Revolut’s Forex Fees and Exchange Rates: A Comprehensive Review

Revolut’s Forex Fees and Exchange Rates: A Comprehensive Review

In recent years, Revolut has gained significant popularity as a digital banking alternative offering a range of features, including foreign exchange services. With their promise of low fees and competitive exchange rates, many individuals have turned to Revolut for their forex needs. However, it is essential to understand the intricacies of Revolut’s forex fees and exchange rates to make an informed decision about whether it is the right platform for you.

Revolut offers two types of accounts: Standard and Premium. While the Standard account is free, the Premium account comes with a monthly fee and provides additional benefits such as higher withdrawal limits and access to cryptocurrencies. Both account types allow users to hold and exchange multiple currencies at interbank rates during weekdays. However, there are some key differences in terms of fees and exchange rates.


When it comes to fees, Revolut offers fee-free currency exchange for most major currencies on weekdays. This means that you can exchange currencies such as USD, EUR, GBP, and AUD without incurring any fees. However, it is important to note that there are exceptions to this fee-free policy. Revolut applies a 0.5% markup on all major currencies during weekends when the forex markets are closed. So, if you need to exchange currencies on a weekend, you will have to pay a small fee.

Revolut also charges fees for certain types of transactions. For example, if you withdraw more than £200 (or currency equivalent) per month from an ATM, Revolut applies a 2% fee. However, this fee is waived for Premium account holders, who can withdraw up to £400 per month without any additional charges. Additionally, Revolut charges a 0.5% fee for transactions exceeding the monthly limit of £5,000 (or currency equivalent) for Standard account holders. Premium account holders enjoy unlimited fee-free transactions.

While Revolut’s fees are generally competitive, the exchange rates they offer are where they truly stand out. Revolut uses interbank rates for currency exchanges during weekdays, which are often more favorable than the rates offered by traditional banks. This means that you can get more for your money when exchanging currencies on Revolut compared to other platforms. However, it is worth mentioning that Revolut applies a small markup of 0.5% on certain illiquid currencies and during weekends when the markets are closed.

To provide even more flexibility to its users, Revolut allows them to hold and exchange 29 different currencies, including cryptocurrencies. This is particularly useful for frequent travelers or individuals who regularly make international transactions. Revolut also offers a feature called “Auto Exchange” that automatically converts your money into the desired currency when the rates are favorable, allowing you to take advantage of market fluctuations.

Despite the many benefits of using Revolut for forex transactions, there are a few limitations to consider. Revolut’s services are primarily app-based, which means that individuals who prefer traditional banking methods may find it less convenient. Additionally, Revolut’s forex services are not available to residents of all countries. Before opening an account, it is essential to check if Revolut operates in your country of residence and if it supports the currencies you require.

In conclusion, Revolut offers competitive forex fees and exchange rates, making it an attractive option for individuals looking for a cost-effective way to manage their foreign currency needs. With fee-free currency exchanges on weekdays and interbank rates, Revolut stands out in the market. However, it is important to be aware of the small fees and markups that apply during weekends and for certain transactions. Overall, Revolut’s forex services provide a convenient and affordable solution for international travelers and those who frequently engage in foreign currency transactions.


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