Revolut Australia launched in beta phase in Australia in June 2019. It has become one of the latest online bank to enter the Australian market. The bank offers a wide range of products and services such as multi-currency account, international money transfers, buying and selling of cryptocurrency, Visa virtual debit card and physical card, commodities trading and everyday banking needs of its clients. Commission-free stock trading will be introduced soon.
- 1 Revolut Australia Sign-Up
- 2 Revolut Australia Accounts, Limits and Revolut Australia Fees
- 3 The Revolut SmartApp
- 4 Revolut Australia Supported Currencies and Payment Methods
- 5 Revolut Money Transfer
- 6 Revolut Australia Crypto
- 7 Revolut Australia Commodities Trading
- 8 Is Revolut Australia Safe?
- 9 Revolut Australia Customer Reviews
- 10 Revolut Australia Alternatives
- 11 Final Thoughts on Revolut Australia
Revolut Australia Sign-Up
Revolut is a mobile-based financial platform, meaning that all the signing up is done via their app. You will provide to provide your name, date of birth, address, mobile number, and payment details. When your account is opened, Revolut will send your card to your address. You will need to activate the card through the app before it is ready for use.
Revolut Australia Accounts, Limits and Revolut Australia Fees
Revolut has three different account and card tiers: Revolut Standard, Revolut Premium, and Revolut Metal.
The Revolut Standard account is free and you will not be required to pay monthly account fees like the other Revolut accounts. The account comes with a prepaid Revolut Visa card that is connected to the Revolut app. You can use the card to spend in over 110 currencies at the interbank exchange rate. There are no exchange fees for international money transfers in 27 different currencies up to A$9, 000 per month. However, you will pay a 0.5% fee for transfers above A$9, 000. For ATM withdrawals, you will not pay any fee up to A$350 per month but a 2% fee applies for any amount above that.
You will pay a A$10.99 monthly Revolut Australia fee for a Revolut Premium account. A Revolut Premium account comes with all the benefits of Revolut Standard account with some added benefits. You will not pay any foreign exchange fee for transfers in 27 major currencies up to A$20, 000 per month. Also, with the Revolut Premium account, the free ATM withdrawal limit is raised to A$700. After signing up for a Revolut Premium account, you get a Premium Visa card which is delivered by global express for free.
Premium Visa cardholders usually get priority customer support within the app and also have an 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.
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.
The Revolut SmartApp
Revolut’s app (for both Apple and Android phones) offers an all-in-one solution for money management. You can use the app to set up budgets, transfer money overseas at the interbank rate, pay with disposable virtual cards, and hold up to 27 different currencies in your account. You can also make use of analytics and spending notifications, set up recurring payments, send and request money from other Revolut accounts and non-Revolut accounts, pay with Apple Pay or Google Pay, etc.
Revolut Australia Supported Currencies and Payment Methods
Revolut Australia supports over 110 currencies including AUD, USD, CAD, AED, JPY, NZD, EUR, NOK, SGD, MXN, RUB, HKD, CHF, DKK, SEK, SAR, HKD, etc. Revolut accepts several payment methods including bank transfers, SWIFT, debit and credit cards.
Revolut Australia waiting list came to an end in August 2020 when the Revolut Australia app became available for download on both Apple and Android devices and instant account creation.
Revolut Money Transfer
The transfer speed depends with where you are transferring funds and the type of account you have. Revolut transfers within Australia takes minutes. If you are transferring money to a UK bank, it can take a few hours to 2 days. You can decide to turbo-boost and make your transfer 5times faster at a small fee ( Premium and Metal account users enjoy free turbo transfers). On the other hand, international bank account transfers made by Standard account users usually take between 3-5 business days to arrive.
Revolut Australia Crypto
Account holders can invest in cryptocurrencies such as Bitcoin, Ether, Stellar and other cryptocurrencies. Crypto investment can start from just $1. You can trade up to a maximum of A$25,000 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 bitcoin withdrawals: If you’re a Revolut Metal customer, you’ll get exclusive beta access to a new feature that allows you to withdraw bitcoin to an external crypto wallet.
The crypto services provided by Revolut Payments Australia are classified as high risk. You should have regard to your personal financial circumstances and risk appetite before deciding to participate in the crypto services and we recommend that you seek professional advice as to the suitability of the product for you. These cryptocurrency services are not regulated and Revolut Payments Australia is not providing them to you under our Australian Financial Services Licence.
Revolut Australia Commodities Trading
Revolut users in Australia can exchanging 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 plans to introduce commission-free stock in the future.
Revolut’s commodities service is not provided under our Australian Financial Services Licence.
Is Revolut Australia Safe?
Yes. 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.
Although Revolut Australia did not have their own Australian Deposit-taking Institution (ADI) license, ASIC permitted them to conduct business in Australia. However, the company obtained its own Australian Financial Services License (ASFL number 517589) and in August 2020, Revolut services became fully available to the Australian public.
It doesn’t have an Australian Deposit-Taking Institution (ADI) license, the money you hold in your Revolut account isn’t covered by the government guarantee scheme.
Revolut Australia Customer Reviews
Revolut customers are satisfied with their services. Things that customers like about Revolut is how easy and quick it is to set up an account, Revolut’s low transaction costs, their reliable customer support, etc. On Trustpilot, Revolut has 4 stars out of 5 and is mostly considered as excellent.
Revolut Australia Alternatives
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:
Final Thoughts on Revolut Australia
Revolut Australia is aimed at serving the tech-savvy market in Australia to help change the way they do their banking. Although it is ideal for infrequent smaller money transfers, it provides far more services than just money transfers.