Is Revolut a real bank?

Revolut has a banking licence in Lithuania (EU) and has applied for a UK banking licence. Currently in the UK, Revolut operates as an e-money institution, not a bank. This means your money is NOT protected by the FSCS £85,000 guarantee — it's 'safeguarded' instead, which offers less protection.

Is my money safe with Revolut?

Your money is safeguarded (held separately from Revolut's funds) but NOT FSCS protected like with banks. If Revolut failed, you'd be a creditor rather than automatically compensated. For savings, this is a significant downside compared to Chase, Monzo, or Starling.

Is Revolut good for foreign currency?

Yes — Revolut excels at foreign exchange. You get interbank rates (the best available) with no markup during weekday market hours. Weekend rates have a small markup. For frequent travellers or those sending money abroad, Revolut's FX is hard to beat.

What's the difference between Revolut Standard, Plus, Premium, and Metal?

Standard is free with basic features and limits. Plus (£3.99/month) adds more features. Premium (£7.99/month) adds travel insurance, unlimited FX, and more. Metal (£14.99/month) adds cashback, premium support, and a metal card. Most people only need Standard or Plus.

Revolut Review UK 2026 — Pros, Cons & Is It Safe? | PocketWise

Revolut is one of the most feature-packed financial apps available — but it’s also one of the most misunderstood. Here’s what you need to know.

Revolut at a Glance

Feature	Rating
App experience	★★★★★
Foreign exchange	★★★★★
Budgeting tools	★★★★☆
Customer service	★★★☆☆
Safety/protection	★★☆☆☆
Feature breadth	★★★★★
Overall	★★★★☆

Critical Warning: Not FSCS Protected

Protection	Revolut	UK Banks (Monzo/Starling/Chase)
Type	E-money (safeguarding)	FSCS protection
Amount protected	100% safeguarded	£85,000 guaranteed
If company fails	You’re a creditor	Automatic compensation
Regulator	FCA (e-money)	FCA + PRA (banking)

This matters. If you keep significant savings in Revolut, you have less protection than a proper bank.

Account Tiers

Standard (Free)

Feature	Limit
Monthly fee	£0
Fee-free ATM (UK)	£200/month
Fee-free FX	£1,000/month
International transfers	1 free/month
Disposable virtual cards	1
Crypto/stocks trading	Limited

Plus (£3.99/month)

Feature	Details
Everything in Standard	✓
Fee-free ATM	£400/month
Disposable cards	Unlimited
Custom card design	✓
Purchase protection	✓
Priority support	Some

Premium (£7.99/month)

Feature	Details
Everything in Plus	✓
Fee-free FX	Unlimited
Fee-free ATM	£800/month
Travel insurance	Comprehensive
Overseas medical	✓
Lounge access	Limited
Device insurance	✓

Metal (£14.99/month)

Feature	Details
Everything in Premium	✓
Cashback in Europe	Up to 1%
Metal card	Premium feel
Concierge	✓
Priority support	Best
Exclusive offers	✓

What Revolut Does Best

1. Foreign Exchange

FX Feature	Details
Exchange rate	Interbank rate (best available)
Weekday markup	0%
Weekend markup	Small (0.5-1%)
Currencies	30+
Multi-currency accounts	Hold money in different currencies
FX alerts	Notify when rate hits target

Revolut’s FX is genuinely excellent — better than any high street bank and most competitors.

2. International Transfers

Transfer Feature	Details
Speed	Often same-day
Fee (Standard)	1 free/month, then small fee
Fee (Premium+)	Unlimited free
Rate	Interbank
Countries	150+

Cheaper and faster than traditional banks for sending money abroad.

3. Multi-Currency Accounts

Feature	Details
Hold currencies	30+
Local details	Bank details in some currencies
Auto-convert	Or hold and spend
Salary in foreign currency	Possible

Great for freelancers paid in USD/EUR or anyone with multi-currency needs.

4. Feature-Rich App

Feature	Available?
Stocks trading	✓ (commission-free, limits apply)
Crypto buying	✓
Savings Vaults	✓
Round-ups	✓
Budgeting	✓
Bill splitting	✓
Subscriptions tracking	✓
Rewards	✓

Where Revolut Falls Short

1. Not FSCS Protected (Repeat Warning)

This cannot be overstated. For a “spending” account with hundreds of pounds, fine. For serious savings, use an actual bank.

2. Customer Service

Issue	Reality
No phone support (Standard)	Chat only
Response times	Can be slow
Complex issues	Sometimes frustrating
Premium support better	But still imperfect

Revolut’s customer service is often criticised. For simple issues it’s fine; for complex problems, it can be painful.

3. Free Tier Limits

Limit	Standard
Fee-free FX	£1,000/month
Fee-free ATM	£200/month
After limits	Fees kick in

Exceed limits and you’ll pay fees. Power users often need Plus or Premium.

4. Weekend FX Markup

Day	FX Rate
Monday-Friday (market hours)	Interbank (0% markup)
Weekend	0.5-1% markup
Exotic currencies	Higher markup

Plan larger exchanges for weekdays.

5. No Cash Deposits

You cannot deposit cash into Revolut at all. If you receive cash regularly, this is a dealbreaker.

Revolut App Features

Everyday Banking

Feature	Available?
UK bank details	✓
Direct debits	✓
Standing orders	✓
Apple Pay / Google Pay	✓
Instant notifications	✓
Card freeze	✓

Savings & Investing

Feature	Available?
Savings Vaults	✓
Round-ups	✓
Stocks	✓ (commission-free with limits)
Crypto	✓
Commodities	✓

Security

Feature	Available?
Biometric login	✓
Disposable virtual cards	✓ (paid tiers get more)
Card controls	✓
Location-based security	✓
3D Secure	✓

Who Is Revolut Best For?

Ideal Users

User Type	Why Revolut Works
Frequent travellers	Best FX rates
International workers	Multi-currency accounts
Money senders abroad	Cheap international transfers
Feature enthusiasts	Stocks, crypto, rewards in one app
Freelancers paid in USD/EUR	Hold and convert when favourable

Not Ideal For

User Type	Why
Main bank (large balances)	Not FSCS protected
Cash handlers	No cash deposits
Customer service prioritisers	Support can be weak
Simple needs	Overwhelming feature set

Revolut vs Competitors

Feature	Revolut	Monzo	Starling	Chase
Foreign exchange	Best	Good	Good	Good
Multi-currency	Yes	No	No	No
FSCS protected	No	Yes	Yes	Yes
Stocks trading	Yes	No	No	No
Crypto	Yes	No	No	No
Budgeting	Good	Best	Good	Basic
Cash deposits	No	Yes (fee)	Yes (free)	Yes
Customer service	Weak	Good	Best	Good

How to Open a Revolut Account

Step	Details
1. Download app	iOS or Android
2. Enter details	Phone number, personal info
3. Verify ID	Photo ID + selfie
4. Top up	Add money via card or transfer
5. Order card	Physical card ships free

Requirements

Requirement	Details
Age	18+
UK resident	Yes (or other supported countries)
Valid ID	Passport, driving licence, or national ID
Phone number	Required

Using Revolut Safely

Recommended Approach

Account	Purpose
Revolut	Spending, travel, FX, small amounts
FSCS-protected bank	Main account, salary, savings
Keep in Revolut	Only what you’d spend

Don’t keep your emergency fund or significant savings in Revolut.

Maximum Suggested Balance

Risk Tolerance	Suggested Max
Conservative	£500-1,000
Moderate	£1,000-3,000
Comfortable with risk	£3,000-5,000
Not recommended	£10,000+

The Bottom Line

Revolut is best for: Foreign exchange, travel spending, international transfers, and feature-rich mobile banking as a secondary account.

Revolut isn’t best for: Main banking, large balances, savings, or anyone prioritising deposit protection and customer service.

Verdict
Best feature	Foreign exchange rates
Worst feature	No FSCS protection
Best for	Travellers, international payments
Avoid if	You want a primary savings account

Pro tip: Revolut + Monzo/Starling/Chase together gives you the best of both worlds — Revolut for FX and travel, a proper bank for security and savings.