Revolut - Digital Banking with Crypto

Introduction

Revolut is a digital banking app with 35+ million users across 35 countries. It combines a current account, multi-currency wallets, international transfers, and crypto trading in a single app. The core banking features are genuinely strong -- interbank exchange rates, instant notifications, and free SEPA/Faster Payments transfers.

The crypto side is more nuanced. Revolut supports ~100 cryptocurrencies and makes buying your first Bitcoin trivially easy. But the fees are higher than dedicated exchanges (1.49% standard, 0.49% on Metal), the spread markup is not transparent, and until recently you could not withdraw crypto to an external wallet. If you are a serious crypto investor, this matters.

This guide covers what Revolut does well, where it falls short, and whether it suits your needs -- with specific fees and honest comparisons.

Signup Bonuses

Revolut's referral bonuses change frequently and vary by country. At the time of writing, new UK users who sign up through a referral link and complete identity verification typically receive a small cash bonus (£5-50) after making a qualifying transaction. You may also get a free trial of Premium features. Check the current offer on the signup page -- the exact bonus varies by region and promotion period.

The qualifying transaction requirement matters: most bonuses require spending a set amount (often £5-10) within the first 30 days. Using the virtual card for a small online purchase immediately after verification is the simplest way to trigger the reward. Premium free trials are typically 3 months, giving you access to higher ATM limits, priority support, and the reduced 0.99% crypto fee -- useful if you plan to buy crypto shortly after joining. After the trial ends, the account reverts to Standard automatically unless you upgrade.

Why Choose Revolut?

What It Does Well

• Banking: Free current account, instant notifications, Visa/Mastercard debit card, salary direct deposit. No monthly fee for the Standard plan.
• Multi-currency: Hold 28+ currencies with interbank exchange rates (weekdays). Swap up to £1,000/month free on Standard; unlimited on Premium/Metal.
• International transfers: Send to 160+ countries via SEPA, SWIFT, and local networks. Most transfers arrive within minutes. Significantly cheaper than traditional banks.
• Budgeting: Automatic spending categorisation, round-up savings vaults, and monthly budget alerts. These features genuinely work well.

Crypto: Honest Assessment

Revolut supports ~100 cryptocurrencies with a tap-to-buy interface. It is the easiest way to buy your first Bitcoin. But you should understand the trade-offs before using it for serious investing:

• Fees are high: Standard accounts pay 1.49% per trade. Plus pays 1.49%. Premium pays 0.99%. Metal pays 0.49%. On top of that, Revolut applies a spread markup that is not shown separately -- typically 0.5-1.5% depending on the coin and market conditions.
• Weekend markup: Standard accounts pay an additional 1% fee on weekends due to "market volatility." This is unique to Revolut and means a Saturday BTC purchase can cost you 2.5%+ in total fees.
• No external withdrawals on Standard (with caveats): Revolut introduced crypto withdrawals to external wallets in 2023, but the feature is gated. On the free Standard plan, withdrawals to external wallets are not available at all -- your crypto cannot leave the Revolut app. On paid tiers (Plus, Premium, Metal), withdrawals are available for a limited set of coins after completing enhanced verification. The supported coins include BTC, ETH, SOL, and a handful of others; many altcoins remain non-withdrawable regardless of your plan. There are also minimum withdrawal amounts and network fees deducted at the point of transfer. Practically, if you buy an altcoin on Revolut and later want to move it to a hardware wallet, you may find it cannot be withdrawn and must be sold first.
• No staking, no DeFi, no yield: Your crypto sits idle on Revolut. On Kraken, ETH staking currently yields around 3-4% APY. On Binance Earn, BTC flexible savings offer 1-2% APY, and SOL staking pays approximately 5-6% APY. On Coinbase, cbETH staking yields roughly 3.2% APY. Over 12 months, leaving £5,000 of ETH on Revolut instead of a staking-enabled exchange costs you £150-200 in foregone yield at current rates.
• No limit orders: You buy at whatever price Revolut quotes, including their spread. No stop-loss or advanced order types.

Revolut vs dedicated exchanges -- the fee maths: Revolut's crypto works for casual investors allocating a small portion of their portfolio (5-10%). For amounts over £1,000 or active trading, the fee difference compounds quickly. On a £5,000 BTC purchase with a subsequent £5,000 sale:

• Revolut Standard: ~£250-300 in combined fees (2.5-3% each way).
• Revolut Metal: ~£75-100 in combined fees (0.75-1% each way including spread).
• Binance: ~£10 in combined fees (0.1% each way).
• Kraken: ~£16-26 in combined fees (0.16-0.26% each way).
• Coinbase Advanced: ~£30-40 in combined fees (0.3-0.4% each way).

The gap between Revolut Standard and Binance on a £5,000 round trip is roughly £240-290. That is a meaningful difference for any investor who trades more than once or twice a year. The Metal plan narrows the gap, but at £12.99/month (£155.88/year), it only makes economic sense if you value the banking perks -- not the crypto fees alone.

Banking Features

The core banking product is strong: debit card accepted globally, free ATM withdrawals (£200/month Standard, £800/month Metal), salary direct deposit, bill payments, round-up savings, and instant spending notifications. For everyday banking, Revolut genuinely competes with traditional banks.

Round-up savings vaults automatically round each card purchase to the nearest pound and transfer the difference into a vault. Spend £4.60 on coffee and £0.40 moves to your vault. Over a year of regular spending, this accumulates to several hundred pounds without any manual effort. Vaults can hold GBP or foreign currency, and on paid plans, they pay a small interest rate. This is not a replacement for a dedicated savings account, but it is a genuinely useful behavioural nudge for people who struggle to save consistently.

Revolut Plans and Crypto Fees

Standard (Free)

• ATM: £200/month free, then 2% fee
• Currency exchange: £1,000/month at interbank rate, then 0.5% markup
• Crypto fee: 1.49% + spread + 1% weekend surcharge

Plus (£2.99/month)

• ATM: £400/month free
• Currency exchange: £5,000/month at interbank rate
• Crypto fee: 1.49% + spread, no weekend surcharge
• Cashback: 0.1% on card purchases

Premium (£6.99/month)

• ATM: £600/month free
• Currency exchange: unlimited at interbank rate
• Crypto fee: 0.99% + spread
• Cashback: 0.25% on card purchases
• Travel insurance and 3 airport lounge visits/year

Metal (£12.99/month)

• ATM: £800/month free
• Currency exchange: unlimited at interbank rate
• Crypto fee: 0.49% + spread (lowest available)
• Cashback: 1% on card purchases
• Unlimited airport lounge access, 24/7 concierge, metal card

Comparison: Even on the Metal plan (0.49% + spread), your total crypto cost is roughly 1-1.5% per trade. On Binance, the same trade costs 0.1%. On Kraken, 0.16-0.26%. You pay for convenience, not competitive pricing.

The plan upgrade mathematics rarely work out purely on crypto fee savings. To break even on a Metal subscription (£12.99/month) relative to a Premium subscription (£6.99/month), you would need to trade roughly £2,165/month in crypto on Premium just to save the £6/month difference from the fee reduction (0.99% to 0.49%). Most casual Revolut crypto users do not trade at that volume. The Metal plan makes sense for people who genuinely use the banking perks -- lounge access, high ATM limits, and 1% cashback -- rather than for anyone seeking lower trading costs.

Crypto Trading on Revolut

What You Can Trade

Roughly 100 cryptocurrencies including BTC, ETH, SOL, ADA, DOT, MATIC, LINK, UNI, AAVE, plus stablecoins (USDC, USDT). Revolut adds trending coins periodically. The overall selection is decent for a banking app but considerably smaller than Binance (600+) or Coinbase (250+).

How Trading Works

Tap a coin, choose an amount, and buy. There are no limit orders, no stop-losses, and no order book. You get whatever price Revolut quotes, which includes their spread markup. This simplicity is the product -- and also the limitation.

Useful features: recurring buys (weekly/monthly for dollar-cost averaging), price alerts, and a basic portfolio tracker showing gains/losses. You can export transaction history for tax reporting.

Real Cost of Trading

The stated fee (1.49% Standard, 0.49% Metal) does not include the spread. In practice, your total cost per trade is approximately:

• Standard: ~2.5-3% (1.49% fee + 1-1.5% spread + 1% weekend surcharge if applicable)
• Metal: ~1-1.5% (0.49% fee + 0.5-1% spread)

For context, a £1,000 BTC purchase on Revolut Standard costs you roughly £25-30 in total fees. The same purchase on Binance costs £1. On Kraken, £1.60-2.60. You are paying 10-25x more for convenience.

Global Banking and Travel

Multi-Currency and Transfers

Hold 28+ currencies in separate wallets. Exchange at interbank rates on weekdays (Standard: £1,000/month free, then 0.5% markup; Premium/Metal: unlimited). Send money to 160+ countries -- most SEPA transfers arrive in minutes, SWIFT takes 1-3 business days. Fees are significantly lower than traditional banks for most corridors, particularly EUR, USD, and GBP transfers.

Travel

This is where Revolut genuinely excels. There are no foreign transaction fees on weekdays (1% weekend markup applies). Free ATM withdrawals up to your plan's monthly limit. The app auto-selects local currency to avoid dynamic currency conversion scams at point-of-sale terminals, saving the typical 3-5% that banks charge for currency conversion.

• Premium (£6.99/month): Travel insurance (flights, luggage, medical), 3 lounge visits/year, £600 free ATM.
• Metal (£12.99/month): Unlimited lounge access (1,000+ lounges via LoungeKey), comprehensive travel insurance, £800 free ATM, 24/7 concierge.

For frequent international travellers, the Metal plan can pay for itself: 1% cashback on £1,300+ monthly spending covers the fee, and unlimited lounge access alone is worth ~£25-30 per visit.

One practical limitation worth knowing: the weekday/weekend distinction catches many users off guard. If you exchange currency or buy crypto on Saturday or Sunday, Revolut applies a 1% markup on Standard and Plus plans to account for wider interbank spreads when currency markets are closed. This is not hidden, but it is easy to overlook when travelling abroad. Always check the rate before a large weekend exchange. On Premium and Metal plans, this weekend markup does not apply to currency exchange, which makes those tiers meaningfully better for people who travel on weekends regularly.

How to Start

• Download the Revolut app (iOS or Android) using our referral link for any available bonus.
• Enter your phone number and email, create a PIN.
• Verify your identity: photo of government ID + selfie. Usually approved instantly.
• Add funds via bank transfer (free), debit card (small fee), or receive from another Revolut user.
• Order a physical card (arrives in 5-7 days) or use the virtual card immediately for online purchases.

The entire process takes under 10 minutes for most UK applicants. You can buy crypto and use the virtual card before the physical card arrives. Identity verification uses an automated system and typically completes within seconds, though a small proportion of applications are referred to manual review, which can extend the process to 24-48 hours.

Tips for New UK Users

If your primary goal is crypto trading, start with the free Standard account to test the interface before committing to a paid tier. The Metal plan's 0.49% crypto fee is still expensive compared to dedicated exchanges, so only upgrade if you value the banking features (lounge access, higher ATM limits, 1% cashback) alongside occasional crypto purchases. For funding your account, bank transfers via Faster Payments are instant and free -- avoid using a debit card, which may incur a small processing fee. Set up recurring buys for any crypto you plan to accumulate long-term, as this removes the temptation to time the market and ensures consistent pound-cost averaging across market cycles.

Safety and Regulation

UK Regulatory Status: Banking Licence vs E-Money Licence

Revolut's UK regulatory position is more nuanced than most fintech companies. Revolut held an FCA e-money institution licence for most of its history, which is materially different from a full banking licence. Under an e-money licence, customer funds are safeguarded (held in ring-fenced accounts at regulated banks) but not covered by the Financial Services Compensation Scheme (FSCS). This meant that in a Revolut insolvency, you would have a claim on the safeguarded funds but no government-backed guarantee.

In 2024, Revolut received a UK banking licence from the Prudential Regulation Authority (PRA), subject to mobilisation conditions. Once mobilisation completes, retail deposits will be covered by FSCS up to £85,000 per person. Until that process concludes, check Revolut's current licence status on the FCA register before depositing large sums. For amounts below £10,000, the practical risk difference is minimal -- the safeguarding requirements under e-money regulation are strict. For larger balances, understanding exactly which protection applies matters.

For crypto specifically: neither the e-money licence nor the banking licence covers crypto assets. Revolut's crypto operations fall under separate FCA registration as a cryptoasset business. Crypto holdings carry no FSCS protection regardless of Revolut's banking status -- this is true of all FCA-registered crypto firms in the UK.

• App security: PIN/biometric lock, device management, instant card freeze, location-based controls, disposable virtual cards for online shopping.
• Card controls: Disable contactless, ATM, or online payments individually. Set geographic restrictions. Real-time transaction alerts.

One caveat: Revolut's compliance team can freeze accounts for review with little warning. This is a regulatory requirement, but the process can be slow and communication poor. Keep alternative payment methods available.

GBP Integration and Faster Payments

For UK users, Revolut's GBP account functions like a genuine bank account. It comes with a sort code and account number, which means it accepts direct debits, standing orders, and salary payments via Faster Payments. Most employers recognise Revolut account details without issue. You can receive your salary directly to Revolut and use it as a primary current account -- something that was not possible with early e-money accounts, which often could not accept direct debits.

Faster Payments transfers between UK banks arrive within seconds and are free. Sending GBP to another UK account via Revolut costs nothing, whereas international SWIFT transfers may carry small fees depending on the destination and your plan. For EUR transfers within the SEPA zone, Revolut uses its own IBAN (Lithuanian), which works across the eurozone without issues but occasionally causes problems with a small number of institutions that reject non-UK IBANs for UK residents. If this applies to you, contact Revolut support -- they can usually resolve it or provide documentation.

Crypto Tax Reporting

For UK users, Revolut provides downloadable transaction statements that include your crypto buy and sell history. You can export these as CSV files and import them into tax software such as Koinly or CoinTracker to calculate your Capital Gains Tax obligations for HMRC. Since Revolut does not show the spread separately from the quoted price, your cost basis for each purchase is simply the total amount debited from your account. Remember that every sale, including converting one cryptocurrency to another within the app, is a taxable disposal event under UK tax rules.

Pros and Cons

Strengths

• All-in-one convenience: Banking, crypto, stocks, transfers, and budgeting in a single app. Genuinely reduces financial app clutter.
• Excellent for travel: No foreign transaction fees (weekdays), interbank rates, free ATM withdrawals. Better than any traditional bank for international spending.
• Currency exchange: 28+ currencies at interbank rates. Significantly cheaper than banks or airport bureaux de change.
• Regulation: FCA-authorised in the UK with £85,000 deposit protection. Legitimate banking licence, not just an e-money licence.
• Budgeting tools: Automatic categorisation, round-up savings, and spending insights that actually work.

Weaknesses

• Crypto fees are high: 1-3% total cost vs 0.1% on Binance. You are paying 10-25x more per trade.
• Spread markup not transparent: Revolut does not show the spread separately. You only see the final price, making it hard to know your true cost.
• Weekend currency/crypto markup: 1% surcharge on weekends for Standard accounts. Catch for unaware users.
• Custodial crypto: No private keys, limited external withdrawals, no staking, no DeFi, no yield.
• Account freezes: Revolut's compliance checks can freeze accounts without warning. This happens more frequently than with traditional banks and is the single biggest complaint online.
• Support quality varies: Standard account holders report slow in-app chat responses. No phone support for non-urgent issues.

Alternative Digital Banks

For Crypto Focus

• Crypto.com - Dedicated crypto platform with Visa card
• Nexo - Crypto lending with debit card
• Wirex - Multi-currency crypto card

For International Banking

• Wise - Specialist in international transfers
• N26: European digital bank
• Monzo: UK-based digital banking

For Traditional Banking

• Starling Bank: UK digital bank with full license
• Chime: US digital banking platform
• Ally Bank: Online bank with high-yield savings

App Experience and Support

The Revolut app is well-designed. Balance and recent transactions appear on the home screen, currency exchange takes two taps, and you can freeze/unfreeze your card instantly. Virtual disposable cards for online shopping add genuine security value. The app is rated 4.5+ stars on both iOS and Android.

Support is via in-app chat, available 24/7. Premium and Metal users get priority queues. For Standard users, response times can be slow during peak periods -- this is the most common complaint in app store reviews. Phone support exists but is limited to urgent matters.

The crypto portfolio view inside the app is functional but basic. It shows your holdings in GBP, unrealised gains and losses, and a simple price chart for each asset. There are no advanced analytics, no tax-loss harvesting tools, and no portfolio allocation breakdown beyond a simple list. For tracking a small number of casual crypto positions this is sufficient. For anyone managing a diversified crypto portfolio across multiple assets, dedicated portfolio tracking tools such as CoinGecko or Delta provide significantly more insight and can import data from multiple exchanges simultaneously.

Beyond Personal Banking

Revolut also offers business accounts (multi-currency, team cards with spending controls, accounting integration), commission-free stock trading (US and EU markets, fractional shares), and commodities trading (gold, silver). These features exist but are not the primary focus of this guide -- they are separate products with their own distinct fee structures and eligibility requirements.

Revolut Business

For freelancers and small businesses in the UK, Revolut Business provides multi-currency accounts with IBAN, team expense cards with individual spending limits, built-in invoicing, and direct integration with accounting software such as Xero and QuickBooks. The free Business plan supports basic operations, while paid tiers (from £25/month) add features like bulk payments and API access. If you run a business that deals with international clients or suppliers, the combination of interbank exchange rates and automated expense categorisation can save meaningful amounts compared to traditional business banking. Note that business accounts are separate from personal accounts and require their own verification and approval process, which can take several days longer than personal account setup.

Stock and Commodities Trading

Revolut offers commission-free trading for US and EU stocks with fractional shares starting from £1. You can also buy gold and silver directly through the app. As with crypto, these are custodial positions -- you do not receive share certificates or physical metal. The stock trading feature is useful for casual investors who want everything in one app, though dedicated platforms like Trading 212 or Interactive Brokers offer more advanced features and better execution for active traders.

Conclusion

Revolut is an excellent digital banking app and a poor crypto exchange. Use it for what it does best: multi-currency accounts, international transfers, travel spending, and budgeting. The free Standard plan is genuinely competitive with traditional banks for everyday use.

For crypto, treat Revolut as a convenient on-ramp for small, casual purchases (under £500). If you are investing seriously, the fee difference is too large to ignore: 1-3% per trade on Revolut vs 0.1-0.26% on Binance or Kraken. For anything over £1,000, open a dedicated exchange account and save yourself significant money over time.

The absence of staking, DeFi access, and reliable external withdrawals on the Standard plan makes Revolut unsuitable as a primary crypto platform for anyone building a meaningful position. These are not minor inconveniences -- they represent foregone yield, restricted asset control, and a ceiling on what you can actually do with your crypto. The FCA's evolving rules on crypto withdrawal are tightening requirements for all firms, and Revolut's current withdrawal limitations reflect both technical and regulatory constraints. Whether those constraints improve over the coming year depends on Revolut's regulatory roadmap and licensing progress. For now, the honest summary is: use Revolut for banking, and use a dedicated exchange for crypto.

Sources & References

• Revolut Official Website
• Revolut Help centre
• Revolut Blog
• Revolut Legal Information

Frequently Asked Questions

Is Revolut a real bank?

Revolut is a financial technology company with banking licenses in several countries. In the UK, they're authorised by the FCA and offer deposit protection up to £85,000. They provide most traditional banking services through their mobile app.

Can I use Revolut for crypto trading?

Yes, Revolut supports trading in 80+ cryptocurrencies directly in the app. However, it's custodial trading — you don't control the private keys. For self-custody, you'd need to transfer to an external wallet.

Are there any monthly fees?

The Standard account is free with basic features. Premium tiers (Plus, Premium, and Metal) have monthly fees but offer additional benefits, including higher ATM limits, better exchange rates, and travel insurance.

How do international transfers work?

Revolut offers international transfers to 160+ countries with competitive rates and low fees. Most transfers are completed within minutes using their network; however, some may take longer depending on the destination.

Is my money safe with Revolut?

Yes, Revolut is regulated by financial authorities in countries where it operates. In the UK, deposits are protected up to £85,000 by the FSCS. Customer funds are kept separate from company funds.

Can I get a physical debit card?

Yes, Revolut offers physical debit cards for all account tiers. Standard cards are free, while premium tiers offer metal cards with enhanced benefits. Cards work globally with contactless payments and ATM access.

Related Guides

• Read our detailed Revolut review
• Compare Wise vs Revolut
• International money transfer guide
• Best travel cards for 2025

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