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Revolut Premium Review: Is It Worth Upgrading Your Revolut Plan?

Category Merida , Mexico Updated on January 18, 2024

Are you considering upgrading to Revolut Premium ?

The Revolut Premium card offers a lot more benefits than the free Standard plan.

But the truth is, it’s not going to be worth it for everyone.

In this Revolut Premium review , you’ll learn everything that the Premium plan has to offer to help you decide where you should upgrade.

You can also check out my complete Revolut Review to see everything that Revolut has to offer.

What is Revolut Premium?

Revolut Premium is a paid plan that Revolut offers.

It unlocks a lot of extra benefits for Revolut users.

The most significant benefit is the unlimited foreign exchange at the interbank exchange rate through the Revolut app. You’ll also get access to other exclusive features for:

• Travel benefits
• Security and protection
• Savings and investments
• Customer support

Revolut Premium is Revolut’s mid-tier plan that sits between the Free Standard plan and the higher-tier Metal plan.

Revolut Premium Review Of Key Features

Revolut Premium comes with a bunch of cool features .

I will do a Revolut Premium review of the top ones to help you decide if upgrading your plan is worth it.

It’s worth noting that Revolut offers different features depending on your country. I have covered each country as best as possible to point out individual features.

Let’s dive in!

Unlimited Foreign Exchange And Transfers

Foreign exchange fees add up when you’re overseas.

With Revlout Premium, that’s an issue of the past. You can send money overseas at the real international exchange rate. This means you can check the current exchange rate in Google and it will be very similar to what Revolut is offering.

I have found that Revolut’s exchange rate is better in some cases.

Need to send money overseas?

You can do direct bank transfers into over 140+ foreign currencies through the Revolut app at the interbank exchange rate. Your first 10 transfers each month on Revolut are free in most countries.

Revolut also allows you to hold money in 10+ fiat currencies. They can supply local bank account details so you can even receive money in foreign currencies.

This can save you a ton of money if you get paid in a different currency from your home currency.

It’s also possible to set up direct debit and recurring transfers on Revolut as well!

The unlimited foreign exchanges and transfers are what make Revolut Premium so attractive.

You will save a ton of money overseas while using the debit card and it certainly beats using traditional banks.

The Standard Revolut plan caps the amount of free currency exchanges you can make each month. If you use Revolut as your everyday debit card, the Premium plan will save you a lot of money.

The currency exchange benefits on Revolut are the best of any digital bank available at the moment!

No Fees On ATM Cash Withdrawals

Here’s the truth:

I hate paying ATM withdrawal fees. If you have ever stomached the $8 USD fee that Thailand banks charge to make an ATM withdrawal, you’ll know what I mean.

Revolut Premium members get free ATM withdrawals worldwide up to a certain amount. That means that Revolut won’t charge you any fees.

Unfortunately, you might still have to pay fees that the ATM charges, but you can even avoid this in some cases.

The amount you can withdraw depends on where you are from. Here’s a quick breakdown:

• United States – $1200 USD/month withdrawal limit
• Australia – $700 AUD/month withdrawal limit
• UK – £400/month withdrawal limit
• Europe – €400/month withdrawal limit

These limits are about double what the free Revolut Standard plan offers. The Standard plan also only allows you to make 4 ATM cash withdrawals per month.

After you reach the withdrawal limits, you will pay a 2% fee for each withdrawal you make.

This is a pretty good benefit because the withdrawal fees you end up paying on the Standard plan almost cover the Premium plan fees.

If you are traveling to a country where cards are not widely accepted, Premium will save you fees on ATM withdrawals.

One-Time Use Virtual Cards

All Revolut members get access to virtual cards.

These are basically debit cards that only exist within the app itself. You can use the card details to make transactions online without needing a physical card.

Revolut Premium members can unlock one-time-use disposable virtual cards.

That means once you use the card, it’s automatically deleted. Why would you need this?

Firstly it offers a new level of protection. If you make a transaction online and someone steals your card details, it doesn’t matter as much. They won’t be able to use those details again anyway.

Personally, I use it for online payment subscriptions that I’m not sure I want to automatically renew.

When I sign up for something, I put in my one-time-use virtual card so that it can’t be automatically renewed. This is just in case I forget to cancel the subscription if I decide I don’t want it.

Free Global Express Delivery

Most regular banks will only ever send a new credit or debit card to your registered home address.

Revolut will send it anywhere you happen to be!

That means if you’re traveling in a foreign country, Revolut will deliver the card directly to you. This alone is a huge benefit that I have taken advantage of multiple times.

With Revolut Premium, you get Free express delivery of your new card.

Express means you will receive the card within 1-3 business days. You’ll also get free tracking, so you always know where your new card is. I ordered my Revolut Premium card when we were in Bali, Indonesia and it took exactly 3 business days!

This is a big step up from the free Revolut Standard plan.

With Standard, you have to pay your card’s delivery cost and you only get Standard delivery times – usually about 7-11 business days.

LoungeKey Pass Access

Airport lounge access has become a big thing for travelers, remote workers and digital nomads.

And I get it…

Who wouldn’t rather sit in a comfortable lounge area enjoying good wifi and free food?

Ashley and I love a good lounge and we have used the Revolut LoungeKey Pass a number of times.

It gives you access to a network of over 1,000+ airport lounges worldwide.

This network basically includes at least 1 lounge (often 4-5) in every major airport in the world. It can even include smaller airports, especially in the US.

LoungeKey Pass isn’t free.

What’s the benefit then?

You can purchase lounge passes at a discount. Depending on the lounge, you will typically pay about $30 to $35 USD per pass. This is usually 50% to 30% cheaper than you would pay if you just walked up to the lounge.

For 3+ hour layovers, we almost always take a lounge and Revlout usually gets us the best deal.

We usually end up spending $15 to $20 on food and drinks anyway, so you might as well pay that bit extra and enjoy a comfortable lounge as well.

How does LoungeKey Pass work?

On the Revolut app, search for the airport you’re at (you can also buy the passes in advance).

Revolut will then display the lounges that you can access and the features of each lounge.

Now you just select the lounge you want and pay the fee. The fee is deducted from your Revolut balance. You’ll immediately get a QR code that you can take to the lounge and they will let you in. Easy!

The whole process is smooth and instant. While this feature isn’t going to be for everyone, it will save you money if you like to use Airport lounges.

Smart Delay Free Lounge Passes

Want a free lounge pass?

Smart Delay is a feature that can get you and someone else a free lounge pass whenever your flight is delayed by 1 hour or more.

Here’s how it works:

Insert your flight number and flight information into the Revolut app.

Revolut will track your flight and the moment it is delayed by for than 1 hour, they will issue you with 2 free lounge pass QR codes. You take the QR codes to the lounge and you’ll get access for free.

You do have to use the lounge passes within 48 hours. After that, they will expire.

The thing I love about this feature is that Revolut doesn’t try to be stingy. You just put the flight number in and Revolut does the rest. You don’t even need to tell them if your flight is delayed.

Everything is done automatically.

We got free lounge passes once with Smart Delay when flying from Mexico City to Merida as digital nomads . The flight was delayed by an hour and 30 minutes and Revolut delivered the free lounge passes instantly.

I was really impressed.

Travel Insurance & Medical Insurance

Premium Revolut members in the European Economic Area, the United Kingdom and the United States get travel and medical insurance included in their plan.

Australian Premium Revolut users don’t have this benefit and it doesn’t look like Revolut is planning to add it anytime soon.

The above image is the insurance included in Revolut in the United States. Revolut travel insurance differs in benefits, deductibles and max limits in each individual country so make sure you double-check yours.

The Revolut Premium card travel insurance covers:

• Foreign accidental emergency medical expenses
• Emergency dental treatment
• Trip interruption and cancelation protection
• Delayed flights over 4 hours
• Delayed luggage over 4 hours
• Lost or damaged baggage protection

Having insurance included in your plan is a pretty significant benefit, but there are some criteria you need to meet.

Revolut Premium card only covers you for trips that don’t exceed 90 days. You also must have a return flight booked back to your home country.

Now for the big question…

Can you actually rely on Revolut Premium travel insurance?

Yes, you can as long as you meet the requirements to claim. But in all honesty, it’s not a great level of travel insurance. It’s not nearly as good as key competitors like the N26 black card or an AMEX credit card.

Make sure you check out their full policy before leaving for your trip to see if it’s right for you.

As digital nomads, the Revolut Premium insurance doesn’t work for us because we are gone for more than 90 days at a time. Instead, we use SafetyWing or Genki to cover us for travel insurance.

Looking for a good travel insurance provider as a nomad? These companies offer the best travel insurance for digital nomads . If you want a higher level of coverage you might prefer health insurance . Make sure you check out our complete guide on the best digital nomad health insurance .

Priority Customer Support

Support is a big issue on Revolut Standard.

It can take 4-12 hours for their customer service team to message you back. Have a time-sensitive issue? You could be in some trouble.

But that changes with the Revolut Premium Plan.

You get priority customer support which means you’ll get an instant reply. The level of customer service I have experienced has also been much better on Premium than when I was on the free Standard plan.

It’s certainly a significant benefit to getting issues sorted quickly.

Exclusive Premium Design Card

You can’t have a Premium plan without a better card, right?

Revolut Premium cardholders get to choose between 3 different Premium card colors:

You’ll also get an exclusive Premium card design so that people know you are a Premium cardholder. While it’s not as cool as the Metal card, I like that Revolut has done something to make Premium cardholders stand out.

Premium Security & Travel Protection

Revolut security features are excellent.

You can check out the in-app account security features here . But Premium UK and European plan members get a better level of protection while traveling.

The benefits include:

• Theft and purchase protection up to £2,500 per year
• Event ticket purchase protection up to £1000 for UK accounts and €1000 for European accounts per year
• 90-day purchase protection

These benefits offer a decent level of protection if someone steals your card while you’re traveling.

Savings & Investments

Revolut offers a number of saving and investment tools.

This includes:

• Crypto trading
• Stock trading
• Commodities trading
• Savings interest

Revolut Premium cardholders can trade cryptocurrency, stocks and commodities at a cheaper rate.

In the UK and Europe, you pay a 1.5% fee when trading, which is slightly better than the 2.5% that Standard members pay.

You can trade commission-free in the US and Australia anyway, so there are no extra benefits here.

Revolut US and UK Premium plan members also get a better savings rate. You will earn 0.07% APY (Annual percentage yield) on your savings in the United States and 0.40% annual interest paid daily with Savings Vaults in the United Kingdom.

While this isn’t amazing, you get some benefit from storing your money in a Revolut savings vault.

European Revolut members will start to earn interest on savings in 2022.

Revolut Australia doesn’t currently offer any interest on savings and there isn’t any plan to add it in at this stage.

Revolut Premium Pricing

Revolut Premium offers very affordable pricing .

This is how much the current monthly payment is:

• United States – $9.99 USD per month
• United Kingdom – £7.99 per month
• Europe – €8.99 per month
• Australia – $9.99 AUD per month

I think these plans are actually great value for money. The amount of benefits you get far outweighs the amount you pay. The money you save in foreign transactions alone can more than cover the cost of your monthly fee.

Here’s the problem:

You have to sign up for 12 months.

That means that you’re locked in for an entire year. What happens if you want to cancel early?

Revolut will charge you for 2 months as a dishonor fee. While that’s not the worst, it’s something to keep in mind if you are considering upgrading your account.

What if you want to upgrade to Revolut Metal?

You can upgrade your account to Metal at any time without paying any extra fees (except for the additional cost of the Metal plan). You only have to pay the dishonor fee when you downgrade to the free Standard plan.

Keep in mind that when you upgrade your plan from Premium to Metal, the 12-month period starts again.

You can also save 20% if you pay the entire year upfront instead of paying monthly. This is a good idea if you have the cash and are completely committed to Revolut.

Pros And Cons of Revolut Premium

As you can see, Revolut has done a good job of offering some solid benefits for the Premium plan.

Here’s a breakdown of the Pros and Cons of Revolut Premium:

Revolut Premium Pros

• Lots of great features that will benefit digital nomads, travelers and remote workers
• Not that expensive when compared with other travel cards and digital banks
• Unique and exclusive card design and choice of three colors
• Double the free ATM withdrawal limits for most countries including Europe, the UK and Australia
• Lower cryptocurrency and stock trading service fees at just 1.5%.
• Easy and fast plan upgrade process
• Express delivery of Premium card is only 2-5 business days

Revolut Premium Cons

• Have to commit to 12 months on the Premium Plan
• Travel insurance covers trips only up to 40 days
• Plan benefits can vary significantly depending on your country of residence

Revolut Premium vs Revolut Standard vs Revolut Metal

Looking for a direct comparison of all the plans that Revolut offers?

Here is a curated breakdown of the features and benefits of the Revolut Standard, Premium and Metal cards.

New Revolut Plus Card

Revolut has recently launched the Plus plan.

They have only rolled it out to UK and European citizens and residents. It costs:

• United Kingdom – £3.99 per month
• Europe – €3.99 per month

The extra benefits might be worth it for some people because the pricing is so low. The Revolut Plus additional features include:

• 24/7 priority customer support
• Better international ATM cash withdrawals
• £1,000/year limit purchase protection
• Higher interest on your savings

Personally, it hasn’t got me that excited because you might as well just make the jump to Premium at that point.

We will have to see if they roll it out to Australia and the United States in the future.

Wrapping It Up

Revolut is a great digital banking solution.

The Revolut Premium plan adds more benefits to the already great Revolut debit card and app.

But the main question…

Is it worth paying the fee and upgrading your plan to Revolut Premium?

Yes, if you are traveling regularly and use Revolut as your primary way to make everyday card payments, it’s a no-brainer in my opinion.

The unlimited foreign exchange and international transfers are big benefits that alone make it worth it. The extras can also be beneficial depending on your situation.

Sign up for Revolut Premium here .

It might even be worth you upgrading to the Metal card plan, which I am now on.

If you don’t travel regularly or mostly travel in your home country, Revolut Premium won’t offer as many benefits. This is especially true if you can’t take advantage of the included travel insurance.

Want to learn all the benefits you get with Revolut? Check out my full Revolut Review .

Frequently Asked Questions

What benefits do you get with revolut premium.

With Revolut Premium you get a whole bunch of benefits. You’ll get unlimited foreign exchange transfers, high ATM withdrawal limits and a ton of extra travel features. The benefits you can get from Revolut Premium far outweigh the fees you pay for it.

Is Revolut Premium worth getting?

Yes, Revolut Premium is worth getting if you travel regularly and plan to use Revolut as your everyday card. The savings alone on the international transaction fees make it worth the monthly fee.

How much is Revolut Premium a month?

The price of Revolut per month varies depending on your country. Here’s how much Revolut Premium costs per month in each country:

- United States: $9.99 USD per month - United Kingdom: £7.99 per month - Europe: €8.99 per month - Australia: $9.99 AUD per month - Singapore: $9.99 SGD per month - Japan: ¥980 per month

What is the difference between Revolut Premium and Metal?

The difference between Revolut Premium and Metal is the benefits you get. With Revolut Metal you get higher free ATM withdrawal limits, 1% cashback on international transactions, a card made from real Metal, higher purchase protection and better travel features.

What happens if I want to cancel Revolut Premium?

Revolut Premium plans are locked in for 12 months, which means that if you cancel your plan or want to downgrade to Standard, you will need to pay a dishonor fee (equal to two months of your plan).

If you cancel within 14 days, you will receive a full refund of the fees you paid, minus the cost of the Premium card and postage.

If you cancel after 10 months, you will not receive any refund but will also not need to pay the dishonor fee.

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Revolut Premium Review

Olivia Willemin

Writing for Monito, Olivia is here to help users navigate the world of money transfer fees, exchange rates, and tips and tricks that help you make your best decisions.

Byron Mühlberg

Monito's Managing Editor, Byron has spent several years writing extensively about financial- and migration-related topics.

Links on this page, including products and brands featured on ‘Sponsored’ content, may earn us an affiliate commission. This does not affect the opinions and recommendations of our editors.

According to our extensive research, Revolut Premium, the mid-tier offering from fintech giant Revolut, is one of the best premium digital accounts you can open. With its panoply of savvy features and its modest price, Revolut Premium stands out among premium account offerings and rivals more expensive plans from Revolut and elsewhere. 

In this short review, we unpack what makes Revolut Premium special compared to other Revolut plans and how it stacks up to other premium offerings from competitors. Then, we offer our verdict on whether or not Revolut Premium might be worth it for you!

In our view, Revolut Premium is the clear leader of Revolut's plans and the best paid online account for most people. With its low costs and abundant benefits, it's the ideal account for users looking for many perks at home and abroad. ✨ Get three months of free Revolut Premium with our exclusive link (valid for first-time users upgrading within 72 hours of account opening before 31 Dec 2023 - T&Cs apply ).

Key Facts About Revolut Premium

However, before we look more closely at the details, let's take a look at the table below to get an overview of Revolut Metal's most interesting features and what we think about them:

Last updated: 28/04/2021 ¹ Discounted when paid upfront on an annual basis

Pricing and Minimum Duration

Revolut Premium, priced at £6.99 (or €7.99 or $9.99) a month, belongs to what could be called the "middle tier", between the cheap Revolut Plus and the pricier Revolut Metal. In its category, it stands on the more expensive side: it's cheaper than N26 You, which costs €9.90, but a bit more expensive than its main UK competitor, Monzo Plus, which costs £5 a month. Monese Classic is also cheaper, at £5.95 (€5.95), and even £4.16 (or €4.16) per month if you pay for a year upfront — albeit with fewer fancier features.

Revolut Premium does have a minimum contract duration of one year, but if you can afford to, it makes paying upfront a no-brainer since doing so gives you a discount of about 20%, resulting in a monthly price of £6 (or €6.84 or $8). If you live in the UK, that makes it a bit more competitive with Monzo Plus, which does, however, offer a slightly more convenient minimum contract of 3 months only.

Travel Features 

Like Revolut's more expensive Revolut Metal plan, Premium has many travel-oriented features. As of November 2022, your Revolt Premium account allows you fee-free international transfers and a 20% discount on incurred costs, a significant downgrade from its previous offering of unlimited transfers and payments to thirty supported currencies. If you need cash abroad, you can withdraw up to £400 (or €400) every month for free, though that limit also applies at home. 

Revolut Premium also comes with travel insurance, which covers medical emergencies — including if they happen on a ski slope, for example — as well as delayed luggage and late flights for trips of up to 40 days. On top of this, if one of your flights is delayed by more than an hour, you'll also get to wait for it in a lounge for free, thanks to SmartDelay.

These features are a rarity at that price point: only N26 You has a comparable offer, and it's not available in the UK.

Everyday Protection

While travel insurance is a flashy perk, you might make more use of Revolut Premium's "everyday" features, which are unique offerings for a fintech app. First, they include purchase protection for up to £2,500 (or €2,500) a year in case of accidental damages or theft. If you were planning to attend an event that ends up being cancelled, you could get your tickets reimbursed — up to £1,000 (or €1,000) per year — and you also get a 90-day window to return purchases if the seller's policy is shorter.

These features are also included with Revolut's cheaper Plus plan, though its purchase protection only goes up to £1,000 (or €1,000) a year, and it doesn't come with Premium's 20% discount if you want to insure your phone through Revolut.

While fintech apps like Revolut started by mainly focusing on current accounts, with no real saving opportunity beyond basic "pots" that don't accrue any interest, they have recently become more and more advanced by including savings accounts, on which Revolut Premium subscribers get preferential treatment. Here's what Revolut Premium has to offer:

• Savings: Revolut's most basic offering in this domain is their savings "vaults", — which are only available in the UK and the US for now. Revolut Premium UK users get a pretty good 2.25% APY on savings – calculated daily – which means that for every £1,000 they keep in such a vault for a year, they'll have accrued £22.5 in interest after twelve months. In the US, Premium users get a less impressive 1.20% APY, which translates to $10.20 for every $1,000 held yearly in a savings vault. However, they get monthly bonus interest on an amount of their savings equivalent to their spending with their Revolut card over the last month. The bonus is set at an annual 4.5% rate, which, divided over 12 months, translates to a roughly 0.367% monthly rate: if at least $1,000 are kept in a savings vault, $1,000 spent with the Revolut card over a month means a $3.67 bonus interest the following month.

Exclusive Card Design

Mid-tier fintech app plans usually come with an exclusive card design, and Revolut Premium is no exception. You get to choose between three metallic finishes in space grey, silver, and rose gold, though your card is still plastic — you'll have to upgrade to Metal if you want something fancier. Still, if you're tired of Revolut's primary purplish card, it might make an exciting change!

Other Features

On top of all of this, Revolut Premium also comes with a host of other valuable features, often shared with Revolut Premium:

• As we have seen, you get up to £400 (or €400) in free cash withdrawals every month, up from 200 with the free and Plus plans.
• Your first international payment includes both cross-border and SEPA payments for free each month.
• You get 24/7 priority customer support.
• Any card you order is delivered for free with express shipping.

Is Revolut Premium Worth It?

As you have seen in our examination of its features, Revolut Premium is packed with features to a level that almost rivals the more expensive Revolut Metal plan and, that put, rivals most other fintech apps' offerings at any level. Not only do you get access to smart sending in different currencies, but you also get a generous insurance package, both abroad and at home, to make sure that your money works for you.  

If you are not going to rent cars that often, and especially if you don't need or want a metal card, the Revolut Premium plan offers everything you might need from an online account, at a lower cost than any other competitor. 

Of course, if you know you're not going to spend much time abroad and already have your ways of investing your money, it might be best to consider whether you genuinely need to pay a premium for your account. That said, if you trust Revolut and want to benefit from a slightly higher level of service in mobile finances, Revolut Premium might be the right choice for you!

If you like the sound of Revolut Premium and are considering opening an account, we recommend checking out their terms and conditions first to make sure it makes sense for you. You can also use our exclusive link to get three months of Revolut for free ( T&Cs apply ). You'll need to upgrade to Revolut Premium within 72 hours of opening your Revolut Standard account, which gives you a few days to test out the app and see how you like it.

FAQ About Revolut Premium

Yes. Revolut is now available to US users, along with all of its premium plans, including Revolut Premium.

Revolut Premium is packed with benefits. Not only do you get access to a smart online account and low-cost spending in different currencies, but you also get a generous insurance package, both abroad and at home, to make sure that your money works for you.

The answer depends on your needs. In short, if you're not going to rent cars often, and especially if you don't need or want a metal card, the Revolut Premium plan offers everything you might need from an online account, at a lower cost than any other competitor.

Revolut Premium is worth it for many people, but not for everyone. In short, if you're not going to rent cars often, and especially if you don't need or want a metal card, the Revolut Premium plan offers everything you might need from an online account, at a lower cost than any other competitor.

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Allianz Partners Launches Travel Insurance Cover for Revolut

Insurance giant Allianz Partners has announced the launch of a new travel insurance service for Revolut customers, which see the industry leader pairing with one of the world’s leading digital banks. 

According to reports. Allianz Partners will provide its comprehensive  travel insurance services to those Revolut customers who hold a Premium or Metal Account, initially in 31 markets across the UK and the EEA.

New cover from Allianz will protect Revolut customers from covid travel disruption

The new travel insurance products will be available via Revolut’s financial super-app’s Premium and Metal account holders. It will insure customers against a number of eventualities, including trip cancellations and interruptions caused by pandemics or epidemics, such as Covid. 

As part of the collaboration deal, Revolut Premium and Metal Account holders will also be able to access a number of travel insurance benefits within Revolut’s easy-to-use app. The Allianz insurance package includes protection for overseas medical emergencies, trip cancellation, trip interruption, lost or delayed baggage, and winter sports cover. 

Reports say customers will also benefit from an around-the-clock medical assistance hotline and several added perks offered by Allianz Partners. The Premium plan provides cover for children or dependents up to the age of 17 while cover for Metal account holders offers extended travel liability cover and car hire excess.

Speaking about the new collaboration and product offering, Balazs Gati, global head of insurance at Revolut , explained, “Offering Travel insurance with Allianz Partners will give a significant boost to Revolut customers’ confidence.”

He added, “Our financial superapp offers a wide range of innovative in-app services in addition to those associated with banking and finance, with insurance a valuable asset in our product portfolio.”

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How to use Revolut for travel – 15+ ways to save money and time abroad

Finally, i have gotten to the point where i get to talk about my absolute favorite pre-paid debit card: revolut. i use it almost daily since moving to switzerland 5 years ago and have used it in a lot of countries, including japan , the maldives , iceland , sweden , the us, the czech republic , turkey, dubai, israel, poland , and all around the european union. i have specified all of these countries because they all have different currencies, and revolut was incredibly easy to use in all of them. so read more if you want to know how to use revolut for travel expenses and save money and time abroad..

Revolut is an online financial company that offers a range of financial services, including accounts and currency exchange, through its financial mobile app. One of the most popular features of Revolut is its pre-paid travel card, which allows users to spend money abroad without incurring high fees or incredibly high exchange rates. With Revolut, you can easily manage your money while on the go, making it a popular choice for frequent travelers.

Revolut’s travel card offers a number of benefits that make it an attractive option for those looking to save money while traveling. One of the key advantages of the card is that it allows users to spend money in over 150 currencies at the real exchange rate, which is often much lower than the rate offered by traditional banks.

Additionally, users can withdraw up to a certain amount of money from ATMs each month without incurring any fees (from Revolut, the ATM itself can incur fees though), making it a convenient option for those who need cash while traveling. Overall, Revolut’s travel card is a great option for those looking to manage their money efficiently while on the go.

Of course, it does have some situations when you’ll have to pay fees. Nothing is free in life, after all, and as a business, they need to make money to be able to keep the lights on. What matters is that these fees are transparent, you will always know about them before performing any action, and you can plan some things ahead so that you avoid some of them altogether. In case you didn’t know, I have a full list of free travel apps , and I absolutely loved checking all of them out for you.

And one very special disclaimer I need to make, apart from the usual one. All the information published here is valid at the moment of publication, to the best of my knowledge. Since the subject of money and healthy financial decision-making is of great importance to me, please check out the detailed Terms & Policies from Revolut for the most up-to-date information. If in doubt, always seek professional advice, no matter what anyone else might tell you.

Also, even if the Standard subscription for Revolut is technically free, it doesn’t mean that it doesn’t have limits in place. You’ll have to check each situation you will use it in to see if any fees will occur. For example, ATM withdrawals are free under a certain amount per month, transfers are free under a certain amount as well, and so on. Free does not mean limitless, so check this out every time you want to make a change. Luckily, Revolut has a very transparent fee model, and you’ll know before you click what will be fees that will apply to you.

Yes, it’s true guys, there might be affiliate links in this awesome, free post. This means that if you decide to buy something that you find here, and you use one of my links to do so, I will earn a small commission at no extra cost to you. I plan to use this money on ice cream, chocolate, and to travel more so I can write these useful guides for you. As an Amazon Associate, I earn from qualifying purchases.

Table of Contents

Using revolut abroad – the basics.

Using Revolut abroad is a great way to save money on foreign exchange fees and to have access to your funds while traveling. Here are some basic tips to keep in mind when using Revolut abroad:

• Activate Your Card: Before traveling, activate your Revolut card and verify your identity in the Personal Details section of the app. This will ensure that you can use your card without any issues.
• Top Up Your Account: To use your Revolut card abroad, you will need to top up your account with funds. The best way to do this is via a bank transfer, as it has no fees from Revolut (it can have fees from your bank though, but you’ll have to check this with them). You can also use a debit or credit card, but there may be fees associated with this.
• Use the Correct Currency: When using your Revolut card abroad, make sure to use the correct currency for the country you are in. Revolut supports over 150 currencies, so you can easily switch between them in the app.
• Avoid Weekends: Revolut adds some fees on weekends for certain actions like currency exchange, so it is best to plan such activities during the weekdays.
• Withdraw Cash Smartly : Revolut offers free ATM withdrawals up to a certain limit. However, some ATMs may charge additional fees, so it is best to withdraw larger amounts of cash to avoid multiple transactions.

As you can see, using Revolut abroad is a great way to save money on foreign exchange fees and to have access to your funds while traveling. With a little bit of planning and preparation, you can use your Revolut card with confidence and ease.

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Go cashless with revolut.

One of the very first things I can tell you is that I have started to use cash less and less since I have Revolut . In both Iceland and Sweden, I haven’t even seen a coin or bill. In Japan, we withdrew money from ATMs as the country itself is still quite cash-demanding, but we used the card as well.

Since it provides so many options to go cashless, I love Revolut for this now. You have the physical card, of course, but you also have virtual cards you can use. You can also add it to ApplePay or other wallet apps, send and receive money easily and instantly if it’s between Revolut users, and use all of the other cool features that enable you to go cash-free.

Making Payments

Revolut offers an array of convenient ways to make payments while traveling. Users can make instant payments worldwide, hassle-free, and at great rates. Here are some ways to make payments with Revolut:

• Physical Card: Ensure to order a physical card in advance for card-present payments and cash withdrawals. With a physical card, users can make payments at any Point of Sale (POS) terminal that accepts Mastercard or Visa.
• Virtual Card: Users can create virtual cards on their Revolut app. Virtual cards are ideal for online payments, as they provide an extra layer of security. Users can create a virtual card for each online store they use, and if the card is compromised, they can delete it without affecting other cards.
• QR Code: Revolut users can make payments using QR codes. To pay with a QR code, users need to scan the code using their Revolut app and confirm the payment amount.
• Peer-to-Peer Payments: Revolut allows users to send and receive money instantly with other Revolut users for free. Users can also send money to non-Revolut users by using their phone number or email address.

It is important to note that Revolut charges a small fee for some transactions, such as ATM withdrawals and currency exchange, especially for bigger amounts of money. Users should check the fees and limits section of the app before making any payments.

Exchanging Currency

When traveling abroad, exchanging currency is a necessary task. With Revolut, travelers can exchange over 30 currencies at real rates with no admin fee. When exchanging currency, Revolut offers several options to choose from. Users can either exchange currency manually or set up automatic exchanges to avoid travel fund shortages.

It’s important to note that a small fee can apply for exchanging currencies, especially if doing so during the weekend or for bigger amounts of money in any rolling 30-day period. Before performing any exchange, you will see in the app if you have any incurring fees that will be added to your transaction. This way, you can decide for yourself if you’re willing to pay the price or not.

Send money to other Revolut users

Whether they are traveling with you or not, your friends might benefit from instant transfers if they’re Revolut users. Especially if you’re traveling as a group, common expenses will appear all the time, and it’s so easy to send money like this. The app basically works like a chat to send money, this is how simple it is.

The transfer will be instant if the recipient has a Revolut account, and they will receive a notification of the transfer. If they don’t have a Revolut account, they will receive a text message with instructions on how to sign up and claim the transfer. Revolut offers free transfers to other Revolut users, so you won’t have to worry about any fees or hidden costs.

There are quite a few ways to send money to group members through Revolut, and I will go into more detail below. But keep in mind that you can either send them money straight away, request money yourself from other people, use the Split the Bill feature, or even have group vaults.

Splitting bills in a group

When traveling with a group, splitting bills can be a hassle and cause unnecessary stress. Fortunately, Revolut offers a feature called Group Bills that makes it easy to split expenses with friends and family. To get started with Group Bills, simply create a group and invite your friends or family members to join.

Once everyone has joined, you can start adding bills to the group. Each bill can be split evenly among the members or you can specify how much each person owes. Revolut also allows users to add notes and receipts to each bill, making it easier to keep track of expenses and avoid any confusion or disputes.

When it’s time to settle up, Revolut makes it easy to transfer money between group members. You can either transfer the full amount owed or just a portion of it.

It’s important to note that Group Bills might be only available for users with a Premium or Metal account. However, even if you have a Standard account, you can still split bills with other Revolut users by using the Split Bill feature.

Overall, Revolut’s Group Bills feature is a convenient and stress-free way to split expenses when traveling with a group. By using this feature, you can avoid awkward conversations about money (I’m not the only one who feels that discussions about money are shameful, right?) and ensure that everyone pays their fair share.

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Using vaults for common expenses.

Another way to handle shared expenses with your group is by using Vaults. This is a feature that allows users to save money for specific purposes, such as (what a coincidence) travel expenses. This feature can be used to save for common expenses that travelers may encounter, such as accommodation, transportation, food, and activities.

To use Vaults for common expenses, travelers can create a Vault for each expense category and set a savings goal for each. For example, a traveler may create a Vault for accommodation and set a goal of $500. The traveler can then add money to the Vault as they save for their trip.

Using Vaults for common expenses can help travelers budget for their trips more effectively. By setting a savings goal for each expense category, travelers can ensure that they have enough money to cover all of their expenses without overspending.

In addition to setting a savings goal, travelers can also set up recurring transfers to their Vaults. This can help them save automatically and avoid the temptation to spend money that they have set aside for their trip. Travelers can also use Group Vaults to save money with friends or family members who are traveling with them. This can be useful for shared expenses, such as accommodation or transportation.

Using Vaults for common expenses can help travelers budget for their trips more effectively and avoid overspending. By setting a savings goal for each expense category and using recurring transfers, travelers can ensure that they have enough money to cover all of their expenses and enjoy their trip without worrying about money.

Setting Money Aside for Trips

Traveling can be expensive, and it’s important to budget accordingly. One way to do this is by setting money aside specifically for your trip. With Revolut , setting money aside for trips (or anything else really that you know you need to save for) is easy and convenient.

Revolut offers two features you can use to save money: Vaults and Pockets. Vaults allow you to add money to a fund (or multiple), similar to a money jar you would have on your counter. You can set recurring deposits so that you ensure you have constant input, and you can even set it so that it sends any loose change to one of the vaults. This is actually cool as you won’t miss those few dollars you save from every purchase you make, but it will all add up in your vault.

Pockets are a way to budget accordingly. Basically, you create collections of bills for different purposes, like household needs, recurring fees, and so on, and it keeps you on track with your spending habits. If you want to be financially responsible, knowing your expenses and having a good overview will help you immensely with this.

Paying for Accommodation and Flights

When it comes to paying for accommodation and flights, Revolut offers several options to make it easier for travelers to manage their expenses. They also provide cool benefits like cashback and awesome exchange rates, so booking your travel needs with Revolut is not only easy but also beneficial.

One of the simplest ways to pay for accommodation and flights is to top up your Revolut account and use the funds to make payments directly. This method is especially useful for those who prefer to have a set budget for their trip and want to avoid overspending. Also, sometimes it’s better to book them in the currency of the other party, especially when it comes to accommodation.

Revolut also offers virtual cards that can be used to pay for accommodation and flights. These cards are generated within the app and can be used for online purchases. They are especially useful for those who prefer to keep their physical card details secure and avoid the risk of fraud. We’ll discuss more about these safety features later, don’t worry, just keep it in mind for the moment.

Withdrawing Money at ATMs

Revolut offers its users a convenient and cost-effective way to withdraw cash while traveling abroad. With more than 55,000 in-network ATMs, Revolut makes cash withdrawals easy, fast, and free (under certain conditions). Users can withdraw up to $200 per month at out-of-network ATMs with no hidden fees.

When withdrawing cash from an ATM, it is important to choose either a ‘checking’ or ‘savings’ account. If the ATM asks whether you would like to complete the transaction ‘with conversion’ or ‘without conversion’, you should always choose ‘without conversion’. As a rule of thumb, users should always opt to be charged in the local currency of the country they’re in.

Revolut users should also pay attention to the “Charged by ATM” amount when checking their latest transactions. If the amount is equal to the fixed amount that the user was trying to withdraw, there is no additional fee. For example, if a user is trying to withdraw 5000 JPY in Japan and the “Charged by ATM” amount is also 5000 JPY, there is no additional fee.

It is important to note that Revolut offers a free withdrawal limit of up to 200 EUR/USD/GBP per month for basic service users. While exceeding the limit, a fee is charged. The limit mentioned above is reset after a month from the moment of making the first withdrawal.

To ensure a smooth and hassle-free experience while traveling, Revolut users should verify their identity in the Personal details section, order a physical card in advance for card-present payments and cash withdrawals, and top-up their account via bank transfer. Adding money automatically can help avoid travel fund shortages.

Using One-Time Cards

Revolut offers a unique feature called one-time cards that can be used for online purchases. These virtual cards are a great way to protect your primary card from fraud and unauthorized transactions. Especially when you’re making payments for more “exotic” things, like accommodation bought from a local guesthouse in a 3rd world country, single-use cards are a great way to protect your money from fraud.

One-time cards are generated for a single transaction and are destroyed after. Once the transaction is complete, the card becomes invalid, and a new one must be generated for the next purchase. This feature is particularly useful when making purchases on unfamiliar or untrusted websites. To use one-time cards, simply generate a new virtual card in the Revolut app , set a spending limit, and use it to make the online purchase. The spending limit can be set to a specific amount or expire after a certain time period, adding an extra layer of security.

One-time cards can also be used for recurring payments, such as subscriptions or memberships. By setting a spending limit and expiration date, you can ensure that the subscription is canceled automatically if the card is no longer valid. Another advantage of using one-time cards is that they do not reveal your primary card number, adding an extra layer of privacy. If a merchant’s website is compromised, your primary card details will not be exposed, reducing the risk of fraudulent activity.

If you’re worried about the safety of your items while traveling, check out my detailed post on ways to keep your valuables safe while traveling . You’ll find it quite useful, I’m sure!

Blocking Features for Security

Revolut offers several blocking features to help ensure the security of your account and your money while traveling. These features can be accessed through the app and can be used to block or unblock your card, set transaction limits, and more.

One of the most useful blocking features is the ability to block and unblock your card instantly. This can be done through the app, and it allows you to quickly and easily prevent any unauthorized transactions from taking place. If you suspect that your card has been lost or stolen, you can block it immediately to prevent any further transactions from occurring. Once you have found your card or received a replacement, you can unblock it just as easily.

Another useful blocking feature is the ability to set transaction limits. This allows you to limit the amount of money that can be spent on your card in a given period of time. For example, you can set a daily limit on ATM withdrawals or a monthly limit on online purchases. This can help prevent fraudulent transactions and ensure that you stay within your budget while traveling.

Revolut also offers the ability to block certain types of transactions. For example, you can disable contactless payments or enable location-based security features if you know that you won’t be using them. This can help prevent your card from being used fraudulently or cloned. In addition to these blocking features, Revolut also offers a number of security features to help protect your account. These include face ID for mobile devices, biometric login, and the ability to freeze your account if you suspect that there has been unauthorized access.

The blocking features offered by Revolut can help ensure the security of your account and your money while traveling. By taking advantage of these features, you can enjoy peace of mind and focus on enjoying your trip. And even more important, you can tailor them to your needs, straight away, from the app.

Keeping Only a Small Amount of Money

When traveling, it is important to keep only a small amount of money on hand to avoid losing a large sum of cash in case of theft or misplacement. Revolut offers a convenient solution for travelers to keep their money safe and secure while on the go. Using the top-up feature, you can keep as little or as much money as you want on Revolut, and keep your main bank card safely at home or at the hotel.

While abroad, you can think of your Revolut card as “the one you can afford to lose”. It’s not planned to do so, but in case it happens, you have minimal damage to your main account. Even if you get robbed, you can just give up on this card and at least you have your main one safe. If you don’t lose your phone in the incident, you can even block the card immediately and you’ll keep your money safe from a distance.

Exchanging Leftover Currency

When traveling abroad, it’s common to have leftover currency when returning home. Unfortunately, exchanging this currency back for your home currency can come with high fees and unfavorable exchange rates, and it’s the last thing you want to worry about right before you leave home, or worse when you arrive back in your home country. However, with Revolut, exchanging leftover currency is easy and cost-effective.

Revolut allows users to exchange over 30 currencies at a competitive exchange rate. This means that users can exchange their leftover currency without worrying about unfavorable exchange rates or high fees, wherever they are, and no matter what amount they have left. I was often left with a few dollars in foreign currency upon leaving a country, an amount any exchange office won’t even accept if I wanted to.

There are also situations when you cannot exchange currency abroad. For certain currencies, you can only get it from inside that country, and that’s it. You cannot get it abroad, at all. So if you have to change it back, you have to take this into account before leaving but keep in mind all the other expenses you have left. This makes you often exchange at the airport before departure, and we all know the exchange rates at the airport offices.

Connecting to Apple Pay or Wallet

Revolut makes it easy to connect your account to Apple Pay or Wallet, allowing you to use your Revolut card to make purchases with your Apple or Android devices. Once you have added your Revolut card to Apple Pay, you can use it to make purchases in-store, online, and in-app. One of the benefits of using Apple Pay with Revolut is that it adds an extra layer of security to your transactions. When you use Apple Pay, your card details are never shared with the merchant, reducing the risk of fraud.

In addition, using Apple Pay with Revolut allows you to take advantage of features like automatic transaction categorization and spending alerts, helping you keep track of your expenses while you travel. Plus, you don’t even take your card out, making you less noticeable to people around you that might be interested in where you’re keeping your wallet.

Creating a Revolut <18 Account

Revolut offers a great solution for parents who want to give their children a taste of financial independence while keeping a watchful eye on their spending. With a Revolut <18 account, parents can easily manage their children’s finances and teach them valuable money management skills. And when you go on vacation and they keep asking for stuff without realizing what a budget is, you might want to teach them this lesson.

What’s nice about this feature is that the parent can control everything to their own liking and comfort. As a parent, you are in full control of how much money your kid has, what expenses are made, and how much or little freedom you give them with this responsibility. This way, you ensure they learn healthy spending habits, and they get to enjoy a bit of independence. I call that a win-win!

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Revolut offers its users the opportunity to access airport lounges all around the world. This is a great feature for those who want to relax and unwind before their flight. In order to access the lounges, Revolut users need to purchase a Lounge Pass through the app.

The Lounge Pass feature is available to all only to Premium and Metal users and provides access to over 1,000 airport lounges worldwide. The Lounge Pass is valid for one visit to a lounge and can be refundable under certain conditions. This offers a nice way to wait for your flight, especially if traveling for business reasons when you might want to catch up on some extra work before take-off.

Revolut users can also access airport lounges through SmartDelay. SmartDelay is a feature that automatically sends Lounge Passes to users if their flight is delayed by an hour or more. This is available to all Revolut Premium and Metal customers. Premium customers can bring one guest into the lounge, while Metal users receive three guest passes.

It is important to note that Lounge Passes are subject to availability and some lounges may be excluded from the Lounge Pass feature. Users should also check the terms and conditions of each lounge they wish to visit, as some lounges may have specific rules or restrictions.

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Using Revolut’s Travel Insurance

Revolut offers travel insurance benefits to its Premium and Metal account holders. The insurance package is provided by Allianz Partners, a leading global insurance company.

To be eligible for the coverage, the account holder must be a resident of the UK or the EEA, between 18 and 75 years of age, and have their primary residence registered with their Revolut account. The insurance covers emergency medical expenses, trip cancellation or curtailment, personal accidents, baggage loss, and more.

The insurance is activated automatically when the account holder travels outside of their home country or more than 100 km further away from their residency home. The coverage is valid for up to 40 consecutive days per trip, with a maximum of 182 days per year. It is important to note that travel insurance is not available to Revolut Standard account holders. Moreover, the insurance does not cover pre-existing medical conditions, extreme sports, or certain high-risk activities.

To make a claim, the account holder must contact Allianz Partners directly through the Revolut app. The claims process is simple and straightforward, and the insurer aims to process claims within 48 hours. Revolut’s travel insurance benefits are a valuable addition to the company’s suite of travel-related services. However, it is important to read the terms and conditions carefully to understand the coverage and limitations of the insurance package.

If you’re planning to only use the Standard Revolut account, I cannot recommend SafetyWing enough. They have a great travel insurance policy that has unbeatable prices, great coverage, and awesome perks like being able to change it on the go and children being insured for free if traveling with their parents. Check out my detailed SafeyWing review for more information.

Referring Friends for Rewards

I know, I know, this is not precisely travel related, but hear me out. Some of these super helpful ways to use Revolut for your travel needs are dependent on your travel companions being Revolut users as well. And to be honest, once you have it, you’ll use it in your home country as well, as it’s just so easy to use for day-to-day things.

Revolut offers a referral program that rewards users for inviting friends to join the platform. The program is a win-win for both the referral and the referrer, as the referral receives an incentive for joining, and the referrer receives a reward for inviting them. The reward for referring a friend varies based on the current promotion, but it can range from a few dollars to as much as $40 per referral. Users can refer as many friends as they want, and there is no limit to the number of rewards they can earn.

It is important to note that the reward is only given once the referral completes certain steps, such as signing up for an account, verifying their identity, and making a transaction using their Revolut card. Users should also keep in mind that rewards may take up to 30 days to appear in their accounts. These steps are clearly stated when you invite your friends, so you both know what you’re getting yourself into.

FAQ about using Revolut for travel expenses

Can revolut be used as a travel card.

Yes, Revolut can be used as a travel pre-paid debit card. It is a digital financial app that offers multi-currency accounts and allows you to spend and withdraw money abroad without hidden currency exchange fees.

Is Revolut good for traveling?

Yes, Revolut is great for traveling. It is a convenient and cost-effective way to manage your money while abroad. It offers free ATM withdrawals, and competitive exchange rates, and allows you to spend in over 150 currencies without any hidden fees.

How to use Revolut abroad?

To use Revolut abroad, you need to ensure that your identity is verified in the Personal Details section. You should also order a physical card in advance for card-present payments and cash withdrawals. Top up your account, make a first payment to ensure it’s activated, and you’re good to go!

How do you spend euros on Revolut?

To spend euros on Revolut, you need to ensure that your account is topped up with euros. You can do this by transferring euros from your bank account or by exchanging currency from other accounts. All of this can easily be done from the app.

What’s the withdrawal limit for euro for Revolut?

The withdrawal limit for Revolut varies depending on the type of account you have, the amount you wish to withdraw, and some other conditions that may apply. Standard accounts have a monthly limit of €200 for ATM withdrawals, while Premium and Metal accounts have a monthly limit of €400 and €600, respectively.

Why get a Revolut card for travel?

Getting a Revolut card for travel is a good idea because it offers a range of benefits, including (mostly) free ATM withdrawals, competitive exchange rates, and the ability to spend in over 150 currencies with transparent fees. It is also a convenient and secure way to manage your money while abroad.

Can I use Revolut for travel?

Yes, you can use Revolut for travel. It is a digital financial app that offers multi-currency accounts and allows you to spend and withdraw money abroad without hidden currency exchange fees.

Can I use my Revolut card abroad for free?

Yes, you can use your Revolut card abroad without additional expenses. Revolut offers (mostly) free ATM withdrawals, competitive exchange rates, and the ability to spend in over 150 currencies.

What are the disadvantages of a Revolut card?

The main disadvantage of a Revolut card is that it is not accepted everywhere. Some merchants may not accept digital financial apps or may charge a fee for using them. Additionally, Revolut may not be suitable for everyone, especially those who prefer traditional banking methods.

Which ATMs can Revolut use?

Revolut can be used at any ATM that accepts Visa or Mastercard. However, some ATM operators may charge a fee for using their machines, and they should state so before you withdraw the money. Revolut has no control over these fees.

How to use Revolut for travel – The takeaway

In conclusion, Revolut is a reliable and convenient way to manage your finances while traveling. With its user-friendly app, competitive exchange rates, and low fees for international transactions, it’s no wonder why so many travelers are turning to Revolut as their go-to financial tool. By following the tips outlined in this article and taking advantage of all that Revolut has to offer, you can travel with peace of mind knowing that your money is safe and secure.

Now that you know better how to use Revolut for travel, you can better decide if it’s a good fit for you or not. So what are you waiting for? Sign up for Revolut today and start experiencing hassle-free travel like never before!

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Safety first

Premium service - travel insurance? credit?

I am trying to get a hold of somebody (not a robot!) to get some questions answered. The phone number is automated and only tells me that I can block my card…

Hoping to get some answers here…

I’m interested in the premium product because 1) I need 12 months of travel/health insurance 2) I need a bank account and opening one in Cork is impossible it appears 3) Ideally I’d like to get an Irish credit card.

I am a Canadian, I’m applying for a 2 year IEC/working holiday visa and need to prove 12 months of travel health insurance. As a non-Irish citizen, would the travel insurance provided by the Premium service cover me? Also, seeing as how it seems to be near impossible to get customer support, would I be able to get a letter/document proving that I have 12 months of coverage?

Does the Premium product offer a credit card? It is important that I begin to establish some kind of Irish credit and a pre-paid visa/mastercard as far as I know does not do that. Is there a secured CC option available?

Is it possible to transfer CAD to EUR? I saw that Eur to CAD is possible but the online demo didn’t offer a CAD - EUR option for the fee-free fX services offered with the Premium service.

Thanks, hope to hear from someone soon!!

Hi, If you want contact with live agent just type live agent in the chat window. Yes, it is possible to convert CAD into EUR No, revolut does not offer credit card at this moment. BTW. I am not sure if you can apply for revolut account if you aren’t EEA citizen…

Two thoughts:

You are in kind of a catch 22 situation. For opening a Revolut account, you need proof that you are a legal resident of a EEA country. Your Visa would be sufficient, but you do not have that yet, right?

The travel insurance does not cover long term stays like working 12 months abroad. It is only for short term trips.

For many of your other questions about the product, the FAQs should be an interesting read.

Yes-- I seem to be stuck between a rock and a hard place. I need to prove 12 months of insurance coverage to get the visa, and I need to get the visa to prove residency >.<

I was told that Revolut may be a solution to my banking woes abroad but it seems that it might not be all that different from a regular bank after all (for non-eu residents at least) . I seem to be having trouble getting someone to confirm whether or not they mean someone living in ireland/EU or a permanent resident in immigration terms when they say ‘resident of EU’.

The FAQ doesn’t answer any specifics about the insurance policy, I’ve tried to find the T&Cs for the insurance policy specifically but have only been directed to the general T&Cs of the app usage.

To be honest, even if the premium service is an option the customer support aspect of my initial experience is making me question whether or not this is a good idea. I finally did get someone on livechat but they don’t seem to be able to answer my question around how they define ‘resident of EU’, or the questions I have about the insurance. They keep insisting I verify my id before I move forward, but all I want to do is get a clear idea of what I’m getting myself into before I offer up my personal details (which I don’t think is an unreasonable request).

Can someone please confirm what qualifies as a ‘resident of EEA’?

Thanks for the responses!

Resident of EEA means a person that is legally allowed to live in the European Economic Area. For that you need a Visa. Most often this would be a work visa, or a visa that allows you to go to school or similar.

Basically EEA is the European Union with a few additional contries such as Swiss.

You are correct (currently) but as Revolut expands to other countries like the USA you will get the same benefits for using Revolut as we currently do in the EU.

For insurance i would just go to one of the big players. Then you can get your Visa and after that a Revolut account.

That is mentioned in the FAQs. Visas are fine. “Residency” is important, not citizenship. If you’re verifying your ID with a passport issued by a country outside of the EEA, you can then add additional documents like a work or student visa. The visa needs to be valid for at least 3 month from the moment on you’re applying. (At least this is what I remember about it.)

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The painful rise in home insurance costs

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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

After years of experiencing gentle inflationary increases in insurance premiums, many homeowners are now getting an unwelcome surprise as they open their latest bills. In the UK, the median cost of home insurance policies rose 36 per cent over 2023, according to Go Compare. In America, some states have experienced 40 to 60 per cent increases since January last year. The lack of affordable property insurance has even driven some to move home. In Australia, there are concerns that many homeowners will ride their luck without cover, after premiums rose by the most in two decades.

A perfect storm of rising costs for insurers’ building and contents policies is behind the surge. First, general claim values have increased as property prices have soared in recent years. Higher building material costs and skill shortages have added to rebuild and repair charges.

Second, climate change has also increased the frequency and severity of extreme weather, which has led to more claims covering everything from fallen roof tiles to rebuilding entire sections of homes. Last year there was a record-breaking number of natural catastrophes causing at least $1bn in insurance losses globally. The pandemic also encouraged more to buy homes in idyllic, but high risk, areas, including coastal regions. Third, a repricing of climate risks has led to a sharp rise in the cost of property catastrophe reinsurance — or insurance for insurance companies.

Premiums have surged as insurers try to repair balance sheets, manage costs, and reappraise climate risks. Some have stopped offering policies altogether. In wildfire-prone California, large insurers, including State Farm, have paused new applications. The state regulates home insurance premiums to protect homeowners, but in some cases that has made business unviable. Several companies have also left Florida, which has frequent episodes of flooding and hurricanes; many households are now covered only by the state-backed insurer of last resort.

Millions of homeowners worldwide are now, however, paying a de facto carbon price, according to industry experts . Home affordability is already a problem in many countries. In the most affected areas, housing demand and prices risk falling sharply. Some places could become ghost towns. And, if more insurers retrench from high-risk areas, burdens on the state will rise further.

As insurance companies recover from recent losses, and inflation falls, there should be scope for more competitive pricing. But firms may be tempted to keep prices higher for longer than they need to be. Regulators should keep a close watch on practices in insurance and reinsurance markets. Ultimately, insurers must get better at understanding and modelling climate risk. Those that can ascertain risk variations between homes in proximity, for instance, could offer more accurate and competitive pricing.

Transparency is essential too. Many customers lack the details to assess whether the risks to their property beyond what insurers tell them. Insurers could also be clearer on why costs are rising. Improved access to information, both on how to improve building resilience and local surveys of flood, wildfire, and other climate risks would help ease information asymmetries.

Yet ensuring fairer and more accurate pricing can only go so far. The only sure-fire way to keep a lid on insurance costs in risky areas is for governments to put more effort into climate mitigation strategies and support for retrofitting, including for flooding, subsidence, storm damage, and heat stress. Regulation can also ensure new properties are built to more resilient standards, and in less risky areas.

Without swifter and deeper action on the effects of climate change at a national and global level, governments will have to underwrite more of the risks themselves, or citizens will have to pay higher premiums. Neither outcome is sustainable.

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