is not operating as a bank, it is slowly becoming one, having received a banking license in December 2018. Since it is not yet a bank, it does not offer any deposit protection. Advertiser Disclosure: Revolut runs its banking system through Lithuania, which approved its European Banking license in 2018. In financial year 2019, Revolut earned £162.7 million ($226.7 million) in revenues, up … Additionally, it is also great for people who need other services like being able to pay or buy insurance, split the bill easily, trade stocks, cryptocurrencies etc. In case of an emergency where you lose your card or someone steals it, you can freeze it instantly through the app. They offer you the ability to create GBP & EUR bank account in seconds. Moreover, many credit cards treat your Revolut top-up as a purchase. In order to overcome this hurdle, Revolut bank would have to apply for a UK banking license. Revolut can accept incoming payments in several currencies. Just like any other bank, you get a UK and an EU current account. However, Brexit is trying to play spoilsport. The additional benefit here is that the physical card is a metallic card, instead of a standard plastic card. There are 35 currencies you can use to exchange money within the app: AED, AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, IDR, ILS, INR, ISK, JPY, MAD, MXN, MYR, NOK, NZD, PHP, PLN, QAR, RON, RSD, RUB, SAR, SEK, SGD, THB, TRY, USD, ZAR. Once they pass the test and obtain the full license, they can expand their functions to better serve the public. Account opening is free and maintaining your account is also free, with no monthly cost. In our experience it is not only suited for day to day banking but excels when you are on the road. Overdrafts are one such feature that could be offered when it fully becomes a commercial bank. We hope you have found our Revolut review useful and find this digital bank just as great as we do . Within Revolut, the app gives you automatic spending analytics which are auto categorised. Please use our link to open your account so that we You can easily freeze and unfreeze your Revolut card via the application if you lose it or it gets stolen. With 16 different currencies being supported, you can transfer it into 29 countries. Also, you won’t get any interest on your deposited money. Revolut is an excellent digital bank which is basically a bank on your phone with a connected prepaid debit card (MasterCard or Visa). There are a ton of other rewards too with other credit cards that will help you redeem that 1% service charge you pay. We have heard this complaint with almost all digital banks, as there are times when they must check the source of funds to comply with Anti Money Laundering requirements. He previously worked at Interfax news agency and wrote about M&A deals for EMIS DealWatch. They not only give you the ability to use your card like a local (no transaction fees) but they offer, If you want money in your Revolut account, you will need to top it up using your credit card or any other bank card for that matter. You won’t need any proof of address or a good credit score. US users will only be offered a US bank account and not a EUR & GBP accounts, but will have all the other usual features of Revolut. €6,000/£5,000 /month free, additional 0.5% after. Just your ID proof is enough, It supports buying cryptocurrencies too and it was the first virtual bank to allow it, Insurance payments will be very easy and you can even buy travel and medical insurance, There will be a surcharge on weekends and public holidays. The main advantage of Revolut bank is that you don’t need any proof of address or credit score check to create an account. This allows you to keep track of how much you spend. (Reporting by Radhika Anilkumar in … Revolut said it rolled out its services in the U.S in March, adding that it had applied for a U.S. banking license with the Federal Deposit … Revolut top-up methods. Yes, with the Revolut app, you can buy a whole range of cryptocurrencies. Revolut cards are available from Mastercard and Visa. We all know how cryptocurrencies are gaining popularity. You are only allowed to open a UK current account or Euro IBAN account and will also get a physical bank card. It’s a solid choice for travelling as they don’t charge you any foreign transaction fees and the exchange rate you get is the interbank rate. As we have already said, you can convert any currency to a supported currency inside the app you have at the current exchange rate. Started in 2015, the popularity of the app has sky-rocketed. It has it’s own built in currency transfer system which will allow you to transfer and send local currency in app. Their insurance is very comprehensive and you can choose the duration, be it a week a month or a year. However, in the UK it might not be able to fully replace your bank. Opening an account at Revolut is super easy: it takes only a few minutes to do it via your phone, and you will receive your physical card just a couple of days later. For a 5 year-old company, the reach and usage has been amazing. After that, you can purchase the Revolut card itself through the app. The UK bank account comes with a proper account number and sort code. On the money side of things, you can withdraw 400EUR monthly on the card and there are no limits on the conversion of 30 currencies. Revolut plans to add 300 people in India, and also intends to use the Indian operation as an operations hub to support the London-headquartered fintech's expansion plans in other parts of the world. The 10 pounds added can be used to buy the card after you verify your account. Revolut said last month it had completed the first step to apply for a U.S. banking license that would allow it to offer more services to U.S. customers such as overdraft protection, loans and deposit accounts. In this Revolut review you will find out whether this digital bank is a good choice for you. We looked into the negative reviews and most are due to people not getting timely support or knowing that if they type ‘LIVE AGENT’ into the support they get an actual human. Not only is Revolut excellent for daily banking it’s perfect for travellers alike. Lastly, if you want to have face to face interactions with your banker, that won’t be possible. -advance which will not get you any points. Both of them were working in the financial sector before coming together to form this start-up. Some of the other negative reviews claiming their accounts were locked for a timeframe and they didn’t have access to their money. The current license would not be valid once Britain leaves the EU. If you wonder whether about a refund to a now destroyed virtual card will happen, the answer is yes, as Revolut makes that possible and you’ll be refunded no problem. Revolut is a digital bank. If you wish to buy and sell stocks, then Revolut also offers this service. The company’s current license has locked it with some restrictions on banking operations. Therefore, the process is a lot less cumbersome on an app. If you want money in your Revolut account, you will need to top it up using your credit card or any other bank card for that matter. At Revolut, she will lead the fintech's Indian subsidiary, hire the management team and supervise license applications. The higher tier, called Metal, costs €13.99/£12.99. They do have virtual AI support which is decent,  but you can simply type ‘LIVE AGENT’ and you’ll get a real person in a few minutes. , you will find everything you would need to know about the system. This is included free in the Premium account. Equities / ETFs / Funds / Bonds / Options / Futures, Can top-up in and hold several currencies, An array of expanding extra features (e.g. On the other hand, if you opt for express delivery, you can get a card within 2 days in these countries. Honestly, this is the best rate you can expect to get anywhere. You can move it between different currencies and, since there is no charge for 30 different types of currencies, you can do it however many times you want, without worrying. The current license would not be valid once Britain leaves the EU. The first is simply called Premium and it costs €7.99/£6.99 per month. For example if you are travelling to Japan, you can seamlessly exchange EUR -> JPY (at the interbank rate) and store JPY on your Revolut card with a few taps. Headquartered in London, England, it was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko.It offers accounts featuring currency exchange, debit cards, virtual cards, Apple Pay, interest-bearing "vaults", commission-free stock trading, crypto, commodities, and other services. Overall though, if 80% of the reviews are very positive (including ours) you can be sure it’s a decent offering and a good bank to go with. The rates are 0.5% for major currencies but 1.0% for not so popular ones, The amount of free inter-currency conversion is limited to 5000 pounds per month, Since it isn’t a fully fledged bank yet, you don’t have.