What bank account should you pick in Germany? The unexpected answer is Revolut – the UK bank with a license in Lithuania! Revolut is the best banking solution if you are living in any European country, including Germany. You can also use it while traveling abroad at no limits and at no cost.
Revolut is the largest and fastest-growing digital bank in Europe that provides free bank accounts with features one will ever need. Revolut is comparable with N26 but better. If you ever have to pay or withdraw money in foreign currencies – Revolut offers the best exchange rates in the market.
You are probably aware of German banks like Deutsche Bank or Sparkasse but have you ever heard of Revolut? If not, or barely, this article delivers all the information you need to decide which bank to pick.
Revolut: review and my experience
Although Revolut isn’t an original German bank, it has been my bank of choice since 2018. I used their account while living in Germany, Austria, Greece, and traveling to dozens of countries.
Moreover, I never felt limited or unable to accomplish something despite it being the UK and not a German bank.
With over 18 million customers, Revolut is one of the most popular banks in Europe. In comparison, another digital bank, N26 has only 7 million customers.
You can also use this bank account for anything bank accounts are usually used for:
- getting paid
- pay your bills
- send transfers in Germany and abroad
- withdraw money
- buy groceries
- online shopping
- pay others
- saving money and investing in stocks and crypto
It’s the best bank you can find not only in Germany but in the entire Europe! Besides, it’s the fastest-growing digital bank with the broadest range of features. For everyone who is traveling abroad, this is the best option.
What is Revolut?
Revolut is a bank based in the UK and licensed in Lithuania; hence, all its services run in English. Besides Germany and the UK, Revolut is available for everyone living in EEA countries, Switzerland, Australia, and the US.
The main benefit of Revolut is that their bank account and services are totally free. You rarely will see it at German banks.
Most of them charge a fixed monthly fee unless you are a student or under a certain age. After you sign up for an account, they will send you your debit card anywhere you wish to.
If you once go traveling and pay in a different currency, they won’t charge additional fees for it, and they will also convert your money at the best possible rate (for you!).
Honestly, having a debit card and bank account with Revolut has been a massive help for me while living in Germany, but also while traveling all over the world.
The main perks you get when getting a Revolut card and bank account:
- Free multi-currency, international bank account
- Free debit card – you pay only for a delivery
- Choose between Visa or Mastercard card
- Credit card is optional
- Free international transfers
- IBAN for Sepa transfers
- Free money transfers 24/7
- Free multicurrency payments
- Free withdrawals worldwide
- Easy instant top-up
- Instant transfers/payments
- Fantastic app with a great user interface and simple navigation
- Customer support via chat 24/7
Is Revolut a bank?
Revolut is different from the conventional banks you are used to. Generally, they provide all the same services all banks do, but they, for example, won’t give you a mortgage, and they don’t have physical offices.
On the other hand, Revolut has a Lithuania-based specialized banking license in 10 European markets. Customers in Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, Spain, and Sweden will have their deposits protected under the deposit guarantee scheme.
Deposit protection of up to 100,000 EUR is guaranteed by the Lithuanian State Company Deposit and Investment Insurance. This is typical for any European bank.
Although it doesn’t have the same power as a traditional bank, you, as a customer, won’t feel a difference. In fact, the satisfaction rate of Revolut’s users is much higher if we take banks like Sparkasse or Deutsche Bank, let’s say. In fact, the majority of customer reviews on these banks are negative.
I have been a customer of many banks, and Revolut has the best app. It’s one of the best-designed and best-rated on the market. Other reviews state the same – their mobile app has among the best UX among the competitors.
You, as a customer, will enjoy multi-currency accounts. You can keep your US dollars and Swiss francs safe with Revolut. In fact, Revolut allows users to hold, transfer and exchange money in 24 foreign currencies.
If you even need to exchange currencies within the app, Revolut provides an excellent rate – which is the closest to the mid-market exchange rate (the one you see on Google). I haven’t seen the best exchange rates so far.
You can choose between Visa or a Mastercard for your Revolut debit card. Their cards are accepted worldwide and by all ATMs. I never had any problem paying or withdrawing money with a Revolut card.
When you pay in different currencies, you will get an automatic money conversion at close-to-baseline exchange rates. This makes international purchasing incredibly affordable, fast, and easy.
Paying with a card online & offline
For online payments, you don’t pay any fees neither in the default currency nor in a foreign currency.
A standard account is free. If you want even more features, you can check out Revolut’s paid plans. The Premium costs 7.99 EUR per month, and the Metal (you will get a metal card) plan costs 13.99 EUR per month.
With a standard free account, you are limited to 200 EUR per month in free cash withdrawals. A premium account will get you 400 EUR and a Metal whopping 800 EUR free cash.
For international payments, you might see a currency conversion fee of 0,5% for free accounts. This fee only applies to spending over 1,000 EUR per month. This fee applies only to international multi-currency transfers and payments in different currencies.
With any account, you pay a one-time fee of 5,50 EUR for card delivery.
Cash withdrawals in Germany and abroad
With a standard free account, withdrawing money from any ATM is free for up to 200 EUR per month; after that, it costs 2%.
How to open an account with Revolut?
Opening an account at Revolut is super straightforward. Go on their website via your mobile phone, fill out your information and verify your identity in a few simple steps. Your physical card will be shipped to you in a couple of days.
To get assured, read a few out of over 100,000 reviews on Trustpilot.