Revolut AUD to CHF Travel Money Compared

Revolut Fees Australia Standard Plan

ATM withdrawals

Revolut Card ATM Withdrawal

• Free Up to A$350 per monthly billing cycle or 5 ATM withdrawals per monthly billing cycle, whichever occurs first

• 2% of the value of the ATM withdrawal for any amount over the Standard ATM Withdrawal Allowance. Subject to a minimum charge of A$1.50

Pay All Transfer Recipient's Fees feature

When sending an eligible international transfer you can choose the Pay All Fee feature (A$45 at the time of writing) to ensure the recipient receives the full amount you sent.

Fair Usage Limits

• The Standard Exchange Allowance for a Standard Customer is A$2,000 per monthly billing cycle. The Standard Exchange Allowance is a combined limit that includes all types of exchanges, including Cryptocurrencies and Precious Metals.

• For exchanges above the Standard Exchange Allowance, a 0.5% fee will apply in addition to the exchange specific fees listed above.

Currency Transfer Fees (March 2024)

For Revolut international payments in the local currency of the recipient country, like when you send USD to the USA, you will be charged a fixed percentage fee of the total transfer amount (subject to minimum and maximum fee caps).

Revolut Transfers Fees and Caps - Standard Plan (Popular Australian Currencies)

What Australian Customers Think about Revolut

Customers are discovering that Revolut is a Super Charged Travel Card; Shopping internationally is a breeze using Revolut’s multi-currency travel card which grants free overseas ATM withdrawals up to AU$350 per month (AU$700 for Premium accounts).

From Revolut’s multi-currency wallet, “Standard” account holders can send money to bank accounts around the world in 110 currencies at the interbank exchange rate — that’s an exchange rate without the usual markups — and without transaction fees, subject to a monthly transaction limit of AU$9,000.

For higher-value payments, Revolut offers a “Premium” account, costing AU$10.99 per month, for which no-fee international transfers are unlimited.

Since banks usually apply costs worth 3–5 percent on such transfers, money saved with Revolut and other cheap foreign transfer providers can be substantial.

From the Revolut app, users can make instant transfers to phone contacts, can target improved exchange rates using Auto Exchange and can receive card payments from non-Revolut users by way of payment links.

Perhaps the most disliked feature of Revolut is the customer support, which comes in the form of in-app text chat — Revolut offers no phone or email support, not even for business customers.

Revolut Customer Service

It must be said that Revolut will not please everybody on the customer service side.

Revolut offers no phone or email support, even for business customers, which does appear to cause distress to those with serious account or transfer problems.

Revolut’s 24/7 customer service comes in the form of an in-app chat feature (that’s text chat, not voice), for which customers report waiting times anywhere from 30 seconds to a day. Premium and Metal account holders are given customer service priority and will have shorter waiting times. Once contact with a Revolut agent is made, for most issues, the quality of service is reportedly good.

Revolut offers two English-only automated phone lines (one a UK number, the other Australian) that can be used for little more than blocking a card or reporting one as lost or stolen. You’ll find no humans here.

Revolut claims to support 21 languages (via the in-app chat feature) and they are hiring new support staff all the time.

A very common complaint with Revolut is that accounts are blocked for no apparent reason. If this happens to you, know that Revolut agents “cannot share any specific information on why your account has been locked, or how long it will be until the review is over,” which Revolut says is necessary to comply with UK financial regulations. It might be that your account is up and running within an hour, but it could be several days if additional documents are required. Even if you accept that this is Revolut doing their best to battle money laundering and other crimes, this is not something you would normally experience with an offline “bank” (unless you really are a criminal) and it’s a source of frustration for many.

As with any new business, and certainly one growing at the lightning-fast pace of Revolut, there will be teething problems; however, there is a feeling that the company is a little behind where it should be in terms of its customer service options, availability and response quality.

Conclusion:

Revolut is at the forefront of the fintech revolution, offering a suite of financial tools and services that cater to a digital-savvy audience. While it may not yet be able to fully replace the services and protections of traditional banks for everyone, its innovative features and user-centric approach make it a compelling choice for many, especially those with international financial needs.

Pros:

• Currency Exchange: One of Revolut's standout features is its real-time currency exchange rates with no hidden fees. This makes it particularly advantageous for frequent travelers or those who conduct business in multiple currencies.

• Budgeting Tools: Revolut offers built-in budgeting and analytics tools, helping users track their expenses, set monthly budgets, and get insights into their spending habits.

• Global Use: With its multi-currency support, it's great for international travelers, allowing them to spend abroad without attracting foreign transaction fees in most cases.

• Security: The app provides advanced security features, like the ability to freeze and unfreeze your card instantly, set spending limits, or enable location-based security.

Cons:

• Customer Service: Some users have reported delays in getting responses from customer service, although this might vary based on the nature of the issue and region.

• Limitations in Services: In certain countries, some of Revolut's advertised features might not be available due to regional regulations.

• Fees: While Revolut offers many fee-free services, there are fees associated with certain premium features, higher-tier card memberships, and for activities that exceed their standard limits.

• Regulation: Being a fintech and not a bank in many jurisdictions, funds held in Revolut might not enjoy the same level of protection as they would in a traditional bank.