Revolut Review

Revolut is a neobank and money transfer app, considered by many as one of the leading digital bank alternatives. They offer many types of banking services including physical cards and stock trading, but this Revolut review focuses on the firm’s international money transfer capabilities.  

We’ll examine the fintech’s main strengths and weaknesses to help you determine if they’re the right choice for your money transfer needs. 

This review is based on our personal experience with its services and an analysis of Revolut’s verified online reviews, which are mostly positive. In short, Revolut can prove very cost effective for small, day-to-day overseas transfers, but overall we believe there are better alternatives for sending money abroad.

Is Revolut’s international transfer service the best choice for you?

How Did We Review Revolut?

In order to produce this detailed Revolut review, we signed up for a new account and proceeded with a test transfer. In doing so, whilst not letting Revolut know our intentions, we were able to assess the firm based on an authentic customer experience. 

Throughout the registration and transfer process, we focused on ‘efficiency’ and ‘ease of use’. We also explored some of Revolut’s other available features.  

To grade Revolut across Money Transfer Australia’s 5 performance indicators, we analysed the following:

  • Compliance and regulation
  • FX rates and fees
  • Service quality
  • Customer reviews
  • Australia-specific features and feedback

Revolut’s rating in each of these areas contribute to the firm’s overall review score.

Key Information

AttributeDetail
Established2015
Launched in Australia2019
HeadquartersLondon, United Kingdom
OfficesUK, Australia, New Zealand, Japan, Singapore, US, Brazil, plus 19 EU offices
RegulationASIC and AUSTRAC (AU), plus many  licences globally
No. of customers40.5 million+ (approx 300K in Australia)
No. of currencies40+
Transfer feesVariable fee from 0.06-2%
Customer reviews (Overall)4.2/5, 150,000+ reviews
Customer reviews (Australia)N/A 
Annual trading volume (Overall)AU$287+ billion
Minimum transfer$0
Maximum transferNo maximum (for most countries)
Online platformYes (limited functionality)
Mobile appYes
Account managerNo

Pros and Cons

  • Slick mobile app – Revolut’s app is well designed and makes it easy for users to send money overseas
  • Competitive rates - Revolut offers transfers at a real-time exchange rate, which is close to the mid-market rate and far cheaper than using a traditional bank
  • Fast Processes – Everything from registering an account to sending transfers has been simplified to a few clicks. You can pay existing Revolut users in near real time, simply by providing a username
  • Complicated fee structure - Revolut’s wording in its fee documents is unnecessarily confusing, making it tough to know exactly when and how much you’re being charged
  • Optimised for smaller transfers - Whilst Revolut doesn’t have maximum send limits for most currencies, the majority of their plans have exchange fee limits, after which you pay an additional percentage for transfers
  • Security issues and scandals - Despite being trusted by millions of customers worldwide, Revolut has been associated with more scandals than other leading fintechs

About Revolut

Revolut is a somewhat unique digital banking platform. Despite not being fully registered as a bank in most of its operating territories, Revolut offers many similar services to a bank and more. 

Since launching in the UK back in 2015, they’ve grown rapidly, completed some highly impressive funding rounds, and have enjoyed huge success internationally. At one point, Revolut was one of the fastest growing companies of the 21st century.

In 2019, the firm made its first international expansion into Australia and Singapore. The following year saw Revolut’s customer base double from 6m to 12m customers. As of today, they have more than 35 million customers across 38 countries, and they’re continuing to expand into new territories.

Revolut offers customers both free and paid-for banking services, operating a tiered plan structure, with each plan offering more benefits based on a higher monthly fee. 

More on this later.  

The vast majority of all Revolut business is done via its highly popular mobile app. Users can sign into an online platform using a laptop, but the ability to make international payments is limited, as it only allows transfers to existing contacts.

Revolut currency exchange services

One off & recurring international transfers

Revolut makes it very easy for users to send money abroad. You can transfer funds to a recipient’s bank account, or directly to another Revolut account. Revolut also claims that international transfers to ‘digital wallets’ are coming soon.

To fund your transfer, the send amount will always come from your Revolut balance, which can be topped up via bank transfer, debit/credit card, or Apple/Google Pay. PayID payments are not currently available with Revolut, though their help section suggests this functionality might be available in the future. 

Revolut only offers spot transfers, meaning you’re not able to enter contracts that guarantee a rate for the future. You can still schedule recurring transfers though, and both one-off and recurring transfers will always be at Revolut’s real-time exchange rate at the time of the trade. 

Multi currency card

Revolut allows you to send and hold 30+ currencies, the latter of which can prove very beneficial for international transfers. 

Despite only being able to make spot transfers with Revolut, you can still capitalise on favourable currency swings. Say you’re due to make an AUDUSD transfer overseas in a couple of months, but you notice the mid market exchange rate is currently very attractive. With Revolut, you can convert the desired amount of your AUD balance into USD instantly, securing a rate you’re happy with. Then, simply hold the USD in your Revolut account until the time of your transfer.

This works just as well if you’re receiving an international payment, which you can do in 30+ foreign countries. You can hold the received currency in your Revolut account, and wait to convert it back to AUD until you’re happy with the going exchange rate.

Limits

Revolut claims that most currencies have no transfer limits. They do caveat this however, stating that limits depend on the destination country and currency. Japanese Yen is one example, where you’re limited to sending a maximum of 1 million JPY per transaction (roughly AU$10,000). 

Unfortunately they don’t provide an extensive list anywhere online, so users have to type in their desired transfer to know if this is possible. We found this frustrating, as it doesn’t seem difficult to share this information on their website and ensure it is regularly updated. 

One other important limit to note is the zero fee currency exchange limit. Each month, users will be able to exchange a certain amount without incurring an exchange fee. 

Let’s take a look at these limits and fees in more detail.

Revolut Fees & Exchange Rates

Exchange rates 

Revolut offers international transfers at what they call a ‘real-time exchange rate’. This rate is close to the mid-market rate, but is between 0.15% – 0.75% worse, depending on the currencies involved

Transfer fees

In addition to profiting by adding a small fx markup to the exchange rate, Revolut also charges a transfer fee on certain transactions. This fee is made up of a ‘variable transfer fee’ and an ‘exchange fee’. Both of these fees vary depending on what plan you have. 

There are currently 3 plans available to Australian users; Standard, Premium, and Metal. The standard plan is free to open, and as of April 2024, Revolut’s Premium and Metal plans have a monthly cost of AU$9.99 and AU$24.99 respectively, with discounts available if paid annually.

The table below summarises the various limits and discounts related to each plan. 

StandardPremiumMetal
Discount on international payment fees60%80%
International payment fees(varies by currency)0.3-2%0.12-0.8%0.06-0.4%
Minimum and maximum fee caps – AUD(varies by currency)$0.50-$895$0.20-$358$0.10-$179
Monthly zero fee currency exchange limit – AUD(Monday – Friday*)$2,000$20,000unlimited
*Additional fees apply to all transactions made between Fri 5pm and Sun 6pm (New York time)

If you’re within your monthly allowance, Revolut does not charge an exchange fee to send money to another Revolut account.

Additional Fees

For any exchanges that exceed your plan’s monthly allowance, you’ll pay an additional 1% on top of any other fees mentioned in this section. You’ll also be charged an additional 1% of the value of the exchange, for any transfers made outside exchange market hours, between Friday 5pm and Sunday 6pm (New York time).

Be sure to factor in daylight saving, but this window is roughly between Saturday 7am to Monday 8am (AEST).

Intermediary fees

Revolut reminds users they may use SWIFT to process international transfers, so as funds are passed through intermediary banks, these banks may charge a fee. These fees are out of Revolut’s control, they don’t even have visibility of what these costs will be. 

Revolut offers a ‘Pay all fees’ feature, where a sender pays AU$45, AU$18, or AU$9 (depending on their plan), thereby guaranteeing the recipient receives the full amount sent. For Australian users this feature is only available for USD, GBP, EUR, or CHF transfers.

Is there a Revolut App?

Yes, Revolut’s mobile app is the most downloaded finance app in 9 countries, and in Australia, it’s currently ranked #4 in Finance on the App store. The Revolut app is ranked #4 in finance on the App Store in AustraliaOverall, the app has received very positive reviews. 4.8/5 on the App Store, based on 13.7K+ reviews (AU specific). 4.5/5 on Google Play, based on 2.74M+ reviews (Globally). 

Many reviews praise the Revolut service in general, including the ‘awesome exchange rates’. Amongst the app specific reviews, many customers praise the app for its ‘ease of use’, ‘convenience’, and ‘incredibly fast transfers’.

Conversely, there are a number of themes throughout the negative reviews, some of which are mentioned by enough customers to raise concerns. Certainly the biggest negative factor customers have faced is trying to get hold of customer service, with no telephone number available to contact support. Some users also believe the app has poor UX and a complicated layout, whilst others have experienced ongoing issues with failing recurring transfers.

Broadly speaking however, Revolut’s app has received very positive ratings, which is especially impressive given how many downloads it’s had. 

The Revolut app is ranked #4 in finance on the App Store in Australia

Is Revolut Safe?

Revolut is well regulated for overseas money transfers in all its operating territories, including Australia. They also tick a lot of the mandatory boxes in regards to being trustworthy. For example, they’re ASIC authorised, they’ve held an Australian financial service licence since 2020, and all electronic money held in Revolut accounts is secured by a bank guarantee.

However, it’s not easy to give a blanket ‘yes’ in regards to Revolut being completely safe. 

Revolut are still in the application process for an Australian banking licence, but they’ve been in the same process in the UK since January 2021, with rumours that it will be denied. Some have speculated this is partly the cause for Revolut taking several hits to its valuation in recent years, worth just $23bn as of April 2024, compared to an impressive $33bn at its peak. Additionally, Revolut has been associated with a number of scandals relating to compliance and security breaches. 

Given this review is focused on international transfers, in that respect, Revolut is well regulated and we deem them to be safe for this purpose. 

We should mention that Revolut Cryptocurrency and Commodities products are unregulated in Australia, and are not covered by the aforementioned licences.

safe tofx


Revolut Reviews

Revolut has a ‘great’ rating on Trustpilot, based on more than 150,000 reviews. 84% of all reviews are positive, and 74% of total reviews have awarded the firm 5 stars out of 5. 

Themes that are frequently mentioned throughout these reviews include: 

  • Instant transfers 
  • Unbeatable exchange rates 
  • Quick resolutions from customer support 
  • Seamless experience, very easy to use

Conversely, there are those far less pleased with Revolut and the service they’ve received. 13% of Revolut reviews are negative, with the majority of those rating the firm just 1 star. 

The issues faced by customers who had a negative experience include:  

  • Accounts randomly frozen for weeks 
  • Entire bank account being frozen based on an in-app crypto purchase
  • Very poor customer support and delayed follow ups
  • 10+ days to transfer money to themselves into a different bank account

Perhaps the most concerning insight we found was the number of people that were previously long term happy Revolut customers, changing their stance based on their recent negative experiences. 

With that said, it’s difficult to put too much weight into frozen account reviews, without knowing the customers on the other end. Revolut has an obligation to investigate any suspicious accounts or activity, in order to remain a reputable and well regulated organisation. 

Overall, Revolut is well reviewed, especially when factoring in their Google Play and App Store reviews. 

How Does an Overseas Transfer with Revolut Work?

Create an account

The only way to register a new account is by downloading the Revolut app. 

Your first step after entering some basic details is completing the KYC (Know Your Customer) checks, by uploading a picture of an eligible piece of ID such as: 

  • Passport
  • Full or provisional driving licence
  • Visa

In many cases, Revolut will instantly verify your details, making the signup process a breeze.

Enter your beneficiary’s details

Once registered, select ‘Transfers’, ‘+New’, then ‘Send international’. You can choose whether to send to a ‘bank recipient’ or a ‘straight-to-card’ transfer.

Revolut will automatically prompt for the relevant details, but if your transfer is to a recipient’s bank, expect to provide the following:

  • Bank name and address
  • International bank ID code, such as an IBAN (UK and Europe), routing number (USA), or BSB (New Zealand)

Confirm the details of your trade

You’ll then select how much you wish to send, or confirm the exact amount you’d like your beneficiary to receive. At this stage you’ll need to review the exchange rate plus any associated fees, and once you’re happy, lock in the transfer.

Sit back

Now all that’s left to do is relax and wait for the funds to hit your recipient’s account. You can track the status of your transfer within the Revolut app.

How Long Does a Revolut Transfer Take?

Transfer to other Revolut accounts are instant, and Revolut seemingly provides fast overseas transfers across the board. They mention many transfers arrive within one day, or as a same day transfer. There are of course exceptions depending on the destination country, as some transfers may remain pending for up to 2 business days. 

However, the language Revolut uses when addressing delivery times is encouraging, as it is more in tune with the likes of ‘Wise’ who are one of the fastest in the industry. Sadly, unlike Wise, Revolut does not provide stats to back up how fast their transfers are, but it’s something frequently mentioned in Revolut reviews.

You can make near instant transfers to other Revolut users around the world

When to Use Revolut for International Money Transfers

Revolut is a great bank option for travellers, so if you have an infrequent need to make small overseas transfers, then you might enjoy the convenience of using Revolut. This way, you’ll still be getting bank beating rates, and you won’t have to register with another provider. 

With that said, Revolut are not always the most competitive, so anyone seeking the best or cheapest choice for international transfers, should consider an alternative. 

For smaller transfers less than AU$20,000, we’d recommend using one of Revolut’s competitors, Wise. Wise is free for everyone and they offer all international exchanges at the mid-market rate. Their fee structure is also simpler and more transparent than Revolut’s 

For transfers larger than AU$20,000, you’re best off choosing one of Money Transfer Australia’s top rated currency brokers. These firms specialise in large transfers and provide you with a dedicated account manager for support. By working with a leading currency broker like OFX to send a large amount overseas, you can secure the best rates, leverage fx tools, and receive award winning support.

Our Verdict

Revolut is undoubtedly a huge player in the Fintech industry, one that has been a positive force in disrupting a space once dominated by legacy banks charging unnecessary fees. Despite a recent decline in the company’s valuation, Revolut continues to grow and expand into new territories. 

They’ve delayed publishing their 2023 annual report but we keenly await these figures to gain better insight into their recent performance. 

Specifically for international money transfers, Revolut offers a slick solution that can save you a lot compared to using one of Australia’s big four banks

With that said, we believe there are better alternatives available.