In today’s fast-paced world, managing finances efficiently is more important than ever. If you’ve been looking for a digital banking solution, you’ve probably come across Revolut, a fintech app that promises to revolutionize how you handle money.
But the big question is: Is it worth getting a Revolut card in 2024?
In this post, we’ll dive into what makes the Revolut card stand out, explore its key features, and weigh its pros and cons to help you decide if it’s the right fit for you.
What is a Revolut Card?
Revolut offers a multi-currency debit card that’s linked to its popular app. The card allows you to spend and withdraw money in multiple currencies, making it an ideal option for international travelers, remote workers, or anyone managing money across borders. Revolut cards come in various tiers, from the Standard (free) option to the Premium and Metal plans, which offer more perks.
Key Features of the Revolut Card
Fee-Free Currency Exchange
One of Revolut’s major selling points is the ability to spend money abroad without paying hefty foreign transaction fees. Revolut provides access to interbank exchange rates (the rate banks themselves use) during weekdays, which is often much better than what you’d get from a traditional bank or at currency exchange kiosks.
Multi-Currency Accounts
With the Revolut card, you can hold balances in over 30 currencies. This feature is especially useful for frequent travelers, expats, or those who need to make payments in multiple currencies.
ATM Withdrawals
Revolut offers free ATM withdrawals up to a certain monthly limit, depending on your plan. While the Standard plan has a lower limit, higher-tier accounts such as Premium and Metal offer higher free withdrawal limits, making it convenient for travelers needing quick access to cash.
Travel Perks
For those opting for a Premium or Metal account, the Revolut card comes with a host of travel-related benefits, including travel insurance, delayed baggage and flight insurance, and even lounge access in airports worldwide.
Cryptocurrency and Stock Trading
A standout feature is Revolut’s built-in cryptocurrency and stock trading platforms. Users can buy and sell cryptocurrencies like Bitcoin, Ethereum, and others directly from the app, and also trade stocks commission-free, making it easy to diversify investments.
Advanced Budgeting and Analytics
The Revolut app provides detailed insights into your spending habits. You can set budgets, track expenses, and categorize purchases, helping you stay on top of your finances and make smarter spending decisions.
Pros of Getting a Revolut Card
Low or No Fees on Foreign Transactions
Unlike traditional banks, Revolut doesn’t hit you with surprise fees when you use your card abroad. You get near-perfect exchange rates during the week, with small markups on weekends.
Convenience for Travelers
Revolut’s multi-currency functionality and international ATM withdrawals make it an excellent companion for frequent travelers, expats, and digital nomads who need to juggle currencies.
Multiple Subscription Plans
Revolut offers flexibility with a free Standard plan and paid options like Premium and Metal, which come with additional perks. You can choose the one that fits your financial needs and upgrade if necessary.
Cryptocurrency and Stocks
The ability to trade crypto and stocks directly from the app is a unique feature that sets Revolut apart from other digital banks, especially for users looking to invest easily.
Great for Budgeting
Revolut’s in-app tools are excellent for tracking expenses, setting budgets, and getting real-time alerts about spending, which can help you improve your financial habits.
Cons of Getting a Revolut Card
Fees for Premium Features
While the Standard plan is free, features like higher withdrawal limits, travel insurance, and other perks are reserved for Premium and Metal account holders, which come with monthly fees.
Exchange Rate Markups on Weekends
Though Revolut offers some of the best exchange rates, there is a small markup (0.5% to 2%) on currency exchanges over the weekend, which might not appeal to those doing large transactions at that time.
ATM Limits
Revolut offers free ATM withdrawals, but there are limits. Exceeding these limits will incur fees, which can be inconvenient if you’re frequently withdrawing cash.
Customer Service Issues
Some users have reported that Revolut’s customer service can be slow or unresponsive at times, especially for more complicated account issues. Most support is conducted through the app, which can be limiting.
How Revolut Compares to Other Digital Banks
Revolut vs Wise
Both Revolut and Wise (formerly TransferWise) excel in offering low-cost international transfers. While Wise specializes in money transfers and exchange rates, Revolut provides a more comprehensive banking experience with features like crypto trading and spending analytics.
- Best for International Money Transfers: Wise
- Best for Travel and Budgeting: Revolut
Revolut vs Monzo
Monzo is a UK-based competitor that also offers budgeting tools and low-cost spending abroad. However, Monzo doesn’t have as extensive a reach in terms of supported countries or currencies as Revolut.
- Best for UK Users: Monzo
- Best for Global Users: Revolut
Revolut vs N26
N26 is another strong player in the digital banking space, especially in Europe. However, N26 lacks cryptocurrency trading and offers fewer international features compared to Revolut.
- Best for Cryptocurrency Trading: Revolut
- Best for Simplicity and Service: N26
Is it Worth Getting a Revolut Card?
The Revolut card is definitely worth considering if you frequently travel, need to manage money in multiple currencies, or want access to features like crypto trading and investment options in one app. Its low fees, multi-currency capabilities, and added perks for premium accounts make it a versatile financial tool. However, if you plan on sticking to a free plan and rarely travel abroad, you might not make the most out of Revolut’s premium offerings.
If you’re looking for a modern, flexible solution to handle your everyday banking and travel needs, getting a Revolut card in 2024 could be a smart choice.
Use this link to find out more about Revolut and register for your FREE account, and support my business at the same time. 🙏🏻
Affiliate Disclaimer: This post contains affiliate links, meaning I may receive a commission if you sign up through my link, at no extra cost to you.