Revolut to raise prices for customers on paid plans

Revolut is raising the prices for a number of paid customer plans, as the digital challenger bank overhauls its offerings for the first time since launching them on the Irish market in 2018.

Revolut customers who are on a Plus, Premium or Metal plan will see their monthly charges increase by €1-€2.

Plus customers will see their monthly charge rise from €2.99 to €3.99 (or from €29.99 to €40 per year), Premium customers will see prices rise from €7.99 to €8.99 per month (or from €82 to €90 per year), while the charge for Metal plan customers will increase from €13.99 to €15.99 per month (or from €135 to €155 per year).

The price of Revolut’s most expensive Ultra plan will remain the same, at €45 per month (€540 per year).

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Revolut has said that from today, customers in the Republic on affected plans will receive an email notifying them of the price changes and the date changes will be implemented.

Affected customers will be given 60 days’ notice before price changes are implemented, with the date depending on their individual billing cycle.

Those who are billed monthly will be able to lock in their current plan price for a year by switching to annual billing before the implantation date, and all customers on affected plans will be able to downgrade their plan for free before the implementation date.

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Revolut has 2.5 million customers in the State, availing of either its free Standard plan or one of its four paid offerings.

As part of the paid plans overhaul, customers on Premium and Metal plans will also now be able to access subscriptions to lifestyle, news, fitness and wellbeing apps, previously only available to Revolut’s top-end Ultra members.

Subscriptions included are for platforms such as the Financial Times, ClassPass, Freeletics, Headspace NordVPN and Tinder. Revolut said access to subscriptions will add “an extra value for customers” of €620 per year for those on the Premium plan and €1,980 per year for those on the Metal plan.

Plus customers will see their currency exchange fair usage limit increase from €1,000 to €3,000 over a 30-day rolling period.

Tara Massoudi, Revolut general manager of premium products, said the new plans “bring together a carefully selected bundle of lifestyle subscription services” that offer customers “more value and convenience”.

She added that “additional exciting benefits” for Ultra customers will be announced in due course.

Earlier this week, Revolut said it was changing the fee structure on instant card transfers, or transfers from Revolut accounts to non-Revolut Visa or Mastercard debit cards. From January, a 0.7 per cent variable fee on such transfers will be replaced with a minimum fee of 20 cent, which in some cases will take the place of the 0.7 per cent fee, depending on which is higher.