Since we became interested in looking for cards to save money on travel, a few years ago, Revolut was already a reference. They were one of the first to offer a solution for those of us who travel through different countries and need to pay in foreign currency. Still don't know them? In this article we tell you all about Revolut 's current account , its different plans, features, the advantages of its card for traveling and our personal opinion.
1. What commissions affect us on a trip?
Before we start to break down everything related to the Revolut card, we need to be clear about the costs involved in both paying by card and withdrawing money during a trip abroad.
› Pay with card in foreign currency
When making payments abroad, a fee may apply for operating in a currency other than EURO. Please note that this only applies if you pay in a foreign currency, if you have a € account and pay for a pizza in Rome, then there is no fee.
There is a second commission to consider , which is the one that the establishment or business itself wants to apply. You already know that for them, charging by card entails a small cost and sometimes they pass this on to the customer. In some countries it is a very widespread practice, and the percentage can range from 1.5% to 5%. Be careful with this!
› Withdrawing money from foreign ATMs
This is the solution we chose to have local currency on our trips. From the beginning we ruled out changing money before the trip or taking € and changing it at a currency exchange office at the destination, basically because we didn't have much money on us, and because the commissions tend to be high.
So what we do is withdraw money from ATMs as we need it. A few years ago this was quite a budget breaker, withdrawing money abroad with a card from any normal bank costs €15 or more in fees! But now with the arrival of new fintech banks and their cards (like the Revolut card), we can save a lot of money.
To help you understand better, these are the fees you pay when withdrawing money from a foreign ATM (in a currency other than that of your bank):
1. Fees for withdrawing money from a different ATM : a fixed amount (between €3 and €5) or a percentage of the total amount of money you withdraw (between 4% and 5%). This applies whenever you use an ATM other than the one from your bank and sometimes the fee is higher if you are using an ATM outside the EU.
2. Exchange rate : although banks usually rely on the official tables of their card provider (Mastercard, Visa...), unfortunately most of the time they increase it with a commission in the form of a %.
NOTE : There are banks that have their own fees that we cannot avoid. This is something that we are seeing more and more and there are even countries where it is a widespread practice in all banks (such as Thailand). It is usually a fixed amount that they inform you of before withdrawing the money, and you can accept it or not. The solution is cash advance , which consists of withdrawing money with the card directly from the counter at the bank office (many employees are reluctant to do this, but try it).
› Example of commissions
It's always best to see an example to understand what we'll be avoiding by using a card like Revolut's on a trip abroad. Let's compare both a cash withdrawal ($500) and a purchase ($100) using a normal bank card, in our case Openbank, and the Revolut Metal card:
| Bank | Withdrawal of $500 | Purchase of $100 |
| OPENBANK |
491.01€ (4.5%) -17.38€ |
96.79€ (3%) -2.12€ |
| REVOLUT METAL |
473,38€ 0€ |
94,67€ 0€ |
*The data shown is used for illustrative purposes to reflect the differences in two specific examples and is based on information obtained from the official pages of both Openbank and Revolut. The exact fees should be checked in the app before making a payment. At the time of writing, the official exchange rate was as follows: $500 = €473.38 / $100 = €94.67.
2. What is Revolut and what does it offer?
We knew they had been around for a while, but not that long! When writing this article, we learned that Revolut was launched in 2015 and has been operating with a banking license from the European Central Bank since 2018. Since then, growth has been spectacular, and the Revolut group already has more than 50 million users, operating in many countries and becoming one of the leading neobanks , especially in the world of travel .
Their strategy is very clear: offer services without additional fees , such as cash withdrawals or payments in foreign currency (Monday to Friday within the limits of your plan), it has a Spanish IBAN and a free Visa card , as well as a series of advantages for the most loyal users.
Among its other benefits , these are the ones we find most interesting:
- Withdraw money in different currencies without additional fees and with competitive exchange rates (within market hours – Monday to Friday – and within the limits of your plan).
- International transfers without additional fees (for SEPA countries) in more than 36 different currencies.
- The competitive exchange rate is always applied (more beneficial than Visa or Mastercard) and there are no additional fees.
-
A points program (RevPoints) with which you can earn points for each payment you make and redeem them for airline miles with companies such as Iberia, Vueling and
30 more. (Terms and Conditions apply. More information . - Access to VIP lounges at airports with paid plans.
- Other tools for budgeting, expense analysis, etc.
- Earn returns on your savings with the remunerated account.
- There is a joint account for two people (with two cards) ideal for couples' trips or daily expenses. More information .
And something that we love and that they have recently implemented is the single-use virtual card . With this option, you can generate a new digital card whenever you want, with a unique and different number, which you can use for an online payment. It is interesting for those purchases in which you do not have complete confidence in the site where you buy and it prevents that, if there is a security error, that card cannot be used again fraudulently.
Although every fairy tale has its realistic side, in this case Revolut offers us several plans (from 100% free to more premium ones with a monthly payment), each with different characteristics and limits.
The operation of these types of banks, which are based on new technologies, is very easy and intuitive. Everything is done through their app , from the registration process to day-to-day management, such as controlling your funds and expenses, managing your card or managing your cryptocurrency portfolio (if applicable). You can also access it from the browser with your computer (in a more simplified version), something that we personally find quite useful.
All of this makes the Revolut card the first choice for us when travelling. 1- Passport, 2- Travel insurance, 3- Revolut card, 4- Underwear, 5- Golf… in that order .
3. Types of Revolut plans
Many of the advantages we have mentioned are common to all plans, but there are different characteristics in each of them. These are Revolut's plans , their main advantages, their limits and their prices:
> Standard
The basic and free plan to get started with Revolut, with no monthly or card maintenance fees. You can withdraw a maximum of €200 per month without additional fees (or 5 per month) and from that amount a 2% fee is applied to the amount withdrawn. The limit for payments in foreign currency without additional fees is €1,000 per month , provided the transaction is carried out from Monday to Friday. From that amount and on weekends a 1% fee is applied on the Standard plan**.
* Monthly limits are calculated based on the date you signed up and not on the calendar.
** Why is a commission charged for foreign currency transactions on public holidays? Financial markets operate only from Monday to Friday, so there is a risk that the exchange rate on Monday may have changed significantly compared to Friday. By charging a commission, these transactions are encouraged to be carried out on days when the market is active.
› Plus
It is similar to the previous one in terms of limits (no additional fees on withdrawals up to €200 per month and €3,000 on payments in foreign currency), but with some advantages such as free shipping of the card and making it customizable, security coverage or better rewards programs. The price is €3.99 per month .
› Premium
The limit on cash withdrawals without additional fees has been increased to €400 per month , and the limit on purchases in non-euro currencies has been eliminated . Another of the big differences is the discounts on international transfers. The price is €8.99 per month .
> Metal
This is a very complete plan and the most interesting (in terms of benefits/monthly price) if you want to benefit from all the advantages of Revolut (and its exclusive metal card). The limit for withdrawing money without additional fees is €800 per month , with no limits on the maximum amount of payments in non-€ currency. Another great plus is the international medical insurance , which also covers lost luggage and flight delays, and insurance for car rentals. It costs €15.99 per month .
› Ultra
This is the latest plan launched by Revolut and the one with the best conditions , but the monthly fee is, in our opinion, too high. The limit for withdrawals without additional commission is €2,000 per month and it offers a series of exclusive benefits especially for those of us who travel a lot, such as unlimited access to VIP lounges at airports, travel insurance, unlimited currency exchanges, etc. The price is €45 per month .
No management or account maintenance fees, 0% APR 0% NIR. Services provided by Revolut Bank UAB, Branch in Spain (registered with the Bank of Spain with code 158. 18+. Visit www.revolut.com/es-ES/legal/terms/ for the Terms and Conditions of the accounts.
Comparison of Revolut plans
Below is a table with a summary of the characteristics of each plan and their basic differences:
Which Revolut plan should I choose?
We have one of the Metal Plan and the other the Standard Plan , and we manage to cover all the trips. The good thing is that since there are two of us, we can play around with the monthly limits on each of the accounts.
If you plan to travel abroad frequently, we believe that one of the payment plans may be worthwhile for you. Even if you are not completely sure, it is best to apply for the free plan (0% APR 0% NIR with no management or maintenance fees) and then, if you see that you will use it, change to a more premium plan with all its advantages.
Important : remember that payment plans are annual , so if you have contracted one of them in the monthly payment modality and you want to change to a lower plan before the year is up, you will be charged an early cancellation fee.
4. RevPoints for travelers
One of the most interesting advantages for travelers is RevPoints, a points program that you earn as you use the cards and the different Revolut features and that you can redeem for airline miles , discounts on accommodation or experiences on your trips. Depending on your subscription plan, you will receive up to one point for every €1 you spend with your card, not bad at all.
There are different ways to get these RevPoints:
- Paying with the Revolut card, both physical and virtual (Standard customers must activate Rounding).
- By completing any of the actions stipulated in the program, such as the challenges in the app.
- Transferring points from other loyalty programs.
Terms and Conditions apply. Learn more .
5. How to sign up for Revolut?
The registration process takes just a couple of minutes and is super simple, all through their app . In addition, there is now a €10 welcome promotion , for which you will need to download the app from this link . There are several steps in which you will be asked for personal information, the address to send the card and a selfie to verify your identity with your ID, which you will also have to take a photo of.
Once the process is finalized, you will have to choose the plan that interests you the most, and once your application is accepted (in a matter of minutes), you can request the card, top up your account and start trading. We received the card in 4 days with express shipping.
You can always change your plan through the app, but keep in mind that the paid plans (Plus, Premium and Metal) are 12-month subscriptions, with two payment methods available: monthly or yearly (the latter with a 20% discount). Remember that to open an account with Revolut you must be over 18 years old and that the Terms and Conditions of use apply .
6. Who can sign up for Revolut?
They currently offer service in all countries within the European Economic Area (EEA) *, as well as other countries such as the United Kingdom, Australia, Singapore, Switzerland, Japan, the United States and Brazil. They recently announced that they will also launch the product in Mexico , and we hope that it will continue to be extended to the rest of Latin American countries as soon as possible.
* EEA includes: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.
7. How to top up Revolut balance?
To add funds to your Revolut account you can choose from two options:
- Via bank transfer , with which you will receive the money within a period of 3-5 days, like any other transfer within the SEPA system.
- With a payment from another card , which is made directly through the app and the recharge is immediate.
In both cases there are no commissions of any kind and there are no daily or monthly limits.
What if I'm abroad? Please note that to approve a transaction of this type (transfer or online payment) you will have to pass a security check, usually via a code sent by SMS. Remember to keep your phone line active (even if it's in slot 2 of your phone) and you know that SMS you receive abroad do not cost you money.
8. €10 Promotion
Right now they are offering a €10 welcome promotion for new users, regardless of the type of plan you choose . Terms and Conditions .
How to apply for this promotion? In reality, you only have to make a minimum payment of €1, and it applies automatically if you are a new user and you register with the links we have posted in the article, like this one:
If you sign up through our links, we receive a small commission that helps us continue creating content for you. Thank you in advance!
9. Personal opinion on the Revolut card
First of all, we are talking about one of the reference cards in the travel sector. Its presence in a lot of countries and its huge number of clients are its calling card, making it a reliable product .
We know that plans are changing, services are improving and conditions are being updated as the market evolves, and this can be interesting to always have one of the most advanced cards.
It has been our first choice for our trips for years now and will probably continue to be so.
If you are interested in the free plan (0% APR 0% NIR with no management or maintenance fees), we think it is an excellent card to take on trips and use especially for payments. Also to transfer money to accounts in foreign currency if necessary (we have found it useful at times) and to manage a currency portfolio if you travel a lot. However, we think the limits on cash withdrawals are a bit short on the basic plans.
For globetrotters who never stop and are in a different country every month, or spend long periods away from home, we would recommend the Metal plan , which, although it entails a monthly cost, offers much broader limits and other added benefits.
Do you now have a better idea of what the Revolut card is all about and why it is worth taking it with you when travelling ? Do you still have questions or are you already a user and want to tell us about your experience? Leave us a comment!
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