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Revolut is one of the best apps in the UK for spending and exchanging foreign currency, and since March 2026 it has been a fully authorised UK bank with FSCS protection up to £120,000 once your account has moved across. The free Standard plan is excellent for occasional travel, but watch the weekend exchange markup, the £1,000 monthly exchange allowance and the ATM limits. Its weak spot is customer service when something goes wrong.
Verdict: great as a travel and currency card, good as a second account, and now a credible main account, as long as you keep a backup bank.
Revolut at a glance
| Details (checked November 2026) | |
|---|---|
| Type | UK bank (Revolut Bank UK Ltd), launched March 2026 |
| Deposit protection | FSCS up to £120,000, once your account is with the bank |
| Monthly fee | Free (Standard); paid plans from £3.99 |
| Card spending abroad | No card fee; exchange at Revolut’s rate within your allowance |
| Currency exchange allowance | £1,000 a month on Standard, £3,000 on Plus; fair usage fee above (1% on Standard, 0.5% on Plus) |
| Weekend markup | 1% on Standard, 0.5% on Plus; none on Premium and above |
| Free ATM withdrawals | Standard: 5 withdrawals or £200 a month, whichever comes first, then 2% (min £1) |
| Switching | Supports the Current Account Switch Service |
| Support | In-app chat, mainly |
Is Revolut safe? The UK banking licence explained
This is the question most people ask, so here is the full story.
For years, Revolut in the UK was an electronic money institution (EMI), not a bank. Your money was safeguarded: kept separately from Revolut’s own funds, so it should be returned if the company failed. But it was not protected by the FSCS.
- In July 2024, Revolut got a UK banking licence with restrictions, entering what regulators call the “mobilisation” phase. During mobilisation, it could only hold limited deposits.
- In March 2026, the Prudential Regulation Authority lifted those restrictions and Revolut Bank UK Ltd launched fully. Mobilisation had lasted much longer than the usual 12 months.
- Existing customers were moved to the bank in phased batches, with at least two months’ notice. Your sort code and account number stay the same.
How to check your status
Open the app and look at your account details or terms. If you are with Revolut Bank UK Ltd, eligible deposits are covered by the FSCS up to £120,000. If you are still with Revolut Ltd (the e-money company), your money is safeguarded but not FSCS protected. As of the last official update we could find, most but not necessarily all customers had been migrated, so it is worth checking (checked November 2026).
What is not covered
- Investments, stocks and crypto are not deposits. Investments may have separate FSCS investment protection (up to £85,000) in limited circumstances, such as a firm failing, but never against falling prices. Crypto has no protection.
- Money in non-sterling currencies is generally eligible for FSCS cover if held as a bank deposit, but compensation is paid in pounds.
Revolut plans and prices
| Plan | Monthly price (checked November 2026) | Who it suits |
|---|---|---|
| Standard | Free | Occasional travellers and light users |
| Plus | £3.99 | People who exchange a bit more and want basic insurance perks |
| Premium | Rising in 2026; check app | Frequent travellers who want unlimited weekday exchange and travel insurance |
| Metal | Rising in 2026; check app | Heavy travellers who use the extras (higher cashback, lounge discounts, subscriptions) |
| Ultra | Most expensive tier | A small minority who value lounge access and premium partner subscriptions |
Revolut raised the price of Premium, Metal and Ultra for new customers from 14 October 2026, with existing subscribers moving to the new prices on 19 December 2026. Annual billing is cheaper than monthly. If you get notice of a price rise you do not accept, you can cancel the plan.
Is a paid plan worth it? Only if you would genuinely use what it includes. A common mistake is paying for Premium to get travel insurance when a standalone annual travel policy, or a packaged bank account you already have, would be cheaper. Add up the value of what you will actually use before upgrading.
Revolut fees: what catches people out
The weekend markup
Currency markets close at weekends. To protect itself against rates moving, Revolut adds a markup when you exchange or spend in a foreign currency while markets are closed, roughly from Friday evening to Sunday evening (the exact hours are shown in the app):
- Standard: 1% for major currencies
- Plus: 0.5%
- Premium, Metal and Ultra: no weekend markup
Worked example: you land in Spain on a Saturday and spend €500 on your Standard Revolut card. A 1% weekend markup adds roughly £4.30 (at about €1.16 to the pound). Small, but avoidable: exchange money into euros in the app on Thursday or Friday afternoon, then spend from your euro balance at the weekend.
Less common currencies (often called “exotic” currencies) can carry a higher markup. Check the rate shown in the app before exchanging.
The fair usage limit
On Standard, the first £1,000 a month of currency exchange is free of Revolut’s fee. Above that, a 1% fair usage fee applies. On Plus, the allowance is £3,000 and the fee is 0.5%. The weekend markup and the fair usage fee can both apply to the same exchange.
Example: you spend £1,800 abroad in a month on Standard. The first £1,000 is fee-free; the other £800 costs 1%, so £8 extra.
ATM withdrawals
On Standard, you get 5 free withdrawals or £200 a month, whichever you hit first. After that, Revolut charges 2%, with a minimum of £1 per withdrawal. The local ATM may add its own fee too. Premium raises the free limit to £400 a month and Metal to £800.
Tip: if a foreign ATM offers to convert your withdrawal into pounds, always say no and choose the local currency. Accepting usually means a poor exchange rate set by the ATM operator. Our best travel money card guide explains this “dynamic currency conversion” trick.
Customer service: the common complaints
Revolut has millions of happy UK customers, but the criticisms are consistent and worth taking seriously:
- Support is mainly in-app chat, starting with an automated assistant. Getting to a human can take time, especially for complex problems.
- Account freezes for security checks. Like all banks, Revolut must investigate unusual activity. Customers report freezes being slow to resolve and feeling left in the dark, which is a serious problem if it is your only account.
- Fraud and scam complaints. Revolut has received more APP (authorised push payment) fraud complaints at the Financial Ombudsman Service than other UK banks, according to Which? analysis of ombudsman data. Since October 2024, UK payment firms, including Revolut, must reimburse most victims of APP scams under the Payment Systems Regulator’s mandatory scheme, subject to limits and exceptions.
- Lots of products and upsells. The app pushes trading, crypto and paid plans. You can ignore all of them.
If you have a complaint Revolut does not resolve, you can take it to the Financial Ombudsman Service for free after eight weeks, or sooner if you get a final response.
Revolut vs the alternatives
| If you mainly want… | Revolut is… | Also consider |
|---|---|---|
| A card for holidays | Excellent on weekdays; mind weekend fees | Chase UK, Starling (no weekend markup, Mastercard rate) |
| Sending money abroad | Cheap for major currencies within allowance | Wise, especially for large amounts; see our Wise vs Revolut comparison |
| A main UK bank account | Now viable, with FSCS cover | Monzo or Starling for better-rated support |
| Holding several currencies | One of the best options | Wise |
For a wider comparison, see our guide to the best banking apps in the UK.
Who Revolut suits
Good fit if you:
- Travel a few times a year and want to spend abroad cheaply.
- Hold or exchange money in several currencies, for example if you live between the UK and another country.
- Want fast, free transfers to friends and family who also use Revolut.
- Are comfortable managing everything in an app.
Think twice if you:
- Want easy access to human support, or a branch.
- Would keep all your money in one place with no backup account.
- Exchange large amounts at weekends on the free plan.
- Are tempted by the trading and crypto features without understanding the risks.
Pros and cons
Pros
- Fully authorised UK bank since March 2026, with FSCS protection once migrated
- Excellent exchange rates on weekdays within your allowance
- Strong multi-currency features and instant transfers between users
- Free plan is genuinely useful
- Supports CASS switching
Cons
- Weekend markup and monthly exchange cap on the free plan
- Only 5 free ATM withdrawals (or £200) a month on Standard
- Support mostly via chat; account freezes can be slow to resolve
- More fraud complaints at the ombudsman than other banks
- Constant upsells to paid plans, trading and crypto
Our pick: Revolut is worth having as a free travel and currency card. Exchange on weekdays, stay within the Standard allowances, and keep your main salary account with a bank whose support you trust. If you only want one card for travel with no weekend markups, look at Chase UK or Starling instead.
Frequently asked questions
Is Revolut a proper bank in the UK?
Yes. Revolut Bank UK Ltd left the 'mobilisation' stage and launched as a fully authorised UK bank in March 2026. Existing customers were moved from the old e-money company in phased batches, so check your account details in the app to confirm you are with the bank (checked November 2026).
Is my money protected by the FSCS with Revolut?
Once your account has moved to Revolut Bank UK, eligible deposits are protected by the FSCS up to £120,000. Money still held with the e-money company is safeguarded instead, which is a different, weaker form of protection. Investments and crypto are not covered by deposit protection.
Does Revolut charge fees at weekends?
Yes, on currency exchange. On the Standard plan, exchanging money while currency markets are closed (Friday evening to Sunday evening) adds a markup of around 1% on major currencies, and 0.5% on Plus. Premium, Metal and Ultra do not pay the weekend markup (checked November 2026).
Is Revolut free to use?
The Standard plan has no monthly fee, but there are limits: fee-free currency exchange up to £1,000 a month, five free ATM withdrawals or £200 a month, and weekend exchange markups. Light users can use it completely free.
Can I use Revolut as my main bank account?
You can: it offers UK account details, direct debits, salary payments and switching through CASS. Many people still keep a second account elsewhere as a backup, because Revolut's support is mainly in-app chat and account freezes for security checks can be slow to resolve.
Is Revolut good for sending money abroad?
It can be very cheap for major currencies on weekdays within your plan's allowance. For large or less common currencies, compare it against Wise and specialist providers, as the fees and markups vary.
Sources
- Revolut – Revolut launches UK bank
- Revolut – UK standard fees
- Revolut – Plans comparison (UK)
- FSCS – Deposit protection limit (£120,000 from 1 December 2025)
- Which? – Revolut fraud complaints to Ombudsman outstrip all banks
- FCA Financial Services Register
- Payment Systems Regulator – APP scams reimbursement