🥇 Revolut Card – review 2023 + promo

Item: Revolut
Rating: 5
Author: Libor Tušar

What is Revolut?

Revolut is a British company, offering its users an account with up to 35 currencies. Using a graphically fine-tuned mobile application You can carry out foreign interbank payments, and convert currencies (up to 150 currencies) between Your currency accounts for a nearly middle exchange rate. Revolut also offers a physical debit card by MasterCard. You can use it for ATM withdrawals or payments (both on the internet and in brick-and-mortar shops), at home and abroad. Basic Card is Blue with an embossed account number, Your name, validity and logo. CVC/CVC 2 code for internet payments and the magnetic stripe are both on the back side. If You opt for payed membership You will either get a more luxurious plastic silver Card, or a hi-tech Metal Card (made of actual metal).

How can You get a Revolut account?

First You need to download the Revolut mobile application. If You do this via following link – Revolut Card for free, Revolut will forgive You the 4 EUR postage for shipping to Your address, and as a bonus for a new registration, You will get £12 on Your account after You will make three payments and order physical card. While registering You will fill in Your personal details. I recommend You top up Your new account with Your current payment Card, because this way there are no fees involved. Another way to top up is via bank transfer. The catch is in the fact You are transferring money to a foreign bank, so a small fee is unavoidable. I recommend using the, before mentioned, free online payment with a payment card. After Your account has been authorized (for me that took approximately an hour), within the application You can see the option to order a debit card. The issuing and upkeep of the Card are free of charge. Basically, the only thing payed is the already mentioned postage – 4 EUR. I received my Card within 6 days via locla post Following the instructions in the application I have activated the Card and tried my first contact payment in a shop, without any problems. The next payment was already contactless.

How does Revolut work?

Revolut uses interbank transfers and (exchange) rates, and in its functioning it is very similar to traditional banks. On their blog You will find a more detailed description on how it all works. You may wonder; how does this entire project make its profit, if account and Card keeping are free, the conversion is fee-less and at lowest exchange rates? It is not magic, the system is devised in the following manner:

From each Card payment You make on the internet or in a brick-and-mortar shop, Revolut gains a small share of the total transaction, from the terminal operator.
Also offers payed personal and company accounts.
Offers worldwide travel insurance.
Fees for above-standard operations (transfers and withdrawals above monthly limits, weekend payments or turbo transfers).
Offers to insure Your phone against damage (display breaking, falling in the water etc.)

Account/Membership types

Basic account is for free (Standard), which makes ideal for trying the service out. This is the type I have used in the beginning. It comes without any monthly fees. You gain a free payment card, access to cheap currency exchanges and free transfers to any foreign bank accounts. Limits are sufficient for a casual traveler or a person used to paying online. If You find the limits to be insufficient at some point, You can always switch to payed membership. Below is an overview of account/membership types. I am currently using Premium membership which includes limit-less transactions, use of cryptocurrency and a single-use virtual card, for more risky foreign payments on the internet.

Standard – free

Standard membership includes these services:

International bank transfers (income and expense) for free up to £5,000 per month, after with a 2% fee.
ATM withdrawals up to £200 per month for free, after with a 2% fee.
Free Card payments all over the world at interbank exchange rates and without any fees.
Free virtual payment cards generating.

Premium – £6,99/month

Compared with the FREE account, Premium membership offers these benefits:

Unlimited interbank foreign transfers.
ATM withdrawals up to £400 per month for free.
Free travel insurance.
Free flight delay and baggage delay insurance.
Free payment card delivery within 3 working days.
Free turbo money transfers (within 24 hours).
24/7 priority technical support.
20% discount on insuring Your phone against damage.
Silver colored payment card.
Working with cryptocurrency.
Access to airport lounges.
Single-use virtual payment card, which changes its number after transaction has been carried out.

Metal – £12,99/month

Compared with the Premium account, Metal membership offers these benefits:

Cash-back 1% for Card payments outside of Europe and 0,1% within Europe, in all 29 supported currencies (including cryptocurrency).
– Assistance services – help making hotel reservations, booking plane tickets etc.
– ATM withdrawals up to £600 per month for free.
– A metal design card with choice from several colors.

However, I need to make a remark on fee-less currency conversions. If You have made Your payment or conversion in the time when FX market is closed (for example during a weekend), then You get charged with a 0,5-2% fee (depending on the currency) from the transaction. You can find a complete price list (including the above mentioned fee) here.

Revolut payment card

This payment card works just like any other. You can use it for shopping, ATM withdrawals or online payments. Due to better exchange rates, than You would get in traditional banks, its main advantage is paying in foreign currency. It makes no difference if You do this either physically abroad, or over the internet. For example, let‘s say You have a CZK and EUR account with Revolut. You have money on both accounts. You are abroad, and You need to withdraw EUR from an ATM. Revolut will automatically take the money from Your EUR account. In case the amount is bigger than Your EUR account balance, Revolut will immediately convert CZK to EUR at an interbank exchange rate, and without any fees. Since fall 2018 Revolut is only issuing cards by MasterCard. Formerly, they used Visa, but it was not a success. In addition, Revolut started to support Apple Pay, so You can add the Revolut card to Your iPhone or Apple Watch.

Few tips on interesting Revolut functions

With some currencies (EUR, GBP) there is an option to get a unique IBAN assigned for free. If You activate this function, the chosen currency acts like an independent bank account with the option to receive and send money.
If You want to easily receive money in foreign currency, then give the sender Your IBAN, or generate a payment link. When the sender clicks on Your link, he will see a payment gate where he pay with his card. This way the transfer is carried out online.
Safe function – is a very interesting function that allows You to save a portion of Your money from each transaction You have made. For example, You would like to save up for a new phone. Revolut will round off each of Your transactions to a whole amount, and then it will move the spare (rounded off) change to a safe. You are able to take the money out of the safe at any time, and use it. Also, You can save up by regularly sending a certain amount to the safe.
Within the application You can display expenses statistics, sorted by categories such as: restaurants, grocery shopping etc. During each card transaction, Revolut will categorize the given payment based on its transaction code. Another option is to filter Your transactions by merchant or country.
Function Split Bill enables You to divide the bill between several people.
Immediate payment amongst Revolut users – instant money transfers between friends.
Cryptocurrency – if You have purchased Premium or Metal membership, You have the opportunity to buy some of the most popular cryptocurrencies (Bitcoin Cash, Repple, Ether or Litecoin) and earn money on the exchange rate.
Gifts – thanks to this function You can make charitable donations towards organizations like: ILGA-Europe, Save the Children or WWF. You can contribute with a one time payment or set up a regular monthly amount towards Your favorite charity. Personally, I donate to Save the Children.
Virtual payment cards – a useful function for all users, which will increase the security of Your internet payments. You can generate a payment card for free, a then manually lock it after You have completed Your payment. When You need to use the card again, unlock it through Your application. For Premium and Metal account users, this function is expanded to single-use virtual cards. This card type automatically changes its number after the payment has been completed. If You are paying on foreign websites, which do not appear to be entirely safe, use the option to generate this virtual card. As soon as You are finished paying, the card will cease to exist and leave no space for misuse. At the same time, Your refund function remains preserved. So if the merchant does refund Your payment, You will get it back to Your Revolut account in the given currency.
Turbo transfers – these payments are really fast. Revolut promises to transfer Your money to the payee within 24 hours. For Premium and Metal users, this service is free, furthermore it is the default option for money transfers. A Standard user has to pay an extra £5 for this service.
Airport lounges – free access to airport lounges all over the world, for Premium and Metal users.
Travel insurance – Premium and Metal users get free travel insurance which covers the whole world and boasts insurance indemnity up to the amount 15 000 000 GBP. The insurance includes: medical treatment, dental treatment, luggage delay and travel delay. It is provided by an Irish insurance company White Horse.

Shares trading

Recently, Revolut has made it possible for all of its users (Standard, Premium and Metal) to trade in shares. Thanks to Revolut You can even buy a fraction of a share, such as Apple or Facebook. Like me, You can buy just an 0,19% of a Facebook share, which equals 34,57 USD. You do not have to buy an entire share, that would cost You 176 USD, when it comes to Facebook. Via Your application You can then easily monitor the current value of Your portfolio, and hence buy or sell at any time. Based on Your membership, You have several free purchases per month. Complete fee list is here.

Conclusion

What conclusion have I arrived at? I like the concept this company has come up with, how they make it all seem so easy. Setting up an account from the comfort of Your home, without the need to go anywhere. Super low exchange rates and additional functions like the safe, or the virtual card, are among my favorites. If You are often traveling abroad, weather for business or leisure, opt for Premium membership. The limits for ATM withdrawals are higher and travel insurance is included in the price. Personally, I am using the Metal account with an actual metal payment card. Standard account is completely free, so why not give it a try?

Disclaimer: some websites are still offering a promo code to get 12 EUR upon registration. This code has only been valid until the end of September 2019, and is no longer applicable.

Tip: I have paired this Card with the British Curve Card, so I would not have carry Revolut in my wallet along with other three cards. If You do not know what Curve Card is, You can read my Curve Card review.

FAQ – Frequently asked questions about Revolut card:

How can I get free card shipping to my address?

Click on this invitation link, where You will find the exact steps.

Is Revolut card for free?

Yes, if You are using the Standard account, there are no monthly fees for account upkeep, transactions or payment card issuing. Read more about this in the review.

What are the main benefits of Revolut card?

The main advantage of Revolut, in comparison with other banks, lies in more favorable exchange rates for paying abroad. Those of You who are often paying abroad or shopping in foreign eshops, will find it very useful. Read more in the review.