How to use Revolut without fees?
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To use Revolut with minimal fees, stick to the free Standard plan, add money via free bank transfers, spend in your base currency, pay in the local currency when abroad (not your home currency), avoid weekend currency exchanges (0.5-2% markup applies), and use free ATM withdrawals within your plan's limits (e.g., £200/month on Standard). Be aware that while Revolut is free to open, foreign ATM operators and your own bank might charge separate fees.
How to avoid Revolut fees?
Always pay in the local currency
If prompted, choose to pay in the local currency and reject any exchanges. If you have enough of the local currency, you shouldn't be charged any additional fees for exchanges by Revolut.
Can I use Revolut for free?
Yes, Revolut offers a free Standard plan for basic money management, including free account setup and a free first card (delivery fees may apply), but it has limits and weekend fees for currency exchange. Paid plans (Plus, Premium, Metal, Ultra) offer higher limits, better rates, and perks like travel insurance or lounge access for monthly fees.
Can I use Revolut abroad without fees?
All customers can spend, withdraw, and exchange foreign currencies during the week without additional fees, up to a certain amount based on your plan. After this, you will be charged an exchange fee.
Why is Revolut charging me a fee?
They often charge a fee, but that usually happens when you transfer USD from a US bank account to USD in Europe. Do you have a Local option under Details for your Revolut USD account, or is it cross-border transfers only with a correspondent bank? That's probably where the fee is coming from.
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What is the downside of Revolut?
It is also important to note that Revolut is a digital only provider, so there are no branches or call centres and customer service is likely to be limited for those with the free account. Revolut's exchange rates may also sometimes be less competitive than other providers.
Are there any hidden fees with Revolut?
While Revolut offers fee-free currency exchange services during weekdays, a markup is applied on weekends. This markup ranges from 0.5% to 2% based on the currency and account type, which can result in unforeseen costs for users unaware of these conditions.
Does Revolut automatically know which currency to use?
How Revolut determines the currency you'll be charged in. We automatically convert your balance to the currency you're paying in, so there's no need to buy or exchange currency before your trip. We won't combine multiple currencies to complete a transaction. Read more about our exchange rates in this FAQ.
Which Revolut plan is best for travel?
If it's travel insurance you're looking for, Revolut Metal offers a lot of that. For £14.99 a month, you're covered with emergency medical insurance abroad, flight delay and lost luggage protection, winter sports cover and personal liability insurance.
Can I use my Revolut card in the USA?
Your Revolut card handles 150+ currencies, including US Dollar (USD). That means you can use it like a local debit card in the USA.
Is Revolut 100% free?
Revolut doesn't charge any fees for adding money via bank transfer to your account. However, there are non-Revolut fees that can be charged: Your bank might charge a fee for sending a transfer. Contact them if you ever want to know more or clarify anything about their fees.
Is Revolut a good choice for travel?
Financial apps often have similar features to traditional banks without the hassle. With Revolut, you can do everything in-app and save on your transactions and withdrawals abroad. You get ultimate flexibility and control over your money.
Does Revolut report to the IRS?
What is FATCA? The Foreign Account Tax Compliance Act (FATCA) requires Revolut to identify any customers that may be US persons and report account information to the local authorities for onward transmission to the US Internal Revenue Service.
Is it worth using a Revolut card abroad?
Revolut's personal account helps you manage, spend, and transfer money both at home and abroad. When travelling, Revolut makes it easy to: Spend like a local in 150+ currencies with clear conversion rates. Withdraw cash from over 55,000 ATMs worldwide.
Are Revolut transfers always free?
No fees apply to local and international transfers within your plan's allowance. For any transfers outside of your plan's allowance, the following fees apply: Local transfer: within the same country in the main currency of the country US$0.2.
How does Revolut make money?
Revolut makes money through a diversified model, primarily from paid subscriptions (Premium, Metal, Ultra) offering extra perks, interchange fees (small cut from card transactions), and interest on customer deposits/lending, plus revenue from trading, loans, insurance, and business accounts, leveraging a large user base for significant fee income despite many free basic services.
Is Revolut still free to use abroad?
Revolut is a good option for spending abroad because they don't charge any fees for foreign transactions. You can enjoy your travels without worrying about extra expenses. Keep in mind that merchants can add their own charges at any time, but they're not defined by Revolut.
Is there a better option than Revolut?
Wise is one of the most versatile Revolut alternatives, especially if you send or spend money abroad often. But each platform has its strengths. Use this guide to compare your options and choose the one that best matches your lifestyle and wallet.
Do I need to tell Revolut I am travelling?
If you and your trip meet the eligibility requirements, there's no need to notify us about your travel plans.
Should I change Revolut to local currency?
Always pay in the local currency
If prompted, choose to pay in the local currency and reject any exchanges. If you have enough of the local currency, you shouldn't be charged any additional fees for exchanges by Revolut.
What is the weakest currency in the world?
The Lebanese Pound (LBP) is currently the world's weakest currency. Lebanon's financial crisis, political instability, and declining foreign reserves have contributed to the pound's decline. The banking sector's collapse and corruption have further destroyed trust in the national currency.
Which countries are blocked by Revolut?
Countries we don't support payments in include, but aren't limited to: Belarus, Crimea, Cuba, Iran, North Korea, Libya, Myanmar, Russia, Syrian Arab Republic, and Venezuela. Depending on your country or region, this list may not be exhaustive, and is subject to change.
How can I avoid Revolut fees?
If your transfer is in a currency not supported by Revolut, your bank may convert the transfer at their exchange rate, which may lead to a currency conversion fee. That's why to avoid fees, we recommend using local details and supported countries and currencies, which you can check in this article.
What is the cheapest way to make international payments?
Bank transfers are usually the cheapest option when it comes to funding your international money transfer with Wise. Bank transfers can be slower than debit or credit cards, but they usually give you the best value for your money.
What are the disadvantages of a Revolut card?
Disadvantages or improvement areas
Revolut is a debit card, not a credit card, so you will not have the benefits of a credit card. You will be able to transfer money abroad in more than 30 currencies at interbank exchange rates. In the standard plan you will not have access to priority chat.