Revolut Mobile Current Accounts

Revolut Review

Account
Revolut Mobile App Bank Account
Details
Modern banking: set up and manage current account directly from your phone
Spend & Transfer Money Abroad
Account fee
£0 to £12.99 per month

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?

  1. Download the app to your phone
  2. Create a passcode
  3. Enter your personal details, a UK address and email address
  4. Activate your account with a top up
  5. Verify your identity with a photo of a valid government-issued photo ID, and a photo of your face
  6. 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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