Revolut

Revolut, a UK-based neobank, was founded in 2014 by Russian friends Nikolay Storonsky and Vladyslav Yatsenko, who met while working at Credit Suisse.

As a frequent traveler, Nikolay noticed he was losing hundreds of pounds due to exchange rates and banking fees. Frustrated, he left Credit Suisse to create a mobile bank with no commission fees: Revolut.

Through its mobile app, Revolut offers a range of banking services, including fee-free foreign currency payments at interbank rates using a linked physical or virtual card.

“The idea for Revolut came to me a few years ago. While traveling, I was charged hundreds of euros in fees, which I found unacceptable. As a finance professional, I knew the exchange rate I should have paid. I looked for a multi-currency card but found none, so I decided to create the solution myself.”
Nikolay Storonsky
CEO, Revolut
Nikolay Storonsky

Initially, Revolut offered a smartphone app with a free multi-currency bank account, aligning currency conversions with interbank rates. The fintech startup quickly gained popularity, raising millions to expand its offerings.

In December 2018, Revolut obtained a European banking license in Lithuania, allowing it to claim full mobile bank status. Revolut now accepts account openings for anyone with legal residency in the European Economic Area (EEA), Australia, Canada, Singapore, Switzerland, or the US. The EEA includes countries like Germany, France, the UK, Spain, and more.

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Revolut is a UK-based neobank that allows Swiss residents to open a multi-currency mobile account and enjoy a range of banking services.The Revolut Standard account is free and perfect for occasional use. Both the mobile app and the debit card are provided at no cost. With very competitive exchange rates, Revolut is an ideal choice for travelers.Revolut Switzerland Overall Rating: 7.7/10
More details +
Account opening
10
Usability
9
Features
7
Credit Card
8
Fees
7
Security
7
Customer Service
6
PROS:
  • Fast account opening
  • Free multi-currency account
  • Excellent user interface
  • Excellent exchange rates
CONS:
  • Bank transfers up to 5 days
  • Average customer service
  • Fees increase frequently
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Revolut offers a Metal account to Swiss residents.The Metal account is not free, but offers more services than Revolut Premium and includes a cashback.The mobile application is free, as well as the Debit card. Revolut offers very competitive exchange rates and is an ideal solution for travel.
More details +
Account opening
10
Usability
9
Features
9
Credit Card
8
Fees
5
Security
7
Customer Service
7
PROS:
  • Fast account opening
  • Free multi-currency account
  • Excellent user interface
  • Quick access to customer service
  • Excellent exchange rates
CONS:
  • Bank transfers up to 5 days
  • Fees increase frequently
  • Cashback offer not worth it
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Revolut offers a Premium account to Swiss residents.The Premium account is not free, but offers more services that Revolut Standard and is more cost effective for regular users.The mobile application is free, as well as the Debit card. Revolut offers very competitive exchange rates and is an ideal solution for travel.
More details +
Account opening
10
Ergonomie
9
Features
8
Credit Card
8
Fees
7
Security
7
Customer Service
6
PROS:
  • Fast account opening
  • Free multi-currency account
  • Excellent user interface
  • Quick access to customer service
  • Excellent exchange rates
CONS:
  • Bank transfers up to 5 days
  • Fees increase frequently
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Revolut in figures:
  • +10 million customers in 2020, including 500,000 in France
  • Revolut is valued at more than 1.7 billion dollars
  • It aims for 100 million users within 5 years
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