I have been using Revolut since the very beginning, I’m satisfied with this product so I decided to write about it. Let’s get started!
Revolut has become a popular digital banking option for many, offering an easy way to manage finances, travel, and make international payments. But, like any financial tool, it’s not without its pros and cons. In this blog post, we’ll walk you through the advantages and disadvantages of using a Revolut card so you can make an informed decision about whether it’s the right fit for your needs.
Advantages of Using a Revolut Card
1. Global Spending Made Easy
One of the biggest perks of Revolut is the ability to spend and withdraw money in multiple currencies without the hidden fees. Whether you’re traveling or shopping online internationally, Revolut lets you hold and exchange money in over 30 currencies at real-time exchange rates.
- No foreign transaction fees: Revolut doesn’t charge the typical 3% foreign transaction fee that many banks do when you shop abroad.
- Interbank exchange rates: You’ll get access to exchange rates typically reserved for big financial institutions, meaning you get a better deal when converting currencies.
2. Instant Spending Notifications
Stay on top of your finances with Revolut’s instant notifications. Each time you use your card, you’ll get an alert on your phone, helping you track your spending and detect any unauthorized transactions in real-time.
3. Convenient Budgeting Tools
Revolut comes with built-in budgeting tools that categorize your expenses, set spending limits, and help you analyze where your money is going. This makes it easier to stay on track with your savings or manage your finances on the go.
4. Free ATM Withdrawals Worldwide
With Revolut’s standard account, you can withdraw up to £200 worth of free cash from ATMs each month. This is a great perk for frequent travelers, as traditional banks often charge high fees for international withdrawals.
If you go over this limit, the fees are still competitive compared to other financial institutions, making Revolut a solid choice for people who travel often.
5. Travel Insurance and Perks
Revolut offers premium plans that come with a variety of travel benefits, including:
- Travel insurance: Coverage for things like flight cancellations, lost luggage, and missed connections.
- Priority customer support: Get fast help when you need it most.
- Airport lounge access: Enjoy access to lounges around the world for a more comfortable travel experience.
These travel perks are a big draw for people who spend a lot of time on the road.
6. Cryptocurrency Support
If you’re interested in cryptocurrencies, Revolut allows you to buy, sell, and hold a range of digital currencies like Bitcoin, Ethereum, and Litecoin—all within the app. It’s a convenient way to manage both traditional and crypto assets in one place.
7. Advanced Security Features
Revolut takes your security seriously. Some of the key features include:
- Instantly freeze and unfreeze your card: Lost or stolen card? You can freeze it right away.
- Two-factor authentication: Adds an extra layer of protection to your account.
- Virtual cards for online purchases: Create one-time use virtual cards for extra security while shopping online.
8. No Hidden Fees
Revolut is transparent about its fees. Unlike traditional banks that often have sneaky charges for things like account maintenance or international transfers, Revolut is upfront about any fees, making it easier to understand what you’re paying for.
9. Seamless Money Transfers
Sending money to other Revolut users is free and instant, regardless of where they are in the world. This is perfect for splitting bills, sending gifts, or paying someone internationally without incurring high fees.
10. A User-Friendly App
The Revolut app is intuitive and easy to navigate, even for people who aren’t very tech-savvy. Whether you’re managing your account, tracking your spending, or checking your balance, the app’s clean interface makes everything simple.
Disadvantages of Using a Revolut Card
While Revolut offers a lot of great features, there are also some drawbacks to consider before signing up.
1. Limited Free ATM Withdrawals
The free ATM withdrawal limit of £200 (or equivalent in other currencies) per month can be restrictive for some users, especially if you’re traveling or living in a country where cash is still commonly used. Once you exceed this limit, Revolut charges a fee for additional withdrawals, which can add up quickly.
2. Premium Plans Cost More
While Revolut’s standard account is free, many of the best features (such as travel insurance, higher ATM withdrawal limits, and access to VIP airport lounges) are locked behind the paid premium plans. These plans come with monthly fees, which might not be worth it if you don’t need all the perks.
- Premium plan costs: Depending on the country, the monthly fee for a Premium account can be around £6.99 to £12.99. The Metal plan, which offers additional perks, costs even more.
3. Not Fully Supported Everywhere
Though Revolut works in many countries, it may not be as widely accepted as traditional credit or debit cards, especially in smaller or more remote locations. You could face issues using your card in certain regions, or there might be some places where you can only use it online.
4. Limited Customer Service for Free Plans
Revolut’s free account holders may not have access to the same level of customer service as premium users. While the app is generally user-friendly, getting help with more complex issues could be slower for those on the free plan.
5. Transaction Limits
For some types of transactions (such as buying cryptocurrencies or making large transfers), there may be limits on how much you can do at once. If you need to make a large payment, you might find yourself needing to split it into multiple smaller transactions.
6. No Physical Branches
Revolut operates entirely online, which means you won’t have access to a physical branch if you need face-to-face assistance. While this is fine for many users, it can be a drawback for people who prefer more traditional banking experiences.
7. Account Freezing Issues
Although Revolut’s ability to freeze and unfreeze your card instantly is a helpful security feature, some users have reported issues with their accounts being frozen without warning. This can be frustrating, especially if you’re relying on your Revolut card for daily expenses or travel.
Conclusion
Revolut offers a range of features that make it an attractive option for travelers, digital nomads, and people looking to simplify their finances. From global spending without foreign transaction fees to seamless money transfers and budgeting tools, it has a lot going for it.
However, there are some limitations and potential downsides to consider. If you travel a lot or need advanced features like insurance or higher ATM withdrawal limits, you may want to consider a paid plan. If you primarily need a simple card for occasional use, the free plan might suffice—but it’s worth weighing the trade-offs in terms of customer support and features.
Ultimately, Revolut can be a great financial companion, but it’s important to understand both the advantages and disadvantages to decide if it’s the right fit for your needs.
If you sign up for a Revolut account using my affiliate link below, it won’t cost you anything extra, and you’ll be supporting me in the process.
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Disclaimer: The information provided in this blog post is for general informational purposes only and should not be construed as financial advice. Always conduct your own research and consult with a professional financial advisor before making any financial decisions.