Revolut: What It Is and How It Works

Revolut started as a travel card and currency exchange app and has grown to include broader banking features. The service allows users to hold, exchange, and spend money in multiple currencies through a mobile app. Depending on the market, Revolut may operate as a licensed bank or as an electronic money institution.

The service is available in many countries, primarily in Europe, though it has expanded to other regions including parts of the Americas, Asia, and Australia. Feature availability varies significantly by country—what Revolut offers in one market may differ from another.

Revolut provides different account tiers, from a free basic account to paid subscription plans with additional features. The core functionality includes currency exchange, a linked debit card, and money management tools. For context on how multi-currency services work generally, see multi-currency accounts.

Revolut offers several features centered around app-based money management. Availability and limits vary by subscription tier and country.

People typically consider Revolut during the early planning stages or when first arriving in a new country. It can serve as a tool for managing spending during travel and transition periods. The app-based nature means it can often be set up before or shortly after arrival.

Revolut may complement or partially replace traditional banking depending on the user's needs and local requirements. Some people use it as their primary day-to-day spending account, while others use it alongside a traditional local bank account. For more on how different banking tools compare, see international money transfers.

How people use Revolut varies depending on their stage in the relocation process.

Getting started involves downloading the app, creating an account, verifying your identity with a government-issued ID, adding money through bank transfer or card payment, and ordering a physical card if desired. Virtual cards are available immediately for online purchases. Verification times vary.

Revolut is primarily accessed through the mobile app, though a web interface is available for some functions. Currency exchange happens within the app—users can exchange at the current rate or set target rates for automatic conversion. The exchange rate and any applicable fees are shown before confirming.

Costs depend on your subscription tier. The free tier includes exchange limits during weekday market hours, with fees applying beyond limits or during weekends and holidays. Paid tiers have higher or unlimited exchange. ATM withdrawal limits vary by plan, with fees beyond the monthly limit. Current pricing is available in the app and on Revolut's website.

People use Revolut for various situations involving everyday spending and money management.

Revolut works well for managing everyday spending through an app with real-time notifications, exchanging currency within set limits, tracking expenses and budgeting during a transition period, and having a card that works in many countries.

Revolut may not fit situations requiring a traditional bank account (certain visa applications, mortgage requirements, some employers), high-volume currency exchange needs on the free tier, depositing cash regularly, or regions where Revolut has restricted features.

Revolut connects to cost of living through its spending tracking and budgeting features—seeing categorized expenses can help with understanding where money goes in a new location. The currency exchange functionality affects how much value you get when converting between your income currency and spending currency.

For healthcare and other recurring payments, whether Revolut works depends on whether the recipient accepts the payment methods Revolut supports. Some automated payments or direct debits may require traditional bank accounts.

Revolut requires a smartphone with app support, valid ID for verification, and a funding source. It unlocks a card that works internationally, a way to hold and exchange multiple currencies, and spending tracking tools.

Before relying on Revolut for your situation, verify directly with the provider: availability in your country of residence and any countries you plan to use it in, current exchange rate limits and fees for your account tier, ATM withdrawal limits and fees in your region, whether local account details are available for receiving payments, and feature availability for your specific market.