Does Revolut Charge Abroad?

If you’re considering using Revolut while traveling internationally, you might be wondering about the costs associated with using your card abroad. Revolut has become a popular choice for digital banking and financial services, promising convenience and competitive rates. However, understanding the full extent of its fees and charges can help you make the most of your travel budget. In this article, we'll explore how Revolut charges abroad, including exchange rates, fees, and other factors that might impact your expenses.

To start, it's important to highlight that Revolut offers a range of plans, including Standard, Plus, Premium, and Metal. Each plan comes with its own set of features and fee structures. For instance, the Standard plan is free and provides basic features, while the Premium and Metal plans come with additional perks but also higher monthly fees. Understanding these differences is crucial as they affect how much you’ll pay when using your Revolut card abroad.

Exchange Rates

One of the key benefits of using Revolut is its competitive exchange rates. Revolut uses the interbank exchange rate, which is the rate banks use to trade between themselves. This rate is generally more favorable compared to the rates offered by traditional banks or currency exchange services. This means that when you use your Revolut card abroad, you'll likely get a better rate on currency conversion compared to other options.

However, it's important to note that Revolut’s interbank rates are available only during weekdays. On weekends (Saturday and Sunday), Revolut applies a small markup to the exchange rate to account for market fluctuations. This markup is typically around 0.5% to 2% depending on the currency pair.

Fees for ATM Withdrawals

Revolut allows users to withdraw cash from ATMs worldwide. However, there are some conditions to be aware of. For users on the Standard plan, Revolut offers free ATM withdrawals up to a certain limit (usually £200 per month). After exceeding this limit, a fee of 2% of the withdrawal amount is charged. For Plus, Premium, and Metal users, higher withdrawal limits and lower fees apply.

Foreign Transaction Fees

For transactions made abroad, Revolut does not charge a foreign transaction fee, which is a significant advantage compared to traditional credit cards that often impose a 2-3% fee on international purchases. This fee-free feature is available across all Revolut plans, making it an attractive option for frequent travelers.

Additional Considerations

While Revolut offers many advantages, there are a few additional considerations to keep in mind:

1. Card Replacement: If you lose your Revolut card while traveling, there might be a fee for a replacement card, depending on your plan.
2. Currency Conversion: When paying in a foreign currency, Revolut will automatically convert the amount to your base currency using the interbank exchange rate.
3. Transaction Limits: Some countries or merchants may impose limits on the maximum amount you can spend or withdraw with your Revolut card.

Conclusion

In summary, Revolut provides a cost-effective solution for managing your finances while traveling abroad. The competitive exchange rates, lack of foreign transaction fees, and relatively low ATM withdrawal fees make it a solid choice for international use. However, be aware of potential weekend markups on exchange rates and additional fees for card replacement. By understanding these factors, you can maximize the benefits of using Revolut during your travels.