Revolut review 2024

Revolut was first founded in 2015, and has over 35 million global users. After a year of testing in New Zealand, the service launched here in July 2023, with a pretty impressive number of us already on the waitlist for accounts.

But what’s Revolut New Zealand all about? This guide walks through all we know so far about the Revolut services that have launched – and what’s coming up in future. We’ll look at features, fees and exchange rates so you can decide if a Revolut account might be right for you.

Revolut review New Zealand: Key points

Key features:

  • Fast online money transfers direct to bank accounts around the world
  • Instant payments to other Revolut accounts
  • 3 tiers of multi-currency account with different features and fees
  • Hold and exchange multiple currencies
  • Spend in 150 countries with your linked Revolut card

Key stats:

  • Founded in 2015, and headquartered in London
  • New Zealand launch date July 2023 after a year of testing
  • Revolut has over 35 million global users
  • 26,000 New Zealanders on the Revolut waitlist at the point of service launch
Revolut pros Revolut cons
✅ Hold and manage multiple currencies

✅ Use your linked Revolut card for spending and ATM withdrawals

✅ 3 personal account tiers will be launched in New Zealand

✅ Instant payments to other account holders

✅ Budgeting tools and account data available

❌ You’ll ultimately need to pay a monthly fee to get the full range of features

❌ Out of hours and fair usage currency exchange fees apply

❌ Some transaction and service fees apply

Overall: Revolut offers customers in established markets an impressive array of account types and service features. While the full suite of options hasn’t yet landed in New Zealand, we’ve already got access to Standard personal accounts which give a great taste for the services on offer, including no fee currency exchange, ATM withdrawals with no Revolut charges, and easy ways to send payments and split bills. This guide walks through what we know so far.

Is Revolut available in New Zealand?

Revolut launched in New Zealand in July 2023, after a year of live testing, and with one plan type for personal customers initially. Other upgraded plan options are coming soon – for now you can use your Standard Revolut plan to hold a multi-currency balance, spend with your linked physical and virtual cards, split bills with instant payments to other Revolut users, and make global bank transfers. You’ll also get access to budgeting and accounting tools right from your phone.

What is Revolut?

Revolut first appeared in 2015 in the UK, and over time has launched in a range of other global markets spanning Europe, the US, Australia, Singapore and more. Revolut is a mobile-first provider which describes itself as a financial super app, which offers personal users a multi-currency account, debit card, and foreign currency exchange services.

In fully fledged markets Revolut offers multiple different account tiers, business services, and even investments, kids accounts and savings products. These aren’t available right now in New Zealand but you can still open an account and use the Revolut app to view and manage your money and send payments, and your Revolut card to spend money in around 150 countries. Let’s look at the key Revolut features and services available in New Zealand at present.

Revolut money transfers

You can send money in a broad range of currencies, either instantly to other Revolut accounts, or by bank transfer to deposit into bank accounts around the world. Instant transfers to Revolut accounts have no fee where no currency conversion is needed, while deposits to bank accounts have a percentage based fee which is subject to minimum and maximum caps.

If currency conversion is needed some fees may also apply there, depending on how you arrange your transaction. Overall the costs of sending money overseas to a bank account with Revolut are very competitive and can work out to be better value than using a bank.

Great for: Sending money overseas to individuals and businesses, in a broad selection of currencies, with just your phone.

Revolut account and card

At the point of launch, Revolut New Zealand has one account plan – the Standard plan for personal users. We know other account tiers are on the way, which are likely to involve paying a monthly fee to unlock more features and services.

For now, Revolut account holders can hold and manage multi-currency balances in their Revolut account, and spend and make withdrawals with their Revolut Standard card. Each month there’s a fixed amount of no-fee currency exchange and ATM withdrawals, with fair usage fees after that.

Great for: Viewing and managing transactions on the move, spending in 150+ countries, and getting some no fee ATM withdrawals monthly

Revolut virtual cards

Revolut accounts in New Zealand also come with a virtual card which will have different card numbers compared to your physical card. This is for use online, and means that if you’re concerned about security at any stage you can simply freeze or destroy your virtual card without needing to get a new physical card issued. There’s no extra fee for a virtual card, or a disposable virtual card intended for one time use.

Great for: Enhanced security, particularly when shopping online with new retailers

How does Revolut work?

Revolut is a digital first service which operates primarily through an app. You can open a Revolut account to hold a balance in multiple currencies, and get a linked debit card you can use for easy payments and withdrawals. Then add a balance using a card, mobile wallet or bank transfer, and you can start to spend right away. Revolut accounts offer some no-fee currency conversion and some no-fee ATM withdrawals monthly.

How much can I save with Revolut?

Revolut is typically a much cheaper way to send money abroad compared to banks.

Revolut’s money transfer fees for international payments deposited to bank accounts are set as a percentage from 0.3% to 1%, with many popular destination countries coming in with fees of under 0.5%. There are also maximum and minimum payment caps, which mean you’ll pay a fee starting at about 0.5 NZD to a maximum of 45 NZD for many common destinations.

If you need to convert currencies to send your payment there may be an additional fee. If you’ve exhausted your no fee currency exchange limit that month, a fair usage fee of 0.5% applies, and if you’re sending your payment out of hours there’s an extra 1% charge as well.

Even with a few different potential costs, sending money with Revolut can work out to be a fast, efficient and low cost method to get your money wherever it needs to go.

Is Revolut safe?

In New Zealand, Revolut is a registered financial service provider and ASIC-overseas company. It’s safe to use, and also regulated and licensed by a range of other global bodies based on the services it offers.

When you hold a balance in Revolut New Zealand your money is deposited into a Trust Account – a segregated account held in a top tier bank. This means Revolut can’t use it as working capital, and is part of the safeguarding principles adopted by Revolut and other similar companies worldwide.

Aside from the legal requirements to protect customers’ money and data, Revolut also has plenty of safety features built into the app, such as 2 factor authentication and easy ways to freeze and manage your cards.

Revolut pricing

Revolut currency transfer service has variable fees based on the currency you’re sending to. You’ll pay a percentage fee, which is also subject to minimum and maximum limits. The percentage fee runs from about 0.3% of the transfer value, to 1%. Depending on the value of the transfer and the account tier you hold, you may also pay a fair usage fee of 0.5% if you convert currencies as part of the process. If you’re sending a payment out of hours, an out of hours fee of 1% will also apply.

To help illustrate the costs of sending money overseas with Revolut, there’s a handy cribsheet on the Revolut New Zealand website which gives Revolut transfer fees for different payment values. Here’s a look at some of the costs of sending payments to Australia based on different transfer values, not taking into account fair usage and out of hours fees:

Payment value in NZD Revolut fee to transfer to AUD
100 NZD 0.5 NZD + any applicable currency conversion charge
500 NZD 1.5 NZD + any applicable currency conversion charge
2,000 NZD 6 NZD + any applicable currency conversion charge
10,000 NZD 30 NZD + any applicable currency conversion charge
20,000 NZD 45 NZD + any applicable currency conversion charge
50,000 NZD 45 NZD + any applicable currency conversion charge

Revolut exchange rate

Revolut customers all get some currency exchange using the mid-market exchange rate – but there may be limits on how much you can exchange every month, which are based on the account tier you select. Standard account holders can exchange up to 2,000 NZD/month with no extra charge. If you hit your account limit, you’ll pay fair usage fees of 0.5% until the limit refreshes again the following month.

If you’re exchanging currencies out of hours and at weekends, you’ll also be subject to a 1% fee.

Revolut {feature fees}

At the time of writing, Revolut hasn’t launched all of the plan options that will be available in New Zealand. For now, we’ve got full details of the Standard plan which customers can open with no monthly charges. Upgraded plan details will be available soon, so do keep an eye on the Revolut website for more.

Here’s a look at the key Revolut fees we know about so far:

Fee/feature type Revolut fee
Monthly account fee Standard: No monthly fee

Premium: Plan coming soon

Metal: Plan coming soon

Card fees Standard: No fee for first card, 8.99 NZD for additional cards – delivery fees apply
ATM withdrawals Standard: Withdraw up to 350 NZD with no fee, 2% fee after that
International payments 0.3% – 1% value of payment, depending on destination
Currency exchange Standard: No fee to exchange up to 2,000 NZD/month


Fair usage fee of 0.5% when plan limit is exhausted

1% out of hours fee when converting currencies out of market hours

  • Information correct at time of writing – 21st November 2023, check the Revolut New Zealand desktop site or app to get the latest updates

Revolut personal account plans

Revolut account plans include the Standard plan you can get now, as well as Premium and Metal which are coming soon. While we don’t yet have full details of how the upgraded accounts will look, we have a bit of an insight. Here’s what we know:

Standard: No monthly fee to pay, exchange up to 2,000 NZD monthly with no fee, make ATM fees of up to 350 NZD/month with no fee

Premium: Optimised for a global lifestyle, featuring ways to save and invest – no-fee account limits are likely to be higher in exchange for paying a monthly fee

Metal: Full service package with a metal card, you’ll get all the benefits of the other account tiers, with 1% cashback on card spending. You may find some transactions are no-fee without monthly caps, but there are monthly fixed charges to pay instead

How long does Revolut take

Payments sent with Revolut to other Revolut accounts arrive instantly. If you’re sending a payment for deposit to a bank account with Revolut, it may take a little longer. Ultimately delivery times vary based on where you’re sending money to, the value of the payment and the receiving bank’s own processes. Bank deposits can arrive quickly in some cases – but on other occasions they can take a few days.

Revolut Pros

  • 3 account types for personal customers, including the Standard plan with no monthly fee
  • View and manage your money with just a smartphone
  • Multi-currency options for holding and spending, as well as sending payments to others
  • No-fee currency exchange and ATM withdrawals with limits set according to the account type you choose

Revolut Cons

  • Monthly fees are likely on higher account tiers
  • Fair usage fees apply when plan limits are exhausted
  • Out of hours fees on currency exchange fees

How to use Revolut

One of the great features of Revolut is that you can quickly and conveniently send payments around the world, right from your phone. The steps may vary slightly depending on how your account is set up, and where you’re sending to – but usually it’s as simple as this:

  1. Log into your account or open the Revolut app
  2. Tap Payments, then Transfers
  3. Tap Send, New, and Add a bank recipient
  4. Enter the bank transfer details for your recipient
  5. Tap on the beneficiary, choose the currency you want to send and add the amount
  6. Add a payment reference
  7. Tap Continue to review your transfer details and estimated arrival time

Funding methods

You’ll usually be able to add money to your Revolut account by bank transfer or with a card. You’ll also be able to use Apple Pay or Google Pay, or have someone else send you money from their Revolut account. Fees may apply for some top up methods, but you’ll be shown these clearly in the app before you confirm.

Payout methods

Revolut offers payouts in 2 ways:

  • Transfer to another Revolut account (for splitting a bill with friends for example)
  • Transfer to a standard bank account (convenient when sending money to others at home and abroad)

How to create a Revolut account

Creating an account with Revolut is easy:

  1. Download the Revolut app or open up the website
  2. Click Sign up
  3. Enter your personal details, following the onscreen prompts
  4. Complete the verification step as required
  5. Once your account is verified you can add funds and get started

As Revolut is newly launched in New Zealand you may find your account application is waitlisted. This is while Revolut works through the onboarding processes for so many new customers. If this is the case you’ll be notified and can get more information about likely wait times.

What documents you’ll need

Whenever you open any account with a financial service provider you may be asked to complete a verification step. With digital services like Revolut, you can complete this step without leaving home by uploading an image of your paperwork into the app. The documents needed may vary based on your situation, but will usually include:

  • Valid government issued ID
  • Proof of your address

You may be asked to take a selfie holding your documents to verify your identity.

How long does verification take

Where verification can be done electronically it can be fast or instant. Manual verification takes longer, particularly as Revolut is onboarding so many new customers all at once.

Revolut limits

For security, Revolut accounts all over the world have a few limits. For example, the ATM limit is set to the currency equivalent of 3,000 GBP per day. You can also adjust some of your spending limits in your own Revolut app to tailor your account to your specific needs.

Revolut transfer limits

For most currencies there are no Revolut transfer limits. However, some limits may be set by Revolut payment partners, which are not disclosed in advance. You’ll see any limits which apply in the app before you transfer.

As a New Zealand personal Standard account holder you can exchange up to 2,000 NZD a month with no extra fair usage fee.

Revolut Standard account limits

Here’s a reminder of the Revolut New Zealand Standard plan no-fee transaction limits:

  • Currency exchange – up to 2,000 NZD/month with no fee
  • ATM withdrawal  – up to 350 NZD/month with no fee

Is Revolut safe for large amounts?

Globally, Revolut is trusted by over 35 million customers, including business customers in many of its locations. It’s licensed and regulated, making it safe to use even for big transfers and higher value account balances.

Supported currencies

You can hold a broad range of currencies in your personal Revolut account, and spend with your linked card in 150+ countries.

Revolut reviews

Globally, Revolut has over 144,000 reviews on Trustpilot, and an average rating of 4.3 stars out of 5 – Excellent.

Generally customers praise the ease of use, customer service and low fees. Roughly 10% of reviews give the lowest rating, which may be because they’ve had transactions declined due to security concerns, or they’ve been unable to complete verification checks to get their accounts set up. That’s frustrating but it’s part of how Revolut and other financial service providers keep customers and their money safe.

Trustpilot aggregates live customer feedback so you can be confident the information you find there is recent – check out the latest reviews before you decide whether or not to sign up.

Revolut accessibility

All Revolut services are available through its desktop site and on the smartphone apps for Apple and Android phones.

Revolut customer service

If you have any problem, Revolut recommends you log into your app and start a chat with support:

  1. Tap on your profile picture or initials
  2. Open the Help section and choose a relevant category.
  3. Select a topic you need help with.
  4. If the article doesn’t solve your problem, tap Chat with us to be connected to an agent

You can also email if you’d prefer to talk by mail.

Revolut alternatives

Depending on the exact services you’re interested in, there are a few good Revolut alternatives. Here are a couple:

  • Wise vs Revolut – send payments with the mid-market exchange rate and low transparent fees, or open an online international account to send and hold multiple currencies
  • Western Union vs Revolut – international payments available to bank accounts or for cash collection. Fees tend to be on the higher side.
  • OFX vs Revolut: Open an OFX account for individual or business use for expert advice and bank beating exchange rates, and a 24/7 phone service

Conclusion: Is Revolut good?

Revolut is already justifiably popular in many global markets with a range of account types, debit cards for easy payments, ways to send money instantly to other Revolut accounts, and global transfers.

While you can’t get the full suite of services offered globally by Revolut in New Zealand just yet, more is on the way, and customers can already sign up for a Standard account which has no monthly fee to pay. You’ll get some no fee ATM withdrawals, and some no fee currency exchange which uses the mid-market exchange rate – plus a handy payment card to use at home and abroad. Use this guide to decide if Revolut is right for you,and keep an eye out for more services coming our way soon.

Revolut in New Zealand FAQs

How much does Revolut cost?

There’s no monthly fee for the Revolut New Zealand Standard account plan, but some transaction fees may apply.

How long does Revolut take to transfer funds?

Revolut to Revolut transfers are instant, bank deposits can be fast but in some cases take several days depending on the destination and other factors.

How safe is Revolut?

Revolut is a registered financial service provider and ASIC-overseas company. It’s safe to use, and also regulated and licensed by a range of other global bodies based on the services it offers.

How does Revolut apply exchange rates?

As a New Zealand personal Standard account holder you can exchange up to 2,000 NZD a month with no extra fair usage fee. After that, a charge of 0.5% applies.

Does Revolut have a mobile app?

Yes. All Revolut services are available through smartphone apps for Apple and Android phones.

How does Revolut work?

Register a Revolut account online or in the Revolut app, to get sent a debit card for spending and withdrawals around the world. Just add a balance in NZD and you can convert to other currencies for spending, or let the card do the conversion for you when needed.

How many currencies does Revolut support?

You can hold a broad range of currencies in your personal Revolut account, and spend with your linked card in 150+ countries.

Claire Millard
Fintech copy and content writer
Claire Millard is a content and copywriter with a specialty in international finance. Her work has featured in The Times and The Telegraph, as well as industry magazines and leading personal finance blogs.
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Ileana Ionescu
Content manager
With a background in business journalism, Ileana is an experienced content manager, creating content for Exiap that helps its audience make informed decisions about their finances.
Read more
Last updated
December 1st, 2023