Revolut Money Transfer Review - Exchange Rates & Fees Calculator and FXcompared’s score

FXcompared Score 3.9/5 Good
Revolut
Rating based on expert reviews by FXcompared
Go to Revolut

 

 

Rating based on expert reviews by FXcompared
Last updated | December 13th, 2019

Founded in 2015 by Nikolay Storonsky, a former Lehman Bros banker, Revolut allows you to send fast, free and secure money transfers to bank accounts in over 120 countries while saving you money by using the real exchange rate. Revolut has added new offerings including business accounts, loans, loyalty offers, mobile phone insurance, a bill splitting feature, a subscription "Premium" account, a chatbot, and more. The company offers a prepaid debit card, commission-free stock trading, and cryptocurrency exchange facilities, as well as money transfers. Revolut is regulated by the Financial Conduct Authority, and in 2018 it secured a European banking licence.

Revolut Fees and exchange rate

FXcompared Score 3.1/5 Good
Revolut
Rating based on expert reviews by FXcompared
Go to Revolut

Revolut Fees and exchange rate

Competitiveness on FXcompared for low value transfers e.g. sending GBP200
Revolut has fee free transfers up to £5000
5/5
Competitiveness on FXcompared for medium value transfers e.g. sending GBP10,000
Revolut is competitively priced, with small commissions for medium-sized transactions (of over £5000)
4/5
Competitiveness on FXcompared for high value transfers e.g. sending GBP250,000
Revolut provides competitive pricing and exchange rates for larger transactions
2/5
Does FXcompared have direct access to the pricing
FXcompared is able to obtain pricing on Revolut
0/2
Is it possible to lock in future exchange rates
No, Revolut quotes use the real-time interbank rate for each transaction
0/1

Revolut has fee-free transfers up to GBP 5000 per month and uses the real-time interbank exchange rate during the week, therefore providing a very competitive rate. Higher value transactions are subject to a small commission, with an extra mark-up of 1% on the Thai Baht and Ukrainian Hryvnia. At the weekend, rates are fixed to protect against fluctuations, meaning there are mark-ups of 0.5% on all major currencies and 1% on other currencies. This is on top of any mark-up you may be charged for higher value transactions or extra fees on specified currencies.

For money transfers, the solution includes an app and a card. Money can be sent globally without charge. Exchanging currency does cost money, but Revolut tries to keep the rate as close to the Interbank level as possible. The physical Mastercard which enables ATM access does incur a small fee, which is different in each country, but accessing the local currency at any ATM in the world is only subject to the very low foreign exchange fee. Overall, travellers find that the long list of fees they usually pay when they go abroad – transfer fees, exchange fees, ATM fees – are not charged when they use Revolut.

Revolut will offer you

  • Fast, convenient money transfers
  • Fee-free transfers on smaller amounts
  • The interbank exchange rate on transfers completed during the week
  • Convenient prepaid Revolut debit card

Ease of use

FXcompared Score 5.0/5 Excellent
Revolut
Rating based on expert reviews by FXcompared
Go to Revolut

Ease of use

Easy to understand website
The website is clean and simple with an intuitive design
2/2
Simple sign up process (number of steps)
You can sign up and open an account online, in minutes, then set up your first transfer
2/2
Easy to setup a transfer once registered
Revolut has a clearly explained and simple transfer set up process
2/2
Provider offers a service that our users often sign up to
The Revolut service is popular amongst FXcompared users
2/2
Mobile notifications available on completed transfers
You will get push notifications via the app, but no text alerts
2/2

The Revolut website is easy to navigate, with a clean and simple interface. It is quick and easy to set up an account, with a choice of three account tiers, including a basic free account. It is also quick and easy to place orders for transfers and other transactions. Money can be sent or requested in seconds. Push notifications will alert you of the status of your transfer.

RevolutMobile.png

Revolut mobile app

Whether you want to talk through your options with our team or move money on the go in a couple of clicks, you’ll always get great exchange rates and five-star customer service.

Mobile product

FXcompared Score 5.0/5 Excellent
Revolut
Rating based on expert reviews by FXcompared
Go to Revolut

Mobile product

Easy to use mobile website
The website is well designed for mobile use
2/2
Easy to use mobile app
Apps for both iOS and Android are easy to install and use
2/2
Can transact in the app
Transactions can by carried out using the app
2/2
Range of in-app product offering
The app allows clients to access almost all the same features as the website
2/2
App store rating
Apps are both highly rated, with an Apple Store rating of 4.9 and Google Play rating of 4.8
2/2

Revolut offers excellent, robust and intuitive apps for both iOS and Android mobile devices. The apps are free to install from the App Store and the Google Play store. They are extremely well-rated by customers and are very popular. The Revolut app has a rating of 4.8/5 on Google Play, with well over 500,000 ratings, and 4.9/5 on the App Store, with over 300,000 ratings. Most reviewers report that the apps are very reliable, secure and easy to use.

Credibility & Security

FXcompared Score 3.9/5 Good
Revolut
Rating based on expert reviews by FXcompared
Go to Revolut

Credibility & Security

Fully licensed and authorised
Globally including the FCA and Lithuania for its banking license
4/4
Total amount transferred for their customers
Subtantial per month
3/3
Business revenue
£58m to December 2018
2/3
Year on year growth
355% from 2017 to 2018
1/1
Number of employees
1449
1/1
Head office location
London, UK
1/1
Branded search performance
Very strong
1/1
How long has the company been a partner of FXcompared
Not a current partner
0/2
How long has the company been established?
2015
2/3
Quality of financial backers
Leading venture capital firms such as DST Global, Index Ventures and Ribbit Capital
2/2
Private or public company
Private
0/1

Revolut is regulated in the UK by the Financial Conduct Authority (FCA) and client funds are safeguarded at Barclays/Lloyds. Revolut segregates client funds so that in the event of insolvency, clients will be able to claim funds back, and client funds will not be treated as Revolut assets.

Business product offering

FXcompared Score 2.5/5 Average
Revolut
Rating based on expert reviews by FXcompared
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Business product offering

Distinct offering for business
Revolut for Business provides services for businesses of all sizes
2/4
Broader product set for business
Dedicated business accounts and a business-specific platform for domestic and international payments
2/3
Specialised team to support businesses
Yes, there is dedicated support provided via the Revolut for Business platform
2/2
Receivables product options
No receivables offering
0/1
Marketplace seller product offering
Revolut offers support for marketplace sellers
0/2

As well as offering personal accounts for individuals, Revolut for Business provides dedicated business accounts and is a business-specific platform for domestic and international payments. Business clients get exceptional rates, free cross border transfers and no hidden fees. The platform offers the possibility to automate routine work and streamline workflow, cutting down on unnecessary paperwork. Over 250,000 companies have already signed up for Revolut for Business.

Product Coverage & Service

FXcompared Score 4.3/5 Great
Revolut
Rating based on expert reviews by FXcompared
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Product Coverage & Service

Number of sending and receiving countries
Revolut have 36 send countries and 29 receive countries
4/4
Number of available languages
The website is not available in different languages
2/2
Pay in options
It is possible to pay via bank account, debit and credit cards, cash, cheque, Apple Pay or Google Pay
3/4
Pay out options
To bank accounts or withdraw via your Revolut card
1/2
Additional services
Business accounts, loans, prepaid debit card, bill splitting, cryptocurrency exchange, and more
1/2
Minimum send amount
Revolut is suitable for small value payments
2/2
Maximum send amount
There is a per transfer limit of £80,000 and a daily limit of £100,000
2/2
Speed and options for speed of transfer
Transfer speeds vary and can be as little as two hours for local transfers or up to five working days for incoming international transfers.
2/2

Revolut currently supports residents in the European Economic Area (EEA), Australia, Canada, Singapore, Switzerland and the United States. Funds can be held in up to 29 different currencies, and sent to 29 countries. You can add funds to your account via bank transfer, debit and credit cards, cash, cheque, Apple Pay or Google Pay. Your Revolut account acts as a normal UK current account, so you can withdraw money into another account by transfer, or simply use your card to withdraw cash.

Transfer speed depends on where you are sending funds to and from. Local transfers in GBP will be less than 24 hours, and usually a couple of hours. Incoming international transfers can take up to 5 working days.

Customer Feedback & Satisfaction

FXcompared Score 4.4/5 Great
Revolut
Rating based on expert reviews by FXcompared
Go to Revolut

Customer Feedback & Satisfaction

Customer help including onboarding
Customer support is good, both for onboarding and ongoing help
1/2
Ease of transfer
Customers generally find it very easy to transfer with Revolut
2/2
Exchange rates
Interbank exchange rate is offered during the week, but weekend rates may not be as favourable
2/2
Fees
Low fees, and fee-free transfers on amounts below £5000
2/2
Solving issues
Customer support are generally quick to resolve any issues
1/2
Online/mobile experience
Customers report an excellent online and mobile experience
2/2
Customer service
Clients consider Customer Service highly satisfactory
2/2
Overall experience
Customers rate Revolut highly in independent online reviews across multiple platforms
2/2

Revolut is highly rated in customer reviews, with most customers expressing satisfaction with the service, functionality, user-friendliness, and convenience. Reviews mention that the service is fast, reliable, and secure and that the interface is simple and optimised. Some customers are not happy with the fixed weekend exchange rate, but on the whole, the interbank rate offered during the week is considered a significant advantage. Customers are generally happy with the app and the website, and the ease of opening and running accounts.

Customer Support

FXcompared Score 3.5/5 Good
Revolut
Rating based on expert reviews by FXcompared
Go to Revolut

Customer Support

How good is the help section on the website?
There is a large FAQ section on the website
2/2
Is there live online support?
Yes, but only via in-app chat
1/1
Is there email support - and to customers and non customers?
No direct email support available ­– must message via in-app chat
1/1
Is there phone support ?
There is an automated phone line, but in-app chat is the main way to contact the company
1/2
Is the company easy to contact?
Yes, but options are limited, with in-app chat and social sites presented as main points of contact
1/1
Are FAQs and support available in more than one language?
FAQs and support are available only in English
1/1
Is there an FX dealer to support customers
No FX dealer available
0/2

Most online reviews suggest that Revolut has excellent customer support, even though that support is offered mainly by in-app chat. Clients generally have a good experience with customer service, and issues are resolved fairly quickly. Logging in to in-app chat may connect you to a chatbot, which will often direct you to the information you need, but customers report that if that is not satisfactory, a live agent will take over, and they are very helpful. Customer reviews often mention that the support team is good or excellent. Customer support is available 24/7, with a priority service for Premium account holders.

Transparency

FXcompared Score 3.1/5 Good
Revolut
Rating based on expert reviews by FXcompared
Go to Revolut

Transparency

Is there an explicit exchange rate margin in the total cost of transfer?
Prices differ on weekends and depending on subcription level
1/2
Are the fees easy to understand?
Fees vary depending on the value and type of transfer, but are reasonably easy to understand
1/2
Does the company combine fees and exchange rate or clearly broken out?
Fees and exchange rates are clearly broken out
1/2
Is a real time quote available without registering?
You must register at the site in order to receive a real-time quote
2/2

Generally speaking, the Revolut team is transparent when it comes to transaction costs. Charges and exchange rates are listed. They do vary, depending on the amount to be transferred, the countries and currencies involved, and whether you are transferring during the week or at the weekend. However, Revolut discloses all these variables clearly in advance, and there are no ‘hidden’ fees.

Alternatives to Revolut

Below are some of the leading, specialist money transfer companies to consider using

TorFX
Rating based on expert reviews by FXcompared
Go to TorFX
WorldFirst
Rating based on expert reviews by FXcompared
Go to WorldFirst
TransferWise
Rating based on expert reviews by FXcompared
Go to TransferWise

Compare Other Currency Rates

Need payment solutions for your business? Click here to use our business tool >

Compare to quote from your bank >


Other International Money Transfer Quotes

TorFX

Est. 2004

Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

More InfoLess Info
FXcompared
Score
Amount Received
USD $13,014.10
GBP £255.49
saved vs. banks

Moneycorp

Est. 1979

One-off payments | Regular payments | Great rates | Safeguarded customer funds

More InfoLess Info
FXcompared
Score
Amount Received
USD $12,981.40
GBP £230.49
saved vs. banks

OFX (UK)

Est. 1998

OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

More InfoLess Info
FXcompared
Score
Amount Received
USD $12,919.93
GBP £183.49
saved vs. banks

Global Reach (formerly FC Exchange)

Est. 2005

Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

More InfoLess Info
Amount Received
USD $12,961.78
GBP £215.49
saved vs. banks

RationalFX

Est. 2005
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
More InfoLess Info
FXcompared
Score
Amount Received
USD $12,968.32
GBP £220.49
saved vs. banks

WorldFirst

Est. 2004

Transparency and security | Great customer feedback rating from Feefo

More InfoLess Info
FXcompared
Score
Amount Received
USD $13,014.10
GBP £255.49
saved vs. banks

Western Union Business Solutions

Est. 2009
The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.
More InfoLess Info
Amount Received
USD $12,883.31
GBP £155.49
saved vs. banks

Currency Solutions

Est. 2003

Currency exchange specialists ranking No.1 on Trustpilot for the past two years

More InfoLess Info
Amount Received
USD $12,973.56
GBP £224.49
saved vs. banks

Smart Currency Exchange

Est. 2004
Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
More InfoLess Info
Amount Received
USD $12,968.32
GBP £220.49
saved vs. banks

Rates From The Average UK High Street Bank

Est. 1934

Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK  by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.

We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
 

More InfoLess Info
Amount Received
USD $12,648.93
No saving vs. banks

PayPal

Est. 1998

Shop with PayPal and you’ll still earn your points, airmiles and cashback. Fees are shown as part of the overall exchange rate.

More InfoLess Info
Amount Received
USD $12,621.72
No saving vs. banks

How Safe is Revolut?

Revolut is regulated, widely trusted and safe. Your money is protected and held in segregated accounts.

Who Are Revolut Bank?

Revolut is a global digital bank, founded by former LehmanBros. Banker Nikolay Storonsky. You can contact them via their website, app or social media channels.

How Do I Use a Revolut Card?

The Revolut card is a prepaid debit card, allowing you to withdraw money at home and when you travel. It works with more than 130 currencies and can be used asa contactless payment card too.

Are Revolut Transfers Instant?

Revolut transfers are not instant. Often they are quick, sometimes taking just a couple of hours, but this will depend on several factors, such as where you are sending the money.

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Why you can trust FXcompared's reviews

FXcompared's mission is to help you (and thousands of others each day) find the best providers for your money transfers.

We do that by providing real-time comparison of exchange rates and fees (you can use the form below to make a comparison) and by writing in-depth reviews about money transfer providers.

We have partnerships with many money transfer providers (Revolut included), which help us get access to their exchange rate and fees information (which we always check for accuracy). Those partnerships help us support our activity and offer our service for free.

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.