Revolut International Money Transfer Review 2023

In the cacophony of the international money transfer market, one new player has been hitting all the right notes. You might have heard its name already – we’re talking about Revolut! They’ve shimmied past traditional banking boundaries, danced their way into the fintech realm, and taken the stage like the Mozart of digital banking.

Before Revolut, the money transfer market was like the awkward middle school dance – you had to go through a bunch of middlemen (your banks and their banks and everyone else’s banks) just to send money across borders. And they’d all take their cut, leaving your wallet feeling lighter and your heart heavier.

But then Revolut swaggered onto the scene, twirled the old banking system around, and said, “It’s about time we do things differently.” They certainly stood by their word, but is their performance as stunning as it seems? Let’s dive into the nitty-gritty of this financial disruptor and give you a grand tour of Revolut’s world.

Who are Revolut?

Revolut is no garden-variety startup that popped up overnight. Established back in 2015 by Nikolay Storonsky and Vlad Yatsenko, these two ex-banking bigwigs decided to dance to their own beat, challenging the traditional banking giants and reshaping the way we handle our hard-earned dough.

Starting as a way for people to avoid sky-high foreign exchange fees, Revolut evolved into a digital banking alternative with ambitions larger than a Kardashian’s closet. Fast-forward to 2023, and this London-based titan is stepping on the toes of traditional banks worldwide.

Cruising on the highway of innovation, Revolut has mastered the art of modern technology. What started as a simple international money transfer app, has morphed into an all-in-one financial hub, boasting a sprawling list of features – from no-nonsense budgeting tools to crypto trading, making it the talk of the fintech town.

But what sets Revolut apart is their careful commitment to customer-centricity. It’s as though they’ve finally solved the modern-day consumer and shaped their services to meet their every whim and fancy. This user-first approach reflects in their punchy tagline, “One app, all things money” a promise they’ve been sticking to.

Revolut’s culture is vibrant and exciting. A flat hierarchy, open communication, and a team churning with ideas and ambition is what makes this company excel. This culture spills over into their work, creating a product that’s bold, fresh, and delightfully disruptive.

Revolut’s influence hasn’t been limited to the finance industry alone. Their roaring success has been a call for innovation across all sectors, proving that with the right idea and relentless execution, it’s possible to turn the tide and challenge the status quo. They’ve pushed the envelope, encouraging a wave of startups and entrepreneurs to dream bigger and bolder.

The team at Revolut isn’t content with being just another player in the game. They’re here to change it, set the rules, and leave their mark. That’s Revolut for you – always marching to the beat of their own drum, and making us all dance along.

Revolut Pros & Cons

	Pros	Cons
1.	A myriad of modern banking features – Revolut comes loaded with a wide array of banking features that can meet the needs of modern users. From budgeting tools to bill splitting, it’s a digital finance toolkit in your pocket.	Not suitable for large money transfers – While Revolut excels at smaller transactions, it might not be your best bet for larger transfers. There are limits on transfers based on your plan and location, and fees can ramp up for significant amounts.
2.	Great customer service – Revolut’s customer service is there for you 24/7, ready to help you with any issues or questions you might have.	Complicated fee structure – Revolut’s fee structure can feel a bit like a tricky puzzle. With costs varying based on factors like your plan, the type of transaction, and even the day of the week, it could take a moment or two to figure out what you’re paying for.
3.	Solid Trustpilot rating – With a commendable Trustpilot score (4.3/5), Revolut’s customer satisfaction speaks for itself. This score reflects the positive experiences of millions of users around the globe.	Limited in-app currency coverage – Revolut supports a wide array of currencies, but it falls a bit short when it comes to more exotic ones. If you’re dealing with less common currencies, you might need to look elsewhere.
4.	Convenient debit cards – Revolut offers robust debit cards that come with a plethora of perks. They can be used anywhere Visa and MasterCard are accepted, providing convenience for everyday spending and international travel.	No cash pickup option – In an increasingly digital world, Revolut has chosen to skip cash pickups. If you or your recipient prefers handling paper money, you’ll need to consider other money transfer options.
5.	No transfer fees – Revolut doesn’t charge fees for most types of transfers usually up to a certain monthly limit, which can save you a decent chunk of change over time.	New in the industry – While Revolut has made a considerable splash since its inception, it’s still relatively new compared to some traditional financial institutions. As such, it might lack some features or offerings that established banks provide.
6.	Favorable exchange rates – Revolut uses the real interbank exchange rates for many transactions (usually during weekdays), which can help you avoid the markups often added by traditional banks. More money in your pocket, less in theirs.
7.	Tons of business features – With Revolut Business, you get access to a multitude of features tailored for businesses, such as multi-currency accounts, expense management, and integrations with popular business tools.
8.	Cryptocurrency trading – Interested in exploring the world of Bitcoin and Ethereum? Revolut’s got you covered with its integrated cryptocurrency trading feature. Remember though, while trading can be thrilling, it comes with risks!
9.	Virtual cards – With Revolut, you can create virtual cards that offer an extra layer of security for online purchases. These cards are like an invisible shield for your money.
10.	Highly convenient – Revolut is designed for convenience. Whether you’re sending money abroad, paying bills, or trading crypto, you can do it all from their sleek, user-friendly mobile app.
11.	Global service coverage – Revolut services are available in over 200 countries and regions. So whether you’re chilling in Chile or snorkeling in Seychelles, Revolut’s got you covered.
12.	Solid currency coverage when traveling – With support for 140+ currencies, you can travel with peace of mind, knowing you can spend like a local wherever you go.
13.	Fast money transfers – Revolut offers instant transfers between Revolut users and speedy bank transfers that often land within 1-2 working days.

Revolut Key Attributes

• Founded: 2015
• Headquarters: London, UK
• Other offices: In addition to the main hub in the heart of England, Revolut boasts physician offices in Berlin (Germany), Dublin (Ireland), Krakow and Silesia (Poland), Madrid (Spain), Mexico City (Mexico), Porto (Portugal), São Paulo (Brazil), Bangalore, Chennai, Gurgaon, Indore, and Mumbai (India), Singapore, Tokyo (Japan), and Vilnius (Lithuania);
• Annual trading volume: In 2022, Revolut’s annual trading volume soared to an astronomical $140 billion. That’s a staggering sum, considering that only a few years ago, Revolut was a mere financial upstart. It’s a clear testament to the trust users have placed in their services, and how integral they’ve become to their financial lives;
• Number of employees: Revolut is powered by a dynamic team of over 8,000 employees worldwide. This team, a blend of innovative minds and seasoned professionals, continues to redefine the fintech landscape, one feature at a time;
• Trustpilot rating: In the world of customer reviews, Trustpilot is the grand stage, and Revolut holds a respectable 4.3 out of 5 rating. This reflects the overall customer satisfaction with their services, demonstrating their commitment to making banking simple and hassle-free;
• Number of clients: With over 30 million personal users and more than 500,000 business users, Revolut’s community is bustling and diverse. Whether you’re a travel enthusiast, a small business owner, or someone who simply loves the convenience of digital banking, the Revolut family is wide and welcoming;
• Available countries: Revolut has planted its flag in over 200 countries and regions. From Albania to Zimbabwe, it’s likely you can access Revolut’s services and start revamping your banking experience;
• Number of currencies: Revolut gives you the power to exchange and hold 29 different in-app currencies, and withdraw in 140 global currencies. So whether you’re sending money to your friend for your share of last night’s dinner, paying for that Italian leather bag, or booking your stay in Bali, Revolut’s got your currency needs covered;
• Minimum transfer limit: With Revolut, there isn’t a minimum transfer limit on the amount you wish to send ($1 or currency equivalent);
• Maximum transfer limit: Revolut’s flexibility caters to both small and large-scale transfers, adapting to a wide range of user needs. The maximum transfer limit varies based on the selected plan, the sending country, and the recipient country;
• Transfer fee: Revolut’s transfer fee for card transfers is 0.7% within Europe and 2.3% outside Europe. For bank transfers, fees range between 0.35% and 1%, depending on the selected countries, currencies, and transfer amount;
• Exchange rate markup: When it comes to exchange rate markups, Revolut plays fair. No markup is added on weekdays if the transfer amount is less than $1,000. Above that, a 0.5% markup on the mid-market exchange rate applies. On weekends, a 0.5% – 2% markup is added on that week’s last mid-market exchange rate;
• Sending money: Revolut enables you to send money via a bank account, debit card, and credit card;
• Receiving money: With Revolut, you can receive money directly to your bank account or debit card;
• Payments flexibility: You can do all of what we’ve talked about above through Revolut’s online platform or mobile app;
• Supported languages: Revolut speaks your language, literally. The platform supports a myriad of languages including English, German, Spanish, French, Portuguese, Dutch, Italian, Japanese, Chinese, Croatian, Greek, Czech, Danish, Russian, Hungarian, Polish, Slovak, Romanian, Swedish, Bulgarian, Latvian, and Lithuanian;
• Regulated by: Safety first is Revolut’s mantra. They’re regulated by multiple global financial regulatory bodies including:
  • The Monetary Authority of Singapore;
  • The Financial Conduct Authority (FCA);
  • The Bank of Lithuania;
  • The Kanto Local Finance Bureau;
  • The Australian Securities and Investments Commission (ASIC).
• Mobile app: The Revolut mobile app is a hit among users, boasting a rating of 4.7 out of 5 on iOS and 4.5 out of 5 on Android. With a clean, intuitive interface coupled with robust functionality, it’s no wonder it’s been downloaded millions of times worldwide;
• Awards: Revolut’s trophy cabinet is packed to the brim, thanks to their groundbreaking strides in electronic payment services. They’ve scooped up awards for innovation, customer service, and business strategy, further cementing their reputation as a game-changer in the finance industry:
  • Top Startups (LinkedIn, 2018, 2019, 2020, 2021, 2022);
  • Fintech Company of the Year (City AM Awards, 2018);
  • Europe’s Allstar Company (Investor Allstars Awards, 2018);
  • Top 10 Fastest Growing Startups To Work For (Otta, 2019);
  • Top 10 Companies Hiring Like Crazy (Glassdoor, 2019);
  • Top Spot at Deloitte’s Tech Fast 50 (Deloitte, 2019, 2020);
  • Top Spot at The Startups 100 (Startups, 2019);
  • Top 10 in Tech Track 100 Companies (The Sunday Times, 2019);
  • Featured in The Best London Startups to Work (Rocket List, 2020);
  • Lithuania’s TOP Employers (CV Online, 2020);
  • Innovation of The Year (British Bank Awards, 2020);
  • Featured in Best Startups To Watch (Seedtable, 2020, 2023);
  • Best Talent Acquisition Team (LinkedIn Talent Awards, 2021);
  • Featured in 150 Fastest Growing Companies to Work for in America (Otta, 2021);
  • Best FinTech Employer of the Year (SFF Global FinTech Awards, 2021);
  • Featured in Employer Branding Stars (EBstars Awards, 2022, 2023).

Revolut Features

Revolut is like a buffet table of financial services – no matter what your needs are, they always have something suitable for you. Let’s take a closer look at the types of accounts on offer and the perks they bring along.

Type of Accounts

• Personal Accounts
  Revolut’s personal accounts are a one-stop shop for all your banking needs. Forget the boring hurdles of traditional banking and embrace the simplicity and flexibility of Revolut. From budgeting tools that make managing finances a breeze to access to global currencies for those spontaneous vacations, Revolut’s personal accounts have you covered.
  
  And, of course, the star of the show – free international money transfers. Whether you’re sending money to a family member abroad or paying for a cross-border service, Revolut’s personal accounts ensure smooth, hassle-free transactions. Plus, there are no monthly fees, unless you opt for one of the advanced plans, which come loaded with additional perks for a small monthly charge. We’ll discuss those below.
  
  
• Business Accounts
  For the hustlers and the go-getters, Revolut offers business accounts tailored to modern enterprises. Whether you’re a fledgling startup or an established corporation, Revolut’s business accounts provide a comprehensive solution to manage your finances. Imagine seamless international transactions, multi-currency corporate cards, and the ability to send and receive payments in a hurry – all under one roof.
  
  Not to mention, the ability to integrate with popular business tools for streamlined operations. And, the cherry on top – you get access to a powerful analytics tool that helps you track and optimize your business expenses. With a Revolut business account, you can bid farewell to bureaucratic red tape and embrace the future of business banking.

Types of Money Transfers

• SWIFT Transfers
  With Revolut, you can send money to over 200 countries in a variety of currencies. Though it may take up to three working days, you can rest easy knowing your money is secure.
  

• SEPA Transfers
  For those in Europe, you can send Euros to other European countries with SEPA transfers. It’s fast, often happening on the same day, and is as secure as a Swiss bank.
  

• Local Transfers
  If you’re sending money within the same country, Revolut’s local transfers are just the ticket. They’re typically fast, with the money reaching the recipient’s account in a matter of hours.
  

• Instant Transfers
  Need to send money ASAP? Revolut’s instant transfers to other Revolut users are your savior. They’re immediate and free, making them perfect for splitting bills or lending money to friends.

Each of these transfer methods has its own benefits, and with Revolut, you have the freedom to choose the one that best suits your needs. Whether you’re paying a friend back for lunch, or sending your kid off to college with a bit of pocket money, Revolut has you covered.

Revolut’s Personal Plans

Standard Plan

The Standard Plan is Revolut’s basic package that’s completely free, but by no means a slouch. It allows you to make fee-free payments in over 140 currencies and exchange up to $1,000 per month in 29 different currencies at the interbank exchange rate. You can also withdraw up to $200 or 5 withdrawals per month from ATMs for free. On top of these, you have access to budgeting and analytics tools and Revolut <18 (a dedicated card for teenagers) for one kid.

Plus Plan

Moving up the ladder, the Plus Plan introduces you to a few more handy features. Along with all the benefits of the Standard Plan, you also get access to priority customer support, one spare virtual card, and a host of lifestyle benefits. The Plus Plan gives you a higher ATM withdrawal limit, higher foreign exchange limit, and the ability to include two kids in your Revolut <18 account. 

The pricing for this plan is £2.99/month.

Premium Plan

The Premium Plan is where things start to get interesting. The best thing about it is the unlimited fee-free currency exchange option. Along with everything in the Plus Plan, with the Premium Plan, you’ll get overseas medical insurance, delayed baggage and flight insurance, free overseas ATM withdrawals up to £400/month, and access to exclusive card designs. You also get access to the LoungeKey Pass for airport lounges, free disposable virtual cards, winter sports insurance, and priority support, ensuring you’re always a VIP.

The pricing for this plan is £6.99/month.

Metal Plan

The Metal Plan is Revolut’s most comprehensive personal plan. It gives you everything in the Premium Plan, plus cashback on card payments in the currency of your choice, free overseas ATM withdrawals up to an even higher limit (£800/month), and personal liability insurance. There’s also the ability to add five family members to your Revolut <18 account. Plus, the cherry on top is a striking metal card that’s sure to turn heads.

The pricing for this plan is £12.99/month.

Ultra Plan

The latest addition to Revolut’s portfolio – the Ultra Plan – is designed for high-net-worth individuals who demand the best. It includes all the benefits of the Metal Plan with some exclusive perks.

Ultra members enjoy the highest limits on ATM withdrawals (£2,000/month) and foreign exchanges, the most generous cashback rates, and dedicated customer support. You also get a cutting-edge platinum-plated card in exclusive Ultra designs and access to a wealth of premium lifestyle benefits and experiences.

The pricing for this plan is £45/month.

Revolut International Money Transfer Costs

When it comes to international money transfers, Revolut has established a reputation for being transparent and straightforward with their costs. But like any financial service, it’s crucial to know what you’re paying for. Let’s break their costs down.

Transfer Fees

For most money transfers, Revolut doesn’t charge a fee. Yes, you heard that right, no fees for international money transfers between Revolut users. However, things can get a bit tricky based on certain factors such as the selected countries, currencies, and the transfer amount.

For card transfers, the fee ranges between 0.7% (if you’re in Europe) and 2.3% (outside Europe). For bank transfers, fees can range between 0.35% and 1% of the total transfer amount. Revolut also may add a small fee for instant transfers to non-Revolut accounts.

Moreover, if you’re transferring a large amount of money, or if you make a lot of transfers in a month, Revolut might apply a “fair usage” fee. The specifics for this fee vary based on your subscription plan, so it’s best to check the terms of your account to be sure.

Exchange Rates

Revolut prides itself on using the interbank (mid-market) exchange rate – the same rate banks give each other when they exchange money. This is usually the best rate you can get, and it’s significantly better than what you’d get at a high-street bank.

Revolut doesn’t add a markup to the exchange rate during weekdays for all transfers made from a Premium, Metal, or Ultra plan. For the Standard and Plus plans, Revolut offers markup-free transfers when you send less than £1,000/month during weekdays. For anything above that, they add a small 0.5% markup.

On weekends, Revolut adds a 0.5% – 2% markup to account for fluctuations in the market when it’s closed.

Additional Fees

While Revolut works hard to keep costs low, there are some other fees you might encounter. If you exceed your free ATM withdrawal limit, there’s a 2% fee. There are usually fees for card delivery, card replacements, and some specific actions in certain countries as well.

Also, remember that while Revolut doesn’t charge receiving fees, the bank you’re sending money to might (when making a card or bank transfer). It’s always best to double-check with the receiving bank to avoid any unexpected charges.

How Safe is Revolut?

When it comes to money, we all want to feel secure. And rightly so. Revolut has a series of measures in place to ensure your funds and data are as safe as a vault at Fort Knox. Let’s explore how Revolut makes that happen.

• Data Protection
  In this digital age, data protection is just as important as safeguarding your money. Revolut adheres to stringent data protection laws and uses advanced security measures to keep your information safe. From two-factor authentication to device-specific security codes, Revolut makes sure your account stays in your hands and no one else’s.
  

• Fund Security
  When it comes to your money, Revolut leaves no stone unturned. They’re an Electronic Money Institution and are regulated by the Financial Conduct Authority (FCA) in the UK. This means that all of your funds are held in a ring-fenced account, separate from Revolut’s finances. This setup ensures that, even in the unlikely event that Revolut encounters financial difficulty, your money stays secure.
  

• Transaction Security
  Revolut’s app is designed with a series of features that allow you to control your card and account settings securely. You can freeze and unfreeze your card instantly if it gets lost or stolen. Plus, you can turn online payments, ATM withdrawals, and contactless payments on or off at a swipe. Revolut also uses machine learning technology to stop fraudulent transactions before they happen.
  

• Regulatory Oversight
  Revolut has regulatory oversight in every region it operates. In addition to the FCA in the UK, they’re authorized by the Monetary Authority of Singapore, the Bank of Lithuania, the Kanto Local Finance Bureau in Japan, and the Australian Securities & Investments Commission. This ensures that Revolut abides by all the necessary regulations to keep your money safe, no matter where you are.

With strong data protection, secure handling of your funds, and stringent regulatory oversight, you can sleep easy knowing your money is in safe hands with Revolut.

How Fast is Revolut?

In our fast-paced world, the phrase “time is money” has never been more apt. And when it comes to transferring money, speed is of the essence. So how does Revolut stack up?

Typically, Revolut processes transactions instantly among its users. That means if you’re sending money to another Revolut user, they’ll get the funds in the blink of an eye – or as soon as you hit the send button.

When it comes to international transfers, Revolut still delivers at an impressive speed. Depending on the receiving bank and the currency you’re sending, your transfer could land within the same day or take up to 2 working days. That’s certainly speedier than most traditional banks, which can take up to 5 working days for similar transactions.

But Revolut doesn’t stop at simply being fast. They strive to make the process smooth too. You can schedule payments, set up recurring transfers, and even split bills with friends, all with a few taps on your phone. And with real-time notifications, you’re always in the loop about where your money is and when it’s arrived.

So, compared to the industry average, Revolut is a cheetah on a caffeine rush. Whether you’re sending money abroad or splitting a dinner bill, Revolut makes it quick, easy, and painless. After all, why should you have to wait for your money to play catch-up? With Revolut, it’s already at the finish line.

How to Use Revolut

Using Revolut is like taking a stroll in the park on a sunny day – breezy, enjoyable, and surprisingly refreshing. It’s designed to be straightforward and user-friendly, ensuring that even if you’re not a tech whiz, you’ll find it suited to your intuition.

• Step 1: Sign Up
  First things first, you’ll need to download the Revolut app from either the Google Play Store or Apple App Store. Once installed, open the app and tap “Sign Up”. Enter your mobile number, and you’ll receive an SMS with a verification code. Input the code, and you’re on your way!
  
  
• Step 2: Personal Details
  Next, Revolut will ask for some personal details. This is all standard stuff: your name, date of birth, email address, and home address. These details help verify your identity and keep your account secure.
  
  
• Step 3: Secure Your Account
  You’ll be asked to create a four-digit passcode. Choose something you’ll remember, but make sure it’s not easy for others to guess. You’ll use this passcode to log into your account, so keep it safe!
  
  
• Step 4: Top Up Your Account
  Before you start transferring money, you’ll need to top up your account. You can do this through a bank transfer or by linking a debit or credit card to your Revolut account. The process is straightforward and only takes a few minutes.
  

• Step 5: Start Using Revolut
  Now that your account is set up and loaded, you can start enjoying what Revolut has to offer. If you want to send money abroad, tap “Payments” then “New payment”. Choose the contact you want to send money to (or add a new one), enter the amount, select the currency, and tap “Send”.
  
  If you need to split a bill, go to the “Payments” tab, select “Split bill”, choose the friends you’re splitting with, and input the total amount. Revolut will do the math for you and send requests to your friends.

Revolut also offers budgeting tools, currency exchange, crypto trading, and much more. The more you explore, the more features you’ll find!

Revolut’s Cancellation Policy

Whether it’s sending cash to the wrong person or changing your mind last minute, cancellations happen. But don’t worry, Revolut has got your back. Let’s delve into how they handle cancellations and refunds.

Canceling a Transaction

If you’ve made a mistake with your transfer, your best bet is to contact Revolut as soon as you realize you want to make a change. The speed at which Revolut processes payments can sometimes make it difficult to cancel a transaction. If the transfer hasn’t been processed yet, they’ll be able to help you cancel it. However, if the money’s already en route, things can get a bit tricky.

In that case, Revolut will do their best to help you retrieve the funds, but it can’t always be guaranteed. For instance, if you’ve sent money to another Revolut user, you’ll need to ask them to send it back directly. Revolut can’t reverse these transactions.

Refunds

When it comes to refunds, Revolut makes it simple. If you’ve made a purchase with your Revolut card and then returned the item, the merchant will send the refund back to your card. It can take up to 10 days for the refund to appear in your account, although it’s often quicker.

Canceling Your Account

If you decide that Revolut isn’t for you, canceling your account is straightforward. Just contact Revolut’s customer support through the in-app chat, and they’ll guide you through the process. Bear in mind, though, that once your account is closed, it can’t be reopened.

So, while canceling a transfer can sometimes be a bit complicated due to the speed of transactions, Revolut strives to make the process as painless as possible. And if you ever need a refund or want to close your account, they’ve got you covered there too. With Revolut, you’re never stuck in a bind.

Revolut Customer Service

Let’s chat about Revolut’s customer service – a subject that usually stirs up a cocktail of emotions. Fortunately, with Revolut, the drink is more refreshing than bitter.

Generally speaking, Revolut’s customer service has been well-received by its users. With a Trustpilot rating of 4.3/5, they’re clearly doing something right. But let’s dig deeper into what support options they provide, and why customers are raising their glasses in toast.

Revolut offers a few ways for users to get in touch when they need help:

• In-app Support Chat
  The primary means of contacting Revolut is through their in-app support chat. It’s available 24/7, and it’s designed to answer your queries promptly. You can access the chat by tapping “Help” in the app’s “More” tab, and typing your question into the chat box. An artificial intelligence bot will initially respond to your query, but if your question is more complex, you’ll be connected to a human support agent.
  
  
• Help Centre
  Revolut’s Help Centre is packed with articles covering a wide range of topics. From setting up your account to making international transfers, it’s a treasure trove of information that can help answer most queries without having to reach out to support.
  
  
• Community Forum
  The Revolut Community Forum is a great place to connect with other users, share experiences, and find answers to common questions. Revolut’s team also frequently interacts on the forum, providing official responses and updates.
  
  
• Social Media
  Revolut is active on social media platforms like Twitter and Facebook. While not the primary channel for customer support, you can often get quick responses to simple questions there.

How Does Revolut Compare With Its Competitors?

Just like a busy market square, the fintech landscape is filled with vibrant stalls, each offering something unique. So where does Revolut fit in this bustling bazaar, and how does it stack up against its competitors?

Revolut stands as a pretty unique stall in this metaphorical market. They’ve brought together a diverse mix of services – from money transfers and budgeting to cryptocurrency and stock trading – all under one digital roof. Few competitors offer such a wide range of features in one app, making Revolut a bit of a jack-of-all-trades in the fintech world.

When it comes to international money transfers, Revolut often beats traditional banks with lower fees and faster processing times. However, certain specialist transfer services, like Currencies Direct or OFX, might edge out Revolut on the fees front for specific transfer routes or large amounts.

In terms of extras, Revolut truly shines. The breadth of its features (think cryptocurrency and commodities trading, virtual cards, and powerful budgeting tools) is hard to beat. Some competitors might offer similar services, but rarely all in one place.

But Revolut isn’t without its downsides. One area where competitors sometimes get the upper hand is customer service. While Revolut’s support is generally appreciated, some users report long response times during peak hours. Competitors like Instarem and TorFX are often praised for their quicker, more personal customer service.

Moreover, while Revolut’s fees are usually competitive, the fee structure can be complex, especially for international transfers. This can be off-putting for users who prefer a more straightforward pricing model, as the one Wise offers.

So, as with any bustling market, it’s always worth shopping around to find the perfect fit.

Revolut vs. Currencies Direct

Feature	Revolut	Currencies Direct
Founded in	2015	1996
Trading Volume	$140 billion in 2022	£9.5 billion in 2021
Trustpilot Rating	4.3 / 5	4.9 / 5
Suitable for	Small money transfers and remittances	Large money transfers
Transfer Fee	No fee for transferring to other Revolut users; Card transfers: 0.7% (if you’re in Europe) 2.3% (outside Europe) Bank transfers: fees can range between 0.35% and 1%	No fee
Average Exchange Rate Markup	Weekdays: No markup on the Premium, Metal, and Ultra plans; No markup on the Standard and Plus plans for transfers of up to £1,000/month (above that, the markup is 0.5% on the mid-market exchange rate). Weekends: A 0.5% – 2% markup is added to the mid-market exchange rate.	0.4% to 1.4% on mid-market rates
Minimum Transfer Amount	£1 (or currency equivalent)	£1
Maximum Transfer Amount	Depends on the selected plan, the sending country, and the recipient country.	£25,000 through the mobile app £300,000 by placing a special request
Transfer Speed	Instant for transfers between Revolut users; Transfers made to cards or bank accounts can take between 1-2 business days on average.	12-24 hours within Europe; 24-48 hours for overseas transfers
Dedicated Dealer	No	Yes
Countries Covered	Over 200 countries	Over 200 countries
Currencies Covered	29 in-app currencies; 140 currencies available for withdrawal.	Over 70 currencies
Payment Methods	Bank account, credit, or debit card	Bank account, credit/debit card, or check
Receiving Methods	Bank account or debit card	Bank account
Cash Pick-Up Option	No	No
Instant Custom Quote	Yes	No. Quotes are available through email for registered users
Business Features	Forward contracts, multi-currency accounts, spending management, limit orders, stop orders, rate alerts, analytics, payroll automation, and API integration.	Spot contracts, forwards contracts, limit orders, stop-loss orders, recurring transfers, digital multi-currency wallet, rate alerts, and API portal.
Flagship Debit Card	Yes (Standard, Plus, Premium, Metal, Ultra, Business, and Revolut <18)	No. A card for international travelers is available through a third-party service (WeSwap)
Mobile App	Yes	Yes
Cancellation Policy	Cancellation is available as long as the transfer hasn’t been completed. Refunds may take up to 10 days.	No

Read our full Currencies Direct review.

Revolut vs. VertoFX

Feature	Revolut	VertoFX
Founded in	2015	2017
Trading Volume	$140 billion in 2022	Over $4 billion annually
Trustpilot Rating	4.3 / 5	4.5 / 5
Suitable for	Small money transfers and remittances	All kinds of business transactions
Transfer Fee	No fee for transferring to other Revolut users; Card transfers: 0.7% (if you’re in Europe) 2.3% (outside Europe) Bank transfers: fees can range between 0.35% and 1%	No fee
Average Exchange Rate Markup	Weekdays: No markup on the Premium, Metal, and Ultra plans; No markup on the Standard and Plus plans for transfers of up to £1,000/month (above that, the markup is 0.5% on the mid-market exchange rate). Weekends:A 0.5% – 2% markup is added to the mid-market exchange rate.	An average of 0.2%-0.6% is added to the mid-market rate or the best available rate.
Minimum Transfer Amount	£1 (or currency equivalent)	$1 (or currency equivalent)
Maximum Transfer Amount	Depends on the selected plan, the sending country, and the recipient country.	No limit
Transfer Speed	Instant for transfers between Revolut users; Transfers made to cards or bank accounts can take between 1-2 business days on average.	1-2 business days on average
Dedicated Dealer	No	Yes
Countries Covered	Over 200 countries	Over 200 countries
Currencies Covered	29 in-app currencies; 140 currencies available for withdrawal.	51 global currencies
Payment Methods	Bank account, credit, or debit card	Bank account, credit card, debit card, and mobile wallet.
Receiving Methods	Bank account or debit card	Bank account and mobile wallet.
Cash Pick-Up Option	No	No
Instant Custom Quote	Yes	No
Business Features	Forward contracts, multi-currency accounts, spending management, limit orders, stop orders, rate alerts, analytics, payroll automation, and API integration.	FX solutions, currency marketplace, local and global accounts, market options, multi-currency wallet, corporate cards, treasury management, and API integration.
Flagship Debit Card	Yes (Standard, Plus, Premium, Metal, Ultra, Business, and Revolut <18)	Verto Corporate Card
Mobile App	Yes	Only for Android devices
Cancellation Policy	Cancellation is available as long as the transfer hasn’t been completed. Refunds may take up to 10 days.	If your transfer hasn’t been completed, you can request a cancellation and refund. Once a transfer has been finalized and the money has been sent to the recipient, it’s generally not possible to cancel the transaction.

Read our full VertoFX review.

Revolut vs. TorFX

Feature	Revolut	TorFX
Founded in	2015	2004
Trading Volume	$140 billion in 2022	Over £10 billion per year
Trustpilot Rating	4.3 / 5	4.9 / 5
Suitable for	Small money transfers and remittances	Both small and large money transfers.
Transfer Fee	No fee for transferring to other Revolut users; Card transfers: 0.7% (if you’re in Europe) 2.3% (outside Europe) Bank transfers: fees can range between 0.35% and 1%	No fee
Average Exchange Rate Markup	Weekdays: No markup on the Premium, Metal, and Ultra plans; No markup on the Standard and Plus plans for transfers of up to £1,000/month (above that, the markup is 0.5% on the mid-market exchange rate). Weekends: A 0.5% – 2% markup is added to the mid-market exchange rate.	Added to the mid-market exchange rate and varies between 1.9% for large transfers and 2.7% for small transfers.
Minimum Transfer Amount	£1 (or currency equivalent)	£100 (or currency equivalent); £500 for recurring money transfers.
Maximum Transfer Amount	Depends on the selected plan, the sending country, and the recipient country.	No limit (£10,000 for recurring money transfers).
Transfer Speed	Instant for transfers between Revolut users; Transfers made to cards or bank accounts can take between 1-2 business days on average.	0-2 business days on average
Dedicated Dealer	No	Yes
Countries Covered	Over 200 countries	Over 120 countries worldwide
Currencies Covered	29 in-app currencies; 140 currencies available for withdrawal.	More than 40 global currencies
Payment Methods	Bank account, credit, or debit card	Bank account for all users; Bank account, debit/credit card, and check for UK bank holders.
Receiving Methods	Bank account or debit card	Bank account
Cash Pick-Up Option	No	No
Instant Custom Quote	Yes	No. Quotes are available through email for registered users.
Business Features	Forward contracts, multi-currency accounts, spending management, limit orders, stop orders, rate alerts, analytics, payroll automation, and API integration.	Spot contracts, forward contracts, market orders, limit orders, stop-loss orders, rate alerts, and automatic payments.
Flagship Debit Card	Yes (Standard, Plus, Premium, Metal, Ultra, Business, and Revolut <18)	No
Mobile App	Yes	Yes
Cancellation Policy	Cancellation is available as long as the transfer hasn’t been completed. Refunds may take up to 10 days.	Transfer cancellations are possible depending on the status of the transfer and the contract type. Cancellation and refund costs may incur.

Read our full TorFX review.

Revolut Customer Reviews

Nothing quite captures the pulse of a company’s performance like online customer reviews. Regarding Revolut, that pulse is quite steady and strong, resonating with mostly positive vibes.

With over 30 million personal users and more than 500,000 business users, Revolut is clearly doing something right. On Trustpilot, they score an admirable 4.3 out of 5 stars – a score that paints a rather pretty picture of customer satisfaction.

Digging into the reviews, you’ll find words of praise for Revolut’s slick, user-friendly app, and its broad suite of features. Users seem to appreciate having everything from budgeting tools to cryptocurrency trading at their fingertips. Revolut’s competitive exchange rates and speedy transfers also garner their fair share of applause.

However, like any other company, Revolut also has some areas for improvement. Some users have pointed out occasional glitches in the app, while others have expressed frustration with longer-than-desired response times from customer service during peak periods.

Despite these occasional blips, the overall sentiment is positive. Customers appreciate Revolut’s constant innovation, its commitment to offering a wide range of services, and its efforts to stay competitive in a rapidly evolving fintech landscape.

Positive Revolut Customer Reviews

I live in the UK and I’ve been using my Revolut card for about a year. I’ve used it in both Spain and Poland, it’s easy to use, and I love having no transaction fees when shopping, eating, and drinking abroad. Adding funds is simple and with no midweek loading-up fees for my foreign accounts, it’s great. I use it as a holiday savings account. Loving it! Highly recommend it.

– Paul Curtis

Service is excellent (I’m a Metal customer) . I have here and there some issues with the app but overall it’s great. I use it as my main loan account and never had issues that Revolut freezes it. They may ask if you can prove that the funds you receive are work based but it’s just paperwork and 1 hour tops.

– Robert

At the age of 71 years I have in the past been nervous of internet banking but I have found Revolut to be really quite easy. I like being able to transfer money instantly with a very good exchange rate. I also like the vault feature and can round up my spends to go into my savings. I highly recommend getting a Revolut account, in fact I don’t know how I managed without it.

– Lynda T.

Revolut is a very useful app. It allowed me to easily transfer money for splitting bills, paying expenses and making gifts. The user experience is excellent and the app is easy to use. Their referral program is also excellent. I even had a chat with their customer service and they helped me with my question. Overall, Revolut made it fun to spend money!

– Nikola

Negative Revolut Customer Reviews

Was a real fan of Revolut until the last couple of weeks. Used it in France and Italy and I’ve had 3 separate double charges i.e Revolut have charged me twice for the same transaction. As it’s a prepaid debit card that cash is lost to me until they sort it. They clearly have software problems not affecting other cards. This coupled with a hotel in France asking if I could use a different card as they’ve had so many Revolut issues means I’m considering changing to a Starling card – which doesn’t have a £1000/ month exchange limit before they start charging a 1% fee.

– Andrew Murray

I recently received a request from Revolut to provide proof of the origin of transfers received in my Revolut account. While I totally understand the reasons behind it I don’t understand why 2 days after submitting the required documents and receiving confirmation from Revolut that it was validated and confirmed I received again the same request for the same amount. A quick request in the app chat and 3 hrs later the agent confirmed the issue was cleared and restrictions on the account were lifted. So, not too happy with this glitch but the support team was responsive.

– Degoulange

First, the long on-boarding. 2 weeks of onboarding of my business while the advertised promise is 1 day. The second, the account was billed for having additional checks regarding invoices. I wasn’t aware it’s a paid feature. I totally forgot whether someone warned me about this. I usually want to see the item for what I pay – any note in billing, but didn’t note this anywhere in the account. The fee wasn’t big, circa 5 euros, and the functionality is quite important and useful, so I decided to keep it, though support suggested a refund.

– Katerina Bletsch

Revolut Alternatives

Wise

Wise (formerly TransferWise) is a big hitter in the fintech space, offering a unique set of features that make it a solid alternative to Revolut. Here’s how Wise could swing some users away from Revolut.

• Straightforward Pricing
  Where Revolut has a somewhat complex fee structure, Wise shines with its simple, transparent pricing. They charge a small fixed fee plus a percentage of the transfer amount, and they always use the real mid-market exchange rate. There’s no guesswork involved – the cost of your transfer is clearly displayed upfront.
  
  
• Competitive Rates for Large Transfers
  For larger international transfers, Wise may come out on top. While Revolut applies a markup on the exchange rate for transfers over $1,000 on weekdays and all transfers on weekends, Wise sticks to the mid-market rate, which could result in significant savings on large amounts.
  
  
• Borderless Account
  Wise’s Borderless Account is a real crowd-pleaser. It allows users to hold and manage money in over 40 currencies, which is perfect for freelancers, travelers, or anyone dealing with multiple currencies regularly. While Revolut also offers multi-currency accounts, Wise supports more currencies, giving them the edge for global trotters or businesses with international clients.
  
  
• Global Reach
  When it comes to global availability, Wise has a slightly broader reach than Revolut, serving customers in more countries. This can be a significant advantage for users needing to transfer money to locations not covered by Revolut.
  
  
• Scalability
  Wise offers a clear advantage for businesses with their API, which allows businesses to automate payments and integrate Wise’s services into their own platforms. This scalability and adaptability make Wise a more attractive option for tech-savvy businesses.

While Wise might lack some of the bells and whistles of Revolut, such as cryptocurrency trading, advanced budgeting tools, and travel perks, it definitely shines in its core offering: cheap, fast, and transparent international money transfers.

The focus on doing one thing exceptionally well might sway some users towards Wise, especially those making larger transfers or dealing with multiple currencies on a regular basis.

So, while Revolut offers a broad, impressive suite of features, Wise stands its ground with its straightforward, transparent approach to international money transfers.

Remitly

Let’s shine a spotlight on Remitly, another intriguing player on the fintech stage. Though they may not offer the extensive features that Revolut does, they certainly have their strengths, particularly when it comes to remittances.

• Focus on Remittances
  Remitly’s main focus is on helping users send money to family and friends in other countries. They’ve fine-tuned their services to cater to this specific need, which can make them a more attractive option for people regularly sending money abroad to loved ones.
  
  
• Flexibility in Delivery
  Remitly offers more flexibility in how recipients can receive money. In addition to bank deposits, they also provide options for cash pickup, home delivery, and even mobile wallet transfers in certain countries. For users with recipients in regions where banking services are less accessible, this flexibility can be a game-changer.
  
  
• Speed Options
  Remitly provides two speed options for transfers: Express and Economy. Express transfers are very fast but come with higher fees, while Economy transfers are slower but much cheaper. This level of choice allows users to select the option that best balances their need for speed and affordability.
  
  
• Promotional Rates
  Remitly often offers promotional exchange rates for new customers, which can lead to significant savings on initial transfers. This can be a draw for new users looking for the most cost-effective way to send money abroad.
  
  
• Customer Support
  Remitly stands out for its strong customer support. They offer 24/7 support in multiple languages, and reviews often praise their efficient and friendly service.

So if remittances are your main game, then Remitly might just be the winning ticket you’re looking for.

Western Union

Western Union has been a titan in the money transfer business for over a century. The sheer experience and worldwide reach of Western Union present a robust alternative to modern fintech platforms like Revolut. However, their old-school roots can also be a limitation. Let’s have a look at where Western Union excels and where they may need to catch up.

• Worldwide Coverage
  Western Union has a massive global footprint, with a presence in over 200 countries and territories. This extensive reach means they can deliver money to corners of the world where newer fintech platforms, including Revolut, may not yet operate.
  

• Multiple Transfer Options
  Western Union offers multiple transfer options, including bank account transfers, credit and debit card transfers, and cash transfers. The ability to send cash for pickup at a Western Union location can be a significant advantage in regions where banking services are limited or nonexistent.
  

• Speed
  When it comes to speed, Western Union certainly can deliver. They offer the option for instant cash pickup at their locations worldwide, a service that Revolut can only match when sending to other Revolut users.
  

• Brick-and-Mortar Locations
  With over half a million agent locations worldwide, Western Union provides a face-to-face service that digital-only platforms like Revolut don’t. For those who prefer doing business in person, this can be a significant advantage.

However, Western Union does have its drawbacks:

• Higher Fees
  Western Union’s fees can be quite high, especially for smaller amounts and when sending money to certain countries. The cost can quickly climb with added services like fast delivery or cash pickup.
  
  
• Exchange Rate Markup
  Western Union applies a markup on the exchange rate, which can make larger transfers more expensive compared to platforms like Revolut, which use the real mid-market rate for smaller transfers.
  
  
• Fewer Additional Features
  While Western Union excels at moving money around the globe, it doesn’t offer the additional features that Revolut does, like budgeting tools, cryptocurrency trading, or the creation of virtual cards.

So, while Western Union still holds strong in the money transfer world, modern users seeking more from their financial services might find Revolut a more attractive package.

Conclusion

We’ve reached the end of this fintech odyssey, navigating the ins and outs of Revolut and its intriguing role in the world of international money transfers.

In a nutshell, Revolut is a bit like that trusty Swiss Army Knife in your pocket – loaded with tools, always ready to lend a hand, and making you look super cool.

It’s not just about sending your cash from point A to point B; it’s an all-in-one spot for budgeting, saving, spending, and even dabbling in cryptocurrencies. All wrapped up in an app that’s as smooth as a freshly ironed suit.

Sure, Revolut has its quirks. The weekend markup on exchange rates is a bit like that friend who only buys a round on half-price nights, and the fee structure could certainly do with a dash of simplicity.

But let’s not forget, no platform is perfect, and Revolut makes up for these with an impressive array of features and a user experience that’s as refreshing as a sea breeze on a hot day.

F.A.Q.

Is my money safe with Revolut?

Absolutely! Revolut is regulated by some of the world’s leading financial authorities like the FCA in the UK and the Monetary Authority of Singapore. They use advanced security measures to protect your account and ensure your funds are in safe hands.

Can I send money instantly with Revolut?

Yep! Revolut offers instant transfers between Revolut users, and for some bank transfers, the money can arrive in just a few seconds. However, for other transfers, it may take 1-2 working days, depending on the banks involved.

Does Revolut charge a fee for international transfers?

It depends on a few factors, including your plan and the countries involved. Some transfers are free, while others may have a small fee. Revolut is all about transparency, so they’ll always let you know of any costs upfront.

Can I use Revolut for my business?

You bet! Revolut offers specific accounts for businesses with features like multi-currency accounts, expense management, and integrations with popular business tools. It’s like having an international finance department in your pocket!

What’s with the weekend markup on exchange rates?

When currency markets close for the weekend, there’s a bit more uncertainty about exchange rates. To manage this risk, Revolut adds a small markup on transfers over the weekend. But don’t worry, they’ll always show you the rate before you make a transfer.

Can I buy Bitcoin with Revolut?

Yes, you can! Revolut allows you to buy, sell, and hold a range of cryptocurrencies, including Bitcoin, right from your app. However, keep in mind that investing in crypto can be risky, and it’s important to get the full picture of that market before diving in.

What do I do when I need help with my Revolut account?

Revolut’s customer support is available 24/7. They’ve got a helpful team ready to assist you via chat, right in the app. Alternatively, you can check out their extensive FAQ section on the website. It’s like having a personal finance guru at your disposal.

Can I set up recurring payments with Revolut?

Indeed, you can. Revolut’s app allows you to set up regular payments, so you can make those monthly subscriptions or pay your rent without having to remember the due dates.

Does Revolut have a function to split bills?

Yes, they do. If you’ve had dinner with friends or shared an Uber ride, you can easily split the cost with them directly in the app. It saves you the headache of doing the math and makes sure everyone pays their fair share.

Also see:

Revolut vs MoneyGram
Revolut vs Remitly
Revolut vs OFX
Revolut vs Currencies Direct
Revolut vs CurrencyFair