Jun 25, 2020
Revolut is starting to look like just about any other bank these days. Don’t get me wrong here. I’m a firm devotee of the Revolut ecosystem, use my Revolut cards for pretty much everything I do online and in the real world, and have a serious soft-spot for the app. That’s just my way of an introduction.
Revolut has a lot going for themselves, and the feature set is pretty much a match made in heaven for me and my needs. I travel a lot (or instead I used to travel a lot – this is the age of COVID-19 after all). I spent a lot of time in Thailand, where ATM charges for any non-Thai bank card are ludicrous, and my local bank tacked fees on top of those as well. Anything up to 20,000 THB and the ATM charges came to 340 THB. That’s the equivalent of €10 to withdraw any sum up to around €600. Withdraw 1,000 THB or the maximum 20,000 THB, and the total ATM fee is 340 THB. That’s expensive.
Revolut cuts that down significantly. With the metal card I have, I get free ATM withdrawals of up to €800 a month (still need to pay ATM fees for the country you’re traveling in, of course), airport lounges, medical insurance, and some other travel goodies.
I can buy cryptos, stocks, and even gold. Sweet but not deal makers for me. I have other apps to take care of my Bitcoin habit. I did get a nice little cashback sum on all my Revolut purchases. That’s still on offer but will change come August 2020.
It’s been a bit of a mixed bag for Revolut. Several senior-level managers have left, tales of impossible to meet sales targets, the staff has given a choice to resign or be fired…
Not the prettiest of pictures for what still is one of my favorite digital banking apps.
The problem is, Revolut is starting to look and act just like a high street bank. Charges are going up on pretty much everything, and perks like the cashback from August 12th will be capped at the monthly subscription for the Metal card (for me, that’s €13.99 a month).
Lounge passes will have a fee and no more concierge service.
I used to love getting the Revolut emails with all the animations (who can forget the helicopter), but now, when I get an email from Revolut, the first thought that goes through my mind is, “what will I be paying extra for now?”
I won’t be abandoning Revolut anytime soon, but I have installed some alternatives on my phone and now have a couple of shiny new cards to try out.
For a company that boasts about how cash-rich they are, it’s strange how far they’re prepared to go to squeeze a few more drops out of the lemon!