Revolut Review: Finance super-app with best exchange rates?

I noticed that Revolut has been more active launching new products and features in Singapore recently. 

It increased its e-wallet holding limit from $5,000 to $20,000, and annual spending limit from $30,000 to $100,000 in June.

Revolut also recently launched Flexible Accounts in Singapore.

With these developments, we decided to find out more about Revolut and how it compares against other financial apps in Singapore. 

What is Revolut?

Revolut positions itself to be an all-in-one finance super-app for personal finance management, including currency exchange and investing in various instruments.

This is complemented by its multi-currency card for everyday use. 

Founded in 2015, Revolut has expanded to over 30 countries and now serves more than 40 million customers globally. 

What you may like about Revolut?

#1 - Competitive Foreign Exchange Rates

Revolut supports 34 currencies as of July 2024, allowing you to spend effortlessly in over 150+ countries.

Revolut’s rates are generally competitive compared to other non-bank, multi-currency cards. 

I did a quick comparison of the currency exchange rates across various platforms below. Based on the rates as of 20 June 2024, Revolut offered rates that were better than Wise generally, but slightly below that of YouTrip. 

However, do bear in mind that the exchange rates may fluctuate across various platforms, and the best rate may differ from time to time. 

Revolut also provides the feature of setting a stop and limit order when specific exchange rates are met. 

This means Revolut will help you buy or sell when the stated currency goes above or below the stated rate.

#2 - High Cashback 

Revolut offers up to 5% cashback on online brands, capped at €300 monthly. 

This benefit can be enjoyed while shopping in the Revolut Shop at your favorite stores like Shopee, Lazada, Nike, and Adidas.

Additionally, Revolut offers a single-use virtual card, in which your information will be kept safe by resetting your details after each purchase. 

#3 - Multiple Investment options 

Revolut also provides a wide range of investment options, including the access to over 1,000 stocks, primarily from US markets, and more than 100 ETFs, as well as commodities.

Revolut allows investments from as low as $1, meaning that you will be able to buy a fraction of a share. For example, with an Apple share priced at $214.29 as of 18 June 2024, you can approximately purchase 1/214 of an Apple share by investing $1.

Here’s the summary of the fees incurred:

Revolut not only provides a platform for you to place your orders, but you will also be able to access various charting tools and market-related data for research purposes. 

The interface is designed to present market information in an accessible and digestible way, whether organised by ETFs or themes.

Through its Flexible Accounts, Revolut also provides access to Money Market Funds (MMF) 

The interest is paid daily, with no minimum sum, and available to withdraw anytime. 

Revolut Flexible Account is currently offering a promotional interest rate of up to 5.48% p.a. and a S$25 cashback for new users. Learn more about the Revolut Flexible Account promotion here. 

Coupled with its competitive foreign currency exchange rate, Revolut may offer an attractive proposition for investors with a significant portion of their portfolios outside of Singapore. 

#4 - Educational Resources

There is an educational section in the Invest and Crypto segments with built-in courses to enhance your investing knowledge.

In this section, you will be able to learn about investing through the educational content and glossary terms explaining jargon used in the courses.

These resources can empower you to make a more informed investment decision. 

What you may dislike Revolut?

#1 - Limited Suites of Investment Products

Revolut primarily focuses on the US markets for its investment options, excluding major markets like Singapore, Hong Kong, and London. 

Popular asset classes such as bonds, and options are not available on Revolut.

Furthermore, Revolut offers only basic research and educational tools within the app. 

You would need to complement your research to gain comprehensive research and a deeper understanding of their investments.

#2 – No physical branch

As a digital-only provider, Revolut does not have any physical branches for users to make enquiries. 

Customer service is limited to online assistance and AI chatbots.

However, this may mean that you will be able to get 24/7 support, with customer service accessible at all times through the live agent chat. 

What are Revolut’s fees like?

Revolut offers three different plans: Standard, which is free; Premium, which costs $9.99 per month; and Metal, which is priced at $19.99 per month.

I have highlighted some of the significant features of each plan.

It is worth noting that the 1.5% cashback on domestic and international transactions from the Metal plan is capped at the monthly price of the plan, which is $19.99.

You can get a 3-month free trial of the Revolut Premium by signing up using this link.

Is Revolut safe?

Revolut Technologies Singapore Pte. Ltd. (RTSPL) holds various licenses in Singapore, including regulation as a Major Payment Institution (license no. PS20200326) by the Monetary Authority of Singapore (MAS). 

RSSPL is regulated as a Capital Markets Services licensee by the Monetary Authority of Singapore (MAS).

The Revolut Precious Metals product is not regulated under the Payment Services Act 2019 ("the Act") and is therefore not safeguarded in accordance with the relevant safeguarding provisions of the Act. This product is backed by equivalent physical metal(s) held by Revolut Ltd with a member of London Bullion Market Association 

The Payment Services Act requires Major Payment Institution licensees to safeguard customer monies from its insolvency. 

Revolut Technologies Singapore Pte Ltd safeguards client funds with a local safeguarding institution. 

Client funds in Singapore are safeguarded at Australia and New Zealand Banking Group Limited (ANZ)—Singapore branch and DBS Bank Limited.

This means that in the event Revolut becomes insolvent, you will be able to claim your funds from this segregated account.

What would Beansprout do?

We like Revolut as a financial super-app, allowing us to manage our finances without having to track many different apps. 

It has an easy to use user interface and provides competitive exchange rates across its multi-currency wallets. 

However, it has a more limited offering of investment products on its platform compared to other brokers. 

This makes it more ideal for users who are looking for a simple way to access these financial services without going through too much hassle. 

Revolut is currently offering a promotion offering new users who sign up through Beansprout three month premium trial access to Revolut Premium. T&Cs apply.

Sign up now to get a 3 month premium trial and find out what Revolut has to offer.

How to redeem your offer?

Here are 3 simple steps to claim the 3 month premium trial:

1. Sign up using this link and insert your mobile number

2. Create an account

3. Upgrade your account when prompted 

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