What is Revolut?

Digital wallets have shaken up how we pay, transfer and save money. So, how is Revolut different from other digital wallets on the market?

What is Revolut?

Revolut is a digital wallet with a difference – it makes paying in a foreign currency as easy as a normal payment. While Revolut is registered as a bank in Europe and the UK, in New Zealand it is not a bank. But Revolut works closely with local banks to allow payment between users and non-users, both overseas and domestically.

How does Revolut work?

Revolut works like a traditional wallet. Back in the day (or now if you’re still a big user of cash) you would withdraw money from your bank account and put it into your wallet. You’d then use that cash for your day-to-day spending.

With Revolut, you withdraw (transfer) money from your bank account and put it into your Revolut account (your digital wallet), and then use that digital currency as you would normal money. Using the Revolut app, you can transfer between friends and family, pay instore or online and make ATM withdrawals. The main highlight, however, is Revolut’s ability to spend in over 150 countries.

Compare Travel Money Cards

Headed off overseas and looking for the best in money cards? Here’s a rundown of some of the most popular cards in New Zealand:

Provider	Key Features	Main Fees
	• 37 currencies • Spend in 150+ countries • Free physical and virtual card (delivery fees apply for physical card) • Use anywhere Visa is accepted	• No monthly fees (standard account) • Fee-free, instant transfers between Revolut users • Fee-free top ups for bank transfers and debit cards • Fee-free FX within market hours and plan allowance*
	• 9 Currencies • Earn Airpoints Dollars • Use wherever Mastercard is accepted • OneSmart app	• No load/reload fee for bank transfers • Monthly fee: NZD $1 (if funds in account)
	• 10 Currencies • Use wherever Mastercard is accepted • Cash Passport app	• No load/reload fee for bank transfers • No monthly fee
	• 9 Currencies • Use wherever Mastercard is accepted	• No load/reload fee for bank transfers • No monthly fee
	• 40+ Currencies • 2 free ATM withdrawals of up to NZ$350 per month	• Receive and add money to your Wise Account for free • Physical card $14 one-off fee
	• 9 Currencies • Use wherever Mastercard is accepted • Mastercard Priceless Cities benefits	• Free overseas ATM withdrawals • No load/reload fee for bank transfers • No monthly fee

The display order does not reflect any ranking or rating by Canstar. This information is not an endorsement by Canstar of travel money cards or any specific provider. Information correct as of 05/09/24. For full pricing details see individual providers’ websites. *Weekend fee will apply outside exchange market hours if it is made between Friday 5pm (New York time) and Sunday 6pm (New York time), which is a US based time zone

Compare Travel Money Cards

Why use Revolut?

Every function on Revolut can be completed in just a few taps.

As it says on the Revolut website, “Revolut exists to remove all the friction that stands in the way of your money goals becoming your new reality”.

Transferring money is super simple with Revolut and, unlike other digital wallets, money can be sent directly into a friend or family member’s bank account; they don’t need to have the app.

The Revolut app also features the ability to buy goods online with single-use virtual cards. These allow you to make online purchases securely using a unique card number for each spend, while your real card details remain hidden from fraudsters.

You can pay instore and online with the virtual card. Or, if you prefer a physical prepaid card, that’s available, too! You can even get a metal Revolut card if you’re willing to pay a monthly fee.

Other benefits include:

• Easily spend money internationally in over 150+ countries with your virtual or physical card
• Send and receive payments in real time 24/7 with zero fees among app users
• Keep track of all your financial transactions
• Smart budgeting and analytics
• P2P to any country Revolut operates in. Send internationally to external bank accounts (with fees)
• Single-use virtual cards
• Split and settle bills without stress
• Make payments easily to other Revolut users using @REVtags and QR codes
• Request or make payments to non Revolut users with payment links or account numbers
• Set goal amounts and deadlines for savings
• Open a group savings ‘vault’ with friends and family to combine savings

Crypto

Kiwi Revolut users can buy, sell and exchange popular cryptocurrencies through the app.

How do I buy, sell, send and exchange through Revolut?

Buying crypto:

There are several ways of buying crypto through Revolut, such as:

• Buy now: buy cryptocurrencies straight away
• Auto exchange: buy cryptocurrencies in the future, if the exchange rate hits the target rate you set
• Recurring buy: buy cryptocurrencies at regular intervals in the future, at the exchange rate at each individual time
• Spare change round-up: automatically round up the value of a purchase made using your Revolut Card, and use the difference to buy cryptocurrencies

Selling crypto:

If you instruct Revolut to sell cryptocurrency it will:

• Sell the cryptocurrency at the exchange rate available at the time; and
• Add the proceeds from the sale to your Revolut account in the fiat currency you elect

Transferring, spending and withdrawing cryptocurrency:

• Transferring crypto to another Revolut user: you can transfer the beneficial interest you hold in the cryptocurrency to other Revolut customers within the Revolut app. Note that you can’t transfer cryptocurrency to anyone outside of the Revolut app
• Spending crypto: You cannot pay or make purchases in cryptocurrency using your Revolut card. This means that if you make a payment using your Revolut card and the only funds you have in your Revolut account are denominated in a cryptocurrency then the payment will fail
• Withdrawing crypto: you cannot withdraw the cryptocurrency from your Revolut account

What currencies are available?

Revolut customers can purchase over 100 cryptocurrencies, including popular coins Bitcoin, Dogecoin, Ethereum, Solana and Ripple.

How do I get Revolut?

Revolut can be downloaded from the app store, and is available on both Apple and Android devices. Or you can go to the Revolut website, and scan the QR code to download the app.

Once downloaded, setting up an account is easy and will only take a few minutes. You’ll need to provide the following information:

• Name
• Home address
• Birth date
• Email address
• Phone number

You’ll need to verify your identity by submitting a photo of your New Zealand passport or New Zealand driver licence.

Does Revolut cost to use?

There is no charge for the standard version of Revolut and its app. However, Revolut also offers premium and metal plans, which come with extra features (at a cost). Extra features include:

Premium ($9.99/month):

• One free contactless Premium Card + one additional free Standard or Premium Card
• One additional free Standard or Premium Card every year after your initial 12 month subscription term
• Access to disposable (virtual) Revolut cards
• Up to NZ$20,000 exchange per monthly billing cycle
• Up to $700 ATM withdrawal allowance per monthly billing cycle
• Priority customer support through the Revolut app

Metal (19.99/month):

Metal users have access to all the services available to Premium users, as well as the following benefits at no charge other than the subscription fee:

• One free contactless stainless steel Revolut card (the Revolut Metal Card)
• Express delivery of your Revolut Metal Card
• Earn up to 0.5% cashback both domestically and internationally to a cap of $19.99 per month
• Unlimited fiat currency exchange
• Four times the ATM withdrawal allowance of Standard users at no additional cost

Premium and Metal plans have a term of 12 months and can be paid in monthly instalments or by paying the full subscription once a year in advance.

Is Revolut safe?

Revolut is very safe. It features award-winning security and your money is protected by regulated banks. Safety features offered by Revolut include:

• Your money is protected and held with a registered bank in NZ
• Revolut app can only be accessed via a pin/passcode or biometrics, plus a one-time-passcode whenever required
• Users sending money via the desktop app are authenticated by sending a notification to the mobile app
• In-app notification if scam payments are detected
• Virtual single-use cards for online shopping
• Instant freezing of suspicious transactions and the relevant card (customers can instantly unfreeze if they find it safe)
• Revolut works hard to keep your money safe. To do this, your money is kept separate from the money Revolut uses day-to-day to run its business

What else should I know?

There are a few things you should be aware off before you sign-up to Revolut:

Limit to ATM withdrawals

Unless you have the premium or metal plan, there is an ATM withdrawal limit of $350 per month

Cards

• There is a $4.99 standard delivery fee for all physical cards.
• If you lose or have your Revolut card stolen, there is a $4.99 replacement fee (not applicable for virtual Revolut cards)
• You can have up to six active physical, 20 active virtual and one single-use card linked to your Revolut account at one time

Exchange rates

Exchange rates are still applicable for international transfers (Revolut will always display fees before sending) and ATM withdrawals.

International transfers to Revolut users appear within minutes. International transfers to non-Revolut users can take three to five business days.

To see all the countries you can send money to with Revolut, click here.

About the author of this page

This report was written by Canstar Content Producer, Caitlin Bingham. Caitlin is an experienced writer whose passion for creativity led her to study communication and journalism. She began her career freelancing as a content writer, before joining the Canstar team.