Revolut Bank Review [2024 English Guide]

Revolut Bank review overview

In our review, Revolut achieved an overall score of 7.5 out of 10. It lost 1.2 points due to poor customer service and 0.6 points for limited ATM withdrawals.

We found the Revolut decent but not the best if you are looking for a main checking bank account. C24 offers better services in its free checking account.

NOTE: We find that everyone should have accounts with at least two different banks in Germany. It’s because if one of your bank accounts is blocked, you can continue using the other account.

It’s also beneficial to have one account with a bank that has physical branches.

Table of Contents

Pros and cons of Revolut Bank account

Pros	Cons
Zero fees with no minimum monthly deposit	Poor customer service
Good for travelers: Make payments all across Europe for free.	You can withdraw up to 200 € per month or 5 withdrawals for free.
Variable interest on the amount in the savings account	No interest on the money in the checking account
Insurance: Paid plans offer various types of insurance, such as travel health insurance, delayed flights, trip cancellations, etc.	No physical branches
Cashback on hotel bookings: You can book hotels via the Revolut app. Based on which plan you have, you can get from 3% to 10% cashback on your bookings.	No account switching service
Free pockets: You can create unlimited subaccounts for free.	No overdraft facility
Amazing app: Revolut offers a top-rated modern mobile app with a simple interface.	Only in-app chat customer support. You cannot call customer care.
Deposit protection up to 100,000 €	Cannot deposit cash to Revolut bank account
Free trading account	Less competitive exchange rates when sending money or paying in a currency other than your accounts.
	No credit card

Summary of Revolut checking account bank services

Account model	Standard	Plus	Premium	Metal	Ultra
Price/month	Free	3.99 €	7.99 €	13.99 €	50 €
Pockets (subaccounts)	Unlimited	Unlimited	Unlimited	Unlimited	Unlimited
Cashback	✖️	✖️	✖️	0.1%	0.1%
Cashback on accommodations	Up to 3%	Up to 3%	Up to 5%	Up to 10%	Up to 10%
Overdraft	✖️	✖️	✖️	✖️	✖️
Free cash withdrawals per month	up to 200 € or 5 withdrawals	up to 200 €	up to 400 €	up to 800 €	up to 2000 €
Insurance	✖️	✖️	✔️	✔️	✔️
Real-time transfers	✔️	✔️	✔️	✔️	✔️
Free physical Mastercard	✖️ (7.99 delivery cost)	✔️	✔️	✔️	✔️

Revolut offers interest on the money in savings accounts. However, the interest rate is variable. Additionally, you get better interest rates on paid plans than on free ones.

How did we review Revolut Bank?

Parameter	Weightage	Score out of 10
Customer service	20%	4
Ease to open an account	10%	9
English support	20%	10
Fees	20%	7
Real-time transfer	5%	10
Overdraft facility	5%	0
Technology	10%	10
Special features	10%	9
Overall score		7.5

Is Revolut a bank?

Yes, Revolut has been a bank since 2022. The Bank of Lithuania granted Revolut its banking license in the EEA (European Economic Area).

You can also find Revolut Bank UAB in Bafin’s financial institutes directory.

Is Revolut Bank safe?

Revolut Bank has a German banking license and is part of the statutory deposit protection scheme (Gesetzlichen Einlagensicherung).

Statutory deposit protection comes into play if the bank goes bankrupt. It covers up to 100,000€ per customer.

NOTE: The 100k€ coverage includes all your balances at Revolut Bank, i.e., your checking account, all subaccounts (pockets), and the daily account (Tagesgeldkonto).

So, if you have more than 100k €, consider opening multiple bank accounts with different banks. This way, you won’t lose all your money if one of the banks goes bankrupt.

How good is Revolut Bank’s customer service?

We rated Revolut’s customer service 4 out of 10. Revolut got such a low rating because of the following reasons.

• Revolut only offers customer service via in-app chat only. So, you can’t even contact customer support if your app is not working. Many customers complained about this in their reviews.
• If the worst happens and you cannot access your account, you can email customer support. However, this is not a pleasant experience for many customers. 

NOTE: Revolut has millions of customers. People usually give a review when they are unhappy with the services than when they are happy. 

There are also people who have been using Revolut for years and faced no issues so far (per this Reddit thread). 

What did we find?

Revolut customer reviews

• Trustpilot: 4.1 out 5 (154,182 reviews)
• Finanzfluss: 3.3 out of 5 (118 reviews)
• Review.io (It’s the rating of Revolut UK): 1.2 out of 5 (683 reviews)

Positive reviews summarized

• Traveling and paying using Revolut: You can use Revolut to pay for goods and services for free all across Europe. 
• Great mobile app: Customers are impressed by the app’s ease of use and the features it offers.
• Opening a new account: Customers highly rated Revolut’s account opening service. They could open a new account online within a few minutes without hassle.
• Sub-accounts: Unlike C24 Bank, Revolut allows you to open unlimited sub-accounts.

Negative reviews summarized

• In-app chat customer service: If you can’t access your account, you can’t reach customer care.
• Long waiting times: Customers usually have to wait from 5 minutes to 2 hours for a reply. In the worst-case scenarios, you may have to wait for days (which is very rare).
• Account blocked: Many customers complain that their accounts were suddenly inaccessible or blocked. They have contacted customer service several times without resolution.
• Scams: Many Revolut customers are targeted by scammers. It’s unique for Revolut, as we didn’t see such reviews for other banks.
• Incompetent customer service: Many customers find Revolut’s customer support incompetent. Customer service is unable to understand the issue and transfers you to multiple departments.

Ease to open an account with Revolut Bank

We gave Revolut 9 out of 10 for ease of opening an account. You can open an account online in just a few minutes.

We deducted one point because it offers only one way to verify yourself: uploading an ID together with your video photograph.

Does Revolut Bank offer English support?

Revolut offers its mobile app and customer support in English. Thus, we gave it 10 out of 10 for this parameter.

English app and customer support are critical for expats who can’t speak German.

What fees does Revolut’s checking account charge?

We gave Revolut 7 out of 10 points on its fee structure. We took three points because of the following reasons

• ATM withdrawals: Revolut limited cash withdrawals to 200 € per month or 5 ATM withdrawals. After that, you pay at least 1€ or 2% of the withdrawal amount, whichever is higher. We find the limit of 200 € per month unattractive, as in Germany, many restaurants and shops still only accept cash.
• Cash deposit: You cannot deposit cash to a Revolut bank account.
• No free physical card: You have to pay a one-time delivery cost of 7.99€ to get a physical Mastercard.

NOTE: You can use Revolut within and outside Europe to withdraw money and make payments. The fee conditions are the same as in Germany.

Real-time transfer

We gave Revolut a 10 out of 10 for its free real-time transfer service. With this service, you can send money to anyone in seconds at any time.

Many German banks charge you a fee for real-time transfers. Moreover, PayPal offers free real-time transfers only to family and friends.

Does Revolut Bank offer an overdraft facility?

Revolut offers no overdraft facility. Thus, it gets 0 out of 10 on the overdraft facility.

How good are Revolut Bank’s mobile app and online banking?

Revolut gets 10 out of 10 on app design, usability, and intuitiveness. Here are the Revolut mobile app ratings on Playstore and App Store.

• Playstore: 4.8 (2.8 million people reviewed it)
• Appstore: 4.7 (45k people reviewed it)

In our test, the mobile app worked seamlessly. The user interface was self-explanatory and worked as expected. The app layout is practical and beautiful.

Revolut checking account’s features you’ll love

We gave Revolut 9 out of 10 for the services it offers its customers.

Revolut is a good choice for travelers. You can pay anywhere in Europe for free and get travel insurance, personal liability insurance, and more. 

Here are the features that catch our attention

Free plan

• Cashback on hotel bookings: You can book hotels via the Revolut app. Based on which plan you have, you can get from 3% to 10% cashback on your bookings.
• Commision-free trades: You can make 1 to 10 stock/ETF/Crypto trades per month for free, depending on your plan.
• Unlimited sub-accounts: With Revolut, you can create unlimited sub-accounts. Other banks like C24 limit the number of sub-accounts you can open. 
• Spending analysis and budget
• Free joint accounts with friends and family

Paid plans

• Subscriptions to various services are included: The Revolut Ultra plan includes subscriptions to Financial Times, NordVPN, Freeletics, Headway, etc.
• Insurance: Revolut offers insurance plans, such as emergency medical insurance, travel insurance, etc., to its paid plan customers. We didn’t evaluate the insurance plans Revolut offers.
• Cashback: You get up to 0.1% cashback on every card transaction (only Metal and Ultra plans).