Our bottom line
This card places itself among the top prepaid cards for currency exchange. Not only can you use the card to spend in 150 currencies, you can also transfer money in 29 currencies and all at the interbank exchange rate (a flat mark-up at weekends and for certain currencies may apply). Add to that a supportive mobile app, easy application process and fee-free ATM withdrawals up to £200 per month (or 5 withdrawals if less), and you have a competitive multi-currency prepaid card package.
Credit Rating Requirement: Not applicable. This is not a credit product.
What I like
Revolut has chosen what to specialise in and does it well.
- Multi-currency spending – The Revolut prepaid card very much sells itself on being a prepaid card for multiple currencies. One of its key features is that it offers the ability to spend in 150 currencies at the interbank exchange rate, which is the live conversion rate for a given currency pair. This means that you can benefit from paying just the market rate rather than the market rate plus a percentage margin, which most banks charge. The only caveats to this are that a 0.5% fee is charged for anything above £5,000 per month and that a flat mark-up may apply at weekends and for certain currencies.
- Multi-currency transfers – Not only can you spend in multiple currencies at the interbank exchange rate, but you can also transfer money. The card allows you to transfer money in 29 currencies at the market rate, with the same caveats as above. The mobile app also allows you to instantly send money, and you have the option to set up recurring payments if you wish.
- Account management – While the main offerings are attractive, the account management side of the card seems impressive as well. As an account holder, you can benefit from built-in budgeting tools and choose to use an option which sees card payments rounded up to the nearest whole number and the spare change put aside into savings. Additionally, there are spend notifications and security measures in place, including location security services. Basically, if your card is used in a different location to where you are, payments will automatically be blocked and you will be informed.
- ATM withdrawals – With the Revolut card, you can benefit from fee-free ATM withdrawals of up to £200 per month (or 5 withdrawals if less).
- No fee – The Standard card includes all of the above features and has no monthly fee attached. There are other fee-paying options available which include additional benefits such as insurance options and some cashback features.
- Card options – For those who want a little something more from their card, then Revolut has three fee-paying options: Plus, Premium and Metal.
- Plus gives you purchase protection, an enhanced 90-day return window, ticket cancellation cover and the opportunity to earn daily interest if you stash £15,000 in a savings vault. The fee for this plan is £2.99 a month.
- The next step up is Premium. Here you will pay £6.99 a month. You get everything you would with a Plus card – and then some. This includes worldwide travel insurance, free airport lounge access if your flight is delayed, unlimited foreign exchange and disposable virtual cards.
- To get even more, you could consider the Metal card package. At £12.99 a month, you receive a full metal credit card and could earn up to 1% cashback on card spending. This is on top of everything you get with the Premium plan.
What could be improved?
This standard version of the card covers much of what you might expect from a prepaid card at very little cost. However, there is always room for improvement.
- Credit rebuilder facility – Other prepaid cards on the market offer to help improve your credit score through a credit rebuilder facility. This is typically done through a monthly fee. The standard version of the Revolut card does not carry a monthly fee, but even with the fee-paying options there isn’t a credit rebuilder facility on offer.
How does it stack up?
The Revolut prepaid card is a strong contender in the prepaid card market. The standard option has no monthly fee, and comes with a range of currency services, typically charged at the interbank exchange rate, fee-free ATM withdrawals of up to £200 per month (or 5 withdrawals if less) and little or no additional fees for many other services.
Other cards on the market pale in comparison, as they tend to carry a monthly fee plus a card issuance fee, and then additional fees attached to specific services. Revolut stands out in terms of value and in terms of the variety of services it offers.
The card doesn’t conduct a credit check as part of the application process, as it is not offering a form of credit. Therefore, you are eligible to apply even if you have no credit history or a poor credit score.
How do you apply?
You can only apply through the mobile app. If you go through the Revolut website, you can enter your mobile phone number to receive a link to download the app. The application process typically only takes a few minutes before giving you access to your account.
Is the Revolut Prepaid Card a good choice for you?
If you are looking for a prepaid card to help you with your spending abroad or to transfer money, then the Revolut prepaid card may be a strong contender. One of its key strengths is that you can typically benefit from the interbank exchange rate, making your international money transactions that much cheaper.
With the standard option there is no monthly fee and there are no ATM withdrawal fees up to £200 per month (or 5 withdrawals if less). While there is a small 0.5% fee if you spend or transfer more than £5,000 a month, many of your transactions could be fee free, which is less common when it comes to prepaid cards.
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