Using the Revolut Card Abroad: Unlocking Global Finances
When using your Revolut card abroad, the world becomes your financial playground. In an age where financial borders are becoming increasingly fluid.
Therefore, this innovative financial tool has redefined the way we handle any exchange rate, ATM withdrawals, direct deposit payments, and everyday spending abroad.
Whether you’re a globetrotter seeking cost-effective solutions or a business traveler looking to streamline your expenses, the Revolut card has much to offer.
In this article, we will delve into the use of Revolut abroad, exploring its features, benefits, and how it empowers travelers to take control of their finances while journeying across the globe.
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Revolut’s app offers a no-fee prepaid debit card, available in virtual or physical form, tailored to your preference.
It enables topping up funds from a debit or bank transfer, allows ATM withdrawals, and facilitates safe payments without any hidden fees, making it an ideal choice for seamless financial management.
The physical card is a prepaid contactless Visa debit card that can be used in UK retailers and abroad. While the physical card can be ordered for free via the app, the postage cost varies depending on the delivery speed chosen.
On the other hand, customers with Premium plans can enjoy free delivery of the physical card.
Revolut’s physical card allows transactions in your base currency and other currencies. When loading money onto the Revolut debit card, you have the choice to convert it into a currency of your preference, effectively locking in the current exchange rate.
Alternatively, you can maintain it as a cash balance in sterling, and when you use your card abroad, Revolut automatically applies the exchange rate at that moment and deducts the appropriate amount in sterling, ensuring ease of use.
If you’re not a fan of traditional banking tools, you can choose a virtual Revolut card. It works in the same way as a physical one. The only difference is that it is in virtual form.
Setting up a virtual Revolut card is a seamless process. The app’s user-friendly interface guides you through the setup steps, ensuring that you can be up and running in no time.
Before embarking on your journey, it is highly advisable to preload your virtual Revolut card into digital wallet platforms such as Apple Pay or Google Pay.
This strategic move offers not only convenience but also a rapid and hassle-free method for conducting contactless transactions using your smartphone.
Does Revolut work abroad?
If you want to use Revolut abroad, you have all the possibilities. While traveling, you can use your Revolut multi-currency account and mobile app wherever you can connect to the internet.
You can receive and send money abroad, stay updated about your balance, and make a currency exchange. All in one Revolut app.
Moreover, you can make ATM withdrawals in over 140 currencies and pay for purchases with a Revolut card, where Mastercard and Visa are supported.
Revolut card abroad: How it works?
When traveling outside of the UK, using your Revolut card is the same as using your regular card at home. You can spend it on everything you wish throughout your trip, including souvenirs, meals, beverages, lodging, and transportation.
However, there are a few essentials that you should know while making international Revolut card payments.
Revolut cards have a different limit for spending abroad. Standard and Plus Revolut cards offer a £1000 monthly limit.
Keep in mind that there won’t be any fair usage fees assessed if your monthly expenditures don’t go beyond $1,000. However, you will be charged a 0.5% fair usage fee for exceeding the limit.
On the other hand, if you use a Premium, Metal, or Ultra card, you have unlimited spending abroad.
Revolut’s extensive ATM network comprises over 55,000 machines, facilitating fee-free withdrawals in various locations and multiple currencies. However, you still should be aware of any extra ATM withdrawal fees.
The monthly limit for fee-free ATM withdrawals is contingent on your Revolut account type:
- Revolut Standard card: 5 ATM withdrawals or up to £200/month.
- Revolut Premium card: £400 fee-free monthly ATM limit.
- Revolut Metal card: £800 fee-free limit for withdrawing cash from ATMs.
There are no hidden fees here. However, exceeding this limit incurs a 1.75% fee, calculated based on the withdrawal amount in the same foreign currency.
The use of Revolut to withdraw cash grants you the flexibility to access money in an alternative currency, employing the interbank exchange rate for that specific day.
Alternatively, you can switch currencies within the Revolut app and withdraw money later or on the following day, ensuring the most favorable exchange rates.
Revolut currency exchange and exchange rate
Revolut offers a convenient solution for currency exchange with control over your currency conversions and cost savings while traveling. Moreover, by making purchases in the local currency with your Revolut card, you can bypass standard foreign transaction fees and instant currency conversions.
Revolut app empowers its customers with knowledge of competitive exchange rates and the flexibility to secure the most favorable one. It eliminates the need to convert currency at the time of spending when exchange rates may be less advantageous.
The app simplifies currency exchange. All you need to do is select the amount and foreign currency you wish to exchange, and Revolut will notify you when the exchange rate is most favorable, guaranteeing you get the best deal.
You can exchange money in 29 foreign currencies within the app. However, if your destination’s local currency is not among these currencies, prepare for your trip by exchanging some money for the local currency.
When it comes to an exchange rate, Revolut employs the mid-market one. It ensures you avoid high markups on currency conversion and helps you save money during your travels.
Moreover, Revolut multi-currency accounts have different exchange limits:
- Revolut Standard: currency exchanges without extra fees up to £1,000/month.
- Revolut Plus: currency exchanges without extra fees up to £1,000/month.
- Revolut Premium: unlimited currency exchanges.
- Revolut Metal: unlimited currency exchanges.
Other Revolut fees
Monthly fee for an account
Revolut, known for its versatile financial solutions, presents four distinct account plans tailored to meet various needs.
Each of these plans has its unique features, associated costs, and fixed fees. This makes it essential to choose the one that aligns best with your financial goals and lifestyle. Here’s a breakdown of the available Revolut account plans and their respective costs:
1. Revolut Standard
The Revolut Standard account is an excellent starting point for those seeking essential financial services. This plan allows you to spend and transfer money abroad with no hidden fees.
With this account, you can access fundamental features, including fee-free ATM withdrawals up to a certain limit, currency exchange at the interbank rate, and convenient spending in multiple currencies.
2. Revolut Plus
The Revolut Plus account is ideal for users who desire enhanced functionality beyond the standard offerings.
For a small monthly fee, you gain access to additional perks, such as higher withdrawal limits, travel insurance, and priority customer support, ensuring a more comprehensive and secure financial experience.
Cost: £2.99 monthly
3. Revolut Premium
Description: With the Revolut Premium account, you can enjoy an elevated level of financial services and protection.
This plan includes all the benefits of the Plus account but extends its offerings with exclusive features. It becomes a valuable choice for frequent travelers and those seeking premium service.
Cost: £6.99 monthly
4. Revolut Metal
The Revolut Metal account is the pinnacle of Revolut’s account offerings. It provides an extensive array of benefits, including a sleek metal card, priority support, and a higher cashback rate on your spending.
This account is designed for individuals who demand a premium banking experience and value the exclusivity and premium status that comes with it.
Cost: £12.99 monthly
Revolut Premium and Metal plans: Travel perks
Clients who have upgraded their plans to Premium or Metal plans unlock even more benefits and advantages within the Revolut ecosystem. These plan upgrades are designed to provide an enhanced and seamless financial experience.
Here’s a closer look at what clients can expect when they make the move to these premium plans:
Revolut Platinum plan is for those who seek elite benefits. Besides the ones that were mentioned before, the Platinum plan offers additional perks:
- 20% discount on fees for every international transfer
- Travel medical insurance.
- 2 complimentary lounge passes for flight delays exceeding an hour (registration is required).
- 1.2% cashback on Revolut Pro
- 24/7 member support.
Moreover, this plan includes a platinum-plated card and subscriptions with Ultra partners like Financial Times, NordVPN, WeWork, ClassPass, and more.
The Revolut Metal Plan is a premium offering from Revolut designed to provide an extensive range of financial and lifestyle benefits.
- Exclusive 40% discount on fees for every international transfer
- Travel medical insurance.
- Flight delay insurance and delayed luggage protection.
- four complimentary lounge passes for flight delays exceeding an hour (registration required).
- up to 1% cash back on card spending in 29 currencies
- Access priority customer support.
Additionally, it offers ten commission-free stock trades monthly and the option to invest in crypto and commodities with lower fees.
Can I use my Revolut card abroad?
Yes. With Revolut, you may convert your funds between multiple currencies at no extra cost. As a result, this versatile feature allows you to make international transactions confidently. You can be sure that you won’t be subjected to high exchange rate markups or hidden costs.
How much does it cost to use a Revolut card abroad?
When using a Revolut card abroad, you can expect costs in the following approximate ranges:
- International transaction fees: Typically 0.5% to 2% for transactions exceeding the monthly limit.
- ATM withdrawal fees: Up to $200 or equivalent in foreign currency per month, with fees for exceeding this limit.
These ranges are approximate and can vary depending on factors like your location and the specific terms and conditions of your Revolut plan at the time of use.
For the most accurate and up-to-date information, it is advisable to visit Revolut’s official website or app to understand the precise costs associated with your plan when using your Revolut card abroad.
Is it better to use Monzo or Revolut abroad?
Regarding making purchases in a foreign country, Revolut and Monzo are nearly identical. Therefore, your personal needs and preferences determine which is better for you.
Monzo is more cost-effective than Revolut because it applies no fees associated with making purchases or sending money abroad.
On the other hand, when it comes to cash withdrawals, Monzo and Revolut are on par with one another, provided that you stay within the fee-free threshold.