As freelancers, we all hope to be making large sums of money. Once the client releases the sum, however, we’re left thinking about the right money withdraw/transfer solutions. Recently, I came across Revolut and I decided to give it a try. Here’s my overview of the service and my opinion on whether Revolut for freelancers is the right choice when it comes to financial transactions.
What Is Revolut?
Let’s begin with the basics.
Revolut is quite heavily advertised right now (I came across several Facebook ads and I also read multiple comments from friends who had given it a try to send or receive money).
Based in the UK, Revolut offers financial services. Much like Payoneer, it gives members access to a prepaid card and peer-to-peer payments.
It’s being advertised as a banking alternative that ensures cost-efficiency and speed of the transactions. When signing up, you’ll get a Revolut IBAN that can be used to receive money. It’s linked to the Revolut card and you can ask clients to send payments directly to your Revolut account.
Revolut for freelancers is a great choice because the fees and charges are quite small in comparison to what other similar service providers have to offer.
I’ve been using Payoneer for many years but the fees and charges there are relatively high. This is why I started looking for an alternative. I’ll draw a more detailed comparison between the two services in one of the coming sections.
Revolut Review: Pricing
There are several features we need to examine to determine whether Revolut for freelancers is a good choice.
First, let’s take a look at how much it costs to use Revolut.
The service has three plans. The first one is free and there are two additional premium plans. Here’s detailed comparison of what you get in each:
|Standard (Free)||Premium (6.99 pounds/month)||Metal (12.99 pounds/month)|
|Free UK account, free euro account||Revolut for Freelancers Review: The Right Payment Solution for You?||Revolut for Freelancers Review: The Right Payment Solution for You?|
|No ATM fees for 200 pounds per month||No ATM fees for 400 pounds per month||No ATM fees for 600 pounds per month|
|Spending in 150 currencies at bank exchange rate||Spending in 150 currencies at bank exchange rate||Spending in 150 currencies at bank exchange rate|
|Exchange in 30 fiat currencies (up to 5,000 pounds per month||Exchange in 30 fiat currencies, no limits||Exchange in 30 fiat currencies, no limits|
|Access to several kinds of insurance||Access to several kinds of insurance|
|Global express transfers (shorter timeframes)||Global express transfers (shorter timeframes)|
|Disposable virtual card||Disposable virtual card|
|0.1% cashback on purchases in Europe and 1% cashback outside of Europe|
|Concierge for lifestyle management|
There are a few additional characteristics and features for the premium plans but I haven’t featured those in my Revolut review. You can find all the essential information at the Revolut official website.
A few other charges and fees have to be mentioned apart from the pricing plans:
- If you opt for a free account, you’ll have to pay for the shipping of your prepaid card – 4.99 pounds for standard delivery, 11.99 pounds for express delivery to the UK and 19.99 euro for express delivery abroad
- Replacement Revolut card issuing costs five pounds
- Once your free ATM withdrawal limit is surpassed, you’ll be charged two percent of the transaction’s value
Revolut does not have subscription fees or charges for adding money. Sending transfers to other Revolut accounts is also free of charge.
As far as exchange rates go, you can find out the details here.
Revolut Services and Features
In the Revolut review so far you’ve understood that you get a prepaid card and you can send or receive money quickly.
Revolut, however, offers a range of additional services that make it worth giving a try to.
I’ll take a look at the services available with the standard account. If you want a premium Revolut membership, you will benefit from a wider range of available services.
As a standard account holder: you’re given access to all of the following:
- Money transfers: in your country and abroad at the interbank exchange rate. Currently Revolut enables its members to send money globally in 29 currencies.
- Vaults: that’s a cool one – you can create a vault for the purpose of setting some money aside and beginning to save. If you have a specific financial goal but you lack the discipline to follow through, this feature may come in handy.
- Budgeting: Revolut helps you understand your earning and spending habits better. You can set monthly limits on certain types of expenditure – for example, dining out. You also get detailed analysis about the sums you’ve spent over the course of the month on different things. Revolut allows you to set up a budget and the app will keep track of your performance to hold you accountable.
- Cryptocurrency exchange: online cryptocurrency exchanges have a somewhat cumbersome process. If you don’t want to go through these platforms, you can use Revolut for the purpose.
- Revolut perks: a beta feature that’s currently being rolled out. Curently, it’s available only for selected users and the feature provides rewards for everyday spending. I really hope they roll out the perks soon, giving everyone access to some fun additional bonuses.
Revolut has a functional smart phone app you can rely on to set your goals, enable functionalities and modify aspects of your experience. You can download the Revolut app here.
Revolut for Freelancers: A Few Additional Characteristics
Revolut for freelancers makes a lot of sense because you can simplify the financial transactions with your customers through the use of the app.
For a start, you can link your Revolut card to your PayPal account and withdraw the money you receive there to your card. If the bank in your country doesn’t support PayPal withdrawals or the fees for processing the incoming money are high, Revolut would be a great choice.
If you have clients who use Revolut already, you can set up financial transactions through the platform. The process is easy and smooth for both parties involved.
Revolut offers two types of services – a personal account and Revolut for Business.
Revolut for Business gives access to the following features:
- Accounts in 24 international currencies
- Free international payments
- A corporate card + the ability to issue virtual cards
- The ability to set monthly spending limits per card (if you manage a team, for example, and you issue cards for professional use)
- Integration with accounting tools and apps
- Bulk payment options
- The ability to set recurring payments
This is obviously a great choice for both freelancers and small business owners. if you’re serious about growing your business, you may want to consider setting up a Revolut for Business account.
Revolut for Business offers two pricing options – company and freelancer.
The freelancer account has free and seven pounds per month. The differences between the two types of accounts are outlined here.
For companies, there are four plans – a free plan, Grow (25 pounds per month), Scale (100 pounds per month) and Enterprise (1,000 pounds per month). The specifications and the differences between the plans can be reviewed here.
Revolut and Payoneer Price Comparison
Are you familiar with Payoneer? If so, you may be wondering what the main differences between Revolut and Payoneer are. Let’s dig a little bit deeper.
The differences in fees and charges are as follows:
- If you receive money in US dollars in Payoneer, one percent of the amount will be withheld right when it enters your account. Revolut does not have charges for adding funds to your account.
- Currency conversion rates vary and can be quite unaffordable in Payoneer. Revolut uses its existing interbank exchange rates.
- Sending money to Payoneer users is free of charge, there are certain limits with Revolut.
- Payoneer money withdrawal via ATM costs 3.15 dollars, it’s free in Revolut up to a certain limit but after that the charge is higher.
- Payoneer has a first-time card activation fee of 29.95 dollars and annual card activation fee of the same amount. The Revolut card-related fees and charges are lower.
Payoneer, however, does offer a better service as far as several characteristics of the platform are concerned:
- Much shorter payment processing times (in some instances, money will be visible in your Payoneer account in less than an hour)
- A larger number of currency conversion options
- Payoneer services are currently available in 200 countries while Revolut offers limited services to EU countries, Australia, Canada, Switzerland, Singapore and the United States
- Payoneer offers support and platform availability in more languages than Revolut
As you can see, people from certain parts of the world currently have limited access to the Revolut services. The company promises international rollout in the near future and hopefully, the expansion will occur quite soon.
If you don’t have access to Revolut or you believe Payoneer is a better choice, you can get your Payoneer account for free here.
Revolut Review: My Pros and Cons
I really like the service that Revolut offers. Revolut for freelancers is an affordable and convenient choice that’s hindered solely by the limited global availability of the service.
Here are the things I like the most about Revolut:
- Smooth and seamless experience via the Revolut mobile app
- Reasonable fees and charges, especially when compared to some of the other international payment services
- You get a prepaid card, as well as a virtual card (if you choose one of the premium plans)
- Both personal and business accounts are available
- It’s fast and you can send money for free to other Revolut accounts
- There are budgeting and money-saving tools you can rely on to improve your spending habits and boost financial accountability
- There are numerous premium features that other similar service providers don’t have available
- Revolut offers free of charge ATM withdrawals (but limits do apply so see which plan is the right one for you depending on how much you need to cash out each month)
- You can easily create a multi-currency account to avoid exchanges
- You can link your card to PayPal if you’re receiving a lot of money there as a freelance service provider
- Very quick set up and identity verification (mine took only two hours, after which I requested the issuing of my prepaid card)
- Pretty good and reliable customer service, a ton of information about different aspects of using Revolut
A couple of the things that miss the mark in my opinion include the following:
- The free ATM withdrawal limit is quite low in the free account, after that the withdrawal does get costly
- Whenever the markets are closed, Revolut applies a specific markup on currency exchanges (here’s a bit more information on how marking up takes place)
- No credit card or banking services available apart from your IBAN that you’ll get when you set up the account
- If you have a free account, there will be a fee applying to turbo transfers
Is Revolut safe? Yes! Does it offer innovative features? Absolutely! These are the reasons why I think Revolut for freelancers makes a lot of sense.
In my opinion, the pros of Revolut far outweigh the cons and if you’re in one of the supported countries, you should give it a try. Choosing this service or another comparable solution is all about knowing your priorities and identifying the solution that aligns with your goals.
If you already have experience with it, whether your opinion differs from mine or is similar, I’d like to learn more. Don’t hesitate to leave a quick comment under the article and we can have a discussion about the service and/or its alternatives.