Revolut Review: Is it legit, safe and trustworthy for UAE citizens and residents?
Revolut is a "bank" that was designed specifically for mobile use and makes
it simple and quick for you to handle your financial matters. It is possible to
send money straight to mobile phones, bank accounts, or homes via the internet
in a method that is not only secure but also trustworthy and rapid.
Visit Revolut Website.
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Instantaneous online money transfers to other Revolut accounts or straight to bank accounts located in other countries Three tiers of multi-currency accounts, each with their own set of services and associated fees
Keep and trade more than 28 cash currencies in addition to crypto.
Use your associated Revolut card to make purchases in any of 140 different currencies.
55,000 ATMs connected to a network that provide free cash withdrawals, in addition to 1,200 USD in free cash withdrawals every month outside of the network.
Revolut, which was established in 2015 and has its headquarters in London, now has 15.5 million users, of which 1.1 million use the app on a regular basis.
Over sixty-five billion British pounds is traded on Revolut every year.
With a Revolut card, you can keep and manage 28 different fiat currencies, and you can spend money in 140 different countries.
There are certain nations and monetary systems across the world from which Revolut is unable to facilitate international money transfers. These are the following:
USD transfers to Barbados, Curacao, Gibraltar, Jersey, Malta, St Maarten, Georgia, Malaysia or Monaco
EUR payments destined for St. Maarten
Currency transfers in CHF and NOK to Malta
Transfers denominated in IDR, INR, MYR, and PHP, respectively, are accepted outside of Indonesia, India, Malaysia, and the Philippines.
There are a great number of other nations, the most majority of which are located in Africa and the Middle East, to which Revolut does not transfer money.
Revolut is a mobile-first bank that streamlines the process of managing your finances by offering you with a current bank account, debit card, and services for exchanging foreign currencies. You may open an account with Revolut on your mobile device.
The reason that Revolut is considered a "challenger bank" is because the company is altering the way that customers like you manage their money. You can see and conduct transactions using the convenient Revolut app, which includes all of the app's features, rather than making the effort to travel to a physical bank branch.
With the Revolut card, you'll have an easier time spending money in the nations where they are accepted, and the company will convert your funds into the local currency for you immediately.
There are three primary plans available through Revolut, including a free one and two premium options.
Premium, which is not free Standard will run you $9.99 per month, with a discount available if you buy for an entire year at once.
Metal, which may be purchased in the United Kingdom, Europe, and Singapore
The premium account, which comes at a larger cost, gives you additional alternatives, and it may be the best option for you if you go outside the country. Other than that, the ordinary plan still comes with a few services that are of decent quality.
There is some encouraging news for those of you who are company owners: Revolut does in fact provide business accounts. It enables you to accept payments on a national as well as an international scale, and it streamlines and simplifies the process of maintaining your books. You also have the option of setting up regular transactions and mass payments.
The breadth of services offered by Revolut has contributed to the company's success; it now has more than 10 million clients and has processed more than 350 million transactions with a combined value of $50 billion. Wow!
We believe that Revolut is an excellent choice, particularly if you want to send or spend money in a foreign country.
Additionally, Revolut will soon be available in Brazil, Canada, New Zealand, the United Arab Emirates, Hong Kong, and Japan.
Although Revolut gives you access to a lot of the same features that you would get with a current account at a conventional bank, it does not offer every single function that your neighborhood financial institution does.
In the case of Revolut, for instance, the company does offer direct debits, sometimes known as automated bill payments, for UK and European current accounts; but, standing orders cannot be created. To its credit, Revolut supports recurring payments, which is a definite bonus.
You will need to add funds to your Revolut account before you can use it to make purchases. In addition, as Revolut does not provide customers with the option of allowed overdrafts, customers who spend more money than they have in their accounts are required to get their accounts back to a positive balance within seven days.
In addition, Revolut will supply you with a connected debit card that operates on either the Mastercard or Visa networks, depending on the country in which you are based. You may pay with this in the United States or anywhere else in the world, using either Chip and PIN or contactless technology.
The following are some of the benefits and drawbacks of utilizing Revolut:
Revolut is an excellent option for the majority of your requirements concerning international money transfers. Let's dissect it and discuss the aspects in which Revolut excels and the areas in which it faces certain challenges.
It is really simple to create an account, and you can do so in a matter of minutes.
Even with the free plan, they provide a ton of beneficial digital services in a variety of categories.
You receive a connected debit card, for easy spending
Transferring money is typically an easy, quick, and low-cost process.
They offer the foreign exchange rate that is considered to be the mid-market "Interbank" rate, which is the most favorable rate available.
If you transfer more than a particular amount of money or do so at certain times of the week, you will be subject to a higher fee when sending money internationally.
You will need to add funds from another source to your account in order to have an adequate amount of money in it.
You are unable to add money to your account using either cash or a check at this time.
The bank account is not capable of performing each and every function that a conventional bank account can (yet)
At this time, the only local currency accounts that may be held are in the form of pounds and euros.
If you withdraw more money from an ATM than your monthly limit allows, you will be subject to additional fees.
Revolut is an online financial services provider that specializes in multi-currency accounts and connected services such as debit cards, savings vaults, and accounts for children. Additionally, it is possible to trade and exchange cryptocurrency. Let's take a look at the several primary account options that are available for both people and companies.
Individuals may open Revolut multi-currency accounts, which allow them to retain and manage a total of 28 fiat currencies in addition to a few choice cryptocurrencies. You have the option of upgrading to a premium plan in order to have access to more services and increased transaction limits . The regular account plan does not charge a monthly fee.
Even the free standard plans come with a linked debit card that can be used at any ATM in the Revolut network for free, along with 1,200 USD in free withdrawals from ATMs that are not part of the Revolut network each month, up to 5 free Revolut Junior accounts for children, and 10 free international payments each month.
Business accounts with Revolut may be opened by corporations as well as independent contractors . You have access to four different account tiers, ranging from a free standard plan all the way up to a bespoke enterprise plan. Grow is one of the most popular accounts offered by Revolut and comes with a monthly cost of 39.99 USD .
You will be able to access additional capabilities such as free international payments and currency conversion to keep and manage a total of 28 different currencies depending on the account plan that you select.
You will be able to spend in 150 different currencies using the connected real and virtual cards for your team, as well as the local receiving accounts in USD and GBP that come standard with all account options.
By perusing the list of services that Revolut provides, one can easily deduce who the company intends to attract: individuals who are comfortable using their mobile devices, have an interest in both technology and travel, and often move money across countries. To put it another way, most likely you.
A list of the benefits that come with the Standard, Premium, and Metal accounts can be found here:
The following benefits are included with the Standard, Premium, and Metal accounts:
A connected Revolut card (Mastercard or Visa)
Card payments in the United States and other countries
Services for exchanging currencies to facilitate international money transfers
Integrated budgeting, which simplifies the process of managing your funds and saves you time.
A free current account with a UK bank and an IBAN account in Euros (not available outside UK and Europe)
Gain access to five different cryptocurrencies, including Bitcoin and Ethereum (not available outside UK and Europe)
iPhone users may make payments more quickly using Apple Pay.
You may put money away in "Vaults" provided by Revolut so that you can save up for that incredible vacation or home improvement project.
You may make payments to other Revolut users as well as request payments from them.
You may put more money away by rounding up the amounts you spend and putting the difference into a Revolut Vault.
Cash withdrawals from ATM machines are free up to a predetermined limit.
Notification of immediate financial expenditures
You also get the following with the Premium plan:
Insurance coverage for use in other countries
It is highly recommended that you get travel insurance as well as airline lounge tickets in case either your baggage or aircraft is delayed.
Support for customers given first priority
Global express delivery
Cards in the form of a virtual currency that are ephemeral and may be used to make transactions online.
Premium playing cards featuring original and unique designs
Withdrawals from ATMs, up to a specific limit, completely free of charge
Up to two children can each have their own Revolut Junior account (not available outside UK and Europe)
In addition, the Metal plan provides you with:
Up to five children can each have their own Revolut Junior account.
A metal, premium card
When you shop for specific brands, you'll be eligible for perks and savings.
Cashback on all purchases made using the card
Increases in the limits for free withdrawals from ATMs
1 free transfer using SWIFT each calendar month
Free transfers across borders, without any limits
You may add funds to your Revolut account in a number of different ways: by having money sent from your employer, by using a bank transfer, by adding money with a card, by using Apple Pay or Google Pay, or by asking money from other people. Please be aware that you cannot add funds to your account with a credit card if you are located in the United States.
The amount of time necessary to complete a money transfer is highly contingent on the destination of the transfer as well as the type of currency being sent:
Instantaneous communication with other Revolut users is possible.
Alternately, transferring money from a GBP account to a bank account in the UK might take anything from a few hours to three days.
Transferring euros to a bank account in Europe can typically take up to two full business days.
Transferring funds denominated in IDR, INR, or MYR to a bank account in Indonesia, India, or Malaysia can often take up to one business day.
However, for regular clients, an international money transfer might take anywhere from three to five days to complete.
Revolut provides its consumers with a variety of choices, including three distinct tiers of international account solutions designed specifically for personal customers. For each account type, you are entitled to a predetermined quantity of free services each month; however, the more money you spend on a monthly basis, the more benefits you become eligible for.
Revolut takes into consideration the following costs for personal customers:
Free for the standard plan.
Premium plan is available for 9.99 USD each month
The Metal plan costs $16.99 per month.
Every account holder, even the most basic ones, is entitled to a selection of benefits and capabilities, including the following:
Maintain and handle 28 different currencies.
You may use your associated debit card to make purchases in 140 different currencies.
Free withdrawals from ATMs outside of your network, subject to a monthly limit of 1,200 USD
Free trading fees for orders up to 200,000 USD each month.
Interest is accrued on sums held in accounts.
If you decide to pay a monthly charge, you may find that you are able to unlock larger account limits as well as new advantages, such as improved interest rates on savings, access to airport lounges, and travel insurance.
Although Revolut does offer free international transfers and relatively favorable exchange rates, users should be aware that monthly restrictions are in place before using the service.
If you make money transfers under any of the following conditions, Revolut will charge you an additional fee:
After you have surpassed your monthly limit, there is a fee of 0.5 percentage point for any foreign transactions you make.
This is the cost that you really need to keep an eye out for when using Revolut; it ranges from 0.5 percent to 2.5 percent of the transaction value and is assessed when you send money over the weekend.
After you've hit your limit, there is an additional cost of 2% that must be paid in order to continue using the card to withdraw money from ATMs located all over the world.
You will be charged an additional one percent commission when exchanging money into Thai Baht or Ukrainian Hryvnia.
The best exchange rate that can be obtained is the one that is offered by Revolut, which is the mid-market, interbank exchange rate between currencies. Bargain!
However, an additional fee based on a percentage is levied by Revolut if funds are transferred to an international bank account or when certain conversions are performed. This may alter depending on the time of day as well as the frequency with which the currencies are exchanged. Visit the fees page on the Revolut website for additional information.
With the exception of transferring GBP to the United Kingdom, Revolut does not impose any limitations on the total amount of money that may be sent or received. There is a restriction on the amount of money that may be transferred at once, as well as daily and weekly maximums.
There is a restriction of £250,000 per transaction, but the daily limit for the account as a whole is £500,000. This means that you are not allowed to move more than £500,000 out of the account in a single day.
The total weekly limit is one million pounds sterling (£1,000,000). You are restricted to no more than 50 transactions in a period of 24 hours and no more than 200 transfers in a single week.
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The possibilities that are available with Revolut accounts are really fairly extensive, and the higher the monthly fee that you are ready to spend, the more features you will receive with your account. You are able to keep currencies, trade those currencies, make payments to other Revolut accounts as well as traditional bank accounts, all within your account.
Even customers with the standard plan are eligible for some free services through Revolut; however, if you go over your allotted number of free transactions, you will be subject to a fee. Because of this, it is important to review the terms and conditions frequently to ensure that you are not charged more than you anticipate.
It is simple to sign up for an account with Revolut:
Install the Revolut mobile app, or go to the website to get started.
Click Sign up
Enter your personal information while following the directions on the screen.
It is necessary that you finish the verification stage.
After your account has been validated, you will be able to add money and get started.
Sending money with Revolut is easy to do.
You may get the Revolut app from either the Google Play Store or the Apple App Store.
Sign in and make an account for yourself. When that is finished, you will be required to add some funds to the account so that it may be used.
Choose the destination country and the amount of money you wish to send.
Give specific information about the recipient of the international money transfer, such as their complete name, the details of their bank account, or their cell phone number.
Pay using Revolut (link to ways to pay)
They will send you a text message informing you of the whereabouts of your money and when it will arrive.
When you sign up for an account with Revolut, whether it be a personal or commercial one, your identity will be verified in order to ensure that no one's money is lost or stolen.
When you first establish your account, they will require you to provide a photo of yourself as well as a photo of a government-issued identification document for verification purposes. On occasion, Revolut will seek a copy of your residence visa in the United States. We are aware that it can be a little bit of an inconvenience, but we have compiled some pointers to make it simpler for you.
Take a picture of your identification paper in a well-lit area that is crisp and clear, without any blurring.
To prevent glare, please turn off your flash.
It's not a good idea to snap a photo of a picture.
Check to see that the information on your account is consistent with the information on your legal paperwork.
To send money to someone else, you will need to give the following information:
The total amount of cash that you will be sending.
The countries that you are transferring money from and to The currencies that you are sending money between The complete name and address of the receiver The bank information of the recipient's account The countries that you are sending money between The currencies that you are sending money between (such as an IBAN or International Bank Account Number)
The account number as well as the bank identifying code, which may also be referred to as a sort code or routing number. Such things as a BIC/SWIFT code, an ACH routing number, or an IFSC code are examples.
Simply providing your phone number is all that is required for you to receive money from another user of Revolut. If they do not already have a Revolut account, all you need to do is provide them the information for your own Revolut account or a link to make a payment.
It is not difficult to make your payment for the foreign transaction. Your Revolut account number is able to receive bank transfers. Revolut accepts these transfers. You may also add money to your account immediately by paying with a credit card.
Customers located outside of the United States ApplePay and Google Pay are now now accepted payment options thanks to Revolut's recent update. Revolut allows its clients in the UK to pay with American Express and connect their bank accounts to their Revolut accounts so that they can access all of their financial information in a one location.
To add funds to your Revolut account, you will not be able to pay by check or make cash deposits at this time.
On Trust Pilot, a significant number of users have provided their feedback on Revolut. The encouraging news is that Revolut does well in its ratings. A little more than nine in ten people have a positive opinion of Revolut, while only seven percent have a negative opinion.
Customers who gave positive feedback expressed satisfaction with the convenience of the app, the digital services provided by Revolut, and the company's customer support. The most common complaint found in negative reviews was that users' accounts were deactivated or banned without any explanation being provided.
Despite the problems that were experienced by certain users, Revolut received generally positive feedback from its user base. We would suggest them so long as you are aware of the restrictions, which is especially important if you wish to send money to another country.
Your savings are being kept at Metropolitan Metropolitan Commercial Bank, which is a member of the Federal Deposit Insurance Corporation. These funds are protected by the Federal Deposit Insurance Corporation for a maximum amount of US$250,000.
Policies and processes implemented by Revolut are intended to ensure the safety of your information at all times. The following is what they do:
Your information should be protected by firewalls and other forms of limited access in accordance with the applicable rules.
2048-bit SSL encryption is used for all data transmissions between the mobile applications of Revolut, their servers, and any third parties.
Additionally, Revolut is subject to the regulations of each and every country in which it conducts business, including the following:
Financial Conduct Authority (FCA) in the United Kingdom European banking license from the European Central Bank Funds that you deposit are protected up to €100,000 by the European Deposit Insurance Scheme (EDIS) in Australia Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services Licence (AFSL number 517589) in Australia Financial Conduct Authority (FCA) in the United Kingdom European banking license from the European Central Bank
Monetary Authority of Singapore has issued Revolut with a license to conduct money transfers.
In addition to this, they protect your funds by storing them in a "ringfenced" account that is distinct from the account they use for their daily business transactions.
It is essential that you are aware that the Financial Services Compensation Scheme does not protect the funds that are currently held in your account (FSCS). On their terms page, you'll discover further information that you may access.
The business accounts offered by Revolut are tailored to meet the specific needs of contemporary companies, with the goal of helping those firms save both time and money while processing local and international payments. Plans may be adapted to meet the requirements of either corporate or freelance subscription accounts.
The ability to access accounts denominated in many currencies is the most useful feature. Not only can it store up to 28 different currencies, but it also gives you the ability to have local bank data in the United Kingdom and around Europe.
In addition to this, your company receives:
Virtual and prepaid corporate cards
Integration with popular messaging or accountancy software (e.g. Xero, Quickbooks, Slack)
Dedicated business support team available around the clock
Accounts with Revolut are equipped with a variety of useful features, such as the capability to transact in several currencies, connected debit cards, and free ATM withdrawals inside the Revolut network. Even the free accounts come with a few useful bonuses, and if you want even more capability and capabilities, you can switch to a premium account for the same price.
People who need to manage different currencies and want comprehensive account capabilities such as alternatives for storing money that earn interest and accounts for children will find this service particularly useful.
People who will use all of the features of their account plan without going over the limitations and incurring additional fair use fees are the best candidates for this type of plan.
Free account options are available for individual users as well as corporate customers of Revolut. You also have the option to upgrade to premium account plans, which come in a range of levels and grant access to additional account services as well as larger limitations.
Wherever it works, Revolut maintains a secure and compliant regulatory environment.
The currency rate that is displayed on the Revolut website is the mid-market rate without any markup. It is possible that you will be allowed to convert currencies at this rate up to a monthly limit, or without any constraints at all, depending on the account tier that you have. Out of hours and foreign currency transactions will incur additional costs.
You are not need to pay anything to create a Revolut account, but you do have the option to upgrade to a premium payment plan. Each account tier comes with its own unique set of features and limits, one of which is the ability to exchange and transfer currency at no cost.
Accounts with Revolut support a total of 28 fiat currencies in addition to a number of cryptocurrencies.
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.