Revolut launches Revolut Premium

Revolut has launched a premium offering costing €7.99 a month. This includes a ‘Premium’ MasterCard, a free spare card, oversees medical insurance, unlimited foreign exchange, higher ATM withdrawal limit, global express delivery and 24/7 support. They are currently offering one month free if you upgrade. In my opinion, Comparing this to the N26 Black account there’s only one winner – N26 Black.

 

Price:

N26 Black: €5.90 per month (although comes with 1 year contract)
Revolut: €7.99 per month

Winner: N26 Black

ATM Withdrawals:

N26 Black: Unlimited foreign withdrawals, 5 free euro withdrawals
Revolut: €400 limit then 2%

Winner: N26 Black

Included Insurance:

N26 Black: Travel, Mugging, Mobile Phone and extended warranty
Revolut: £10,000,000 oversees medical costs

N26 comes with a more extensive insurance policies although Revolut cover up to £10 million in health costs compared to N26 €100,000. Either way, neither travel insurance policy is comprehensive enough for me so I have another policy. With this in mind the extended warranty and mugging insurance makes N26 a winner.

Winner: N26 Black

The only other benefits to Revolut Premium is the ability to have a spare card, premium MasterCard and express delivery. It looks like the premium MasterCard is just a different design so I put no value on that. However, being able to have a spare card is very useful and free express delivery is also very useful. Although I’ve never lost any bank card before so paying €84 per year just to get express delivery doesn’t make sense.

Winner: Revolut

Overall, its nice to see more offerings by Revolut but for me this just isn’t competitive enough.  Unless I’m reading it wrong it appears they have only 264 people signed up so far. I’d have expected a much quicker sign up. 

 

One thing that does interest me is on the app it says “credit” coming soon. They have launched it in the UK with 9.9% APR which is competitive. However, I don’t hold out much hope of it being launched in Ireland anytime soon..

 

6 comments

  1. Hey man, big fan of yours. Can you make a post, what kind of travel insurance you use, and what would be the best travel insurance for person living in EU and traveling the world?

    Much Appreciated

    1. I personally use VHI multi trip insurance for ‘standard’ trips. I’ve never had to claim so can’t comment on their claims process but I like the fact they offer cover for pre existing conditions without a surcharge. However, this is only open to Irish residents with private health insurance.

      For more ‘complex’ trips like North Korea/trekking at high altitude I use World Wide Insure. I had to claim for a hospital claim and lost luggage and missed departure all in the one trip and they were spot on. Very friendly and I was very impressed with their service.

  2. The part about N26 Black ATM withdrawals is incorrect.
    The error in the article is that even with Black, you *do not* get unlimited ATM withdrawals, just 5 and you will pay €2 for each extra withdrawal (just like non-Black). Not that this should be any issue.

    The only benefit N26 Black has compared to N26 non-Black: the 1.7% markup fee does not apply for Black. That’s really the only difference when it comes to ATM withdrawals.

    You are not the only one making mistakes when looking at N26. Forbes has a whole article with nonsense about N26 that is simply not true and can easily be fact checked by reading the N26 Support Center articles.

    Now comparing ATM withdrawals for Black with Revolut, you can get more money with N26 Black for free, but only within 5 withdrawals. Still makes N26 the winner in this section, although in certain cases (described below) you would want Revolut (though not Premium). Combined with Revolut non-premium, you can €200 free withdrawals each month.

    For me personally, N26 Black’s only benefit is not having to pay 1.7% ATM withdrawal for non-Euro.
    I am surprised you do not mention this fee (and the fact it does not apply on Black) at all.
    This becomes interesting when traveling long time to countries where you need to pay almost everything in cash like Southeast Asia and ATMs only allow you to withdraw less than €100 each time (like Vietnam), which means you might need 3 consecutive withdrawals just to pay a hotel (which means you only have 2 free withdrawals left, even with Black). In this case, having Revolut (nonPremium) on the side is very helpful as you can get €200 in total each month regardless of how many withdrawals it requires. If you still need money, you can withdraw 8 times in total with N26, it would cost you 3x €2 which is still cheaper than the Revolut Premium monthly fee.

    All other benefits of Black do not have any use, since you still need a full travel insurance when travelling and there are practically no benefits with Black when not traveling, unless you are willing to pay €5.90 just for extended warranty.

    1. Do you have experience being charged the €2 per withdrawal after 5 non-euro withdrawals? I was advised by N26 that I would not be charged anything for non-euro withdrawals. Although looking at the support pages they have been changed since I signed up. This hugely devalues N26 black in my book. However, the travel insurance is still handy and based on my last two years travel it will comfortably offset the cost of N26 Black.

    2. I’ve had a look at the terms and conditions and cannot see anywhere that the €2 fee applies to non-euro ATM withdrawals on a N26 Black Mastercard for Irish customers. Have you been charged it?

    3. I wanted to clarify. With N26 you get unlimited foreign ATM withdrawals. N26 do no charge any fees for withdrawing money outside of the eurozone. You get 5 free euro ATM withdrawals but foreign ATM withdrawals do not count towards this limit. I made over 17 foreign ATM withdrawals and didn’t pay a cent to N26 in fees with my N26 Black account.

      We will have to disagree about the travel insurance as well. I find the delayed flight and delayed baggage very generous and have already used it.

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