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Revolut hikes prices for customers

Revolut hikes prices for customers
Paloma Kubiak
Written By:
Paloma Kubiak
Posted:
13/11/2023
Updated:
14/11/2023

Revolut customers will pay up to £20 a year more for accounts as the digital challenger confirms it is overhauling paid plans in the UK for the first time since its launch in 2018.

From today, Revolut is emailing existing customers giving them 30 days’ notice of changes to the account offerings, in addition to the monthly and annual price hikes which take effect depending on individual billing cycles.

For new customers joining Revolut today onwards, they’ll pay the updated prices set out below.

Revolut has notched up eight million customers in the UK across its five plans. While there’s no change to the free Standard plan, or the Ultra plan which costs £55 a month (£540 a year), those on the Plus, Premium and Metal plans need to know the following:

Plus customers

Existing Plus customers currently pay £2.99 a month (£29.99 a year) where they receive priority in-app support, spending protection and an up to £1,000 (EUR 1,000) limit per month for currency exchange transactions.

The price will rise to £3.99 a month (£40 a year upfront) with customers receiving an increased limit for currency exchange transactions up to GBP/EUR 3,000 per month.

Premium customers

Existing Premium customers currently pay £6.99 a month (£72 upfront for the year) where they receive the following perks:

  • Global travel insurance
  • Personalised cards
  • Purchase, refund protection and ticket cancellation insurance
  • Unlimited exchange of money between Monday and Friday
  • 20% discount for international money transfers
  • Higher limits for fee-free ATM withdrawals
  • Up to 10% cashback for accommodation booked through Stays and paid with Revolut
  • Two Revolut full access under 18 accounts for kids
  • Discounted airport lounge access
  • Up to 3% AER (variable) on savings.

Following the notice period and dependent on individual billings cycles, Premium customers will then pay £7.99 a month or £80 for the year.

But as part of the shake-up, Revolut is adding a range of digital subscriptions for these customers, which it claims are worth an extra £545 a year. Subscriptions include Deliveroo, Tinder, NordVPN, Sleepcycle, Freeletics, and Picsart.

These can be activated in the app by clicking through to Profile > Your Plan> Partners.

Metal customers

Metal customers currently pay £12.99 a month (£120 upfront for the year) where they receive the following perks:

  • Global travel insurance
  • Personalised cards
  • Purchase, refund protection and ticket cancellation insurance
  • Unlimited exchange of money between Monday and Friday
  • 40% discount for international money transfers
  • Higher limits for fee-free ATM withdrawals
  • Up to 10% cashback for accommodation booked through Stays and paid with Revolut
  • Five Revolut full access under 18 accounts for kids
  • Discounted airport lounge access
  • Up to 4% AER (variable) on savings.

Following the notice period and dependent on individual billings cycles, Premium customers will then pay £14.99 a month or £140 for the year.

But as part of the shake-up, Revolut is adding a range of digital subscriptions for these customers, which it claims are worth an extra £1,730 in retail value per year. Subscriptions include ClassPass, Headspace, the Financial Times, WeWork, Deliveroo, Tinder, NordVPN, Sleepcycle, Freeletics, and Picsart. These can be activated in the app by clicking through to Profile > Your Plan> Partners.

Revolut confirmed to YourMoney.com that there’s no option for customers to decline the additional benefits to pay a lower monthly or annual charge.

But existing customers who are on monthly billing can lock in their current plan price for a year by switching to annual billing before the date given on their email.

Further, customers can downgrade their plan for free until the price change is implemented on the date given in their email. After this date, fees for cancelling your plan may apply, depending on how long you’ve been on your current plan.

The changes come as research from Revolut revealed customers in the UK spend over £17m a month for digital goods. In October 2023, the amount spent by Revolut customers to pay for this category of goods increased by 24% compared to the same period in the previous year.

It added that with its newly revamped pay plans, it has “moved a step closer to its goal of becoming the global app of choice for all things money”.

Tara Massoudi, Revolut general manager of premium products, said: “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.”