Mobile banking app Revolut, which has more than 10 million customers in Europe, is launching today in the US, the company announced.
Like Monzo, a UK-based banking app that made the jump to the US last June, Revolut is entirely app-based and doesn’t operate any brick-and-mortar locations. That means you can sign up for an account and a debit card (which will be a Mastercard for US users) in just a few minutes right from within the app. That account is insured for up to $250,000 by the FDIC.
Mobile-only banks like Monzo and Starling have been hugely successful in the UK, as has Revolut across Europe. Monzo has taken a slow approach to its US launch, rolling out gradually across the US, but Revolut is available for everyone in the US starting today.
Revolut itself is not a bank in the US, though — like Monzo, Revolut offers technology that interfaces with another bank’s services. Revolut’s partner is New York-based Metropolitan Commercial Bank (MCB).
The Revolut app is well-designed, with separate tabs that track your accounts, spending, payments, and cards. The app has some neat features, like the ability to send and request money from your friends right through the app, similar to PayPal-owned Venmo, and it sends you notifications whenever you make a purchase. You can also exchange foreign currency right in the app, and Revolut won’t take any extra fees when you do so.
If you need to withdraw money from your Revolut account, you can pull it from one of the from more than 55,000 ATMs in the Allpoint ATM network. However, you can only withdraw a maximum of $300 per month at a time without incurring a 2 percent fee — though you can withdraw more if you sign up for one of Revolut’s premium subscriptions.
The $9.99 per month premium subscription gives you the ability to withdraw up to $600 per month from an ATM without fees, as well as a disposable virtual card, global travel insurance, access to airport lounges via a LoungeKey Pass, among other benefits. And a $14.99 per month “Metal” subscription that’s “coming soon” will let you withdraw up to $900 per month without fees and gives you 1 percent cashback on all purchases made on your Revolut card. (You’ll also get a debit card that’s actually made of metal.)
Revolut’s app has been in beta in the US since June 2019, and Revolut tells The Verge it had 60,000 beta testers.
Update, March 24th, 11:56AM ET: Added that Revolut debit cards issued in the US will be Mastercards.