Using Revolut abroad: is it the best choice?

Planning a trip? Whether you’re jetting off for a beach break or staying for a few months, you’ll need to find the best way to manage your money while abroad.

If you have a UK bank account, you’re likely to find it very expensive to use it or your linked debit card overseas. So, you might need a more flexible alternative, one designed with international use in mind.

One option is Revolut, the UK-based online money provider. It offers similar services to a bank, including a current account and a debit card, but it’s all set up for travel. But is Revolut the best choice for spending abroad?

Read on to find out, as we’ll be having a look at how using Revolut abroad works. And crucially, how much it costs. We’ll factor in fees and exchange rates, and look at supported countries and currencies.

Plus, we’ll compare Revolut with the money services provider Wise- to see how it measures up for holiday spending.

So, let’s get started.

What is Revolut?

Revolut is a fintech company which offers a current account and card, all managed through the Revolut app. It doesn’t have physical branches like a bank, because everything is online.

It’s not a bank and doesn’t offer Financial Services Compensation Scheme (FSCS) protection like a UK bank account does. However, it is authorised and regulated by the Financial Conduct Authority (FCA) in the UK.¹

Revolut offers a choice of monthly plans. There’s a free Standard plan, which comes with a card and basic features. And then there’s a tier of paid plans, each with a monthly fee and an increasing list of extra perks. For example, increased spending limits, discounts on international transfers and extra products like insurance.

Can you use Revolut abroad?

Yes, Revolut is all set up to work outside of the UK.

You can access the Revolut mobile app and your account all over the world, wherever you can connect to the internet. This means you can send and receive payments, check your balance and convert between currencies. And of course, use all the other features of the Revolut app.

You can also use your Revolut card for spending and ATM cash withdrawals wherever Mastercard and Visa are supported.²

Using your Revolut card abroad - how it works

With the Revolut card, you can spend and withdraw cash overseas just as you would while in the UK. This means you can use it for shopping, dining, drinks, accommodation, transport or anything else you like while you’re away.

However, there are a few crucial things you need to know about currency conversion.

Revolut gives you the option to convert between a total of 36 currencies within the app.³ This means you can convert some spending money to the local currency before you go.

So, for example, if you’re heading to France, you can convert £500 to EUR in your Revolut account ahead of your trip. This will mean you have a euro balance to spend or withdraw on your card.

The main reason to do this is that you have control of the currency conversion. You’ll see the exchange rate beforehand, and can even keep an eye on rates to secure yourself the best one. There will be no need to convert the currency at the time you spend, when rates could be less favourable.

Of course, Revolut only lets you convert between 36 currencies in the app. If the local currency where you’re travelling to isn’t one of these currencies, you won’t be able to convert spending money in advance.

Spending on your Revolut card abroad

If you haven’t converted currency in advance, the Revolut card will do the exchange for you when you spend.

It’s important to remember that this will only happen if you choose ‘without conversion’ if prompted when paying for something on your Revolut card. If you choose ‘with conversion’, the merchant will do the currency conversion, and apply their own exchange rate.⁴ This is likely to be worse than the rate Revolut offers, so it’s best avoided.

Revolut offers competitive exchange rates, although fees can apply for currency conversions carried out at the weekend or for converting unusual or exotic currencies.

There are also limits on how much you can spend in foreign currency on your Revolut card. Spend more than this in a month, and a fee may be charged. We’ll look at this in more detail later.

Withdrawing cash with your Revolut card

You can use your Revolut card to withdraw money in the local currency at a foreign ATM. It doesn’t charge you a fee to do this, but bear in mind that many ATM operators do charge their own fees for using the ATM.

Just like with spending, there are limits to how much money you can withdraw using your ATM card. And again, remember to choose ‘without conversion’ at the ATM, so that the ATM operator doesn’t apply their own unfavourable exchange rate.

As a rule of thumb, always choose to be charged in the local currency of the country you’re in. Revolut will take care of the rest.

Fees, charges and exchange rates for using your Revolut card abroad

Now, how much will it cost you to use your Revolut card abroad? Here are the key costs and charges you need to know about:

Transaction	Fee
Currency exchange - Monday to Friday	Free⁵
Currency exchange - weekends	1%⁵
ATM withdrawals up to limit (£200 to £2,000 a month, depending on plan)	2%⁶
Spending more than your plan’s exchange limit a month in foreign currency	1% for Standard plans; 0.5% for Plus plans; Free for Premium or Metal plans⁵

One of the most important charges to pay attention to from the above is the 1% fee for currency exchange at weekends. Revolut doesn’t charge fees for spending or withdrawing in a foreign currency during the week, but this fee could make it more expensive to spend at weekends. Which unfortunately, is when many people like to take mini breaks to foreign cities.

You’ll also need to watch out that you don’t spend more than your monthly limit in foreign currency. Otherwise, another fee could be charged.

Revolut exchange rates

Revolut uses their own Revolut exchange rate which they set themselves.⁷ It can differ from the mid-market exchange rate, also known as interbank rate, which can be considered as the most up-to-date rate you can get, but are only used by a handful of money services providers, including Wise.

If the exchange rate used isn’t the mid-market rate or an interbank rate, you may find that it includes a margin or a mark-up to the mid-market rate. This is how some banks and service providers make a profit, but it means you essentially lose money on the transaction.

Revolut foreign transaction fee

Revolut is a good option for spending abroad because they don’t charge any fees for foreign transactions. You can enjoy your travels without worrying about extra expenses. Keep in mind that merchants can add their own charges at any time, but they’re not defined by Revolut.

The exception is the currency exchange, which you might use frequently when travelling abroad. There aren’t any exchange fees on weekdays, as long as you stay within your plan’s limits. However, there’s a 1% fee per exchange on weekends, regardless of your plan.⁵

International spending and cash withdrawal limits with Revolut

To help you choose a Revolut plan and watch out for extra fees when spending abroad, here are the main limits you need to know about:⁶

Plans	ATM withdrawal limit	Foreign currency spending limit
Standard - free	£200/mo or 5 withdrawals	£1,000/mo
Plus - £3.99/mo	£200/mo or 5 withdrawals	£3,000mo
Premium - £7.99/mo	£400/mo	Unlimited
Metal - £14.99/mo	£800/mo	Unlimited
Ultra - $45/mo	£2,000/mo	Unlimited

Travel perks with Revolut Premium and Metal plans

If you’re willing to shell out £7.99 or even £14.99 a month, Revolut’s Premium and Metal plans do include a few extras which could be very handy for travel. This includes:⁶

• Cashback on Stays bookings made through the Revolut app
• Overseas medical insurance
• Flight insurance for delayed flights
• Personal liability insurance
• Winter sports cover
• Baggage loss, damage or delay
• Discounted airport lounge access.

The Wise card: a low-cost alternative for travel spending in over 150 countries

Of course, Revolut isn’t the only option out there for travel spending. Open a Wise multi-currency account online and you can get a Wise card for spending and withdrawing at ATMs in 150+ countries. This contactless international card automatically converts your money to the local currency at the mid-market exchange rate.

You’ll get the same great rate every day of the week, not just Monday to Friday. There’s a small, transparent currency conversion fee but this doesn’t increase at the weekends either. If you already have the currency in your account, there’s no fee to pay.

Sign up with Wise today

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After reading this guide, you should have a better idea of how Revolut works abroad - and how much it costs.

It’s a great option for spending and withdrawing cash when you travel, but there are a few caveats and conditions to watch out for. For example, extra fees for spending abroad on weekends, or going above your monthly spending or withdrawal limit.

If you want to spend when you want, for low fees and the same exchange rates, it could be worth considering another provider like Wise. Whichever option you choose, have a great trip!

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Sources used:

1. Revolut - Homepage
2. Revolut - What currencies are supported for spending?
3. Revolut - Currency converter
4. Revolut - What is Dynamic Currency Conversion?
5. Revolut - What fees will I be charged when making card payments?
6. Revolut - Pricing plans
7. Revolut - Standard fees

Sources last checked on date: 12-Apr-2024