Revolut Bank is a UK-based digital banking and financial services company that launched in the US in 2020 providing a multicurrency account that enables you to receive, hold, send, and exchange money in over 25 currencies without any fees. It also offers debit cards, stock trading and teenage accounts, among other financial services.
Although Revolut is a crypto-friendly bank, it does not offer cryptocurrency trading in the USA.
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Why Use Revolut: Key Features
Revolut offers a variety of features for personal and business accounts that make it a valuable financial app. They include the following:
- Early salary: This feature allows you to get your paycheck up to two days early.
- Stock trading: Revolut offers you the ability to buy and sell stocks with no commission fees, making it an affordable option for people who want to invest in the stock market.
- Prepaid cards: Revolut offers Visa and Mastercard prepaid cards. It also allows you to create virtual cards for online purchases, providing an extra layer of security and reducing the risk of fraud.
- International transfers: With Revolut, you can send money in over 25 foreign currencies.
- Bill splitting: Revolut’s bill splitting feature allows you to split expenses with friends and family even if they are not on Revolut, making it ideal for group trips or shared living situations.
- Savings Vaults: Revolut offers you the ability to create Savings Vaults, which are subaccounts that can be used to save money towards specific goals or for emergencies. You can set up automatic savings transfers to their Vaults, making it an easy way to save money. You can earn 4.25% annual percentage yield.
- Subscriptions: You can organize your subscriptions in one and place, and Revolut app can detect when free trials are ending and alert you ahead of time.
- Business tools: Revolut’s business accounts offer a range of features for small businesses, including invoicing tools, expense management, team management tools and integration with accounting software like Xero, QuickBooks and Sage.
How to Open Revolut US Account
If you don’t have a U.S. tax identification or Social Security Number, you can still sign up for a Revolut account. However, you’ll need to submit additional documentation, like a valid U.S. visa, for identity verification. Some advanced features may not be available without a tax identification, but basic banking features can still be accessed with a valid U.S. visa.
Opening an account with Revolut Bank is straightforward and can be done entirely through the mobile. To register, simply download the Revolut app by scanning the QR code provided or requesting a download link through SMS. Revolut app is available on the App Store or Google Play. You will be asked to provide basic information, such as your name, address, and date of birth, and to verify your identity by submitting a photo of your government-issued ID. For business accounts, you will need additional documentation, such as business registration documents and proof of ownership.
Revolut Business accounts cannot be opened for certain types of businesses, including those in the public sector, charities, private foundations or trusts, and cooperatives.
Once your account is set up, you can begin using the app to manage your finances, make payments, and access a range of online banking services in the US. If you want to receive a physical debit card, you can order one through the app, and it will be delivered to your registered address.
At the moment, Revolut <18 accounts (teen accounts) can only be created by a parent or legal guardian.
Adding Money to Your Account
To add money to your Revolut account in the US, there are several methods you can use. One option is to link your bank account and make a transfer from your bank to your Revolut account. You can also fund your Revolut account using a debit card, though it’s important to note that there is a 1% fee applied to deposits made through debit cards. If you have an Apple or Google Pay account linked to your debit card, you can use it to add money to your Revolut account. Additionally, if you receive a paycheck or other regular payments, you can set up direct deposit to your Revolut account.
Revolut US Fees and Plans
Revolut in the US offers subscription plans for personal accounts and business accounts, with varying fees:
Revolut Personal Account
Revolut offers different subscription plans for personal account with varying fees. Here are the fees for the three main subscription plans:
- Standard plan: There’s no fee for Standard plan. The plan provides access to basic features such as sending, holding and exchanging money in 25+ currencies, ATM withdrawals up to $300 per month, and international money transfers.
- Premium plan: The Premium plan costs $9.99 per month and provides additional features such as higher ATM withdrawal limits up to $600 per month, overseas medical insurance, and priority customer support.
- Metal plan: The Metal plan costs $16.99 per month and offers premium features such as cashback rewards on purchases, travel insurance, airport lounge access, and a concierge service.
Revolut recently introduced a 5% fee for international transfers in non-USD currencies and a 1% fee for debit card deposits.
You can open up to 5 teen (13-17) accounts with all the three plans. It’s worth noting that there may be additional fees for certain transactions, such as currency exchange transactions on weekends or for certain currencies. You can always check the Revolut website or mobile app for the most up-to-date fee information.
Revolut Business Account
Revolut’s business account in the US has 4 plans:
- Basic: There’s no fee for Basic plan, which allows you to access essential features and get started with the platform.
- Grow: At $39.99 per month, or 24% off if you choose the annual plan, you can enjoy additional tools and features to expand your business.
- Scale: For $149.99 per month, or 21% off with an annual plan, you can take advantage of more advanced features to help your business grow and reach new heights.
- Enterprise: Revolut also offers customized plans for larger businesses to tailor their experience and meet their specific needs.
Find out more: Revolut Business Account USA
Revolut Fees in the US
Here are fees you should expect for different Revolut plans:
| Revolut Accounts | Monthly Fee (Personal) | Monthly Fee (Business) |
|---|---|---|
| Standard | Standard $0.00/month | Basic $0/month |
| Plus | Plus $3.99/month | Grow $30/month |
| Premium | Premium $9.99/month | Scale $119/month |
| Metal | Metal $16.99/month | Enterprise: Custom |
| Freelancer Basic | – | $0.00/month |
| Freelancer Pro | – | $9.99/month |
| Freelancer Ultimate | – | $39.99/month |
Is Revolut Safe?
Revolut is a licensed and regulated financial institution, which means that it is required to adhere to strict regulations and standards to ensure the safety of its users’ funds and personal information. Additionally, Revolut employs advanced security measures to protect its users’ accounts and transactions, such as two-factor authentication, real-time transaction alerts, and the ability to freeze and unfreeze your card at any time.
Revolut is licensed as a financial technology company in the United States. Its banking services are provided by Metropolitan Commercial Bank (Member FDIC) and are subject to applicable terms. However, investment products such as stocks are not FDIC insured, not bank guaranteed, and may lose value.
Securities products and services provided by Revolut Securities Inc. are not insured by the FDIC or any federal government agency, are not bank deposits, are not obligations of or guaranteed by Metropolitan Commercial Bank and are subject to investment risks, including possible loss of the principal amount invested.
Revolut US Alternatives
Revolut US FAQs
Does Revolut work in USA?
Yes, Revolut works in the USA. However, there are some limitations. For example, you cannot use Revolut for cryptocurrency trading in the US.
Is Revolut FDIC insured?
No, Revolut itself is not FDIC insured. Fortunately, funds in your Revolut Prepaid Card account are held at Community Federal Savings Bank, Member FDIC, pursuant to license by Visa. Your funds are insured up to $250,000. Any funds you deposit in your Savings Vaults are held by Sutton Bank, which means your funds are fully insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. Securities products and services provided by Revolut are not insured by the FDIC or any federal government agency.
What's Revolut Lounge Pass?
Revolut Lounge Pass is a service available to Revolut Premium and Metal customers that gives you access to over 1000 airport lounges around the world. With Revolut Lounge Pass, you can relax in a comfortable lounge before your flight, enjoy free food and drinks, and use the Wi-Fi.
