Revolut | Mobile only bank account customer reviews.
4.5 out of 5 stars
Our review of Revolut | Mobile only bank account
Mobile only or 'challenger banks' are becoming increasingly popular. Revolut offers a product perfect for when you want to travel or if you want to budget your money using a separate fund to your bank account. Although the Revolut card wouldn't be able to completely replace your bank account, it is definitely useful for using abroad and avoiding the fees your current bank may charge.
When you order your card from the app, there are two different options available: standard and premium. Standard has no monthly fee but comes with a £5 charge for posting your card, £12 for express delivery. Premium offers fewer charges and limits on your card at £6.99 per month. This is fairly pricey considering it is not a fully-fledged bank account but you will receive free travel insurance so if you're a frequent jet-setter, this may be worth it for you.
Online reviews praise the great rate on currency exchange, easy-to-use app and great customer service. Generally, people are pleased with Revolut but there have been a few complaints about accounts being locked without request, slow processing times and slow responses on the in-app chatbot. However, Revolut has responded to most complaints on TrustPilot to try and deal with any issues that customers are having.
Overall verdict: Revolut offers some really great benefits to using their card and could potentially save you up to 8% on your holiday money. The £6.99 may seem a bit pricey but if you are constantly needing to transfer money abroad and would like a larger limit on your daily ATM withdrawals, it may be worth the monthly cost.
Andrew joined Choose Wisely 5 years ago, originally working in a design capacity to make sure the website was simple to use. Most notably he worked with the Consumer Finance Association to design the comparison table of choice for High-Cost Short Term Finance products.
Highlights
- No credit check
- Do not need to be a UK resident
- Control your banking from your phone
- Free, quick and easy money transfers across the world
Fees
- Overdraft Rate: 0%
- Credit Rate: 0%
- APR: 0%
- Monthly Fee: £0
- Interest Rate: 0.15%
About Revolut | Mobile only bank account
Revolut was originally set up to stop expensive fees on exchanging currency but has expanded beyond this and now offers prepaid debit cards, personal loans and business accounts. They claim to have saved £150m in fees for their 1.5m customers.
You can not earn interest on Revolut cards as technically speaking, it isn't a full current account. However, you can transfer money for free in 25 currencies to banks globally with a very competitive exchange rate. The Revolut card is a prepaid debit card so you won't receive an account number or sort code but you will be able to make transactions online.
You can receive instant updates on your phone for the spending on your account as well as manage and budget your income. Also, you can request money from people that owe you without a fee, even if they don't use the Revolut app.
As you load up the card with the money from your bank account, your card will simply be declined if there is no balance there to use on your transaction.
To apply for an account with Revolut, download the app or enter your mobile number on the homepage. You will need to go through some security and ID procedures and you should receive your card within a matter of days. This will cost you £5 or £12 for express delivery or free when you order the premium card.
FCA registration
Reference No: 900562
Place of business: 7 Westferry Circus, Canary Wharf, London, England, E14 4HD
Data protection registration
Registration No: ZA114540
Data controller: Revolut Ltd
Address: 7 Westferry Circus, Canary Wharf, London, England, E14 4HD
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