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What is Revolut?

Revolut provides mobile app-based current accounts as an alternative to physical banks. They offer a range of digital banking services in a mobile app, including:

  • Transferring money abroad in 29 currencies
  • A pre-paid debit card that enables cash machine withdrawals in 120 countries
  • A crypto-currency exchange allowing users to convert currencies into Bitcoin, Litecoin, Ethereum, Bitcoin Cash or XRP
  • Vaults for budgeting and saving money
  • Mobile phone and overseas medical insurance
  • With standard accounts, users get a free UK current account and a free euro IBAN account. There are no fees on exchanging in 24 currencies, up to £5,000 a month, and you can withdraw up to £200 a month from cash machines.

Revolut also offers monthly subscription plans with higher thresholds for no fees, as well as instant access to crypto-currencies, cash back, travel and concierge service.

It was not a bank when it started, but Revolut announced in December that it had been granted an EU banking licence by the European Central Bank. It still aims to acquire a full UK banking licence.

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Ross Slater

Ross Slater

Ross is Expert with Points' main contributor. Sharing his knowledge of various travel reward schemes, to help your travelling go further.

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