Over a year since the beta version of the app launched down under, Australians can now download the full version of the Revolut app on iOS or Android.
Over 30,000 Australians had joined the wait list for the full version.
Need somewhere to store cash and earn interest? The table below features introductory savings accounts with some of the highest interest rates on the market.
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The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates are for unsecured personal loans only for the relevant amounts and terms. The comparison rates for car loans and secured personal loans are for secured loans unless indicated otherwise. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.
Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of December 3, 2024. View disclaimer.
Describing itself as "the world’s first truly global financial superapp", Revolut has gained over 12 million customers in 35 different countries since its founding in July 2015.
The fintech offers a range of products focused on spending and travelling, allowing customers to hold and transfer up to 27 different international currencies in their account and send money abroad to other Revolut users, as well as spend money in more than 110 currencies at the real exchange rate.
It also offers budgeting tools and a transaction account for day-to-day purchases which has no fees for ATM withdrawals or international transactions.
Revolut says it is introducing some brand new features for Australian customers.
"Some of the awesome things you can look forward to in Australia include: a simple way to exchange cryptocurrencies and commodities, a Rewards program to help you save money from top brands and day-to-day purchases, a Junior account to help teach your kids money skills, and new ways to easily give back to the causes you care about," Revolut said.
Revolut also offers disposable virtual cards to allow customers to securely pay, Apple Pay and Google Pay compatibility, state-of-the-art analytics and spending notifications as well as budgeting tools.
Revolut does allow customers to hold money in its transaction account as it received special permission from ASIC in 2019 to hold customer funds in trust accounts with an undisclosed bank, and earlier in 2020 obtained its own Australian Financial Services Licence (ASFL).
The lack of an ADI license means Revolut is not able to offer savings accounts yet, but says this is planned for the future.
Revolut to offer different subscription models
While most of Revolut's services will be available for free, it is introducing a subscription-style model with different tiers.
There are two paid plans available:
Revolut Premium ($10.99/month): Offers no-fee currency exchange on up to $9,000 per month month and no-fee ATM withdrawals up to $350 per month; and
Revolut Metal ($19.99/month special offer, $29.99/month normally): No-fee currency exchange, no-fee ATM withdrawals up to $1,400 each month, 2% thereafter to cover costs, up to 1% cashback on all card purchases, SmartDelay airport lounge passes and early access to new features.
Metal subscription customers can also get access to an 18g metal card, pictured below, crafted from a single sheet of reinforced steel.
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We strive to cover a broad range of products, providers, and services; however, we do not cover the entire market. Products in our comparison tables are sorted based on various factors, including product features, interest rates, fees, popularity, and commercial arrangements.
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For home loans, the base criteria include a $400,000 loan amount over 30 years. For car loans, the base criteria include a $30,000 loan over 5 years. For personal loans, the base criteria include a $20,000 loan over 5 years. These rates are only examples and may not include all fees and charges.
*The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Monthly repayment figures are estimates that exclude fees. These estimates are based on the advertised rates for the specified term and loan amount. Actual repayments will depend on your circumstances and interest rate changes.
Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you.
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The information provided by Savings.com.au is general in nature and does not take into account your personal objectives, financial situation, or needs. We recommend seeking independent financial advice before making any financial decisions. Before acquiring any financial product, obtain and read the relevant Product Disclosure Statement (PDS), Target Market Determination (TMD), and any other offer documents.
Rates and product information should be confirmed with the relevant credit provider. For more information, read Savings.com.au’s Financial Services and Credit Guide (FSCG).
Harry O'Sullivan
Denise Raward
William Jolly
Brooke Cooper
