Revolut Mobile Current Accounts

Revolut Review

Account

Revolut Mobile App Current Account

Features

Modern banking: set up and manage current account directly from your phone

Spend & Transfer Money Abroad

Standard Account Fee

£0

More info

SPCIAL OFFER: 3 months of free Revolut Premium trial. T&C’s Apply

More Information About This Account

Digital Current 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
Free ATM withdrawals up to £200 per month, or up to 5 withdrawals
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
A standard account with Revolut is free
You must be 18 and over to open a Revolut account

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

International services

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

Pros

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

Cons

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.

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