A financial app designed with you in mind can be hard to find. That’s especially true if you regularly have a need to exchange currencies or send money internationally.
But Revolut might be the money management platform you’ve been waiting for. Revolut has built a financial app that reaches across borders to help you seamlessly manage your finances.
Let’s take a closer look at Revolut and the features & fees it offers to its US customers to see if this mobile app is the right fit for your financial needs.
What Is Revolut?
Nik Storonsky and Vlad Yatsenko launched Revolut in 2015. Since its founding, the company has grown to provide financial services for over 18 million personal users. Additionally, Revolut has over 500,000 business users globally.
As of early 2022, the company supports users in over 35 countries with over 28 currencies available within the app. Within the app, you’ll find tools to help you plan for everyday spending, savings strategies, and additional features that suit your financial goals.
Revolut expanded to the US starting in early 2020, and the fast-growing financial super-app continues to add features for their US customers. Although Revolut itself doesn’t store your money, it works with FDIC insured partner banks to store your funds. You’ll likely find most of your preferred money management features are built right into Revolut’s platform.
What Does It Offer?
International Money Moves Made Easy
Transferring money internationally can get expensive quickly. But not when you work with Revolut. The funds can be sent in over 28 fiat currencies. And the best part is that you won’t always have to pay a transfer fee!
As a Revolut user, you can get 10 free international transfers each month (only applicable for Standard Plan, Premium Plan, and Metal Plan customers). Beyond easy international transfers, you can also exchange money directly in the app. Instead of paying an outlandish fee on the ground, Revolut users can tap into a reasonable exchange rate from the comfort of their smartphones.
Revolut allows you to set up ‘vaults’ for different savings goals.
Once a vault is set up, you can fund it by rounding up your spare change, creating a recurring transfer, or adding cash periodically. The nice thing about these vaults is that Revolut gives you plenty of ways to build up your savings.
You can even choose to set up a group vault with friends or family to save for a big goal together. And in true international friendly fashion, you can store your savings in over 28 different currencies.
Unfortunately, the yields that Revolut offers aren’t exciting. Savings Vaults offer interest rates far lower than you can get with some of the best high-yield savings account options today.
Budgeting Tools Built In
When you use Revolut, there are budgeting tools to help you stay right on track. Revolut will even help you set up a budget based on your spending predictions and savings goals.
If you are close to overspending, Revolut will send you an alert. Each week, you’ll receive a breakdown of your spending habits to see where you need to improve.
If you want to buy cryptocurrency, you can do it right within the Revolut app. Buying, selling, and trading cryptocurrency within the app is absolutely possible. Beyond that, you can trade up to $200,000 in crypto per month without incurring commission fees.
You’ll even have the option to round up your spare change to buy cryptocurrency.
Revolut currently supported 60 different cryptocurrencies. Its asset list not only includes major coins like Bitcoin and Ethereum, but also a host of popular altcoins such as Dogecoin, Compound, Sushi, Solana, Decentraland, and Uniswap.
All crypto fees and features highlighted in this article are for customers based in the US only. Revolut’s cryptocurrency services in the US are provided directly by Paxos Trust Company. As a reminder, please note that cryptocurrencies are not FDIC or SIPC Insured and that investments in cryptocurrencies may lose value.
Are There Any Fees?
Yes, Revolut offers three different price points for users to consider. These include:
The Standard package is free. With it, you’ll be able to:
- Get a free Revolut card
- Spend in over 140 currencies at the market exchange rate
- Exchange in over 28 fiat currencies for up to $1,000 with no hidden fees
- No fees from Revolut for out of network ATM fees for up to $1,200 in withdrawals per month
- 100% fee-free ATM withdrawals at over 55,000 in-network ATMs
- Trade cryptocurrencies commission-free for up to $200,000 per month
- Earn 0.05% APY on savings
- Revolut Junior account for up to 5 kids
- 10 fee-free international transfers per month
The Premium option costs $9.99 per month. In addition to the features above, Premium adds the following options:
- Exchange in over 28 fiat currencies for an unlimited amount of funds without any fees
- Overseas medical insurance option
- Global express delivery
- Priority customer support
- Earn 0.07% APY on savings
- Premium card
- Disposable virtual cards
- LoungeKey Pass access
The last, and most expensive option, is the metal package. With a cost of $16.99 per month, you’ll have access to these additional features:
- Delayed baggage and delayed flight insurance
- Exclusive Revolut metal card
And of course, Metal members will have access to all of the features available to Premium or Standard users.
How Does Revolut Compare?
Here’s a quick look at how Revolut compares to two other popular cross-asset platforms, Uphold and Wirex.
How Do I Open An Account?
Want to use Revolut? The process starts by downloading the app in the app in the Apple App Store or Google Play Store. Once the app is installed, you’ll need to provide some basic information to Revolut.
Although there are some details to hand over, the process is very efficient. It shouldn’t take more than a few minutes to finalize your account creation.
Is It Safe And Secure?
Revolut works with partner banks to keep your money secure. The funds are held by Metropolitan Commercial Bank, Member FDIC, and are insured by the Federal Deposit Insurance Corporation for up to $250,000.
In addition to FDIC insurance, the company offers award-winning security systems to keep your funds safe. You’ll be able to use your card freely without worrying about compromising your data.
How Do I Contact Revolut?
The best way to get in touch with Revolut is by reaching out via in-app chat. Revolut customer service is available to answer questions via the chat 24/7.
If you decide to open an account with Revolut, you should expect a smooth customer experience. The company has earned 4.4 out of 5 stars on Trustpilot with over 100,000 customer reviews.
You can follow Revolut on Facebook, Instagram, and Twitter @revolutapp_us to stay up to date on the latest products, features, and promotions.
Is It Worth It?
Revolut offers a plethora of features that would come in handy for anyone that travels or sends money internationally — no matter how infrequently. The ability to easily exchange funds without excessive fees weighing you down is absolutely worthwhile.
Beyond that, Revolut’s finance features are top-notch. You’ll find tools to help you build your savings and manage your budget all in one place. Plus, you can invest in Crypto right in the app.
All in all, Revolut offers a great opportunity for those looking to streamline their finances.
Get started with Revolut here >>
Please note that Revolut is frequently updating its products and features, see the Revolut Terms and Conditions for the latest offerings.