Revolut to increase the cost of some of its paid-for plans

Revolut has announced that it’s to increase the monthly free on most of its paid-for plans from today. 

The bank, which now has over 35 million customers worldwide, currently offers five different accounts: Standard, Plus, Premium, Metal, and Ultra.

Revolut Plus and Revolut Premium are increasing by €1 a month while Revolut Metal is going up by €2 a month.   

Customers will now pay €3.99 per month (or €40 annually) for Plus, €8.99 per month (or €90 annually) for Premium, or €15.99 per month (€155 annually) for Metal.

Revolut’s standard account will remain free for now. While its Ultra account, which it just launched in June, will remain at €55 per month.

Revolut says this is the first time it’s increased the monthly fee on its plans in five years.

Existing customers who are paying monthly can lock in their current price for a year by switching to annual billing before the date given on their email from Revolut. They can also downgrade their plan for free until the price change is implemented on the date in their email.

Revamped benefits

It's not all bad news though as Revolut is improving the benefits on its Premium and Metal plans.  

The number of partner subscriptions that you get with each plan is increasing with subscriptions to the likes of the Financial Times, Deliveroo, Headspace and Tinder now included. 

Meanwhile Plus customers will now be able to avail of up to €3,000 a month in fee-free foreign exchange payments, up from €1,000 a month previously. 

Revolut says the additional benefits for Premium and Metal plans are worth €620 and €1,980 per year, respectively.

We always listen to our customers and innovate our products to exceed their expectations. We’re launching a unique offering, which will bring together a carefully selected bundle of lifestyle subscription services included with your Revolut Plan. One account that unlocks subscriptions bringing customers more value and convenience. As part of enhancing our paid plans, additional exciting benefits will come to Ultra customers in due course, too.

Tara Massoudi, Revolut General Manager of Premium Products

Revolut account options

Take a look at our table below and compare some of the key features and benefits from all five Revolut accounts.

*in all cases you can save about 10% by paying upfront for an annual subscription

**small weekend mark-up applies to all plans

More fee hikes to come?

Revolut offers a range of different accounts which come with a host of different benefits. And if you genuinely use all the benefits and subscriptions that come included, the accounts still offer very good value even after the price increase. And for most Revolut customers, they’ll be on the standard account, which still has no monthly fee. So these changes won’t affect them.

But Revolut isn’t a charity. It’s a business whose objective is to make money. It's still barely profitable and it’s been under pressure to start making a return in recent years.

Even though it’s now a global bank with over 35 million customers worldwide, its profit pales in comparison to that of even AIB and Bank of Ireland for example. So it's not surprising that its hiking its fees.

There's no such thing as a free lunch as they say. 

Revolut has made a lot of changes to others fees such as currency conversion, money transfer and commission trading fees on all its accounts, including its standard account, over the past few years to try increase its revenue. And no doubt today’s fee hike won't be the last unfortunately. 

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