Revolut is a global financial company, which has operated in New Zealand since 2023.
Over the past three years, through its app, Revolut has offered Kiwis a wide range of financial products and services, including:
- Debit and Visa cards, plus digital cards
- Rewards programs
- Crypto and precious metal investing
- Foreign currency exchange & multi-currency digital wallets
However, while it was licensed to provide financial services in NZ, Revolut wasn't allowed to call itself a bank. That changed in November 2025, when the Reserve Bank of New Zealand (RBNZ) approved its bank registration application, making Revolut our first digital bank.
What is a digital bank?
A digital, or neobank, is one that exists online only and has no physical branches. And while they're common in Australia and other countries overseas, they’re a new arrival on our shores.
Digital banks, such as Revolut, offer many of the same services as other digital finance providers. In NZ, these other providers include Dosh, Sharesies and Wise.
However, to earn the right to call itself a bank, Revolut had to apply to the RBNZ and meet a series of key prudential requirements, including:
- Issue regular disclosure statements
- Minimum capital requirements
- Strict corporate governance conditions
- Strong credit-ratings conditions
This means that you can have more confidence that your money is safe with Revolut. And, indeed, eligible funds deposited with Revolut are protected by the RBNZ's Depositor Compensation Scheme, which covers up to $100,000 of a customer's money with each deposit taker.
In total, including Revolut, there are now 27 Banks in NZ. However, that number is set to increase next year, as all licensed non-bank deposit takers, and there are 15 of them, will be able to call themselves banks.
Pros of using a digital bank
- Signing up for an account is a quick and easy online process, unlike opening a conventional bank account, which usually requires you to make an appointment and visit a bank branch.
- Digital banks offer a wide range of everyday, savings, investment and foreign currency financial products via a single user-friendly app.
- Apps often offer unique functionality, such as group chats to split bills and the ability to make crypto purchases.
- The fees and charges charged by digital banks for foreign currency transactions tend to be cheaper than those offered by traditional banks.
Cons of using a digital bank
- As there are no physical branches, you're limited to online and phone assistance only.
- Limited access to cash. For example, on a standard Revolut plan, users are limited to NZ$350 (or five) fee-free cash withdrawals per month. Plus withdrawals could be subject to ATM providers' fee.
- No cash deposits.
- Might not offer the full suite of products you'd expect from a traditional bank, such as credit cards and personal loans and mortgages.
Revolut's key features
In New Zealand, Revolut offers a range of services and products, across five different plans, each with its own monthly fee that comes with associated perks:
- Standard: Free
- Plus: $5.99/m
- Premium: $11.99/m
- Metal: $22.99/m
- Ultra: $79.99
All plans offer:
- Commodity investment: buy and sell gold, platinum and silver
- Cryptocurrency investment across 279 currencies
- Debit and Visa cards, plus digital cards
- Foreign currency exchange & multi-currency digital wallets
- Instant-access savings accounts (see below)
- Kids' and teens' accounts linked to parental accounts
- RevPoints rewards program (see below)
- Single and joint everyday bank accounts
Revolut's RevPoints
Revolut' rewards program is called RevPoints, and it allows you to earn rewards points on your everyday spend.
Each Rev point is worth 0.05c, and your earn rate is determined by your plan level:
- Standard/Plus: 1 Rev point = $16 spend
- Premium: 1 Rev point = $8 spend
- Metal: 1 Rev point = $3 spend
- Ultra: 1 Rev point = $1 spend
You can spend your RevPoints on travel accommodation, gift cards, or transfer them 1:1 to affiliated airline loyalty programs.
To put the rewards on offer into perspective, at time of writing, a $10 gift card from either Apple or Air NZ costs 700 RevPoints through the Revolut app, which means to earn the $10 card you'd need to spend the following across the different levels:
- Standard/Plus: $11,200 spend
- Premium: $5600 spent
- Metal: $2100 spent
- Ultra: $700 spend
Revolut's instant access savings accounts
Revolut's savings accounts offer some great features and, as with the RevPoints tiered system, your interest rate is determined by your plan level.
While the Standard/Plus interest rates on offer are in line with those offered by other NZ banks, it is possible to find higher rates with some non-bank deposit takers, which you can find listed here:
Interest rates:
- Standard/Plus: 2%
- Premium: 2.25%
- Metal: 2.75%
- Ultra: 3%
Features include:
- Interest paid daily
- Instant access to your funds, with no withdrawal penalties
- No minimum balance or minimum monthly savings
- Range of savings tools
How much does Revolut cost?
Revolut has five account tiers, from a free account to one costing $960 per year. But, for that sum, you do get considerable travel perks, putting the Revolut Ultra plan's perks on a level with those offered by high-fee American Express credit cards.
Standard: Free
- Cash withdrawal: NZ$350/m (or 5 withdrawals)
- 1 kid account
- $2000 fee-free currency exchange
Plus: $5.99/m
- Cash withdrawal: NZ$350/m
- 2 kid accounts & co-parent
- $6000 fee-free currency exchange
Premium $11.99/m
- Cash withdrawal: NZ$700/m
- 2 kid accounts & co-parent
- $20,000 fee-free currency exchange
- Travel Insurance
Metal: $22.99/m
- Cash withdrawal: NZ$1400/m
- 5 kid accounts & co-parent
- Unlimited fee-free currency exchange
- Travel Insurance
Ultra: $79.99/m
- Cash withdrawal: NZ$3500/m
- 5 kid accounts & co-parent
- Unlimited fee-free currency exchange
- Airport lounges & fast-track security
- Travel Insurance
You can find more information on Revolut and its pricing plans here:
