The Revolut Standard debit card is an excellent option for individuals who want a multi-currency card that allows for exchange of a wide variety of currencies. Connected to a digital wallet, this card gives individuals the ability to store 28 different currencies in their account. Even better is that there is no annual fee, no minimum spend requirements, and no fees on ATM withdrawals (up to S$350 per month), making it a great no-obligation option for travelers.
Table of Contents
- What Makes Revolut Standard Account Stand Out?
- How to Apply for a Revolut Standard Account
- Revolut Eligibility & Requirements
- No Annual Fee
- No ATM Fees (up to S$350 per month)
- 0.25% interest rate on account balance
- Up to 2.5% fees on currency exchange
- Total annual fee (calculated based of the monthly fee) is higher than alternative debit cards
What Makes The Revolut Standard Debit Card Stand Out
Individuals who are in need of a debit card and digital wallet that allows for the exchange and storage of various currencies, should consider the Revolut Standard account. Revolut Standard is a digital wallet linked with a Visa debit card that has no annual fee, giving cardholders peace of mind by not requiring them to meet a minimum spend requirement. Additionally, Standard cardholders can withdraw up to S$350 per month overseas without having to pay an ATM fee, which is a great perk for individuals who prefer carrying cash while they travel. However, withdrawing more than this amount incurs a 2% fee, which is a pretty standard rate for a multi-currency card. Moreover, the Revolut account allows for exchange in 28 currencies, giving travelers more options when storing local currencies in their account. In addition to these perks, cardholders who typically carry a large bank account balance will benefit substantially as they earn 0.25% interest on their account balance, a feature that is not commonly offered from digital wallet services.
Despite offering an extensive list of available currencies, the Revolut Standard account does have a couple of disadvantages regarding its currency exchange feature. Depending on the type of currency and time of day/week, an account holder can incur fees up to 2.5% on their exchanges. This is in comparison to other digital wallets that typically charge up to 2%.
|Currency||Standard Fee||High-Frequency Fee|
|THB and UAH||1.0%||1.5%|
|USD, GBP, EUR, AUD, CAD, NZD, CHF, JPY, SEK, HKD, NOK, SGD, DKK, PLN and CZK||No Fee||0.5%|
|Other Currencies||No Fee||0.5%|
|Precious Metals||No Fee||1.5%|
|Currency||Standard Fee (Outside Market Hours)||High-Frequency Fee (Outside Market Hours)|
|THB and UAH||2.0%||2.5%|
|USD, GBP, EUR, AUD, CAD, NZD, CHF, JPY, SEK, HKD, NOK, SGD, DKK, PLN and CZK||1.0%||1.0%|
How to Apply for the Revolut Standard Debit Card
The process to sign up for a Revolut account is quite standard. Generally, once the account is created, you should receive your card within 9 business days.
- Download the Revolut App
- Enter your phone number and create a 4-digit passcode for your account
- You should receive a 6-digit pin to verify your phone number
- Enter in your personal information (name, mailing, address, email, etc)
- Read and agree to the Cardholder Agreement
Revolut Standard Eligibility Requirements
There is no income requirement to open a Revolut account, however, you must be at least 18 years of age in order to apply for the debit card. Additionally, there is no minimum deposit required in order to begin using your funds.
How To Close Your Revolut Account
In order to close your Revolut Account, you must first make sure that your app is updated to the most recent version. Next, navigate to “Settings” and press on the option to “Close Account”. Once you are there, the app will instruct you on how to receive the remaining funds in your account. Following this, you will be able to close your Revolut account.