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I've been using Revolut since April 2019 and I believe its time to share my experience so far with it. But, first of all, lets answer one question:

What is Revolut?

Revolut is a "fintech" (financial technology) company and a licensed bank. They offer an alternative to convetional banking by offering a set of digital banking and mobile app-based services, targeted to tech-savy users.

With Revolut you can:

• Transfer money abroad in 29 currencies
• Withdraw cash from the ATMs in 120 countries, for free, for up to ~330 EUR (premium card)
• Convert currency to cryptocurrency through the App
• Save money into a Savings account
• Manage your budget
• Get an analysis of your spendings in the app

How does Revolut Work? The way Revolut works is pretty simple. First off, you will need a card. Revolut offers 3 types of cards, based on subscriptions:

• Free, you only pay for shipping, no monthly subscription. However, the FREE withdrawal limit per month, from ATMs, is the lowest (~170 EUR). After that, a 2% fee applies
• Premium, you get a customized card, ~330 EUR withdrawal limit from ATMs, per month, access to cryptocurrencies, medical & travel insurance, virtual disposable cards, etc. Price: ~6 EUR/month
• Metal. This tier offers a metal card, higher withdrawal limit from ATMs, cashback and dedicated concierge. Price: ~15 EUR/month

Here's a complete list off all fees Revolut applies.

Okay, now that we have a clearer picture of what Revolut is, lets write about my experience with it.

I started using Revolut with a Premium subscription. Initially, I wanted a Metal card, but at the time, having no experience with fintech, I thought I should try a cheaper version first, see how it works. So, I ordered the card and I also went throuygh their validation process (Photo ID + Phone selfie), which was done in minutes. I received the card a few days later.

At first, I needed to activate the card at an ATM, so I did. Once I activated it, I was able to use it fully. In the Revolut App I was able to add regular debit cards so I can top up the Revolut card. You do not need a card though, you can top up your Revolut card through a bank transfer, but it will take about 1 day to happen. It is instant if done with a regular card.

Since I got the card I have used my Revolut card for almost all payments, exclusively. I even removed the different cards I had saved on different websites, mostly for more security. So far, I had absolutely no issues with it. The app is also quite well designed and intuitive. Topping-up is easy: type the amount and hit Add. Thats it. I can also automate the top-up by setting a minimum limit on the card.

I have also enabled the Savings feature (Vaults), which basically enables you to save some money when you make a tranzaction. When enabled, the app will automatically round up the sum of a tranzaction and put the amount needed to round up into the Savings account. You can even add a multiplier for it. So, for example, if you make a 45 EUR payment, the app will add 5 EUR x Multiplier to Savings. However, if you make a 50 EUR payment, the app will add 50 EUR x Multiplier to Savings.

The app also offers some analytics about tranzactions, so it will show you how much you've spent in a month, what percentages were groceries, health, gas, etc.

Okay, now to the minuses. The first thing I encountered and did not quite like was that, if you need to send some money to someone who is not on Revolut, the tranzaction will only be done through bank transfer, so you need to know their IBAN, SWIFT, name, address, etc and add them to the App. The transfer will also take 1 day. This also includes payments through bank transfers on online services like Coinbase.

Another thing I do not like is the lack of 3D secure on the card. While it is no issue for day to day payments, some online merchants, like Coinbase, will not accept the card. Moreover, you also cant use it (yet) with Google Pay.

Speaking of Google Pay, NFC payments with devices like your phone or smartwatch, are also not supported.. At least Fitbit and Garmin devices are supported.

The bottom line is that I like Revolut very much and I recommend it to everyone. However, if you need NFC payments, if you need 3D secure, or you withdraw money from the ATMs quite often, Revolut is not for you. There are alternatrives to Revolut, like N26 or Monese.