Revolut Bank Review: Is This the Best Bank for Travelers?

Have you been wondering how to manage your finances more effectively while traveling abroad? In this Revolut Bank review, I've got you covered! Revolut Bank has been a game-changer for travelers seeking a card with better fees and supports multiple currencies.

As a frequent traveler, I understand the hassles of managing finances in different currencies. That's where Revolut Bank comes into the picture. With its innovative solutions and traveler-friendly features, it has transformed the way we handle money on the go.

In this Revolut Bank review, we'll explore its features, pros, and cons, with a specific focus on its travel insurance, the Revolut Metal card, and multiple accounts.

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Revolut Bank Overview

Overall, I highly recommend Revolut Bank to travelers who need a versatile and efficient financial solution. Revolut Bank is not just a bank; it's a financial technology company that offers a range of services from travel cards to insurance, all managed through the Revolut app.

You get to exchange foreign currencies without any fees, withdraw cash from ATMs for free, and use the Revolut card to pay in local currency without extra charges. These features make Revolut Bank a smart pick for anyone wanting hassle-free financial management on their travels.

What is Revolut Bank?

Revolut Bank is changing the way we do banking by offering a digital experience packed with features. These include currency exchange, budgeting tools like 'Pockets' for setting money aside individually or with friends, joint accounts, a ready-to-go business account, accounts for kids and teens, and the ability to send money internationally without hefty fees.

Its standout feature is the support for multiple currencies, making it a perfect fit for travelers.

The Revolut app is sleek and user-friendly, making it easy for even those new to digital banking to manage their finances effortlessly. With Revolut, you can hold and exchange 30+ currencies at the real exchange rate, make payments without hidden fees, and receive instant spending notifications.

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Revolut Bank Features

Having a Revolut account gives you access to many features, which vary depending on your chosen plan. Unlike traditional banks, Revolut Bank doesn’t offer credit cards or personal loans universally. However, credit cards are currently available to existing Revolut customers in Poland, Lithuania, the USA, and Ireland.

Now, let's take a look at the best features you get with Revolut's standard (free) plan.

Multi-Currency Accounts

Revolut’s multi-currency account is a traveler's best friend. It allows you to hold, exchange, and spend money in over 30+ currencies at the real exchange rate. This feature is invaluable for those who travel across different countries, as it saves on exchange fees and eliminates the need to carry multiple currencies.

The process is straightforward and fully manageable through the app, simplifying currency management while traveling.

Earn Interest on Savings

Revolut enhances your savings by paying interest on the funds in your account, similar to yield savings accounts. This lets you earn daily interest, growing your savings easily. You can withdraw your money at any time without penalty, and the interest rate depends on your chosen plan.

Fee-free ATM Withdrawals

Revolut offers travelers free ATM withdrawals worldwide, saving fees and providing convenient access to cash in different countries. The free withdrawal limit depends on your account type, with even the basic account offering a good allowance. This feature makes it easier to access your money wherever you are.

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Pros of Revolut Bank

• Supports multiple currencies with real-time exchange rates: Revolut allows you to hold and exchange multiple currencies at the real exchange rate. This is really helpful for people who travel a lot or do business with other countries.
• Create multiple accounts: Revolut offers a variety of account types to suit different needs.
• Currency Accounts: Hold and manage different currencies.
• Yield Savings Accounts: Earn interest on your savings, paid daily.
• Pockets: Set aside money for specific goals, and manage it alone or with friends.
• Joint Accounts: Share finances easily with a partner or family member.
• Pro Account: A ready-to-go business account ideal for small businesses, complete with cashback options.
• Accounts for Kids and Teens: Teach financial responsibility from a young age.
• Currency Exchange with No Additional Fees: Enjoy currency exchange during the week (Monday to Friday) with no additional fees. This feature is especially beneficial for frequent travelers or those making regular international transactions.
• Cashback on Accommodations: Book accommodations through Revolut Stays and receive cashback. This feature adds value to travel experiences by offering savings on hotel stays.
• Fee-Free ATM Withdrawals: Withdraw cash from ATMs without any fees, up to a certain limit. This feature provides added convenience, especially when traveling.

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Cons of Revolut Bank

• Limited free ATM withdrawals per month: The number of free ATM withdrawals is tied to your plan level. Lower-tier plans have lower limits, which might be a constraint for those who need regular cash access.
• Higher-tier services come with a fee: While higher-tier plans offer more benefits, they also come with fees. This might be a consideration for those looking for cost-effective banking solutions.
• Travel Insurances Limited to Premium Accounts: Overseas medical insurance and other travel-related insurances are available only with premium accounts and higher. For standard plan users, this means additional insurance will need to be sought elsewhere.

Revolut Bank Review: My Experience Using the Revolut Metal Plan

I've found Revolut Bank incredibly useful, particularly its multi-currency account feature. It has allowed me to spend in local currencies without the stress of exchange rates or fees. I'm currently on the Metal plan, which costs about $16 per month.

In this Revolut Bank review, I'll also share my experience with the Metal plan, which is the one I use. The availability of specific Revolut features can vary depending on your country.

The Metal plan offers a sleek custom metal card, priority customer service, and significant discounts on international transfer fees.

One of the major perks of the Metal plan is the access it grants to various partner subscriptions, which include:

1. Financial Times
2. WeWork: 1 free pass per month
3. ClassPass: 10 credits per month
4. NordVPN Plus subscription
5. Freeletics Coach subscription
6. Sleep Cycle Premium subscription
7. Tinder Gold subscription
8. Picsart Gold subscription
9. Headspace subscription

These subscriptions add a lot of value.

Other travel benefits that I really appreciate in my Metal plan include overseas medical insurance, rental car deductible coverage, insurance for delayed flights, lost or damaged luggage, and personal liability insurance.

While I haven't yet used Revolut's insurance for delayed flights or lost or damaged luggage, since I've been using AirHelp for these services, I'm now considering canceling AirHelp to fully take advantage of Revolut's travel benefits. This decision comes as my recent experiences with AirHelp have been less than satisfactory.

I've also had positive experiences withdrawing cash in different currencies like USD and EUR, and in various countries, including Costa Rica and Japan, without any issues. This flexibility and ease of access have been significant advantages of using Revolut.

Who is Revolut Bank for?

Revolut Bank is ideal for:

• Frequent international travelers who need a flexible multi-currency spending option.
• Individuals seeking efficient, low-fee international money transfers.
• People who value convenience and accessibility in managing their finances on the go.

Revolut Bank Pricing

You can open a Revolut account for free and enjoy the basic benefits.

The available plans for Revolut vary depending on your location. In the US Revolut account, you have the option of a Standard, Premium, or Metal account. The Standard account is free, the Premium account costs $9.99 per month, and the Metal account is $16.99 per month.

In both Sweden and the UK, Revolut offers more options: Standard, Plus, Premium, Metal, and Ultra accounts. The Standard account is free, the Plus account costs £3.99 per month, the Premium account is £7.99 per month, the Metal account is £14.99 per month, and the Ultra account is £45 per month.

The Ultra account boasts the most comprehensive benefits, including unlimited airport lounge access and trip & event cancellation insurance. Currently, it's offered at an introductory price of £45 per month, but this will change next year.

So, if you're interested in trying out the Ultra plan, now is the time to sign up for a Revolut account.

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Revolut Bank Alternatives

• Wise (formerly TransferWise): Known for low-cost international money transfers and a multi-currency account.
• N26: Offers a straightforward digital banking experience with travel-friendly features.
• Monzo: A popular digital bank in the UK with features like free ATM withdrawals abroad.

FAQs About Revolut Bank

Is Revolut a good bank?Revolut is more than just a bank; it's a leading digital financial service that has changed the way travelers and international users bank. With innovative features like multi-currency accounts, instant money transfers, and fee-free ATM withdrawals, it meets the specific needs of modern users. Its convenience and cost-efficiency make it an ideal choice for those seeking flexible banking solutions, particularly for travel.

What is the downside of Revolut?While Revolut offers numerous benefits, there are a few downsides to consider. These include limited free ATM withdrawals each month, with fees for extra withdrawals. It's not ideal for those who prefer traditional banks with physical branches, as Revolut is fully digital. Additionally, some advanced features are only available in the more expensive plans.

Is Revolut a valid bank?Yes, Revolut is a legitimate and valid financial service. In many areas, it has full banking licenses, meaning it follows the same rules as traditional banks. This ensures that your money is safe and the service is secure, giving you confidence along with its modern features.

Can I trust Revolut?Revolut is a reliable financial service with strong security for your money and personal information. It follows strict financial rules and is trusted by millions of users worldwide, making it a secure choice for handling your finances.

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Final Thoughts: Is Revolut Bank Worth It?

Revolut Bank stands out for its traveler-focused features, such as multi-currency support, instant money transfers, and fee-free ATM withdrawals. These features are particularly beneficial for those who frequently travel or engage in international financial activities.

While there are some limitations, such as the ATM withdrawal cap and the lack of traditional banking facilities, the benefits offered by Revolut often outweigh these drawbacks for the right user.

For tech-savvy travelers and individuals who manage money across different currencies, Revolut offers a level of convenience and efficiency that traditional banks struggle to match.

Its app-centric approach makes banking seamless and accessible from anywhere in the world. The added perks, like the Metal card, and the simplicity of splitting bills and expenses with friends, enhance its appeal.

In conclusion of this Revolut Bank review, if you're a frequent traveler, a digital nomad, or someone who appreciates the ease of managing finances digitally, Revolut Bank is definitely worth considering. It's a modern banking solution that aligns well with the needs of today's international, mobile-first users.

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