Revolut in Australia Review

Revolut is available in Australia after launching in June 2019. As an electronic money institution, not a bank, it has emerged as one of the latest players in the Australian market. The institution offers a diverse array of products and services, including multi-currency accounts, international money transfers, crypto banking, Visa virtual debit cards, physical cards, commodities trading, and various everyday banking solutions.

How Revolut Works

Revolut Australia operates as a digital banking platform offering a range of financial services tailored to modern consumers. To create a Revolut account in Australia, simply download the Revolut app in Australia from the Google Play Store or Apple Store. During the signup process, you’ll be asked to provide your name, address, and a photo, along with a form of photo ID, such as a passport, to verify your identity. In order to open a Revolut account you need to be at least 18 years old, and if you’re between 6 and 17 years, you can open Revolut junior account.

For Revolut business accounts, you’ll need to provide the operating address of your business, proof of your business’s nature, and details of directors and shareholders. Their Standard plan allows you to sign up for personal account for free.

Upon signing up, you get a multicurrency account allowing you to can hold and exchange over 30 currencies, including EUR, GBP, USD, JPY, AUD, and ZAR. As an Australian customer, you will have access to AUD account (BSB and account number) and SWIFT account for international transfers in all supported currencies.

You will also receive a Revolut account and a contactless debit card that can be managed entirely through the mobile app. You have the option to link your virtual card to your Apple or Google Pay wallet. Additionally, you can generate one-use virtual cards to minimize the risk of fraud and set up spending limits and freeze your card instantly if it’s lost or stolen.

The app provides features like real-time spending notifications, budgeting tools, and the ability to exchange currency at interbank rates, making it ideal for travelers and those who frequently make international transactions. Additionally, Revolut offers various account types, including standard, premium, and metal, each with its own set of benefits such as 5 linked teen accounts, personalized stainless steel card, and cashback rewards. Moreover, Revolut expands beyond traditional banking services, enabling you to engage in commodities, stocks, and cryptocurrency trading directly from the app. If you are an Australian permanent resident or citizen, you can apply for a loan using your app.

Revolut is known for its attractive currency exchange fees. Their fees vary depending on the time and day, as well as your plan. During weekdays, there are no fees within your plan’s fair usage limit (6 PM New York time on Sunday to 5 PM New York time on Friday). On weekends, a 1% fee applies regardless of your plan (5 PM New York time on Friday to 6 PM New York time on Sunday). Standard and Premium customers exceeding their limit face an additional 0.5% fee per exchange.

Go to Revolut Australia website

Revolut Plans in Australia

Revolut has three different personal account and card tiers: Revolut Standard, Revolut Premium, and Revolut Metal. Its business account comes with three plans, Grow, Scale, and Enterprise.

Revolut Standard Account

The Revolut Standard account is one of the best free multicurrency accounts in Australia. The accound does not have account opening fees, and you will not be required to pay monthly account fees like the other Revolut accounts. It comes with a prepaid Revolut Visa card that is connected to the Revolut app. You can use the card to pay like a local in over 100 countries at the interbank exchange rate. There are no exchange fees for international money transfers in 27 different currencies up to 9,000 AUD per month. However, you will pay a 0.5% fee for transfers above 9,000 AUD. For ATM withdrawals, you will not pay any fee up to 350 AUD per month, but a 2% fee applies for any amount above that.

Revolut Premium Account

Their premium account costs 9.99 AUD monthly fee. The account comes with all the benefits of a Revolut Standard account with some added benefits. You will not pay any foreign exchange fee for transfers in 27 major currencies up to 20,000 AUD per month. Also, with the Revolut Premium account, the no fee ATM withdrawal limit is raised to 700 AUD. After signing up for a Revolut Premium account, you get a Premium Visa card which is delivered by global express for at no extra charges.

Premium Visa cardholders usually get priority customer support within the app and also have access to disposable virtual cards with unique card details to enhance security. Additionally, Premium Visa cardholders gain access to over 1,000 airport lounges through LoungeKey passes that can be purchased within the app.

Revolut Metal Account in Australia

The Revolut Metal account costs $24.99 per month. It comes with all features of the Revolut Premium account, plus other major additions. If you sign up for the Metal tier, you get a Revolut Metal card. The Revolut Metal account offers users unlimited transfers Metal account users do not pay any fee for both Australian and overseas ATM withdrawals of up to $1, 400 and 2% of withdrawal amount after that. The Revolut Metal account is the only account with a 1% cashback feature for card payments.

Revolut Business Account

Revolut offers business accounts, and businesses can manage multiple accounts through the multi-business account feature. Theheir business account offers you local accounts in your business’s name which can make and receive local payments: GBP account details (BACS and Faster Payments for GBP payments in the UK) and EUR account details (SEPA for EUR payments in the EEA).

Your business account has a multi-currency functionality to enable international payments in GBP, EUR, USD, ZAR, TRY, SAR, SGD, SEK, RON, PLN, NZD, NOK, MXN, JPY, ILS, HUF, HKD, DKK, CZK, CHF, CAD, AUD, HRK, BGN, QAR, THB, and AED. Business multicurrency account helps you save money by minimizing foreign exchange costs. You are able to set up as many sub-accounts in each currency as you need to run your business.

You will also get a debit business card under your business name. You can also offer cards to your employees. However, on plans for freelancers, only the account owner can hold cards and the company’s name is not available.

Their Business API is designed to allow you to automate your business banking operations. For example, you can automate payment reconciliations for e-commerce transactions or set up recurring payments for subscription services. The account can also be integrated with third-party applications such as accounting and HR software to help with your business operations.

Revolut Money Transfer

Revolut makes transferring money easy and cost-effective. You get competitive exchange rates, fast transfers, and transparent fees. Revolut transfers within Australia take minutes. With the Revolut app, you can send money globally, whether to a bank or another Revolut user. For business accounts, paying suppliers and employees is simple with features like bulk payments, recurring transfers, and scheduled transfers.

If you are transferring money to a UK bank, it can take a few hours to 2 days. On the other hand, international bank account transfers made by Standard account users usually take between 3-5 business days to arrive.

Revolut Crypto

Revolut allows you to invest in cryptocurrencies in Australia. You can invest in Bitcoin and other cryptocurrencies from just 1 AUD. You can trade up to a maximum of 25,000 AUD per single cryptocurrency exchange and 30 exchanges per day. Revolut app allows you to set up price alerts and auto exchanges so that you buy and sell cryptos when the price is right.

Revolut Commodities Trading

Revolut’s users in Australia can trade commodities such as gold, silver and precious metals via Revolut app. The app allows you to set price alerts and get notified when the commodities you are interested in hit your target. In addition, you can use the Vault feature to set aside some of your gold and silver for a rainy day. You can also get your cashback and spare change round-ups in gold, silver and precious metals.

Revolut Australia Fees

Below are fees for Revolut account in Australia:

Revolut provides fee-free cash withdrawals in Australia, with ATM transactions incurring no charges as long as you stay within your plan limits. However, withdrawing from an ATM in a currency not held in your wallet may result in conversion fees. The ATM withdrawal limit resets on a rolling monthly basis, precisely one month from the start of your current pricing plan.

Is Revolut Safe and Legit?

Yes, Revolu is safe and legit electronic money institution. It is authorized by the Australian Securities & Investments Commission (ASIC) and it holds an Australian Financial Service License. Revolut Australia is also regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC). To add to its level of safety, Revolut verifies client identities as an anti-fraud and anti-corruption measure. In case you lose your card, you can freeze and unfreeze it in the app. You can also turn off contactless, Swipe, online payments from the app. Additionally, Revolut has location-based security. When you make payments from a different location from where you are, Revolut automatically blocks the payment.

Revolut Australia is not a bank or authorised deposit taking institution regulated by the Australian Prudential Regulation Authority. This means the money you hold in your Revolut account isn’t covered by the government guarantee scheme.

Revolut Australia Customer Reviews

While Revolut Australia enjoys a generally positive 4-star rating on Trustpilot with over 147,000 users, a closer inspection reveals some concerns. Customers commend its user-friendly app, competitive exchange rates, and convenient global spending, but negative experiences highlight areas for improvement. Common complaints center on difficulties reaching customer support when needed and challenges in topping up accounts with credit cards, which is vital for some users. Crypto enthusiasts are disappointed by the inability to transfer digital assets to external wallets, limiting investment options. Additionally, some users have faced hurdles withdrawing their funds, raising questions about account security and accessibility.

It’s essential to acknowledge that these negative experiences, though vocal, do not represent the majority. Revolut’s positive reviews significantly outweigh the negative ones, with many users praising its innovative features and ease of use. However, the recurring complaints underscore areas where Revolut could enhance its services.

Go to Revolut Australia website

Revolut Alternatives in Australia

If you find that Revolut does not giver exactly what you need, there are several other neobanks or money apps in Australia that you can try out:

• N26
• Wise Multi-currency, formerly Transferwise Borderless
  Payoneer
• Up
• QPay

Is Revolut Australia Worth It?

Revolut is a popular digital banking app that offers personal and business accounts. It offers a user-friendly app and a range of features, including multicurrency accounts, real-time spending notifications, virtual cards, and budgeting tools, making it convenient for managing finances on the go. With competitive exchange rates and low fees for international transfers, Revolut can potentially save you money compared to traditional banks, particularly if you frequently make transactions in different currencies or travel internationally.

Additionally, Revolut’s various account tiers cater to different needs and budgets, with features like cryptocurrency trading, stock trading, and even loans available for those seeking investment opportunities. Security is also a priority, with advanced measures in place to protect your account and transactions. You will also enjoy free ATM withdrawals in Australia with Revolut, up to your plan’s limit.

In conclusion, Revolut is a good option for people and businesses in Australia that want to save money on foreign exchange fees, make international money transfers, or trade cryptocurrency.