Top 10 Frequently Asked Revolut Questions
Revolut Questions – Is it a Bank?
1. Is Revolut a real bank?
Yes. Revolut was granted a European banking licence by the European Central Bank on the 31st of December 2018.
What does the Revolut Banking licence means to you`?
- Your money is protected up to €100,000 under the European Deposit Insurance Scheme (EDIS).
- You have access to overdraft facilities and personal loans. This means you’ll no longer have to deal with negative balances, automatic top-ups and the all-annoying ‘insufficient funds’ notification.
- With the Revolut current account, you can set up Direct debits
- In-house payment processing which guarantees that you will not face any payment disruptions
2. Can Revolut replace my bank account?
Yes. Revolut is a mobile-only bank account that fully functions just like your bank account.
What makes Revolut even better that your normal bank account?
- Free UK account
- Free Euro IBAN account
- Spend in over 150 currencies at the interbank exchange rate
- Exchange in 30 fiat currencies – no monthly limit
- No fee ATM withdrawals up to €600 per month
- Overseas medical insurance
- Delayed baggage & delayed flight insurance
- Global express delivery
- Priority customer support
- Instant access to 5 cryptocurrencies
- Exclusive Revolut Metal card
- Disposable virtual cards
- LoungeKey Pass access
- 1% cashback within Europe and 1% outside Europe on all card payments
- Get access to a concierge to help you manage your lifestyle
3. How does Revolut make money?
Revolut makes money mainly though the subscription fees with the Premium and Metal accounts. Additionally, Revolut also earns a nominal fee paid to it by merchants every time you spend on your Revolut Card. There are also other fees including excess ATM withdrawals, card delivery fees and exchange rate fees under some circumstances. Business customers also pay fees depending on their top-up limits.
What are some of the specific ways that Revolut makes money?
- 2% fee if you withdraw more than 200€ for the Revolut Standard (more than 400€ for the Revolut Premium and more than 600€ for the Revolut Metal) limit per month from an ATM.
- 99€ monthly fee for Premium Revolut cardholders (Premium cardholders do not have the 5,000€ per month limit on transactions) and 13.99€ for the Metal Revolut cardholders
- 1% fee to top up your card with a UK credit card and a 3-4% fee with a US debit or credit card.
- 5€ + 5€ delivery fee for a spare Revolut card
- 5€ fee to speed up a transfer to friends or businesses from two business days to one.
- 5% -1.5% markup to the exchange rate over the weekend.
- 5% fee for transactions over 5,000€ per month
- 1-1.5% fee when spending in other currencies.
Revolut Questions – How secure is it?
4. Is my money safe in Revolut?
All funds deposited into Revolut are safeguarded at Barclays/Lloyd’s. The good news is, as an authorised institution, Revolut safeguards your funds as per regulatory requirements. In the event that Revolut becomes insolvent, you will be able to claim your funds from this segregated account and your claim will be paid above all other creditors.
The Revolut Banking License issued by the European Central Bank allows Revolut to offer services typically provided by traditional banks, including full current accounts, consumer and business lending and overdrafts. As such, up to €100,000 is covered under the European Deposit Insurance Scheme (EDIS).
On top of that, all your card transactions are processed by the Mastercard, Maestro, or Visa network and are therefore protected by Mastercard, Maestro, or Visa rules accordingly.
Revolut Questions – How do I use it?
5. Why should I get a Revolut card?
Revolut offer fantastic benefits that allow you to manage you funds with ease especially when travelling and sending money abroad
What are some of the specific Benefits of Revolut?
- Revolut offers exceptional currency conversion rates which match the same rates that banks themselves use to exchange currency between one another (without the extra charge)
- You can transfer money from your bank account to your Revolut card is in minutes. Simply register a bank account or debit card and you can receive almost instant deposits into my Revolut account. To save on fees levied by your bank, it is recommended to top up your account in your native currency, then transfer it to others once in your account.
- Managing your finances is very easy with the Revolut instant balances
- Revolut saves you the hassle of currency exchanges while travelling. The Revolut card lets you hold money in Pounds Sterling, US Dollars and Euros, and it takes moments to transfer money from one balance to another.
- Revolut offers superior Fraud Prevention Tools which come in handy when you are on the road
- The Revolut app shows you the balances left on your card in various currencies and also it also includes a handy budgeting tool.
- Some of the additional tavel benefits that Revolut offers are overseas medical insurance and delayed baggage & delayed flight insurance
6. How much can you transfer with Revolut?
Although Revolut does not charge you for transferring money, you will be chared 0.5% on any amount exceeding your free foreign exchange allowance if you make a cross-county transfer.
What are the Revolut foreign exchange allowances?
- Revolut Standard: Cross-currency exchanges are free up to £5,000 per rolling month, after which a 0.5% fair usage fee applies.
- Revolut Premium: Unlimited free currency exchange and free turbo transfers
- Revolut Metal: Unlimited free currency exchange and free turbo transfers
7. What are the Revolut Turbo Transfers?
Revolut allows you to make faster transfers using the Turbo-boost options. The transfer speed is up to 5 times for a small fee for the Revolut Standard users. For the Revolut Premium or Revolut Metal, the turbo transfers are completely free.
How much are the Revolut Turbo Transfer Fees?
- Revolut Standard: 5€
- Revolut Premium: Free
- Revolut Metal: Free
8. Can I transfer money from Revolut to my bank account?
Yes you can! You can transfers money to a bank account in up to 31 supported currencies and set up beneficiaries for regular transfers.
How do I transfers money from Revolut to my bank account?
- Tap ‘Payments’ on the main navigation screen in the app.
- Select ‘Bank transfer’
- Tap ‘Add new beneficiary’, and add the bank details.
- Enter the amount, currency, reference
- Hit ‘Send’ (You can turbo-boost the speed of your transfer for a small fee)
What are the currencies supported by Revolut?
Your Revolut card will auto-convert your balance to the currency you’re spending in at the best available rate, so you don’t have to pre-purchase currencies. You can currently only hold and exchange between the following currencies in-app:
9. Does Revolut have any deposit limits?
Tehnically, Revolut does not have any deposit limits (except for a few instances, where a temporally hold might be applied)
On which instances might Revolut limit my deposits?
- For newly added cards (including replacement cards received from your bank), you will have a temporary limit that allows you to add a certain amount of money per 24 hours.
- When a large transfer is made to your Revolut account, Revolut might ask you to verify your source of funds, which is something we need to do to meet Anti Money Laundering (AML) regulations.
10. Can I receive my salary into Revolut?
Yes, you can receive your salary and other bank transfers from your employer, family, and friends directly into your Revolut account in USD. Simply set up your IBAN and hand it out to your employer.
How do I set up my Revolut IBAN?
- Tap on the top up button
- Then on bank transfer
- Select your Euro balance
- Then set up your new IBAN
If you haven’t confirmed your identity yet, Revolut will ask you to scan your passport or driver’s license.