As I know that many travellers use the Card and account offered by Revolut, I would like to mention the new updates on the terms & conditions for Revolut that they are informing via email to their clients. First of all, they inform that all these changes will take effect on August 12, 2020.

Revolut is increasing some of their fees for some services.

The main updates that will affect mainly the Basic accounts are :

• Limiting the amount free of charges for exchange currency  to £1,000 each month.
• Increase of the Mark-up spread fee for Currency conversion during weekends from 0.5% to 1%
• Ability to reverse via support team some mistaken payments made into Revolut accounts.
• 50p per payment for making payments/transfers outside of your country except your first payment each month is also remaining free.
• There will be a fee of £3 for USD transfers or £5 for non-USD transfers  if you make a transfer to a country that is not in its national currency,
• They are updating with more details in their terms about how they “safeguard” your money.

Limiting amounts exchanged each month.

If I do not recall incorrectly, Revolut was allowing to exchange currencies without paying a fee for the first £5,000  each month. Now, this limit is decreasing to £1,000 each month, above that limit, the fee will stay the same at 0.5%. Premium and Metal plans still have unlimited exchange. If you were using Revolut for converting money to another currency for more than £1,000 a month, it will be time to review other options.

Mark-up spread increase at weekends

Revolut is increasing  the mark-up interbank exchange rates at the weekend for major currencies from 0.5% to 1%. There is no fee during the weekdays. But it is always good that you always check the mark-up fee for any currency on thei site – see the full list here. (For example even during weekdays for currencies THB and UAH they have a mark-up of 1% and a 2% during weekends).

Ability to reverse payments

According to Revolut notification, They are introducing an ability for their support teams to reverse some mistaken payments made into Revolut accounts  but they do not explain yet how this will work.

Fee for transfer outside of your country

Payments to Revolut users, domestic transfers and Euro transfers are remaining free, however if you make a transfer to an account outside of your country there will be a fee of 50p per payment from the second payment each month. (First payment each month is still free).

Extra charges for transfers to a country that is not in its national currency

Transfers to a country that is not in its national currency will have a fee:  £3 for USD transfers or £5 for non-USD transfers. Revolut comments that they  let us know beforehand if a transfer you are about to make will incur a fee.

Updates in terms and conditions

Finally, they inform that they will add more details in their terms regarding how they  your money. I always advise people to check the terms for this kind of companies Link:  https://www.revolut.com/legal/terms where they explain what actually happen when you deposit money on the Revolut account. As they clearly state: Because the account you hold with us [Revolut] is an electronic money account (not a bank account), your money is not covered by the Financial Services Compensation Scheme.

https://www.revolut.com/legal/terms

When we receive that payment or the money you add, we quickly either:

• place it into one of the dedicated client money bank accounts that we hold with large commercial or central banks (client money accounts keep your money separated from our own money, and the types of banks we can use are set by regulations); or- invest it in low-risk assets that have been approved by our regulator, which are also kept in dedicated client accounts with financial institutions.