Revolut Review: Is It the Best Digital Multi-Currency Account?
Revolut Review: Is It the Best Digital Multi-Currency Account?
ValueChampion Rating 
Pros
- Individuals who want access to a variety of currencies to exchange & store
- Travelers who use cash overseas
- Acts as an all in one personal finance app - able to both spend and invest
Cons
- Individuals who exchange currency outside of trading hours
- Some features only available on paid tiers
Revolut has evolved into more than just a multi-currency card. Priding themselves as an all in one money app, Revolut offers more than 20 different financial products and services, with their main focus being ease of cross border transactions and competitive exchange rates.
Their primary products are their multi-currency digital wallet which allows you to store 30+ different currencies and its corresponding debit card that allows you to spend 150+ different currencies securely both in store and online with little to no fees.
Revolut offers three different tiers – Standard, Premium and Metal. The Standard tier has no annual fee, no minimum spend requirements and no fees on international ATM withdrawals (up to S$350 per month or five withdrawals per rolling month), making it a great no-obligation option for travelers.
Table of Contents
- What Makes Revolut Stand Out?
- How to Apply for a Revolut Standard Account
- Revolut Eligibility & Requirements
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Pros Cons - Large number of currencies supported (able to transact up to 150+ different currencies)
- No Annual Fee on their Standard Tier
- No ATM Fees (up to S$350 per month for the Standard Tier)
- Investing features available in app at low fees
- Additional currency exchange fees on the weekends
- Higher level perks such as cashback on spending only available for paid tiers
Promotions: - Get a 3 month free trial of the Revolut Premium Tier when you sign up with ValueChampion today!
What Makes The Revolut Standard Debit Card Stand Out
Individuals who are in need of a debit card and digital wallet that allows for the exchange and storage of various currencies, should consider the Revolut Standard account. Revolut Standard is a digital wallet linked with a Visa debit card that has no annual fee, giving cardholders peace of mind by not requiring them to meet a minimum spend requirement. Additionally, Standard cardholders can withdraw up to S$350 per month overseas without having to pay an ATM fee, which is a great perk for individuals who prefer carrying cash while they travel. However, withdrawing more than this amount incurs a 2% fee, which is a pretty standard rate for a multi-currency card.
The Revolut account allows for exchange and store over 30 currencies in their ditigal wallets, giving travelers more options when storing local currencies in their account.
Despite offering an extensive list of available currencies, the Revolut Standard account does have a couple of disadvantages regarding its currency exchange feature. If customers convert currencies outside of the Foreign Exchange Market Hours (i.e on the weekend), they will incur a 1.0% fee.
Furthermore, if you exchange large amount of currencies every month, you will incur an exchange fair usage fee on the Standard or Premium tier. You are able to exchange up to S$5,000 a month on the Standard tier and S$15,000 a month on the Premium tier with no fees. After which, you will incur an exchange fair usage fee of 1.00% on the Standard Tier or 0.50% on the Premium Tier for any amount traded above the limit. This can be avoided by upgrading to the Metal Tier where exchange fair usage limits do not apply.
| Standard Tier | Premium Tier | Metal Tier | |
|---|---|---|---|
| Monthly Subscription Fee | S$0.00 | S$9.9.9 | S$19.99 |
| International ATM Withdrawal Limits | S$350 | S$700 | S$1,050 |
| Exchange Fair Usage Limit | S$5,000 | S$15,000 | NIL |
Build Your Wealth With Revolut
Other than being a good tool for travelers, Revolut offers a series of other features that are aimed at helping you work towards your financial goals. These include saving vaults that allow you to earn considerable interest, cashback on your spending, stocks, crypto and commodity trading.
Accumulate Cashback As You Spend
One great feature of Revolut is that when you upgrade to the Metal Tier, you are entitled to 1.5% instant cashback on all your card payments, with no cap on the amount of cashback you can earn. Do note that you are able to top-up your Revolut digital wallet with you existing credit cards, albeit for a fee. Depending on what type of credit card you currently hold, you could potentially upsize the amount of cashback you earn on your existing spending by topping up your Revolut digital wallet with a cashback credit card and spending on your Revolut Metal debit card.
Trade with Revolut
Currently, only US stocks are available on the Revolut app. However, Revolut has some of the lowest commission fees of only US$0.99 per trade and no custody, settlement or platform fees. Revolut also supports fractional shares which means that users are able to invest with as little as US$1. The reason why Revolut's investing feature is enticing is because users are able to take advantage of Revolut's competitive foreign exchange rates when converting their cash into US Dollars to trade US Stocks.
On top of that, Revolut supports crypto and commodity trading. You are able to trade Bitcoin, Ethereum and over 100 other different cryptocurrency tokens at Revolut for 1.49% of the value of your crypto transaction. You are also able to gain exposure to precious metals through precious metal indexes. The current commodities supported on Revolut are gold (XAU), silver (XAG), platinum (XPT) or plladium (XPD). A fee of 1.99% applies for Standard Tier accounts and 1.49% for Premium and Metal Tier accounts when trading commodities. This is ideal for people who are looking in invest in a variety of assets, commodities and tokens and prefer the ease of being able to do so all from a single platform.
How to Apply for the Revolut Standard Debit Card
The process to sign up for a Revolut account is quite standard. Generally, once the account is created, you should receive your card within 9 business days.
- Click on the above "Apply Now" button
- Enter your phone number and create a 4-digit passcode for your account
- You should receive a 6-digit pin to verify your phone number
- Enter in your personal information (name, mailing, address, email, etc)
- Read and agree to the Cardholder Agreement
- Submit
Revolut Standard Eligibility Requirements
There is no income requirement to open a Revolut account, however, you must be at least 18 years of age in order to apply for the debit card. Additionally, there is no minimum deposit required in order to begin using your funds.
How To Close Your Revolut Account
In order to close your Revolut Account, you must first make sure that your app is updated to the most recent version. Next, navigate to “Settings” and press on the option to “Close Account”. Once you are there, the app will instruct you on how to receive the remaining funds in your account. Following this, you will be able to close your Revolut account.
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Enya is a budding Research Analyst at ValueChampion. She has a BA in Economics from the University of Melbourne and has previously worked in the banking sector. Enya combines her experience and passion for personal finance to bring digestible and enriching financial content to readers.