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Revolut Review 2023
Learn more about Revolut, global financial superapp designed for money transfer and exchange for personal and business accounts.
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Published 11 months ago
Revolut info
| Founded | 2015 |
| Headquarters | London, UK |
| Website | https://www.revolut.com/ |
| Daily volume trading | $40 billion (2020) |
| Number of cryptocurrencies | 30+ |
| Crypto licences | Cyprus, Singapore, Spain, United Kingdom |
| Cryptocurrency Fees | 2.5% (over $200), additional 1% depending on trading time |
| Minimum deposit | None |
| Digital Wallet | None |
| Promotion | None |
| Currency | Fiat and crypto |
| Deposit Method | Credit Card, Bank Transfer |
Coincub Score
/5
Open Account
Relatively easy to open an account/5
Interface
Easy to use mobile app/5
Customer support
Good and responsive at time, but can be hard to get issues resolved sometimes/5
Security
Highly secure platform/5
Fees
Revolut cryptocurrency fees: moderate fees for various transfers/5
Withdrawal
Depositing funds is easy but issues can arise with withdrawing fundsRevolut Review
Revolut is a financial platform that was started in the UK as a means for people to transfer and exchange funds for personal and business use. As part of their platform they use an advanced mobile app along with offering current accounts as part of their services as well as many others.
It was started in 2015 by founders Nik Storonsky and Vlad Yatsenko. Within a year of launching, Revolut had over 100,000 personal customers and secured $15m in Series A funding.
In 2017, Revolut Business was launched as a branch of the company dedicated to helping businesses scale faster and launched their crypto trading platform.
The years to follow saw Revolut expand their company globally to Australia, all of Europe, Singapore, Japan, Canada and the United States all the while hitting milestones such as having over 10 million personal users worldwide.
Overall, Revolut remains a flexible, convenient, and practical banking service that is especially useful for travel, card services, and premium accounts. Its unique features do position it as one of the better platforms in the financial space. Depending on where you are, there are Revolut cryptocurrency wallets available.
The paid membership levels can be off putting for new users initially, but the benefits can make up for the cost.
Revolut is great for people who want to manage their finances and access their funds around the world, and offers a level of flexibility which makes it worthwhile to try out.
Revolut Security
How secure is Revolut? All card transactions are processed by the Mastercard or Visa network and are protected by Mastercard or Visa rules.
Their policies and procedures are designed to protect personal information. All information is stored and processed using third-party servers located in secure data centers, protected by firewalls and with restricted access in compliance with applicable regulations.
All data passed between Revolut mobile apps, servers, and third parties are 2048-bit SSL encrypted. Revolut itself has not yet been hacked, though Revolut customers have been subject to phishing attempts.
Opening an Account and Trading
Revolut allows people to exchange traditional, fiat currency (like dollars or euros) into several popular cryptocurrencies like Bitcoin, Ethereum or Litecoin. Revolut makes this process very quick and simple, compared to other methods for purchasing cryptocurrency.
To open an account:
1. Download the app from the app store or play store.
2. Register an account with Revolut—they will need your name, address, contact details and proof of identification.
3. Choose the services you need from Revolut, for example money transfers, a current account or an international card.
4. You decide the currencies that you want to exchange money between.
5. Use the Revolut mobile app to transfer money to your intended account.
6. Revolut then converts the money and sends it to the recipient.
Revolut Supported Currencies
You can add money to your Revolut account with a card in AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, JPY, NOK, PLN, RON, SEK, USD, ZAR. Make sure to add money in the currency that your card is held in. For example, if you have a US bank account make sure you add USD. If you don’t, your card will convert the money for you and charge a conversion fee.
Revolut currently supports Mastercard® and Visa® cards. American Express is not supported.
AUDBGNCADCHFCZKDKKEURGBPHKDHRKHUFJPYNOKPLNRONSEKUSDZAR
FAQs
Can I trust Revolut?
Yes, Revolut is a legitimate company and a secure option to send money abroad with features that allow for the easiest way for users to manage their finances.
What happens if my Revolut card is stolen?
If your Revolut card gets lost or stolen you can easily freeze and unfreeze your Revolut card via the application so you have some level of protection there. You can also use the application to turn off contactless payments, ATM use, and online payments, then easily turn them back on when you want. This does give a level of control which is reassuring for users.
Is Revolut a crypto exchange?
No. Revolut allows users to buy crypto within the app, but they cannot withdraw crypto. Revolut also does not support individual cryptocurrency wallets. Users have no control over the cryptocurrency they buy, and cannot actually use it – it is only a speculation vehicle. Cryptocurrency held by Revolut is also not covered by the Financial Services Compensation Scheme, so users have no legal recourse for compensation if funds are stolen.
Revolut recently announced that Revolut Metal subscribers can withdraw a limited amount of bitcoin (£1,000 per month max) to an external wallet.
Is Revolut a bank?
Depends on where you are. Revolut does have a banking license in Lithuania, Poland, Bulgaria, Croatia, Cyprus, Estonia, Greece, Latvia, Malta, Romania, Slovakia and Slovenia. However, they are not a full fledged bank in many countries, including the UK, where they are based.
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This is not financial advice. Coincub is an independent publisher and comparison service. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. This space changes rapidly and evolving, so please make sure to do your own research. Although we do our best to provide you the best information, we cannot guarantee the accuracy or applicability of any information on this site or in regard to your individual circumstances.