Revolut
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In this Revolut Bank App review I will discuss one of the newest Neobank contenders in Australia. I will dive into the pros and cons of the Revolut app and some of my favourite features the platform has to offer. I hope you enjoy this Revolut Bank App review.

What is Revolut?

Revolut is a “Unicorn” Financial technology company from the United Kingdom, that offers an all in one financial services app. From banking and saving, transferring funds overseas or building wealth through Crypto and investing, it has everything you need.

It is classed as a financial technology “Unicorn” as it attained a $33 Billion valuation after its latest fund raise. A unicorn is a tech company that is valued over $1Billion.

Revolut Bank first jumped on the scenes by offering its users currency exchange options at the interbank rate. It offered this with no fees attached and targeted Brit’s for their European business activities. 

The Revolut Bank user base exploded in the first year of operations and they quickly started expanding their product offering. Which is why the app has now grown to an all in one wealth management platform.

Revolut provides users the option of choosing a personal account, business account or both. Each option and relevant tier has different pricing and features which I will discuss later in this Revolut review.

Revolut Bank

 

Revolut Bank

Is Revolut Safe?

As I mentioned previously, Revolut is a Multi Billion dollar business. This means they have whole teams dedicated to protecting users data and keeping their money safe.

There are many security measures in place to ensure your data and money is safe. These include disposable cards for online purchases, anti-fraud systems, Fingerprint or Face ID and the ability to freeze your card.

Your money is kept with regulated banks, as Revolut has to comply with Government regulation to do so. Your money will be kept in these regulated banks until you pay or transfer money elsewhere.

In regards to your crypto purchased through the Revolut Bank App. Most of Revolut’s Crypto holdings are kept in cold storage via trusted Custodians.

Security

 

Security

Is Revolut Free?

Yes, Revolut Australia operates with a “freemium” business model. That is, it offers a free version of the platform for its users. This free version has basic features and has limited features, like only $9,000 worth of currency exchange in 30 days.

It then also has higher tiered versions, which cost more and offer more features and also higher limits on the other features. I will discuss the pricing here and go into further detail on the features Revolut has across the different tiers.

Revolut Standard

This is the free version of the Revolut Australia App and comes with some great features.

  • Spend in over 100 currencies at the interbank exchange rate
  • No fee exchange in over 27+ fiat currencies up to $9,000 (AUD) per 30 day rolling period
  • No fee International ATM withdrawals up to $350 (AUD) per 30 day rolling period
  • Free Revolut card (Excl Delivery)
  • Instant access to Cryptocurrency
  • Revolut Junior Account for 1 Child

For most people this standard option will be the only level that is required, as it has a pretty comprehensive list of features. 

Crypto

 

Crypto

Revolut Premium

As the name suggests this is the premium tier of the Revolut Australia App. It comes with a few more features and higher limits than the free version offers. Revolut Premium costs $10.99 (AUD) per month. It gets all the features from the Standard option plus the following additional features.

  • No fee exchange in over 27+ fiat currencies up to $20,000 (AUD) per 30 day rolling period
  • No fee International ATM withdrawals up to $700 (AUD) per 30 day rolling period
  • Global Express Card Delivery
  • Priority Customer Support
  • Premium Card with Exclusive designs
  • Disposable Virtual Cards
  • LoungeKey Pass Access
  • Free Lounge Passes for you and a friend if flight is delayed by more than 1 hour
  • Revolut Junior Account for 2 Children

The premium version costs around $132 per year, although it is cheaper if you pay upfront. The features the Premium version offer are targeted towards those that travel a lot. This is why Revolut has done so well in the United Kingdom. With Europe a stone’s throw away this level would be well suited to those travelling often.

For Australians that love to travel the World or have to travel internationally for work this could be a great option. No fees on international ATM withdrawals and a high limit on currency exchange and lounge delay access are all very enticing.

Revolut Cards

 

Revolut Cards

Revolut Metal

This is the highest tier that Revolut Australia offers. It costs $24.99 (AUD) per month and comes with higher limits on the Premium features. It has all the features from the Standard and Premium tiers, plus the following additional features.

  • Unlimited no fee exchange in over 27+ fiat currencies 
  • No fee International ATM withdrawals up to $1,400 (AUD) per 30 day rolling period
  • Exclusive Revolut Metal Card
  • Free Lounge Passes for you and 3 friends if flight is delayed by more than 1 hour
  • Revolut Junior Account for up to 5 Children
  • 1% cashback outside Australia and 0.1% Cashback within Australia on your card payments
  • Send money domestically and Internationally in 27 currencies

The Revolut Metal tier costs around $300 per year. It comes with unlimited currency exchange and higher limits on other features. This tier is definitely targeted at people that do a lot of travelling or transfer significant amounts of money overseas.

Revolut Business

Revolut Business has yet to launch in Australia and currently has a waitlist of over 500,000. It would be fair to guess the offering will be something similar to their UK equivalent. This would provide similar tiered services like their personal accounts.

Stay tuned for further updates on this when it launches in Australia.

Shopping Features

 

Shopping Features

Revolut Features

An all in one Financial app should have a lot of cool features, and Revolut certainly does. This is the part of the Revolut review where I will delve into what Revolut Australia has to offer.

Revolut Budget & Analytics

Revolut is able to track your spending and automatically categorize your spending. It is able to give you a breakdown of your spending by Category, Merchant and Country.

Its algorithm is able to help predict your spending based on your spending history. It will know you always have some after work beers on Friday for example, and help you plan the cash flow.

If you want more help with controlling your spending, you can set a budget within the app. This monthly spend will then let Revolut calculate your average daily spend and assist you in achieving your goal.

If you want that extra help, Revolut can also send you notifications of your daily spending. It will give you a heads up if you are getting close to your budget. This could be quite helpful, especially if you are getting close halfway through the month!

Analytics

 

Analytics

Revolut Money Transfers

Their bread and butter is money transfers, whether it is domestically or internationally. You can send money instantly and free to other Revolut users in over 27 countries. For a more personal touch, you can also add a GIF to the money transfer.

You are able to send money to local bank accounts for free, and also send money internationally at the inter bank exchange rate. The amount you are able to send with no fee is dependent on your tier within the Revolut Bank App.

Revolut Group Bills

We have all been there, out for dinner with friends or family and trying to figure out the split of the bill. Not to mention tracking who has paid for their share, or not yet!

The Revolut Group Bill feature helps resolve this issue. You can set up the bills within a group on the App. Just let Revolut know who the bill applies to and it will calculate how much everyone owes. 

You are then able to settle up what you owe with the tap of a button, which avoids having the awkward conversation with your mates.

This feature can also be applied with household expenses like rent or electricity if you are sharing with housemates too. 

Split Bills

 

Split Bills

Revolut Shopping

Online shopping has taken the world by storm lately, but there has been an increase in data leaks and hacks too. That is why I really love the Revolut Disposable card feature.

When you do your online shopping, Revolut will generate a one time use card for your payment. Once the payment has been made, the online card is burned and is useless. So if your details were compromised, nobody could do anything with them.

I believe this security feature is a game changer in online shopping security and am truly surprised that no other platforms or banks are doing it.

The Revolut extension will also automatically search for the best deals and discounts available online for their users. Plus Revolut shoppers can get up to 42% cashback at select brands like Apple, Nike and more.

Revolut Donations

If you like to donate to charity, then it has never been easier using Revolut Donations. You have the ability to donate to charities of your choice. For Australians you have the option to donate to Minus18, Australian Red Cross Society, Movember and Guide Dogs Australia.

There are no fees attached with donations through the Revolut app, meaning that the charity of your choice receives 100% of your donation.

You have the ability to choose how you would like to donate to your charity. You can use your spare change or set up a recurring donation. One off payments are also an option to donate to your charity of choice and there is no minimum.

Revolut Donations

 

Revolut Donations

Revolut Junior Account

The Revolut Junior account is an account, card and app for your children that you have ultimate control of. It will send instant spending alerts to you and provide custom spending controls. You have the ability to freeze or unfreeze the card, as well as it being age protected for merchants.

It has a really funky looking card for the children which is pretty cool. However, the best feature is the ability to set chores and goals for the children to complete.

Set a chore of cleaning the car, and once completed they will receive the predetermined amount into their account. The Revolut Junior Account is digitizing the piggy bank and showing children the rewards for their effort.

Revolut Junior

 

Revolut Junior

Revolut Vaults

The Revolut Bank App Vaults enable you to put money aside in order to save for a specific goal. These vaults allow you to save money in over 27 different currencies as well as Cryptocurrency.

You can also create a shared vault, to help you and your friends/family achieve your goal sooner. These shared vaults require withdrawal permissions, so money can’t just be taken out by others. Another great security feature of the platform.

Revolut Smart Delay

One of the benefits of being in the Platinum tier is that you get access to Revolut Smart Delay. This means that if your flights are delayed by more than 1 hour you will be given free lounge passes.

This is a pretty cool feature, especially for those that fly frequently. Making your potentially stressful delay a lot less stressful.

What Can I Invest In?

As you can see in this Revolut review there are heaps of features within the Revolut Australia App. But it doesn’t stop there, you are also able to invest through the app too. 

Currently Revolut Australia allows users to invest in Cryptocurrency and Commodities. It also looks like you will soon be able to invest in the Stock market soon too. They are launching Fee free investing for US customers. I will update this Revolut review once this feature launches in Australia.

Revolut Crypto

 

Revolut Crypto

Revolut Cryptocurrency

With the rise of Cryptocurrency investing and also more platforms accepting it as a form of legal tender, Revolut Bank has made it easy for users to access Crypto. 

You can purchase Cryptocurrency on the platform and also store it in your vaults if you want to. You can use one off payments or set up a recurring investment. This is a great way to dollar cost average your way into Crypto and avoid volatility.

You can invest in just over 20 different Cryptocurrencies, including the popular Bitcoin, Etheruem & Cardano. While this Revolut review doesn’t do a deep dive into the Crypto options, the platform is a great option for buying popular Crypto.

Revolut Commodities

Revolut App also allows its users to invest in commodities like Gold & Silver. Gold & Silver are often seen as a good way to hedge against market volatility. You can stash your Gold or Silver in your Revolut Vaults.

You are also able to set up your cashback rewards and round ups to invest into these commodities to help you stack Gold & Silver. Another great platform to invest in commodities is Bamboo.

Education

 

Education

Education

Revolut has a very informative Blog that does a great job of helping its users understand the features of the platform. As well as keeping users informed of their platform features, Revolut does a great job of explaining Crypto on their blog.

As I have said previously, Crypto can be a daunting space. So companies that do a great job in explaining it to their users will do very well in building their users’ trust.

I still rate Spaceship Voyager as the best platform for user education. Their daily blog posts and information are extremely valuable for their users. 

Revolut could do more of this to strengthen their brand and increase the value they add to their users.

Revolut Australia

 

Revolut Australia

User Experience

I have been using Revolut for most of the year and have really enjoyed my experience so far. My original reason for using the platform was to do with international currency exchange. 

I had international business interests and this was a great platform that allowed for the transfer of funds at the best available rate.

I have been on the standard tier as that was all my needs required. When travel opens back up I am likely to try the Premium tier to gain the benefits due to lots of travel.

I bought and sold Crypto via the platform very easily and had a recurring buy set for a few weeks while I was understanding the space.

I also have vaults set-up for different savings goals and really liked the budgeting feature. Spreadsheets are my go to budgeting tool, but I found it helpful to see the digital features of the app show how I was tracking against the budget.

I would highly recommend Revolut for anyone looking at an all in one wealth management platform. They currently do not do loans or mortgages so aside from that I feel it’s a much better user experience than the big four banks.

Transfer Money

 

Transfer Money

Revolut Pros & Cons

Pros:

  • Fee Free Currency Exchange & Interbank Rate
  • No Fee International ATM Withdrawal
  • Junior Account
  • Smart Lounge Delay
  • Disposable Cards for Online Shopping
  • All in One Wealth Platform
  • Good Features on Free Tier

Cons:

  • No Loans Available
  • Monthly Fees can be expensive if you aren’t fully utilising their features
  • Limited Crypto options

Virtual Cards

 

Virtual Cards

Who Is Revolut For?

Revolut is a great all in one money management platform for anybody. Their free version has great options that I don’t see how it wouldn’t suit everyone!

With the ability to set up budgets, split bills, invest in crypto & commodities, have Junior accounts, no fee currency conversion and many more features all on the free tier. Revolut truly is a great app in Australia for managing your money.

The Premium and Metal tiers of the Revolut Bank app will have specific target users in mind. The users that will benefit most from these tiers will vary slightly from the Standard tier.

Upon review, the The Premium & Metal Revolut tiers will be more suited for people that do a lot of travelling and or transfer a lot of money overseas. In order to take advantage of the no fee exchange and the travel perks of the higher tiers.

So definitely make sure you explore the pricing options and weigh them up against what your requirements will be. It is likely the standard option will be a great place to start. But ensure you review the costs of Revolut and your needs.

Sign Up Bonus

I hope you enjoyed this Revolut App review and found it beneficial. The platform has plenty to offer its users. If you want to join Revolut after reading this review, then you can sign up on their website and get a bonus reward for signing up. 

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