Revolut US Increases Fair Usage Caps on Free Accounts

Revolut Enhances Free Account Offerings to Drive U.S. Adoption

Revolut, a fintech startup, is focused on increasing its user base within the United States by improving the benefits associated with its free account tier. Similar to its approach in other global markets, Revolut provides both complimentary and premium account options in the U.S.

Subscribing to a paid plan unlocks higher fair usage limits and additional features, including insurance benefits and a selection of card designs.

Increased Benefits for Free Account Holders

The recent changes implemented by Revolut aim to make the free plan a more compelling option for potential users. Upon opening a Revolut account, individuals receive personalized account details and a complimentary Revolut card.

This allows users to seamlessly send and receive funds, make purchases with their card, and gain access to a diverse array of financial products.

Expanded ATM Withdrawal Limits

Revolut is increasing the allowance for fee-free out-of-network ATM withdrawals. Previously, users could withdraw up to $300 monthly without incurring charges from Revolut.

Any withdrawals exceeding this amount were subject to a 2% fee. Now, all Revolut users can withdraw up to $1,200 per month without fees. It’s important to note that these benefits apply to out-of-network ATM withdrawals.

Furthermore, Revolut provides access to a network of 55,000 ATMs offering free in-network withdrawals.

Enhanced Cryptocurrency Trading

The platform is also becoming more appealing for those interested in buying and selling cryptocurrencies. Revolut has established a partnership with Paxos to facilitate cryptocurrency trading within the U.S.

Prior to this update, a 2.5% conversion fee was applied to transactions exceeding $200. Now, users can trade up to $200,000 per month without paying any commission.

However, a spread exists – the exchange rate differs between buying and selling cryptocurrencies.

Currency Exchange Improvements

A core functionality of Revolut is its ability to exchange currencies directly within the application. Users can establish multiple sub-accounts to hold funds in various currencies.

Revolut maintains competitive exchange fees, applying a 0.5% markup fee only when transactions surpass the $1,000 fair usage limit for free accounts.

Reduced International Transfer Fees

The company also levies a fixed fee for transfers to external bank accounts. This incentivizes users to utilize Revolut-to-Revolut transfers, which are free of charge.

Previously, premium subscribers received one complimentary international transfer each month. Now, Revolut is eliminating the flat fee for up to ten international transfers monthly.

Junior Account Expansion

Free Revolut users in the U.S. are now able to create up to five Junior accounts. These accounts, designed for children aged 7-17, integrate with the parent’s main Revolut app.

This integration simplifies allowance management and provides children with a degree of financial independence.

Adapting to the U.S. Market

This strategic move demonstrates Revolut’s adaptability to evolving market conditions. The company faces competition from other fintech firms in the U.S., including Chime and Robinhood.

Attracting a broad spectrum of users, including those who prefer not to pay a subscription fee for fundamental banking services, is therefore crucial.