GOBankingRates Score
Revolut
4.8
SCORE
Quick Take: Revolut is not a bank per se, although it offers banking services, such as savings and checking-type accounts, and credit cards through Metropolitan Commercial Bank and Sutton Bank. It offers investments, including ETFs, stocks, and cryptocurrency, as well as foreign exchange and money transfer services.
- Bonus Offer
- Rewards Program
- Travel Benefits
- Additional Benefits
How did we calculate this?
Pros
- No-commission stock trades
- Fee-free crypto trades
- Worldwide money transfer services
- Foreign currency exchange
Cons
- No traditional checking account
- Savings interest is low for an online-only bank
Revolut Overview
Rather than individual checking and savings accounts, Revolut offers plans that include savings accounts, plus the ability to transfer funds as you would with a checking account but with no physical checks. Members get a debit card and free access to thousands of ATMs — over 55,000 ATMs are in their network. You can also buy and sell stocks and crypto, and Revolut has a robust foreign exchange platform. You can maintain balances in dozens of currencies and trade currencies, including using stop and limit orders. All transactions are managed through the Revolut app.
GOBankingRates has ranked Revolut among the Best Neobanks of 2023.
Key Features
Resolut has some features you’ll find at every bank plus some others that you’ll seldom find at a traditional bank. Here are some of the key features of Resolut.
Standard Plan
Rather than traditional checking and savings accounts, Revolut offers three different plans: Standard, Premium and Metal. Each plan lets you receive funds by direct deposit or transfer, gives you access to free ATM withdrawals at 55,000 ATMs, provides a personalized debit card, interest on your savings balance, commission-free stock and fee-free crypto trading (within limits), and no-fee foreign currency exchange (within limits).
The Standard plan is free and pays APY on savings balances and free crypto trading up to $200,000 per month. The Premium and Metal Plans have monthly fees of $9.99 and $16.99, respectively, but pay APY on savings. They also have more purchase protection and travel benefits than the Standard plan.
Foreign Exchange
Revolut has a robust, low-cost foreign exchange offering, which is a big benefit to those who visit or work in other countries. You can hold or send money in over 25 different currencies, including U.S. dollars, British pounds, Canadian dollars, Mexican pesos, euros and more. You can trade foreign currency, including using stop or limit orders.
In addition to foreign exchange, Revolut offers the ability to purchase stocks, ETFs and cryptocurrency. There are no commissions on stock and ETF trades, although other fees may apply, and no fees for crypto trades.
Money Transfer
You can also transfer money internationally, and the first 10 international transfers each month are free. You can send and request money anywhere in the world and track the status of your transfers in real time in the app. Exchange rates are clearly displayed before you complete your transaction.
You can also transfer money between individuals using a payment link or flash QR code. If the recipient also has Revolut, the transfer is instant, but you can transfer to those who don’t have Revolut as well. You can split a bill among any number of people, and Revolut will even do that math for you.
Banking Experience
Revolut provides savings and checking account-type services, along with investing in stocks and crypto, and foreign exchange — all in the same app. It’s a little different from most banking apps but combines some of the best features of bank apps with peer-to-peer money transfer apps such as Venmo or Zelle and credit card apps. You also get cash back and promo codes for select merchants with the Revolut card.
The Revolut mobile app has a rating of 4.7 out of 5 stars on the App Store and 4.5 out of 5 stars on Google Play.
GOBankingRates has ranked Revolut among the Best Neobanks of 2023.
Comparable Neobank Options
Revolut promotes its offering as “a radically better account,” but only you can decide if it’s radically better for you. If you want to see how it stacks up against other neobanks, consider comparing it to these two:
SoFi
SoFi is another company seeking to disrupt traditional banking. In addition to checking and savings accounts, SoFi also offers personal, student, auto, and mortgage loans, as well as investing and insurance products. SoFi does not offer foreign currency exchange.
Betterment
Betterment is another neobank that offers checking and savings accounts. Investing is an area of focus for Betterment, and they offer resources for setting and achieving financial goals, including retirement and saving for large purchases. Betterment does not offer loans, nor does it offer foreign currency exchange.
Final Take
Revolut offers a wide range of financial products and services. It stands out for its foreign currency exchange offerings, so if you travel internationally frequently, want to hold other currencies or want to trade foreign currency, Revolut is a good choice for you.
Revolut FAQ
Here are the answers to some of the most frequently asked questions about Revolut.
- Is Revolut a true bank?
- Revolut is a financial technology, or fintech, company. It provides banking services through Metropolitan Commercial Bank in the U.S., and by other institutions in other countries. It also provides savings vault services through Sutton Bank, and securities products and services through Revolut Securities, Inc.
- What country is Revolut bank?
- Revolut began in the U.K. but now supports over 200 companies and regions. The app supports 28 different currencies.
- What bank does Revolut use?
- In the United States, Revolut offers credit cards through Metropolitan Commercial Bank and deposit accounts through Sutton Bank.
- Is Revolut an English bank?
- Revolut was founded in the United Kingdom but offers its products and services to customers all over the world. Revolut partners with local banks to offer deposit accounts, such as Metropolitan Commercial Bank and Sutton Bank in the U.S. In the U.K., Revolut Ltd. is authorized by the Financial Conduct Authority.
To determine rankings for the Best Neobanks, GOBankingRates looked at the following factors: (1) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (2) savings APY; (3) products/services offered (credit cards and investment services); (4) the average mobile app rating between the Android and Apple app stores; and (5) number of extra benefits and perks unique to neobanks. All factors were then scored and combined, with the lowest score being best. Factor (1) was weighted 0.5 times, and factors (2) and (5) were weighted 2 times.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 29, 2022.
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Read More:Revolut Bank Review: Banking, Investing, and Foreign Exchange in One App
2023-01-16 19:01:57
