Revolut Australia review: fees, limits, and what you get

Regulatory status

Revolut holds an AFSL issued by ASIC for its Australian operations. It is also registered with AUSTRAC. Revolut is not a licensed bank in Australia (it does not hold an Australian banking licence), which means deposits are not covered by the government's Financial Claims Scheme. Revolut holds e-money licences in other jurisdictions (including the EU and UK) and has banking licences in some European countries.

Account and fee structure

Revolut offers a free Standard plan and several paid subscription tiers (Plus, Premium, Metal). The key differences relate to currency exchange limits, additional features, and card benefits (Revolut).

On the Standard (free) plan, users can exchange currency at the mid-market rate up to a monthly limit (the specific limit is published on Revolut's fees page and may change). Beyond the limit, a markup of 0.5–1% applies. On weekends and outside market hours, a markup applies regardless of whether you have reached your monthly limit, because the foreign exchange markets are closed and Revolut applies a buffer against Monday's opening rate.

Paid plans increase the monthly exchange limit and add features such as overseas medical insurance, airport lounge access, and cashback on card spending. The paid tiers range from approximately AUD 10–25 per month.

International transfers

Revolut supports international transfers in over 30 currencies. Transfers can be sent from your Revolut AUD balance to recipients' bank accounts overseas. The exchange rate and fees follow the same structure as in-app currency exchange — mid-market rate within your monthly limit, with a markup beyond the limit or during off-hours.

For SWIFT transfers (to banks that do not support Revolut's direct payment rails), an additional fee may apply. Revolut displays any applicable fees before you confirm the transfer.

Transfer speed varies. Transfers using Revolut's direct rails can arrive within hours. SWIFT-routed transfers take one to five business days.

Multi-currency account

The Revolut multi-currency account allows you to hold balances in over 30 currencies, receive money in multiple currencies (using local account details where available), convert between currencies within the app, and spend in foreign currencies using the Revolut Visa card (converting at the point of sale).

For Australian users, Revolut provides an Australian BSB and account number, allowing you to receive domestic AUD payments. Local account details in other currencies (GBP, EUR, USD) may be available depending on the plan.

The Revolut card is useful for travellers and migrants who spend in multiple currencies. In-store and online purchases in foreign currencies are converted at the mid-market rate (within limits), avoiding the 2–3% foreign currency fee that most Australian bank cards charge.

Comparison with Wise

Both Revolut and Wise offer multi-currency accounts with competitive exchange rates. The key differences are pricing model (Revolut uses a subscription-based model with free limits; Wise charges a per-transaction fee), weekend/off-hours pricing (Revolut applies a markup; Wise applies the mid-market rate at all times), and product breadth (Revolut offers additional banking features like budgeting tools, savings vaults, and subscription management; Wise is more transfer-focused).

For users who primarily need international transfers, Wise's per-transaction model is often simpler and more predictable. For users who want a broader digital banking experience with currency exchange as one feature among many, Revolut's multi-currency account may be more appealing.

Suitability

Revolut is well-suited for migrants who want a multi-currency debit card for everyday spending in multiple currencies, users who make frequent small currency exchanges within the free monthly limit, and users who value the broader digital banking features (budgeting, savings goals, spending analytics).

For large one-off international transfers, Wise or OFX typically offer better value due to their transfer-specific pricing models. For regular high-value remittances, Wise's consistent mid-market rate (without weekend markups) is an advantage.

Is Revolut a bank in Australia?

No. Revolut holds an AFSL but not an Australian banking licence. Deposits are not covered by the Financial Claims Scheme. Revolut does hold banking licences in some other jurisdictions.

What is the fee for exchanging currency on Revolut?

On the free plan, exchange within your monthly limit is at the mid-market rate with no fee. Beyond the limit or during weekends/off-hours, a 0.5–1% markup applies. Paid plans increase the limit.

Can I use Revolut to receive my Australian salary?

Yes. Revolut provides an Australian BSB and account number. You can provide these details to your employer for salary deposits. However, since Revolut is not a bank, some employers may require a traditional bank account for salary payments.

Does Revolut offer international transfer tracking?

Yes. Transfers can be tracked within the Revolut app, with status updates at each stage of the transfer process.

Is there a minimum amount for international transfers?

Revolut supports transfers from small amounts (as low as a few dollars equivalent). There is no practical minimum that would exclude everyday remittance amounts.