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

If you've been wondering what Revolut is and why everyone's talking about it, here's a clear and straightforward guide to help you understand it at your own pace. It's a neobank with a mobile app that lets you open an account in minutes, get both a physical and a virtual card, and move money in multiple currencies with ease.

Beyond the hype, what's interesting is what you can do in your daily 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 arrived as a fintech company and today operates as a bank in Spain with a Spanish IBAN since 2023, making it a powerful option for everyday use or as a "second account" for purchases and travel.

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

Revolut was founded as a fintech company 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 ECB's umbrella) and, in addition, an electronic money institution license, which allowed it to accept deposits and grant consumer credit in the European Economic Area.

This type of license is not a typical "universal bank," since a specialized bank cannot offer certain investment services directly like a full-range bank, but Revolut complements this limitation with functionalities to buy and sell stocks, cryptocurrencies and metals from its app through enabled providers and structures.

Over time, the company has grown rapidly: from 10 million users at the end of 2019 to tens of millions globally , with a strong focus on Spain, where its adoption has been remarkable. Today, it 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 through the app. There are no physical offices; everything is done online . This approach reduces costs and speeds up procedures, but it also means that any issues are handled via chat or email, with 24/7 support available 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 worldwide. Since 2023, customers in Spain have had access to a Spanish IBAN for direct debit payments, receiving their salary, or making domestic transfers as usual.

The app incorporates very useful tools for organization: savings sub-accounts like “Pockets” or “Vaults” to separate money by goals, budgets and spending alerts, detailed history by categories, 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 benefits. There's a free Standard plan and four paid plans with more perks. ATM limits, currency exchange, insurance, and extras vary depending on the plan.

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

Cards: physical, virtual and disposable

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

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

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

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

Revolut lets you store money in over 30 currencies and convert between them directly in the app. The free plan has a monthly exchange limit (for example, €1.000), while higher-tier plans have either increased or no limits at all. If you exceed your limit, an additional fee will apply.

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

For transfers within the SEPA zone, there are no fees. For international transfers outside SEPA , sources indicate fees that can range from 0,3% to 2% depending on the destination and currency. Before confirming, the app shows you the final amount and any applicable fees.

The app also includes a Bizum-style feature for instantly sending or requesting money from your contacts. Splitting bills, settling small debts, or sharing expenses is as simple as a couple of taps on your phone, without any cash involved.

Investment, savings and rewards

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

In crypto, the app lets you access 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 tech expert.

You can also access metals like gold and silver, as well as savings accounts that round up purchases and set aside the difference. Sub-accounts like "Vaults/Pockets" help you save for specific goals (trips, unexpected expenses, gadgets) and you can combine them with travel apps without mixing your savings with your everyday balance.

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

Safety, regulation and coverage

Revolut operates in Europe under the supervision of the Bank of Lithuania and the European Central Bank. Customer funds are protected by the Lithuanian deposit guarantee scheme up to €100.000 per account holder and institution (if you use a 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 to instantly freeze or block cards . The company boasts anti-fraud systems that monitor transactions 24/7 and claims to have prevented large-scale criminal attempts 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 reported amid compliance allegations , claims that Revolut denied on its blog. Subsequently, the firm strengthened its team with senior profiles 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. Here are the most relevant pros and cons if you're considering opening an account.

• Professionals: 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 operates in a large number of European countries, as well as the UK, the US, and other markets such as Australia, Japan, Singapore, and Switzerland, among others. Within the EU, it covers the vast majority of member and associated states (Germany, France, Italy, Spain, Portugal, the Nordic and Baltic countries, Central and Eastern Europe, etc.).

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

Looking ahead to Latin America, it was revealed in 2025 that Revolut had begun regulatory processes to acquire Banco Cetelem in Argentina , a move that, if successful, would strengthen its regional presence. As always, these transactions are subject to approval by 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 with any bank , and 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 started to have ATMs in cities such as Madrid and Barcelona for withdrawing cash or collecting 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 noteworthy feature is its collaboration with the Spanish Tax Agency as a tax payment method, integrating the app into everyday procedures. Looking ahead, 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 its direct competitors, Wise stands out for its focus on payments and foreign exchange. It always uses the mid-market exchange rate with no markup, doesn't apply monthly limits to conversions, and offers local bank details in multiple countries (USA, UK, Canada, Hungary, Turkey, Romania, Singapore, Australia, and New Zealand, in addition to European IBAN).

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

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

Before you start trading seriously, it's worth reviewing three points: the monthly currency exchange limit (depending on your plan), the weekend surcharge for currency conversions, and the fee-free ATM withdrawal limit. With this information, you'll know whether it's worth staying with the Standard plan or upgrading to Plus, Premium, Metal, or Ultra.

For domestic and European payments, the experience is as seamless as with a traditional bank. For transfers outside SEPA , compare Revolut's destination fees with those offered by Wise or other services: 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 via mobile phone: phone number, basic personal information, photo of your ID (national ID card, foreign resident's card, passport, or driver's license), and a selfie for verification. You must be over 18 to open your account (except for accounts for minors, which are linked to an adult). Proof of address may sometimes be required.

During registration, the app will ask for your TIN. TIN is the Taxpayer Identification Number , which 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.