What is Revolut: how it works, plans, fees and security

If you've been wondering what Revolut is and why everyone is talking about it, here's a clear and straightforward guide to help you understand it calmly. We're talking about a neobank with a mobile app which allows you to open an account in minutes, have a physical and virtual card and move money in several currencies without complications.

Beyond the noise, what's interesting is what you can do in your day-to-day life: pay in stores and online, split expenses with friends, exchange currency at a good rate, invest from your mobile phone, or even centralize your savings with sub-accounts. Revolut started as a fintech and today operates as a bank in Spain. with Spanish IBAN since 2023, which positions it as a powerful option for everyday use or as a "second account" for shopping and travel.

What is Revolut (and what does it look like to be a neobank)

Revolut was born as a fintech that uses technology to simplify financial services and make them faster and cheaper. In 2018, it obtained a specialized banking license from the Bank of Lithuania. (under the umbrella of the ECB) and, in addition, an electronic money institution license, which allowed it to accept deposits and grant consumer credit in the European Economic Area.

That type of license is not a typical “universal bank,” since A specialized bank cannot offer certain investment services directly as a full-range bank, but Revolut complements this limitation with functionalities for buying and selling shares, cryptocurrencies, and metals from their app through suppliers and structures enabled for this purpose.

Over time, the company has grown at full speed: from 10 million users at the end of 2019 to tens of millions globallyWith a strong focus on Spain, where its adoption has been remarkable, it now boasts agility, a well-designed app, and the addition of features that previously seemed exclusive to traditional banking.

How Revolut works on a daily basis

The process is 100% digital: you register, verify your identity, and manage everything from the app. There are no physical offices: everything is done online.This approach allows for reduced costs and faster processing, although it also means that any issues are handled via chat or email, with 24/7 support within the application.

When you sign up, your bank account is created and you receive a debit card (Mastercard) to use in shops and ATMs around the world. Since 2023, customers in Spain have had access to Spanish IBANs. to set up direct debits, collect your payroll, or make national transfers normally.

The app includes very useful tools for getting organized: savings sub-accounts of the “Pockets” or “Vaults” type to separate money by goals, budgets and spending alerts, detailed history by category, shared accounts, configurable limits and parental control on accounts for minors linked to an adult.

Plans and prices: from free to the most complete option

Revolut offers several tiers with different advantages. There is a free Standard plan. and four paid plans with more benefits. ATM limits, currency exchange, insurance, and extras vary depending on the plan.

Please note that some content may have a different pricing structure for intermediate plans (e.g., €2,99, €7,99 or €13,99 per month) depending on the date, promotion and market. Conditions change with There and by regionSo it's always a good idea to check the current rates in the app before making a decision.

Cards: physical, virtual and disposable

After the initial verification, you can activate your physical card from the app and customize it according to the plan. It works like any debit card. for in-store payments and cash withdrawals, and is compatible with Apple Pay y Google PayIf you prefer, you can use virtual cards without waiting for shipping.

For online purchases, the app allows you to generate single-use virtual cards (“disposables”) that automatically update their information after each payment. This reduces the risk of fraud on less reliable websites, as those numbers immediately become invalid.

From the cards section you can instantly activate or freeze any of them, set spending limits or restrict their use by country. That granular security control It is one of Revolut's great strengths for online shopping and travel.

Foreign exchange and transfers: real multi-currency in your pocket

Revolut allows you to store money in more than 30 currencies and convert between them from the app. The free plan has one change allowance per month. (for example, €1.000), while in higher-tier plans the limits are increased or eliminated. If you exceed your allowance, an additional fee applies.

During working days the interbank exchange rate is used, and A small surcharge is usually applied on weekends. This varies depending on the plan (for example, recent sources mention around 1% for Standard and 0,5% for Plus). It's best to check the app for the exact details for your account.

For transfers, those within the SEPA zone are free of charge. For international shipments outside of SEPASources indicate that fees can range from 0,3% to 2% depending on the destination and currency. Before confirming, the app shows you the final amount and applicable fees.

The app also includes a Bizum-style feature to instantly send or request money from your contacts. Splitting bills, settling small debts, or sharing expenses It's as simple as a couple of taps on your mobile phone, with no cash involved.

Investment, savings and rewards

If you're interested in investing from your mobile, Revolut offers buying and selling shares from thousands of companies in US and European markets. Initially, commission-free trading was reserved for premium plans, but later it was extended to more users with limits on free trades.

In crypto, the app lets you exposing yourself to dozens of cryptocurrencies without needing to create an external wallet. Revolut buys on your behalf and holds the assets in a shared account with other customers, making it easy to get started even if you're not a technical expert.

You can also access metals like gold and silver, and savings spaces that round up purchases and set aside the surplus. Sub-accounts of the “Vaults/Pockets” type They help you save for specific goals (trips, unexpected expenses, gadgets) and you can combine them with apps to travel without mixing it with the day-to-day balance.

Payment plans include insurance (medical or travel, depending on the level), extended refunds, Revolut Pro cashback for freelancers and additional benefits for frequent card users. Furthermore, in specific campaigns, the bank has offered balance remuneration (for example, a 3,56% APR was advertised for new accounts opened before a certain date), always with terms and availability subject to conditions.

Safety, regulation and coverage

Revolut operates in Europe under the supervision of the Bank of Lithuania and the European Central Bank. Customers' money is protected through the Lithuanian deposit guarantee scheme up to €100.000 per holder and entity (if you use the Revolut bank account), coverage comparable to that of other European banks.

On a technical level, the app uses biometric authentication, 2FA, real-time alerts, and tools for Freeze or block cards instantlyThe company boasts of anti-fraud systems that monitor transactions 24/7 and of having prevented criminal attempts involving large sums in recent years.

Like any rapidly growing company, it also had its share of controversies. In 2019, a Wired report criticized internal practices (unpaid work, high turnover) and The departure of its CFO was announced amid compliance allegationsThese claims were denied by Revolut on its blog. Subsequently, the company strengthened its team with senior professionals from traditional banking and, according to some sources, improved its rating on platforms like Glassdoor.

Advantages and disadvantages to take into account

Using Revolut has many advantages, but it's not all perfect. This is the most relevant information for and against. if you are considering opening an account.

• Pros: Free online account, real multi-currency, virtual and disposable cards, Spanish IBAN, free SEPA transfers, very complete app, security control per card and per transaction.
• More prosEasy investment in stocks/crypto/metals, savings sub-accounts, cashback at higher levels, accounts for minors, 24/7 chat support, Apple Pay compatibility and Google Pay.
• Cons: no physical offices, incident management only online, no own network of ATMs for cash deposits, limits and surcharges according to plan (for example, in currency exchange and ATMs).
• MaticesCommissions and limits vary by plan and date; there may be a surcharge if you convert currency on weekends; no-fee withdrawal limits depend on your subscription.

Availability and international expansion

Revolut provides service in a number of European countries, as well as the United Kingdom, the United States, and other markets such as Australia, Japan, Singapore, and Switzerland, among others. In the EU, it covers the vast majority of member and associated states (Germany, France, Italy, Spain, Portugal, Nordic and Baltic countries, Central and Eastern Europe, etc.).

In 2019 the company announced an expansion with Visa involving thousands of new hiresIt launched in Singapore and announced ambitious funding rounds with multi-million dollar valuations. This solidified its presence in Asia and accelerated its expansion into new territories.

Looking ahead to Latin America, it was revealed in 2025 that Revolut initiated regulatory procedures to acquire Banco Cetelem of ArgentinaThis move, if successful, would strengthen its regional footprint. As always, these operations depend on the approval of the relevant authorities.

Revolut in Spain: Spanish IBAN, ATMs and institutional use

The key milestone was the arrival of the Spanish IBAN in 2023. With IBAN ES you can set up direct debits and receive your salary just like at any bankAnd the card works seamlessly at both domestic and international merchants. For customers who want an "all-in-one" account or a second account for online payments and travel, it's a very convenient option.

In addition, Revolut has begun to include ATMs in cities like Madrid and Barcelona to withdraw cash or collect cards, and plans have been published to deploy hundreds of additional ATMs between 2026 and 2027 in Spanish territory, which would mitigate the historical lack of its own network.

Another striking point is its collaboration with the Tax Agency as a method of paying taxes, integrating the app into everyday procedures. And looking to the future, the company has indicated its intention to expand its product range to include mortgages in Spain.

Quick comparison: Wise as a multi-currency alternative

Among direct competitors, Wise stands out for its focus on payments and foreign exchange. Always use the mid-market exchange rate At no extra cost, it does not apply monthly limits to conversions and offers local bank details in multiple countries (USA, UK, Canada, Hungary, Turkey, Romania, Singapore, Australia or New Zealand, plus European IBAN).

Wise does not charge maintenance fees, and commissions are visible before sending. It allows you to handle more than 50 currenciesWith a card for payments and cash withdrawals (the first €200 per month are free, then a low fixed fee applies). For many travelers or those who frequently move money between currencies, it's a very solid alternative to consider.

Transfers, limits and fees: what you should look out for

Before operating seriously, it is worth reviewing three points: monthly change limit (depending on the plan), weekend surcharge if you convert currency and a limit on fee-free ATM withdrawals. With that clear picture, you'll know whether it's worth staying on Standard or upgrading to Plus, Premium, Metal, or Ultra.

For domestic and European payments, the experience is as seamless as with a traditional bank. In transfers outside SEPACompare what Revolut charges per destination and what Wise or other services offer: sometimes it's worth using different providers depending on the corridor (country and currency).

How to open an account: requirements and TIN/NIF

Registration is completed from your mobile phone: phone number, basic personal data, photo of document (ID, NIE, passport or driver's license) and a selfie for verification. You must be over 18 years old to open your account (except for accounts for minors, which are linked to an adult). Sometimes they may ask for proof of address.

During registration, the app will ask for your TIN. TIN is the Taxpayer Identification Numberwhich in Spain is equivalent to your NIF (DNI or NIE). It serves to identify you for tax purposes and to comply with reporting and anti-money laundering obligations.

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Isaac

Passionate writer about the world of bytes and technology in general. I love sharing my knowledge through writing, and that's what I'll do on this blog, show you all the most interesting things about gadgets, software, hardware, tech trends, and more. My goal is to help you navigate the digital world in a simple and entertaining way.