Last Updated on February 22, 2021 by Henry @ The Getaway Lounge
This post is reviewed on a regular basis to ensure a high level of accuracy.
Despite so many different travel cards to choose from, there’s a good reason why many holidaymakers are using Revolut abroad.
In fact, they are one of the fastest growing Financial Technology firms in Europe. And it’s a great option for anyone looking to make the most of their spending money abroad.
We’ve been using the app since it first launched in 2015, and despite a few limitations which have been enforced over the years – it’s still one of the best travel cards on the market.
So, in this post we’re going to give you an overview of how using Revolut abroad can meet your travel money needs, whilst covering a range of frequently asked questions.
Revolut is a prepaid card and app used by millions of customers across the globe.
It helps you make big savings on fees when spending money abroad.
They’re somewhat a disrupter to the market, offering a whole host of digital banking services in a simple, easy to use mobile app.
Start by opening an app-based account in minutes by signing up for free here.
Once you’ve submitted your details, you’ll receive a text with a link followed by some simple instructions on how to set it up.
You’ll then be able to order a physical card for no cost to use whilst you’re away.
And when ready to deposit funds, you can send them across before exchanging your local currency in a matter of seconds depending on your destination.
One of our favourite features is that you get the same rate that banks lend to each other, and you can’t get a better exchange rate anywhere else!
Once you’ve got your account set up you can start spending money abroad more efficiently.
You can hold and exchange 30 different currencies and spend anywhere in over 150 countries with a MasterCard or Visa.
Opening an app-based account is free, and you can also order your physical card to be delivered to your door.
If you start out with a standard account, you don’t pay anything assuming you don’t go over the limits.
With a standard account, you can make withdrawals of up to £200 a month without charge.
Any payments made through a card reader do not count towards your monthly withdrawal limits, so we recommend using both payment methods in conjunction to stay within the threshold.
Any withdrawals made over £200 a month will be charged at 2%.
In terms of limitations for exchanging, these are free up to £5,000 per month, after which a 0.5% fee applies to standard account holders.
You can check your remaining fee-free allowances at any time under the “Profile” section in the app.
For additional benefits including more attractive thresholds, you can also upgrade to a Premium / Metal account, where you pay a monthly fee.
If you’re a frequent traveller, it might be worth finding out more about these accounts here.
Yes – you can tap away with ease, or you can disable the feature via the app if you’d prefer.
Revolut contactless is widely accepted across Europe and the globe.
And if you were to lose your Revolut card, you can block it straight away in the “Card” section of the app for security.
The contactless transaction limit varies by country, but in Europe it’s usually around the £30 mark per day.
No – in fact they don’t like being referred to as a bank.
Instead, they’re an “Electronic Money Institution”.
Therefore, your money is not covered by the Financial Services Compensation Scheme, but through other means.
Yes, Revolut Ltd is authorised in the UK by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011.
The business is regulated by the FCA and client funds are stored under a segregated account at Lloyd’s or Barclays.
They safeguard funds as per their requirements, and all card transactions are processed by the Visa or Mastercard network and are protected accordingly.
In conclusion, Revolut is a great tool to use whilst abroad – especially for relatively short breaks when you don’t need to transfer huge amounts of money.
We recommend starting out with a standard account initially, and if you like it you can consider upgrading your account in the future.
And with this plan you would be able to withdraw £200 a month, make card payments for free, AND exchange up to £5000 per month without any hidden fees.
If you’re a frequent traveller, it may be worth considering the Premium / Metal plans as outlined in the comparison table above.
Get started today and claim your free VISA card here.