Revolut review: one of the best options for newcomers still has limitations

If you’re new to Germany, you should probably reviewing Revolut as one of the best ways to get started with banking in Germany. As a digital-first financial app, it offers a quick and easy account setup without the paperwork required by traditional banks.

When you need something reliable, cheap & fast with a German IBAN, there aren’t too many choices. Revolut is one of them & regularly recommended online for newcomers. But are there any caveats?

This review gives you a long-term perspective for German users. You will know the good & the bad, who should consider it and who should stay away from it.

Revolut review: too long; didn’t read

This Revolut review for German users is inspecting every important detail. We recommend the full read. Here are the main points:

• Revolut is a popular digital bank, great for international transactions and travel.
• It’s user-friendly, easy and free to sign up for the most important features & cheap for the others.
• German IBAN is now available for new customers so it is viable day-to-day option now too.
• It’s a great choice to get started with banking in Germany but we can’t recommend it to replace a traditional German bank fully in the long-term.
• Regarding paid plans: The Premium plan (second cheapest plan) offers the most value at €7.99/month, as it provides a good balance between features and cost, compared to more expensive Metal and Ultra plans.
• Limitations to be aware of: Currency exchange limits on basic plans, customer service primarily via chatbot (can be stressful in pinch), no Girocard (which is annoying in some cases), limited cash withdrawals.
• Any German resident can get a Revolut account, regardless of citizenship.
• My own experience: I’ve used Revolut as a back-up account for the past 4 years and I’m super satisfied, especially since it’s cheap for international transfers. It’s now even more useful with a German IBAN. I recommend it for newcomers, but I also recommend to pick a more traditional German bank account for long-term finance planning.

Feel free to ask questions in the comments section. I answer all of them personally.

What’s different about Revolut?

Revolut’s unique selling points center around its multi-currency functionality, user-friendly app, and low-cost international transactions.

• It offers a seamless experience for managing money across different currencies, with competitive exchange rates and the ability to hold multiple currency accounts.
• The app’s intuitive design and features like budgeting, spending analysis, and instant transfers to other Revolut users set it apart.
• Revolut also provides a range of features beyond basic banking, such as investment options in stocks, crypto, and commodities, as well as specialized accounts for freelancers (Revolut Pro) and children (Revolut <18).
• It’s to easy to open an account (with German IBAN) with no Schufa check, making it accessible for newcomers to Germany.

Revolut review: features overview

Here is what you get as standard on all plans:

• Multi-Currency accounts: Revolut provides multi-currency accounts, allowing users to hold and exchange over 25 currencies at competitive rates.
• Global transfers: It offers free and instant transfers to other Revolut users globally and standard SEPA transfers in Europe too. Basically, it becomes very to cheap to transfer money from and to Germany.
• Debit cards: It issues Visa or Mastercard debit cards, including virtual and disposable options, as well as the ability to link cards to Apple Pay and Google Pay. You don’t get a credit card by default, this is a separate service you need to apply and pay for.
• Investments: The service allows for investment in stocks, cryptocurrencies, and precious metals.
• Sub-accounts: Revolut provides sub-accounts, called “pockets” or “vaults”, for various currencies and savings goals.
• Joint accounts: It offers joint accounts for shared finances.
• German IBAN: New customers receive a German IBAN,
• Deposit protection: Revolut offers deposit protection up to €100,000 through the Lithuanian banking deposit guarantee scheme.
• Spending analytics: Revolut provides spending analytics and budgeting tools.
• Virtual cards: The platform provides the option to create disposable virtual cards for secure online shopping. That’s super useful if you are not sure you can trust a website, or to be able to cancel a suscription easily.

What you get on the free plan:

The Revolut free plan offers a variety of features, though it comes with certain limitations. Here’s a summary of what you get with the free plan:

• Account basics:
  • A free European account.
  • A German IBAN
  • The ability to hold and exchange more than 25 currencies.
  • Free and instant transfers to other Revolut users globally.
  • Free local and Single Euro Payments Area (SEPA) payments.
  • Access to a user-friendly mobile app.
• Card features:
  • A free virtual card.
  • The option to order a physical card, but with shipping fees.
  • Debit cards, which are either Visa or Mastercard.
  • The ability to link the card to Apple Pay and Google Pay.
  • The option to create disposable virtual cards for secure online shopping.
• Spending and transfers:
  • Free currency exchange up to €1,000 per month; a 1% fee applies if you exceed this limit.
  • It is important to note that free foreign exchange fees apply only Monday to Friday. There is a 1% fee on weekends.
  • Free ATM withdrawals up to €200 per month, or a maximum of 5 withdrawals; a 2% fee applies after either limit is reached.
  • Real-time payment execution with no extra fees.
• Other features:
  • Access to spending analytics and budgeting tools.
  • The ability to create sub-accounts called ‘pockets’ or ‘vaults’.
  • The option to set spending limits and receive notifications.
  • The ability to manage and freeze cards via the app.
  • Access to investment options, though fees will apply.
  • Push notifications for account activity.
  • Access to a basic level of customer support via in-app chat.
  • No Schufa check when opening an account.
• Limitations:
  • There is no insurance included in the standard plan.
  • There is a limit of one linked account for children under 18.
  • There is no cashback available for card payments.

What you get on the paid plans

There is a case to be made about each of the paid accounts offered by Revolut.

• Plus (€3.99/month):
  • Includes all the benefits of the Standard (free) plan, plus:
    • Everyday purchase insurance.
    • Two linked accounts for children under 18.
    • Personalized Plus card.
    • Reduced fee (0.5% instead of 1%) for currency exchange over €1,000/month.
  • Best for: Individuals who want some additional protection for their purchases, manage accounts for children, or sometimes exceed the free currency exchange limits of the Standard plan.

• Premium (€7.99/month):
  • Includes all the benefits of the Standard and Plus plans, plus:
    • Travel insurance (global medical, winter sports, delayed flights/lost luggage).
    • Higher limits for fee-free ATM withdrawals (€400/month).
    • Unlimited free currency exchange.
    • 20% discount on international transfer fees.
    • Discounted airport lounge access.
    • Personalized Premium card.
    • Partner subscriptions.
  • Best for: Frequent travelers who want travel insurance, higher withdrawal and exchange limits, and discounts on international transfers. I think this is probably the best value for the money. I don’t the need to spend more money on the Metal and Ultra plans, which have more “status-related” benefits.

• Metal (€13.99/month):
  • Includes all the benefits of the Standard, Plus, and Premium plans, plus:
    • Increased free ATM withdrawal limit (€800/month).
    • 1% cashback on card payments outside of Europe and the UK (0.1% within).
    • 40% discount on international transfer fees.
    • Car hire excess insurance and personal liability insurance.
    • Two free metal cards (then additional fees).
    • Five linked accounts for children under 18.
  • Best for: People who make a lot of transactions outside of Europe and want to benefit from cashback, also those who want to take advantage of higher withdrawal limits, and more insurance coverage.

• Ultra (€50/month):
  • Includes all the benefits of the Standard, Plus, Premium, and Metal plans, plus:
    • Highest free ATM withdrawal limit (€2,000/month).
    • Unlimited free international payments.
    • Trip and event cancellation insurance.
    • Unlimited airport lounge access.
    • Platinum-plated card.
    • Phone support.
    • Reduced trading fees (0.12% instead of 0.25%).
    • Access to a large number of lifestyle subscriptions (fitness, food delivery, work, Tinder Gold).
  • Best for: High-end users who want comprehensive travel benefits, premium support, and who use Revolut as their main bank for all their financial needs, including investments and savings.

Revolut weaknesses review

Revolut provides terrific value for the money, but it’s not all perfect. This is an honest Revolut review, we have to disclose the following cons, especially for users in Germany:

• Limited customer service: Revolut’s primary customer support channel is through in-app chat, which can be slow and sometimes ineffective, especially in resolving complex issues or emergencies. Many users have reported negative experiences with customer support, citing unresponsiveness and lack of helpfulness. While Ultra plan subscribers have phone support, this is not available for other users.
  
• No Girocard: Revolut does not offer a Girocard, which is a common debit card in Germany. This means that Revolut cards might not be accepted at some smaller businesses or establishments that do not accept Visa or Mastercard.
  
• ATM withdrawal limits: The free Standard plan has a limited free ATM withdrawal allowance of €200 per month or a maximum of five withdrawals, after which a 2% fee applies. While higher-tier plans offer increased limits, this limitation is sometimes a huge pain in a country where cash is still king.
  
• Currency exchange limits on lower tiers: The Standard and Plus plans have a limit of €1,000 per month for free currency exchange, and a 1% fee applies on the Standard plan after this limit is reached (0.5% on Plus). Additionally, these plans incur a 1% fee for currency exchange on weekends, making it less convenient for users who need to exchange currencies outside of weekdays.
  
• Limited product range: As a neobank, Revolut does not provide all of the financial products offered by traditional banks. For example, it does not offer traditional savings accounts or mortgages, though it has introduced savings products. This is also a reason why we can recommend Revolut as your only bank in Germany.
  
• Tax implications for investments: Revolut does not automatically deduct capital gains tax, meaning that German users are responsible for declaring and paying taxes on their investment earnings. This adds complexity for users who use the platform for trading stocks or other assets.
  
• Sudden account freezes: While Revolut has security measures to prevent fraud, there have been instances of user accounts being suspended in error. This can be very disruptive, although it seems like the problem has been resolved or attenuated in more recent reviews.
  
• Reliance on the Lithuanian deposit guarantee: Although customer deposits are protected up to €100,000 by the Lithuanian Deposit Guarantee Fund, German users would need to make claims in Lithuania in the event of Revolut’s failure, which can be less straightforward than dealing with a German institution.

My review using Revolut in Germany for the last 4 years

As a Revolut user in Germany, my experience has been mostly positive, but it does come with some limitations. Setting up the account was incredibly easy-no need for a local address or complicated paperwork, which was a huge plus as a newcomer. The app itself is sleek and intuitive, making it easy to track spending, send money internationally, and even exchange currencies at competitive rates. However, there are some drawbacks.

I’ve been using Revolut as personal bank account first but then switched it to use as my business bank account. I did have trouble get paid sometimes by German customers because they did not expect a lithuanian IBAN. However, this has been solved now that I have a German IBAN too. Be aware though: using a multi-currency with a book keeping software might be difficult. I have ran into issues synching the bank transactions because currencies might not necessarily match.

While Revolut works well for everyday transactions, it’s not a full replacement for a traditional German bank account. The lack of Girocard has been annoying in some situations (particularly with public services), where my VISA was not accepted. Also, cash deposits aren’t an option, and customer support can be slow at times. This is stressful when you need to resolve a situation fast. Overall, Revolut fits well for a digital-first lifestyle, especially for freelancers, expats, and frequent travelers, but it might not be enough for those needing a fully integrated banking solution in Germany.

My Revolut review in a nutshell:

✔ Pros:

• Fast and hassle-free account setup
• No hidden fees, with competitive exchange rates
• Great for managing multiple currencies and international transfers
• User-friendly app with budgeting tools

❌ Cons:

• No local German IBAN, which can be a problem for some payments
• No option to deposit cash
• Customer support can be slow

What people think about Revolut online

Customer reviews

App Store (iOS):

• Rating: Revolut has a high rating in the Apple App Store, indicating that most users have had a positive experience.
• Positive feedback: Users appreciate the app’s user-friendly interface and efficient services.
• Negative feedback: Some users have reported issues with customer service responsiveness and account verification presses.

Google Play Store (Android):

• Rating: Revolut has a high rating in the Google Playsore, reflecting a generally positive user experience.
• Positive feedback: Users commend the app’s extensive features, including international transactions and currency exchange.
• Negative feedback: Some userhave expressed concerns about the lack of joint account options and difficulties using certain features like cash withdrawals.

Trustpilot:

• Rating: Revolut has received mixed reviews on Trustpilot.
• Positive feedback: Some users praise the app’s convenience and innovative features.
• Negative feedback: There are significant concerns garding customer service, account security, and unexpected fees.

What German finance bloggers say

Short summary of reviews from other creators and bloggers regarding Revolut:

• Finanzfluss.de starts their Revolut review by saying as the “biggest neobank in Europe” with a “pretty broad product range”. They mention that the app is “really intuitive” and praise the “simple handling of foreign currencies,” particularly for people who “travel a lot with foreign currencies”. They also note that the free standard account is a competitive offer. However, they also criticize that “the costs are not always easy to understand”. They also find that Revolut’s “depot offer is not really competitive”.
  
• Gustav Eriksson on YouTube says Revolut has “put a lot of effort into making sure you have an easy to use experience and a great experience when it comes to an online bank”. He calls the app “simple” and “easy to use” and “way way way way way ahead of all the traditional banks”. He also notes that Revolut is “great for traveling” due to its “multicurrency accounts” and ability to “avoid paying an exchange fee”. However, he mentions he’s “still a bit skeptical” about the cashback offers on hotels and has heard a lot of complaints about the insurance partner, XCover.
  
• Finanzwissen notes that “Revolut belongs to the most popular neobanks” with “more than 30 million private customers and 500,000 business customers”. They say the “standard account is free” while “the other subscription models are tied to a monthly fee”. The blog also praises the “free account management” and “free cash withdrawals,” up to a limit, and the fact that “Revolut has no physical branches”. They also note the limited customer service, stating that it only “covers a minimum”. However, they also state that “Revolut particularly convinces in the area of favorable currency exchange”.
  
• Guter-rat.de states that many customers use Revolut as a “second account”. They note that “the written communication via chat” may be “cumbersome” for some, but that “younger people” are more comfortable with this form of communication. It mentions that Revolut is “trying to constantly improve” its communication methods and may consider a “telephone hotline for the future”. They also state that the “business model of a digital bank” can be challenged in the event of an emergency”.

People are often concerned about these things

Is Revolut safe?

Revolut is considered a safe platform due to:

• its deposit protection of up to €100,000 through the Lithuanian Company Deposit and Investment Insurance, its European banking license, and regulatory compliance.
• It employs various security measures such as two-factor authentication, transaction confirmations, real-time notifications, disposable virtual cards, and card freezing options.

However, it’s worth noting that customer service is primarily through in-app chat, which some users have found to be unresponsive. That can cause issues if you are stuck because they need to resolve an issue, if your funds are blocked or worse, being stolen. Revolut cannot provide the safety of being able to walk into a branch and get more immediate assistance. But again, which mobile-only bank can do that? It’s a weakness shared by all of them.

Can anyone open a Revolut account?

Revolut requires users to be residents of the European Economic Area (EEA), Australia, New Zealand, Singapore, Japan, Brazil, Switzerland, the United Kingdom, or the United States. This means that individuals who are not residents of one of these regions are not eligible to open a Revolut account.

There are no restrictions based on citizenship.

I hope this Revolut review from the point of view of a German user was helpful to you. Feel free to ask questions in the comments.

Bastien

Bastien – Settle in Berlin