Revolut Mobile Current Accounts
- Digital Bank Account
- Open a current account in minutes direct from your phone and receive bank card
- Set budgets, get instant spending notifications, and see weekly insights to keep your spending on track
- Earn rewards on travel, retail, restaurants and more
- Spend abroad in over 150 currencies at the Real (interbank) exchange rates with no hidden fees
- Transfer money abroad in 30+ currencies with the interbank exchange rate, with a small 0.5% fee for anything above £1,000 each month
- Get paid up to 0.40% AER interest on your GBP funds
- No minimum amounts. Deposit and withdraw your money whenever you want
- 7x better than the banks at stopping card fraud
- If you lose or misplace your card, freeze it within the app and have a new one sent out to you. If you find it again, just unfreeze your card from the app
- Take control over your account and turn off things like contactless, swipe payments, online payments and ATM withdrawals all from within the app
- Turn on location-based security and if your card is used in a different location from where you are, you will be notified and any payments will be blocked
- 0.5% fee for any international spending or transfers above £5,000 each month
- 2% fee for international ATM withdrawals of more than £200 per month
- Monthly fee of £0, £2.99, £6.99 or £12.99 depending on account features
Why choose a Revolut mobile current account
What is it?
Revolut is one of the digital challengers to conventional banking services, offering mobile-only digital current account services.
It was launched in the UK in 2015 and wasn’t a bank when it started, but has since been granted an EU banking licence, which is not yet fully operational (December 2019). It aims to acquire a full UK banking licence.
In the UK there is a Business account option, and three personal accounts:
- Revolut Standard: free account and debit card, free ATM withdrawals up to £200 monthly limit, spend in 150 currencies at the interbank exchange rate, exchange in 30 fiat currencies up to £5,000 per month without hidden fees
- Revolut Premium: £6.99 a month for Standard features plus no limit on fiat currency exchanges, free ATM withdrawals up to £400 per month, dealing in 5 cryptocurrencies, international travel and medical insurance, premium card with exclusive designs
- Revolut Metal: £12.99 a month for all the Premium features plus free ATM withdrawals up to £600 per month, 0.1% cashback on all European card payments, 1% cashback on card payments outside Europe, two cards per account free
Spending in 150 currencies at the interbank rate on all the cards, exchanging in 30 government-back fiat currencies.
What does the card look like?
With the top-level Metal account you get a reinforced steel card in Black, Space Grey, Silver, Gold or Rose Gold.
How does it work?
- Download the app to your phone
- Create a passcode
- Enter your personal details, a UK address and email address
- Activate your account with a top up
- Verify your identity with a photo of a valid government-issued photo ID, and a photo of your face
- Card delivery within 2 – 9 days, depending on whether you choose standard or express delivery
- Fast, paper-work free application, no need to provide proof of your address
- Applications supported from legal residents in EEA countries plus Australia, Cnada, Singapore, Switzerland and the US.
- Lots of support for saving: recurring or one-off payments to a “lockable” Vault for savings, or a Group Vault with friends or family
- Spare change round-up on every purchase, saved to your Vault
- Round-up charity donations option (currently to Save the Children, WWF or ILGA Europe)
- Budgeting support: setting monthly budgets for different types of spending, with progress tracked in real time
- Hold a balance in 29 currencies
- Buy, hold and exchange cryptocurrencies (Bitcoin, Litecoin, Ethereum, Bitcoin Cash, XRP) at the best available rate
- Standing orders and direct debits available for Euro payments, “coming soon” for sterling payments
- Apple Pay
- Mobile phone insurance
- Overseas medical insurance
- Perks with selected partner organisations
- It’s a “money card” or debit card rather than a full banking servicee
- No overdraft facilities or personal loans until it has a UK banking licence
- Standing orders and direct debits not yet available for sterling (December 2019)
- 5% markup on cryptocurrency transactions
These features and services were accurate late 2019. But challenger banks are very aware of customer demands: features may change or be extended.