| TL;DR: Revolut Ltd (FRN 900562) is an FCA-authorised e-money institution offering multi-currency accounts across five plan tiers from free to £55 per month. The Standard plan provides fee-free weekday exchange up to £1,000 per month and £200 in ATM withdrawals monthly. Weekend exchanges carry a 1% markup. Funds are safeguarded under the Electronic Money Regulations, not FSCS-insured. |
What is Revolut?
Revolut Ltd is a UK-incorporated financial technology company that holds authorisation from the Financial Conduct Authority as an Electronic Money Institution (FRN 900562) under the Electronic Money Regulations 2011. It was incorporated in England and Wales on 6 December 2013 (company number 08804411) and its registered office is at 30 South Colonnade, London, E14 5HX. The company offers a consumer-facing app that combines a multi-currency current account, a debit card, currency exchange in over 35 currencies, international transfers, savings vaults, cryptocurrency trading, and a range of optional insurance products.
For UK-based expats and frequent international travellers, the appeal of Revolut centres on its ability to hold, exchange, and spend across multiple currencies within one account. Customers in the UK can open an account using a UK address, but many also use Revolut to manage money across borders, particularly when receiving salary in one currency and spending or transferring in another.
FCA authorisation and regulatory status
Revolut Ltd is listed on the FCA Financial Services Register under FRN 900562 as an Authorised Electronic Money Institution. This means the firm is permitted to issue electronic money and provide payment services, but it is not a bank and does not hold a banking licence in the UK. Customer funds held in e-money accounts are required to be safeguarded: Revolut must hold those funds in a segregated account at an approved credit institution, or in government securities, in accordance with the Electronic Money Regulations 2011. This safeguarding regime differs from the Financial Services Compensation Scheme (FSCS) protection offered to depositors at FCA-authorised banks, where deposits up to £85,000 per eligible person per institution are guaranteed. Anyone holding significant balances with Revolut should note this distinction.
Note: Revolut Ltd, the UK entity, is distinct from Revolut Bank UAB, which is a Lithuanian-licensed bank that provides banking services in certain European markets. UK consumers transact with Revolut Ltd and are covered by the UK e-money safeguarding framework, not a deposit guarantee scheme.
Plan structure and pricing
Revolut offers five plan tiers for personal UK customers. Plan pricing below is as published by Revolut on its official pricing pages (effective from 13 February 2026 for existing customers following an update on 11 December 2025).
| Plan | Monthly cost | Annual cost | Exchange limit (weekday) | ATM limit (fee-free) |
|---|---|---|---|---|
| Standard | Free | Free | £1,000/month; 1% above limit [1] | 5 withdrawals or £200/month; 2% (min £1) thereafter [1] |
| Plus | £3.99 [2] | £40 | £3,000/month; 0.5% above limit | UNVERIFIED (specific limit not confirmed from allow-listed source) |
| Premium | £7.99 [2] | £80 | Unlimited | UNVERIFIED (specific limit not confirmed from allow-listed source) |
| Metal | £14.99 [2] | £140 | Unlimited [3] | £800/month fee-free [3] |
| Ultra | £55 [4] | £540 | Unlimited | UNVERIFIED (specific limit not confirmed from allow-listed source) |
Currency exchange: how it works
On weekdays, Revolut applies the interbank (mid-market) exchange rate for currency exchanges within the monthly plan limit. For Standard plan holders, this limit is £1,000 per rolling calendar month, covering a combined total of currency, cryptocurrency, and commodities exchanges. Any exchange above the monthly limit incurs a 1% fair usage fee on the portion over the limit. Plus plan holders have a higher limit of £3,000 per month, with a 0.5% fair usage fee above that. Premium, Metal, and Ultra plan holders face no exchange limit and no fair usage fee on weekday exchanges.
A weekend markup applies across all plans. For Standard plan holders this is 1% on all exchanges conducted between 17:00 Friday and 18:00 Sunday Eastern Time (ET). The markup reflects the fact that currency markets are effectively closed over the weekend and Revolut must hedge the exchange rate risk. Customers who regularly exchange currency at weekends should factor this cost into any comparison with alternatives.
International money transfers
Revolut enables international bank transfers to recipients in multiple countries. Transfers to other Revolut users are free and typically instant. Transfers to external bank accounts are processed using the SWIFT network for most currencies, or local payment rails where available. Specific fees for external international transfers depend on the destination, amount, and plan. Customers should check the in-app fee disclosure before confirming each transfer, as the fee can vary. Transfer limits also apply per transaction and per rolling period, which are disclosed in-app and in Revolut's published fees documents.
ATM withdrawals
Standard plan holders can withdraw cash at ATMs without a Revolut fee up to 5 withdrawals or £200 per rolling month, whichever limit is reached first. After either limit is met, a fee of 2% of the withdrawal amount applies, with a minimum charge of £1 per transaction. Metal plan holders receive a higher fee-free ATM allowance of £800 per rolling month. ATM operators may separately apply their own withdrawal surcharges, which are outside Revolut's control.
Safeguarding: what happens to your money
Because Revolut Ltd is an e-money institution rather than a bank, the rules protecting customer funds differ from those at a licensed bank. Under the Electronic Money Regulations 2011, Revolut is required to safeguard customer funds by holding them in segregated accounts at a regulated credit institution, or in qualifying liquid assets. This means that if Revolut became insolvent, the safeguarded funds would be ring-fenced from creditors. However, unlike FSCS-protected bank deposits (which are guaranteed up to £85,000 per eligible depositor per institution), there is no government-backed compensation scheme applying to Revolut balances. Customers who keep significant sums in their Revolut account should read the firm's safeguarding policy and understand the distinction before doing so. For reference on the regulatory framework, see the FCA Financial Services Register.
Revolut's registered entry on the FCA Financial Services Register (FRN 900562) can be found at register.fca.org.uk.
Who Revolut suits
The service is well-suited to UK residents who travel frequently, make regular online purchases in foreign currencies, or send smaller international transfers and want to avoid bank-level exchange margins on weekday transactions. Expats who need to hold and manage money in more than one currency within a single app may also find the offering practical, particularly on the Standard or Plus plan where the monthly cost is low or zero.
The service is less well-suited to those who need FSCS deposit protection, to people making large one-off international transfers where a specialist foreign exchange broker may offer a more transparent and competitive margin, or to customers who primarily withdraw cash abroad and would regularly exceed the monthly ATM free allowance on the Standard plan. Those who exchange currency over weekends regularly should also account for the 1% weekend markup, which can erode the savings versus a high street bank for frequent small exchanges.
See the Wise vs Revolut vs OFX comparison for a side-by-side view of how these providers compare for expat money transfers. For background on personal finance concepts relevant to expat planning, see What Is an IVA? and Child Benefit UK 2026.
Verdict
Revolut Ltd is a legitimate, FCA-authorised e-money institution with a broad product range and competitive weekday exchange rates for smaller amounts. The Standard plan suits cost-conscious users who exchange under £1,000 at the mid-market rate during the week. Paid plans suit higher-volume or more demanding users. The weekend markup and the absence of FSCS protection are the two features most worth weighing before treating Revolut as a primary financial account or using it for large transfers. Checking the live FCA register entry (FRN 900562) before opening an account, and verifying current fees in the Revolut app at the point of transaction, are both prudent steps.
| Important notice: The information on this page is editorial and informational only. It does not constitute financial advice. FX rates, fees, and plan prices can change; always verify current terms directly with Revolut and check the FCA register at register.fca.org.uk before making any financial decision. Revolut Ltd is not a bank and balances are not FSCS-protected. |
Frequently asked questions
Is Revolut regulated in the UK?
Yes. Revolut Ltd (FRN 900562) is authorised by the Financial Conduct Authority as an Authorised Electronic Money Institution under the Electronic Money Regulations 2011. Its entry on the FCA Financial Services Register can be verified at register.fca.org.uk.
Is money in Revolut protected by the FSCS?
No. Revolut Ltd is an e-money institution, not a bank, so the FSCS deposit guarantee (up to £85,000 per eligible person) does not apply. Customer funds are instead safeguarded in segregated accounts under the Electronic Money Regulations 2011. If Revolut became insolvent, safeguarded funds would be ring-fenced from other creditors, but there is no government compensation guarantee.
What is the exchange limit on the Revolut Standard plan?
The Standard plan allows fee-free weekday currency exchange of up to £1,000 per rolling calendar month at the mid-market rate. Amounts above £1,000 in a given month incur a 1% fair usage fee. A separate 1% weekend markup applies on all exchanges made between Friday 17:00 and Sunday 18:00 Eastern Time, regardless of the monthly limit.
Does Revolut charge fees for international transfers?
Transfers between Revolut accounts are free. Fees for transfers to external bank accounts vary by destination, currency, and plan tier. The specific fee is disclosed in the Revolut app before you confirm any transfer. Always check the in-app quote before sending.
Which Revolut plan suits someone living abroad and receiving UK salary?
This depends on the frequency and size of transfers. For occasional smaller transfers (under £1,000 per month) the Standard plan may cover most needs at no subscription cost. Those making larger or more frequent transfers on weekdays may find the Premium or Metal plan's unlimited exchange worthwhile. Comparing the subscription cost against the 1% fair usage fee at expected transfer volumes helps identify the most cost-effective tier.
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Key terms explained |
