Revolut Review 2024: Pros and Cons of an All-In-One Account for Money Abroad

Last Updated on 3 January 2025

Are you a non-US resident struggling to find an efficient way to manage your finances?

Look no further; Revolut, a British fintech company launched in 2020, offers banking services that cater specifically to individuals like yourself.

This article reviews the benefits and features of the all-in-one banking app for non-US residents, including account creation without an SSN or ITIN.

Hang on tight; our exploration is sure to demonstrate why Revolut could be just what you’ve been searching for!

Key Takeaways

• Revolut allows non-US residents to open accounts without the need for a Social Security Number, just using their government ID. Their US services are fairly recent.
• This online bank operates through a smartphone app, which must be downloaded on your iPhone or Android smartphone.
• This banking app caters to all monetary needs, from creating bank accounts to domestic transactions and managing 28 different currencies with easy international transfers.
• Savings Vaults in the app let you save your money in over 30 currencies and earn interest. Under certain account plans, you can invest as little as $1 on stocks and cryptocurrencies with no extra fees involved.
• In contrast to traditional banks, Revolut provides better exchange rates for worldwide transactions, thus saving more money on cross-border remittances.
• Revolut offers various personal account plans like Standard (Free), Premium ($9.99/month), and Metal ($16.99/month) for accounts. Each comes with unique features that cater to individual financial requirements but have associated costs of usage above their limits.
• They also offer various business account plans like Free, Grow ($39.99/month), Scale ($149.99/month), and Enterprise.
• Customer reviews for Revolut are mixed but mostly positive regarding its features, especially currency exchange facilities and early payment reception, while some criticisms exist primarily related to customer service response time.
• Safety is prioritized in this system by implementing advanced security measures like two-factor authentication and personalized settings, plus offering services via globally trusted institutions, enhancing trustworthiness among users.

Features and Benefits of Revolut Account for Non-US Residents

Revolut opens up a world of possibilities for non-US residents by offering accounts without the need for a Social Security Number.

Managing finances becomes a breeze with its convenient all-in-one app that caters to your saving, spending, and investing needs.

Further sweetening the deal are superior exchange rates on international transactions, with the added advantage of savings and investment options tailored to fit diverse financial goals.

With Revolut, you get an IBAN account number that allows you to hold multiple currencies in one account. You can withdraw cash fee-free from ATMs worldwide using your Revolut card.

Similar to Wise (previously TransferWise), Revolut provides a multi-currency account that allows you to hold funds in different currencies. It comes with a linked debit card for convenient access to your money worldwide.

This setup makes it simple to manage multiple currencies in one place and seamlessly spend abroad, much like Wise’s offering. The multi-currency account and debit card give you flexibility in how you handle money across borders.

Accounts available to non-US citizens without Social Security Numbers

Revolut stands out as an accessible option for non-US residents, such as foreign nationals, immigrants, international students, and expatriates.

This banking institution offers accounts to overseas individuals who hold valid US visas but lack a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).

One only needs a government-issued ID from their home country to open an account, offering an accommodating financial solution to around 2.5 million people within the United States who are on various visas.

This includes approximately one million students who previously may have struggled with setting up traditional bank accounts due to not having an SSN or ITIN.

Revolut’s aim is simple: to improve these customers’ lives by removing hefty barriers to accessing vital financial services.

Convenient all-in-one app for managing finances

Revolut stands as the premier financial management app, offering non-US residents a unique solution for their monetary needs.

This all-in-one platform allows individuals to establish bank accounts and conduct domestic ACH transfers effortlessly, even without having an SSN or ITIN.

The simplifying features of this application make it extremely user-friendly, ensuring banking procedures are no longer a hassle for recent US arrivals.

The multicurrency account facility adds another layer of convenience.

With Revolut USA, you can handle 28 different currencies, including GBP, CAD, and Euro, making international transactions smoother than ever before!

Moreover, sending money overseas is instant and incurs zero fees, which provides significant relief to founders of foreign LLCs who regularly deal with cross-border remittances.

These transformative qualities have earned Revolut high acclaim for being recognized as the best mobile banking app specifically tailored for global ventures.

Better exchange rates for international transactions

Revolut sets a new standard when it comes to international transactions, offering competitive exchange rates that surpass those of traditional banks and even other fintech platforms.

Whether you’re an entrepreneur launching your online venture or an expat managing multiple currencies, Revolut’s streamlined processes simplify currency conversion and cross-border banking.

One of the driving factors behind its popularity among non-US residents is its capacity to deliver lower fees for global transactions without compromising on service efficiency.

Foreign LLC owners looking at hefty transaction bills can maximize their savings with these better exchange rates, which are essential for frequent international money transfers.

This appealing feature complements the comprehensive suite of financial services provided by this neobank, making it a preferred choice for seamless international banking operations.

Savings and investment options

Revolut provides an array of savings and investment options for non-US residents.

As part of its financial services, these features offer ways to manage money efficiently on a global scale.

The platform’s ease of use makes investing accessible even for those new to the process.

You can immediately start earning interest in Savings Vaults in your app that allow you to save in more than 30 currencies with real-time exchange rates! On top of this, these vaults provide high-interest rates compared to traditional banks so you earn more from your saved funds.

Revolut offers commission-free stock, commodity, and crypto trading. Standard account users get 3 free trades per month. Premium account ($9.99/month) and Metal ($16.99/month) plans offer unlimited free trades. Fractional share purchases start at $1.

How do I transfer money with Revolut Business Account?

Transferring money with Revolut is simple and involves just four steps:

1. Download the Revolut app from your device’s app store.
2. Register an account by providing your personal details and ID verification. Select the account type you need.
3. Initiate a money transfer by inputting the recipient’s details, choosing the currencies to exchange between, and the transfer amount. For transfers to your own international account, input your details.
4. Make a payment from your linked debit or credit card. Revolut will accept the payment and process the transfer.

By following these quick steps, you can easily set up a Revolut account and seamlessly send money around the world. The streamlined process makes money transfers convenient.

How long does Revolut take to transfer funds?

After setting up an overseas money transfer with Revolut, the transfer speed varies depending on the destination and your account type:

• Transfers to other Revolut users are instant.
• Standard transfers to a UK bank account take a few hours up to 2 days.
• You can turbo-boost transfer speed by 5x for a small fee (free for Premium & Metal accounts).
• Standard international transfers take 3–5 business days.

So while Revolut enables convenient money transfers globally, transfer times range from instant for in-app transfers, to within 2 days for UK accounts, to up to 5 days for international accounts on standard plans.

Upgrading your account or paying a turbo-boost fee can expedite transfers.

Costs and Fees of Revolut

In addition to diverse account plans with varying pricing, Revolut also features certain additional charges users should consider, which are further explored in this article.

Intrigued? Let’s dig into the nuances of these costs and fees together!

Personal account plans and pricing

Revolut provides an array of account plans tailored to meet the distinct needs of entrepreneurs, foreign LLC owners, and sovereign individuals.

It’s worth noting that additional fees may apply for certain services, like ATM withdrawals above a certain limit and currency exchange on weekends.

The associated fees may vary depending on the particular account plan. Revolut also offers extra services like personal and business accounts, cryptocurrency trading, and stock trading at an additional cost.

Additional fees to be aware of

Navigating through the financial landscape of Revolut may present non-US residents with some additional costs.

Taking a careful look at each fee helps prepare you for what lies ahead in your banking experience.

• Account plans have associated prices. For instance, monthly expenses roll out with Premium and Metal as per their respective styles and advantages. While the former adds $9.99 to your monthly spending, the latter charges you $16.99.
• Membership fees come stashed in tiers; as you climb up the ladder, so does your obligation to pay more. A quick tip: The Premium package grants you three free international transfers every month.
• Who doesn’t love surprises? Well, not if they turn up as unexpected bank account fees.
• Sending and receiving instant cash transfers has a price tag when transacting with non-Revolut customers.
• Capitalizing on its global network might snag you some international transfer fees under certain conditions.
• Similarly, leveraging limitless overseas transactions may sometimes stumble upon minor hurdles like commissions or service charges.

Alternatives to Revolut

Wise

When comparing Wise and Revolut for money transfers, both offer advantages depending on your needs:

• Wise supports 56 currencies vs. 31 for Revolut, so it has wider currency options. But check if the currencies you need are covered.
• Revolut is dubbed the “global money app” with broader country support, especially beyond Europe. Wise focuses more on Europe.
• Transfer speeds favor Wise at 0–2 days versus 3-5 days for Revolut, particularly with SWIFT transfers.
• Wise seems more transparent with fewer hidden fees, though pricing for both can be complex for average users. Do thorough research beforehand.

There is no definitive winner – weigh the pros and cons based on your currency and country needs, transfer urgency, and desired transparency.

Wise, as outlined in our review of their business banking solutions, offers more currencies and faster transfers, while Revolut has a wider country reach. Pick the solution that best aligns with your priorities and requirements.

Payoneer

Payoneer is a more expensive yet solid choice for international business banking, with extensive global reach. It uniquely enables certain use cases, like Amazon affiliates withdrawing commissions directly to Payoneer from Amazon US.

Revolut provides multi-currency business accounts, but they are UK-based rather than local currency accounts like Payoneer. This can increase transfer costs for payees sending you international payments.

Payoneer’s local currency accounts abroad and niche features like direct Amazon withdrawals make it worthwhile for global businesses, despite higher costs.

Revolut offers simpler multi-currency accounts, but they are UK-based, so they are better for Europe-centric businesses. Weigh unique needs against costs when choosing between the two.

A tough and competitive market!

Revolut faces competition from various other companies in the financial industry. While Revolut has made significant strides, it is unlikely to be the sole future of global finance.

Other companies, such as Wise and WorldFirst, have already entered the market with their own innovative offerings.

Wise, for instance, has proposed a similar travel card along with a ‘borderless account’ that is set to become available within the next year. This presents a direct challenge to Revolut’s offerings, as it aims to provide customers with convenient and cost-effective international financial solutions.

WorldFirst, on the other hand, has already introduced its own multi-currency account, further intensifying the competition in the industry. This not only allows users to hold and manage multiple currencies, but it also provides them with the ability to conduct transactions seamlessly, regardless of their location.

Revolut may have pioneered certain concepts in the realm of global finance, but it will certainly face stiff competition from these and other companies in the coming years.

Traditional banks, too, will continue to play a significant role, ensuring that there remains a place for their services in the market.

Is Mercury Bank a Good Option for Non-Residents or Startups Looking for a Banking Solution?

When it comes to banking solutions for non-residents or startups, exploring mercury bank’s features is a good option. With its user-friendly interface and seamless international transactions, the bank offers convenience and flexibility.

Moreover, their robust security measures ensure the safety of your finances. Consider Mercury Bank as a reliable choice for your banking needs.

Customer Experience and Reviews of Their Banking Features

Explore authentic user experiences with Revolut’s banking service, including Trustpilot ratings and candid feedback about the app and customer care.

Dive deeper into this section to discover how real customers perceive their interaction with Revolut’s financial solutions.

Trustpilot ratings and reviews

Revolut has amassed a considerable number of reviews on Trustpilot. The overall rating is mixed, indicating a varied customer experience.

The following table provides a more detailed breakdown of the Trustpilot ratings and reviews.

Most users applaud Revolut for its innovative features, like the ability to hold and exchange 28 different currencies, fair exchange rates for international transactions, and the convenience of receiving their salary up to two days in advance.

These features are particularly beneficial for entrepreneurs, foreign LLC owners, and sovereign individuals who frequently engage in international transactions.

However, some users have expressed dissatisfaction with Revolut’s customer service.

Complaints include delayed response times and resolution of issues, which have affected the overall user experience. It is essential for prospective users to weigh the benefits and drawbacks before choosing to bank with Revolut.

Feedback from users regarding the app and customer service

Users continually express satisfaction with the Revolut app’s ease of use and user-friendly interface.

With features that are smoothly navigable, entrepreneurs, sovereign individuals, and foreign LLC owners find managing their finances a breeze.

Additionally, users commend the efficient customer service from Revolut. The team shows prompt responsiveness when handling queries or concerns, resolving issues swiftly to guarantee seamless financial management experiences.

Being able to conduct transactions at any time and place further enhances this banking convenience—an aspect many users appreciate about their accounts’ accessibility.”.

Safety and Security of Revolut

Revolut goes to great lengths to protect users’ data and transactions, from utilizing stringent security measures like two-factor authentication and card freeze options, to abiding by pivotal financial regulations in partnership with globally trusted institutions.

Explore further for a deep dive into the multilayered safety features offered by Revolut.

Measures in place to protect user information and transactions

Revolut prioritizes the safety of its users by implementing robust measures to protect user information and transactions.

Here are some key security features that entrepreneurs, foreign LLC owners, and sovereign individuals will find beneficial:

1. Utilization of award-winning security systems for enforcing the safety of card details being used.
2. Introduction of additional verification processes to detect and flag suspicious activity or transactions promptly.
3. Personalized security settings are provided within the app, such as control over swipe payments, contactless payments, and ATM withdrawals.
4. The ‘freeze/unfreeze’ feature is available instantly in-app for any lost or misplaced cards—a huge relief when you’re on the move!
5. Offering unlimited disposable virtual cards designed for safe online shopping, generating unique card details for each purchase made.
6. Constant efforts to ensure fair and transparent rates for international online purchases at the real exchange rate, without hidden charges.

Regulations and partnerships ensure financial security

Revolut takes financial security seriously, adhering to stringent financial regulations.

The neobank works with trusted partners worldwide to safeguard your investment and everyday transactions.

Revolut ensures full FDIC-insured deposit protection up to the coverage limit. Advanced security features like two-factor authentication and card freezing add extra protection against hacking threats.

Features like two-factor authentication and card freeze options

Revolut provides extra security with two-factor authentication and card freezing.

• Two-factor authentication requires entering a unique code sent to your email or mobile device when logging in.
• The card freeze feature lets you instantly disable your card if it’s lost or stolen, preventing unauthorized use.

Together these advanced security options give LLC owners and individuals an additional layer of protection against fraud and risks.

Conclusion and Verdict on Revolut for Non-US Residents

Revolut brings a breath of fresh air to banking for non-US residents.

With its revolutionary features, convenience and commitment to financial inclusion, it stands as an excellent choice.

Unquestionably, Revolut is shaping the future of banking by making it accessible for everyone.

This platform offers essential tools to gain control over finances seamlessly and securely.

Frequently Asked Questions

Is Revolut banking available for non-US residents?

Yes, Revolut banking services are available to non-US residents in over 30 countries.

Can I have a US dollar account as a non-US resident with Revolut?

Yes, you can hold and exchange between multiple currencies including US dollars with your Revolut bank account.

How secure is using the Revolut app abroad?

Using the Revolut app abroad is safe as it uses advanced security measures such as fingerprint ID, customisable features and real-time transaction alerts.

How much does it cost for Non-US residents to use Revolut Banking?

The basic personal account at Revout is free; however, paid plans that offer additional benefits are also available.

Do I need proof of address to open a Resolute bank account if I’m not living in the U.S.

Proof of residential address may be required when opening an account with Resolute even if you’re not residing in the U.S., but requirements can vary by country.

How many new users did Revolut add in the last 12 months?

Revolut added five million new users in the last 12 months.

How many retail customers did Revolut have globally in 2023?

Revolut had 30 million retail customers globally in 2023.

How many transactions did Revolut process in its first two years?

Revolut processed more than 42 million transactions in its first two years.

How many new users did Revolut sign up in its first two years in Europe?

Revolut signed up over a million new users in Europe during its first two years.