Founded in 2015 as a travel card that offered favorable exchange rates, Revolut has since grown into a powerful fintech company offering a range of digital banking services. It’s not yet a full-fledged bank but is on track to become one. The company applied for a U.K. bank license and an American bank charter in early 2021, but they have yet to respond. In the meantime, Revolut provides financial services under Barclays and Lloyds licenses.
Unlike traditional banks, Revolut doesn’t have brick-and-mortar offices. Instead, it has an advanced app that not only substitutes branch managers but also delivers additional financial services on demand. Let’s take a closer look at the Revolut app to see how it benefits individuals, small to medium businesses (SMEs), and allied financial companies.
Revolut app overview
There are three separate Revolut apps — Revolut, Revolut Business, and Revolut Junior. Our Revolut review covers the first two since they are relevant to our subject.
Revolut
Category: Finance
Released: June 1, 2015
Current version: 8.43
Latest update: March 1, 2022
Downloads: over 10 million
Rating: 4.7
Revolut Business
Category: Finance
Released: Dec 19, 2018
Current version: 3.23.1
Latest update: March 7, 2022
Downloads: over 100 thousand
Rating: 4.9
Onboarding
It is fairly simple and quick to sign up. Upon opening the app, you are greeted with ad-like information screens that tell you about the products and services Revolut offers. The registration process is very similar to other mobile banking platforms (Monzo, for instance). To get started, you must first confirm your mobile number with a verification code. Afterward, you must provide basic information such as name, birthdate, physical address, and email address. Once you have completed all the information, you must take a selfie via the app to confirm your identity. Lastly, you’ll need to set up a passcode to log into the app.
Signing up for a Revolut Business account is more complicated since you must provide details about your business, such as the type of business, address, proof of authorization, and more. On top of that, not all locations, industries, and business types are supported at the moment. For example, you cannot open or hold a Revolut account if your activity is related to gambling, political or religious organizations, charities, and so on.
Services
Revolut services vary according to the chosen plan: standard (free), premium (US$9.99 per month), and metal (US$16.99 per month). Premium and metal plans include exclusive disposable virtual cards, free lounge passes, overseas medical insurance, and higher deposit rates. Yet, the free plan is already a great deal. Revolut’s app enables users to do the following:
- Instantly send and receive payments between app users without any fees
- Make international transfers to any bank account (ten of them are fee-free)
- Track transactions
- Easily convert 28 currencies at favorable exchange rates
- Trade and invest in US stocks and digital assets (Bitcoin, Etherium)
- Withdraw cash for free at more than 55,000 ATMs in the Revolut network and up to US$1,200 per month at other ATMs
- Get a no-fee credit card
- Use the budgeting tool in the app and earn 0.05% APY (annual percentage yield) on savings
- Purchase insurance and more
This is a very beneficial situation for customers and for the banks and financial institutions that work with Revolut. By partnering with Revolut, banks can cut costs for the digital ecosystem (e.g., budgeting and analytics tools, a crypto trading platform, and so on) and still implement efficient customer retention policies.
Revolut Business offers accounts for companies (corporations and SMEs) and freelancers. Each has various payment plans, including free options. The services are similar to the Revolut app’s services for individuals. However, numerous services are tailored for business activity, such as prepaid virtual and debit cards, bulk payments, accounting tools, and business loans.
Design and usability
Revolut and Revolut Business have aesthetic designs featuring soothing backgrounds, modernized fonts, and intuitive navigation. However, some users note that the main menu could be friendlier to basic users. There are also complaints about intrusive offers hindering actions and even obscuring crucial buttons.
On a positive note, Revolut analytics incorporate clear graphs and charts. Plus, Revolut remains on the cutting edge of fintech, mobile banking apps, and gamification. For instance, Revolut users receive personalized push notifications (including fun gifs) and can track savings like a game, complete with progress bars and points for achieving goals.
Reliability and security
Revolut is a robust, reliable, and scalable cloud-based app. The company utilizes avant-garde technology to ensure a secure, stable app that can handle ever-increasing traffic without difficulties. Also, as a cloud-native app, Revolut is equipped to smoothly introduce innovations (artificial intelligence [AI], machine learning [ML], open banking, etc.) to users.
Revolut is authorized by the FCA and, therefore, safeguards funds as required under the Electronic Money Regulations 2011 and the Payment Services Regulations 2017. Users may receive funds from this segregated account if Lloyds or Barclays become insolvent, and their claims will be paid before any other creditors. Payment transactions are processed by the Mastercard or Visa networks and secured by rules and regulations.
Revolut’s mobile app security features multi-factor and biometric authentication, an AI-powered anti-fraud system, and the ability to disable certain payments such as contactless, e-commerce payments, and ATM withdrawals. On top of that, users can add disposable virtual cards to their accounts. Once used for online payments, these cards are destroyed and their numbers are replaced.
Support
Support is available via a built-in chat feature but phone support is lacking. The chatbot service provides solutions to common problems. To resolve more complicated problems, you can just type “live agent” in the in-app chat. Revolut agents are normally available 24/7 to assist customers. Despite that, users find Revolut’s customer service to be a weak point. The main complaint is that it sometimes takes 5–8 days to resolve an issue.
Our verdict
Four stars out of five. Although Revolut is a useful tool for managing money and banking, it still needs improvements. Among these is customer support.
What we like about Revolut:
- Easy onboarding
- No credit checks needed to set up the account
- User-friendly app
- High-security level
- Free plan with a multicurrency account
- Moderate fees
- Investment options
- Convenient perks for premium subscribers, including travel insurance
- Abundance of modern AI and ML-powered instruments
What we dislike about Revolut:
- Higher exchange rate on weekends
- Limited free cash withdrawals
- Weak support
- Possible temporary suspension of customer accounts for security reasons
What makes Revolut unique?
Compared to its closest competitors (for example, Monzo, N26, Wise), Revolut is a similarly powerful neobank offering a wide range of financial products and smart features. However, Revolut is the only one offering users the ability to hold and use balances in multiple currencies with a very low fee. Small and medium businesses wishing to hire freelancers worldwide will find this multicurrency feature extremely useful.
Value for partnering banks:
Revolut can benefit your financial institution in two ways:
- Customer retention: By partnering with Revolut, smaller banks give their customers access to innovative (and costly) digital services like budgeting tools, spending analytics, and AI.
- Better visibility: Partnering with Revolut makes your financial products and services visible to over 15 million Revolut customers.
Value for customers:
Even though Revolut is not yet a full-fledged digital bank, it’s much more than a simple platform with moderate fees for transferring money abroad and exchanging currency. Revolut gives individuals and businesses access to a wide range of powerful tools and services, from family budget tools to serious investing analytics and accounting instruments. This is especially useful for small businesses and local bank customers lacking access to a range of digital services.
