Revolut is a crypto-friendly bank that offers multi-currency accounts in 28 currencies, Revolut personal accounts, Revolut Junior Accounts and Revolut business accounts with IBAN, virtual cards, crypto trading, stock trading, and money transfer services.
Revolut Bank Benefits
- Ability to engage in stock and crypto trading with your Revolut account. (Crypto trading is not supported in the US.)
- Revolut supports card payments and ATM withdrawals in over 140 currencies wherever Mastercard and Visa are accepted.
- Revolut multicurrency account allows you to receive, hold, and exchange money in over 30 currencies with no hidden fees.
- Revolut offers IBAN number and supports SEPA.
- Revolut payment gateways allow you to receive payments online.
Contents
- 1 How Revolut Works
- 2 Revolut Products
- 3 Revolut Crypto Review
- 4 Revolut Business
- 5 Revolut Stock Trading
- 6 Revolut Money Transfer
- 7 Revolut Payment Gateway
- 8 Revolut Fees and Plans
- 9 Revolut Supported Countries
- 10 Is Revolut Safe to Use?
- 11 Revolut Alternatives
- 12 Revolut: A Crypto-Friendly Banking App That Offers a Wide Range of Features
- 13 Revolut FAQs
How Revolut Works
To open your Revolut account, you need to download the Revolut app for Android or iOS. Simply, provide your number on Revolut website, then you will receive a message with a download link. You will then need to provide basic personal details such as your name, birth date, address, and email. You will have to make an initial deposit via a bank transfer or card. For verification, you need to provide a selfie and a picture of your passport.
Once your Revolut account is set up, you can access Revolut services either through the Revolut app or with a payment card. Revolut is an example of an instant virtual bank account.
You can add money to your Revolut account in a few different ways. You can add money with a linked bank account, set up direct deposit for your salary, add money with Apple/Google Pay, or add money with a card.
Revolut Products
Revolut Ltd offers many products and features to its account holders. You can see all of them on your Revolut dashboard. Some of the services and products you can enjoy as a Revolut customer include the following.
Revolut Crypto Review
Many people wonder whether Revolut is crypto friendly. Yes, Revolut is a crypto friendly bank so you can buy crypto with a bank account and exchange cryptocurrencies such as Bitcoin, Litecoin, Ethereum, and Bitcoin Cash.
With Revolut, you can convert your cryptocurrency to fiat currency instantly with a market order, or use a limit order to buy or sell a cryptocurrency at a specified price or better. You can also set up a recurring buy order to buy a cryptocurrency on a regular basis, such as every week or every month. This can be a good way to dollar-cost average your investment, which can help reduce your risk.
Revolut’s “Spend from Crypto” feature allows you to use your cryptocurrency balance to pay for everyday purchases. When you use this feature, Revolut will instantly convert your cryptocurrency into fiat currency and deduct the amount from your cryptocurrency balance. You can use this feature to turn your Revolut card into a crypto card. You need to use the app to link a Revolut card to any of your cryptocurrency accounts. This can be done with an existing card or by ordering a new one.
Invest only in Bitcoin for the long term. Revolut will promote over 90 altcoins for you to buy, but we strongly advise you to avoid them and focus on Bitcoin. Do not invest more in Bitcoin than you can afford to lose. In general, it is advisable not to invest more than 10% of your funds in Bitcoin. We do not recommend day trading or betting on crypto.
How to Withdraw Crypto From Revolut
To withdraw crypto from Revolut, you can sell it on the built-in exchange and withdraw the fiat currency, or withdraw your crypto balance by sending from Revolut to your external wallet or send to another Revolut user.
To withdraw crypto out of Revolut, go to the ‘Crypto’ section of the Revolut app. Then tap ‘Send’ within the three dots, or tap ‘Send’ within the desired cryptocurrency and then select ‘Wallets’ to bring up your crypto address list. If ‘Wallets’ doesn’t appear, this is because you’re ineligible for withdrawals, either by the currency selected or your location. There are daily and monthly limits for Revolut crypto withdrawals. These limits will be shown to you in the app when you try to withdraw.
How to Deposit Crypto Into Revolut
You can deposit crypto into your Revolut crypto account by receiving it from other Revolut users or exchanging fiat currency for crypto in the app. Currently, it is not possible to send cryptocurrency from exchanges like Coinbase or Binance to Revolut. There are no fees for Revolut crypto deposits, which means you will receive 100% of the amount transferred. There are no limits on crypto deposits.
Revolut Crypto Wallet
Revolut does not offer individual crypto wallets. Instead, it stores your cryptocurrencies in a pooled account, which combines both hot and cold wallets. This means that your cryptocurrencies are not held in your own personal wallet, but are instead held by Revolut.
Although Revolut uses some of the most secure methods to store your cryptocurrencies, such as multi-signature wallets and cold storage, it is important to note that there is always some risk involved when storing your cryptocurrencies in a custodial wallet (a third party). We strongly advise you to use a more secure way to store your cryptocurrencies, such as these best crypto wallets.
Revolut Crypto Fees
Revolut crypto trading fees, depending on the plan you are on. The fee is a percentage of the amount you are buying or selling, plus a spread, which is the difference between the buy and sell price of the cryptocurrency. Revolut cryptocurrency fees are considered higher than many other crypto platforms.
| Account Type | Crypto Transaction Fee | Monthly Exchange Fee Threshold | Additional Fee for Crypto Transactions |
|---|---|---|---|
| Standard | 2.5% | £1000 worth of any currency | +1% |
| Plus | 1.5% | N/A | 0.99% |
| Premium | 1.5% | N/A | 0.99% |
| Metal | 1.5% | N/A | 0.99% |
| Ultra | 1.5% | N/A | 0.49% |
Revolut Business
Revolut also offers business accounts. You can open Revolut corporate account or Revolut freelancer account. Each of the two Revolut Business accounts comes with different costs. These fees are billed monthly from your business account or linked account balance.
Unlike with N26 it’s possible to open both a personal and a business account with Revolut.
Revolut Stock Trading
As a Revolut user, you can engage in stock trading and shares of over 1,500 companies. Since January 2022, Revolut users in the US are also allowed to trade in stock such as shares on the New York Stock Exchange and Nasdaq. They can also have access to 200 ETFs and fractional shares and other order types such as stop-limit orders.
Revolut Money Transfer
Sending money to other countries using Revolut is ten times cheaper compared to banks. One of the features of Revolut is to send money abroad. Revolut is a fast and secure way of sending money abroad. You can send money in over 130 countries using the real exchange rate. Banks tend to charge substantial transfer prices since they are after making a profit. Revolut uses exchange rates that are applied by banks as Interbank Exchange Rate to trade among themselves. At the moment, sending money to a bank account in Mexico from the US attracts no hidden fees.
The number of international money transfers without charges decreased from February 13, 2023. They are now as follows:
- Standard Accounts: 1 no fee international transfer per month
- Premium Accounts: 3 no fee international transfers per month
- Metal Accounts: 5 no fee international transfers per month
- Plus Accounts: no fee on the first $10K a month
There are no charges for exchanging and transferring currencies using the Revolut application. The transfer takes around two working days. In case you want to speed up the transfer speed, you can upgrade your account to a turbo transfer. There’s no upgrade cost for holders of the premium account, while the standards account holders are charged 5 EUR.
To transfer money, all you need is to choose the recipient and the amount of money that you wish to send. It is also possible to set up a recurring payment using different currencies. You don’t need to send bank details to make a transfer, since you do it by just tapping a button.
Revolut Payment Gateway
If you are a business account holders, Revolut offers a payment gateway to enable you to accept payments directly from your website. To maximize your business reach, Revolut supports integration with WooCommerce PrestaShop, Magento, OpenCard, BigCommerce, etc.
Revolut Fees and Plans
Revolut offers different types of accounts, and the fees may vary depending on the account type and the specific transaction.
| Revolut Accounts | Monthly Fee (Personal) (Europe) | Monthly Fee (Business) (Europe) | Monthly Fee (Personal) (US) | Monthly Fee (Business) (US) |
|---|---|---|---|---|
| Standard | Free | Revolut Basic: £0/month | Standard $0.00/month | Basic $0/month |
| Plus | €3.99 | Revolut Grow: €25/month | Plus $3.99/month | Grow $30/month |
| Premium | €9.99 | Revolut Scale: €100/month | Premium $9.99/month | Scale $119/month |
| Metal | €15.99 | Revolut Enterprise: Custom | Metal $16.99/month | Enterprise: Custom |
| Ultra | €45.00 | – | – | – |
| Joint Account | Free | Free | – | – |
| Junior Account | Free | – | – | – |
Sending money to other Revolut customers attracts no charges. Additionally, there are no fees for transferring EUR within the UK or Europe. However, sending money to a non-SEPA country in its own national currency incurs a fee of 0.3% of the amount sent.
Revolut Supported Countries
You can sign up for Revolut Account in any of the following countries; Australia, Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Singapore, Slovakia, Slovenia, Spain, Sweden, USA, and the United Kingdom.
In January 2022, Revolut launched Revolut Bank in 10 European markets. Customers in Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, Spain, Sweden who upgrade to Revolut Bank for additional services will now have their deposits protected under the deposit guarantee scheme.
Revolut Germany
- Revolut introduced Open Banking for German users in November 2020 to allow them to connect their accounts held at other banks such as Deutsche Bank, ING-DiBa, Comdirect, Commerzbank, and Sparkasse with the Revolut App and view all their transactions.
- Revolut does not offer German IBANs. This is not a problem in principle, as businesses in the Single Euro Payments Area (SEPA) are required to accept IBANs from other SEPA countries without requiring customers to have a local bank account. However, some Revolut users in Germany have reported that businesses have refused to set up direct debits from non-German IBANs, such as gyms and electricity or internet providers.
Is Revolut Safe to Use?
In some countries, Revolut is a licensed e-money institution and a bank, depending on the country you are opening your account from. In the United States, Revolut is a financial technology company while its banking services are provided by Metropolitan Commercial Bank (Member FDIC) subject to applicable terms. However, investment products such as stocks are not FDIC insured, not bank guaranteed, and may lose value.
Revolut Bank UAB is licensed by the European Central Bank and regulated by the Bank of Lithuania. It is also authorized by the Financial Conduct Authority (FCA) in the UK. In January 2022, Revolut launched Revolut Bank in 10 European markets. Therefore, customers in Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, Spain, Sweden who upgrade to Revolut Bank for additional services will now have their deposits protected under the deposit guarantee scheme.
Although Revolut is generally considered safe for crypto, its crypto trading service is not regulated in countries where it operates such as by the Financial Conduct Authority (FCA) in the UK, the European Securities and Markets Authority (ESMA) in the EU, or the Bank of Lithuania. This means that if Revolut goes bankrupt or is hacked, you could lose your investment. Additionally, Revolut is a custodial wallet, which means that Revolut holds the private keys to your cryptocurrencies. This means that you do not have full control over your cryptocurrencies, and Revolut could potentially block you from accessing them.
Note that unless you upgrade to Revolut Bank in countries where it has a banking license, the account you hold with Revolut is an electronic money account (not a bank account), therefore your money is not covered by the Financial Services Compensation Scheme. However, all Savings Vaults deposits are protected up to £85,000 by the Financial Services Compensation Scheme (FSCS). For customers registered to the Revolut Bank UAB, almost all deposits with Revolut Bank UAB are insured by the Lithuanian State Company “Deposit and Investment Insurance”. The maximum amount of insurance compensation for deposits with Revolut Bank UAB for a single depositor is EUR 100,000.
In January 2020, Revolut customers threatened the bank with legal action for blocking their accounts for months. There are also complaints on Reddit and Facebook over blocked accounts and customers not able to contact the bank about their locked funds. A Revolut customer in Romania filed a lawsuit in September 2020 against Revolut over a blocked account.
Revolut Alternatives
Online banks similar to Revolut include the following.
- Wise (non-resident multicurrency account)
- Mistertango (crypto banking and trading)
- Dukascopy (supports crypto trading and crypto settlement accounts for cryptocurrency businesses)
- OnJuno (checking account for USD and cryptocurrency in the US)
Revolut: A Crypto-Friendly Banking App That Offers a Wide Range of Features
To conclude our Revolut review, Revolut is a well-rounded crypto-friendly online banking platform that offers a wide range of features, including European IBANs, non-resident bank accounts, multicurrency accounts, savings and investment options, and cryptocurrency trading. It is crypto-friendly, which means that you can use the Revolut app to buy, sell, and hold cryptocurrencies. Additionally, Revolut has a feature which you can use to donate to charity.
Revolut FAQs
Is Revolut crypto friendly?
Yes, Revolut is considered crypto-friendly. It is good for crypto as it allows you to buy, sell, and hold cryptocurrencies, such as Bitcoin. However, Revolut US does not allow you to buy or sell cryptocurrency.
Is Revolut good for crypto?
Revolut is a popular mobile banking app that offers a variety of features, including the ability to buy, sell, and hold cryptocurrencies. However, its crypto trading features are more suitable for advanced users. This is because Revolut is very pushy into making users stake and buy more and more cryptocurrencies, including shitcoins and altcoins. Revolut also charges high trading fees, starting at 1.5%. Additionally, there is a monthly subscription charge if you are not on the Revolut Standard plan, which is free.
Is Revolut safe for crypto?
Revolut is generally considered to be a safe platform for crypto investments, but there are some risks to be aware of. Crypto trading on Revolut is not protected by regulators in the UK, the EU, or Lithuania. This means that if Revolut goes bankrupt or is hacked, you could lose your investment. Revolut is a custodial wallet, which means that Revolut holds the private keys to your cryptocurrencies. This means that you do not have full control over your cryptocurrencies, and Revolut could potentially block you from accessing them.
Can I use Revolut business account for crypto?
With Revolut crypto account for business, you can buy, hold, and sell crypto straight from your Revolut Business account.
Does Revolut Junior have an IBAN?
No. The only way you can top up a Junior account is through a linked parent/guardian Revolut account. So there's no need for IBAN.
Is there a good alternative to Revolut?
A good alternative to Revolut is an N26 account, which offers many of the same services, including crypto.
