In August 2020, Revolut made big changes to its fees. This guide helps you understand these updates. It covers the new pricing for ‘Standard’ accounts, changes in free international transfers, and new weekend exchange rates.
These changes are important for anyone who deals with money or currency exchange. Revolut now serves over 26 million customers in 35 countries. Feedback from users on Monito shows how these changes are viewed.
Overview of Revolut’s Pricing Structure Pre-August 2020
Before August 2020, Revolut focused on making international spending and currency account costs affordable. The Revolut fees analysis showed no fees on currency exchanges up to certain limits. This made it great for people with different financial needs.
For example, standard users got 3 commission-free trades a month. Premium and Metal plans offered 8 and unlimited trades, respectively. This was a big plus for many users.
Revolut’s old pricing had a small $1 fee per trade for those who went over their monthly limit on Standard and Premium plans. There was also a 0.01% annual custody fee for all users. This encouraged users to stay within their limits to avoid extra costs.
Reviewers like François Briod and Byron Mühlberg from Monito praised Revolut’s app and financial services. They found it user-friendly and offered a lot of value.
The debit card was another key feature for international spending. It let users spend in different currencies without the usual bank fees. This was perfect for travelers and those who needed to handle money in various currencies.
Yet, there were some downsides. Weekend conversion costs were higher, and standard users often got asked to upgrade. These were common complaints.
Let’s look at some key points of Revolut’s pricing before August 2020:
| Plan Type | Commission-Free Trades | Exceeding Trades Fee | Annual Custody Fee |
|---|---|---|---|
| Standard | 3 trades/month | $1 per trade | 0.01% |
| Premium | 8 trades/month | $1 per trade | 0.01% |
| Metal | Unlimited | None | 0.01% |
Revolut’s pricing drew in over 40 million users worldwide, making it Europe’s largest neobank. While some aspects were mixed, the service was seen as cost-effective and high-quality. For more details, see this guide on currency account costs.
Guide to Revolut new pricing before after August 2020
After the Revolut pricing update in August 2020, users need to understand the new fees. This change affects Standard and Plus account holders by removing free international payments. It also introduces fee-based thresholds. Knowing the new costs is key to managing your account and avoiding surprise fees.
One big change is the difference in transaction costs on weekdays versus weekends. Standard and Plus account holders now pay for transactions over new limits. For example, USD ATM withdrawals are free, but GBP withdrawals are capped at £200 monthly.
Revolut Metal accounts, starting at $16.99 per month, offer higher limits and extra perks. These include no fee for card delivery and cashback benefits.
The fees for withdrawals and transactions have also changed. Users need to consider these updates when deciding if Revolut is right for them. For example, Metal account holders get purchase protection up to £10,000 annually and event cancellation reimbursements up to £1,000 per year. Revolving fee guidelines also mention 24/7 priority customer support, improving the user experience.
There are different tiers, including free Standard accounts, Premium accounts at $9.99 per month, and Metal accounts at $16.99 per month. These prices reflect Revolut’s aim to enhance financial services for users. The updated account plans aim to meet both personal and business needs, improving the platform’s value.
For users in the UK, EU, US, and Singapore, Revolut offers local account details. This makes international transactions easier. To navigate the Revolut pricing update, users must weigh the fees and benefits. Understanding how the 2020 changes affect your account plans helps you manage your finances better.
Comparing Revolut with Wise and Currencies Direct
Revolut, Wise, and Currencies Direct are top names in international money transfers. After Revolut changed its prices in August 2020, it’s important to see how they compare. Fees are a big deal, and Wise has an average total fee of 0.61%. This is very competitive.
Revolut’s new fees might not be for everyone, compared to Wise’s clear and simple pricing. An international money transfer comparison shows Wise’s edge.
Wise started in 2010 and now sends money to over 160 countries. It holds funds in more than 40 currencies. With a Trustpilot rating of 4.3/5 from over 240,000 reviews, Wise is reliable and user-friendly.
Wise’s local banking details help make global transactions smooth and affordable. This makes it a favorite for many.
Currencies Direct stands out for its focus on customers. It has a Trustpilot rating of 4.8/5, showing it values user experience. The service is known for its competitive exchange rates and low fees.
Compared to Revolut, which is complex and best for frequent travelers, Wise and Currencies Direct offer simpler and more affordable options. They have user-friendly interfaces and great financial benefits.
