Short answer: for most students and working professionals in Europe, I think Revolut is the best all-round digital banking app to open first, because it is free to start, cheap for travel and foreign currency, and managed entirely from your phone. In the EU it is a properly licensed bank (Revolut Bank UAB, regulated by the Bank of Lithuania), so your deposits get the same 100,000 euro protection as any European bank. Here is who it suits, where it costs you, and how to claim the current sign-up bonus.
Good news for you: the sign-up link below is an invite link, which means once you open your account through it and complete the steps, you receive the 100 euro bonus, at no extra cost. So it is worth using the link rather than signing up cold.
What exactly is Revolut?
Revolut is a digital banking app rather than a high-street bank with branches. You open the account from your phone in minutes, and you manage cards, payments, budgets, and currency exchange entirely in the app. In the EU it operates through Revolut Bank UAB, a bank established in Lithuania that is licensed by the European Central Bank and regulated by the Bank of Lithuania. That is an important detail: it means eligible EEA deposits are covered up to 100,000 euros, the standard EU protection limit, so it is not just a loosely regulated wallet app.
Why is it so popular with students and professionals?
- Free to start. The standard plan has no monthly fee and no minimum balance, which is ideal if you are a student or just want a low-commitment second account.
- Cheap abroad. You can spend and hold 150+ currencies at strong exchange rates, which is a big deal for Erasmus students, travellers, and anyone paid in a different currency.
- Fast money transfers. Sending or requesting money from friends across Europe is instant and free between Revolut users.
- Budgeting built in. The app shows exactly where your money goes each month and lets you set category budgets, plus round-up savings that stash your spare change.
- Everything in one app. Cards, spending analytics, savings, and currency exchange all live in one place, which suits busy professionals who do not want to juggle multiple tools.
Where does Revolut cost you money?
It is not unlimited-free, and being honest about the limits is the whole point. Here is where fees can appear on the free plan.
| Situation | What to watch |
|---|---|
| Currency exchange | Free up to a monthly allowance, then a small fee; weekend markup on some currencies |
| ATM withdrawals | Free up to a monthly limit, then a percentage fee |
| Paid plans | Plus, Premium and Metal add higher limits and perks for a monthly fee |
For everyday spending and occasional travel, most people stay comfortably inside the free limits. If you exchange large amounts or withdraw a lot of cash, compare a paid plan or keep a traditional account alongside it.
Who is it best for, and who should think twice?
- Great for: students, frequent travellers, freelancers paid in multiple currencies, and anyone who wants a clean budgeting app with a card.
- Think twice if: you need in-person branch service, deposit large amounts of cash regularly, or want it as your only account for a mortgage or long banking history. In those cases, use Revolut as a smart second account.
How to open Revolut and claim the current sign-up bonus
Revolut regularly runs a referral promotion that rewards new users who sign up through an invite link and complete a few qualifying steps. At the time of writing, the offer on this invite link was 100 euros once you:
- Sign up for Revolut using the invite link and complete the standard identity verification.
- Order the physical card from the app.
- Make 3 purchases of at least 5 euros each with the card.
Once those steps are done, the reward is credited by Revolut. Bonus amounts and conditions change frequently and differ by country, so treat the figures above as a guide and confirm the exact current terms on the sign-up page before counting on the bonus. There is no cost to you either way, opening the account is free.
The non-obvious tip: use Revolut as your travel and side account, not your only bank
The smartest way I have found to use Revolut is not as a full replacement for a traditional bank, but as a dedicated travel and spending account that sits alongside your main one. Keep your salary and long-term savings where you already have history and branch access, then top up Revolut with what you plan to spend, especially before a trip or an online-shopping month. You get the cheap exchange rates, the clean budgeting, and the instant transfers, while the free-plan limits almost never bite because you are only moving spending money through it. This one habit gives you the best of both worlds and makes the sign-up bonus pure upside.
Frequently asked questions
Is Revolut a real bank in Europe?
Yes. In the EU, Revolut Bank UAB is a licensed bank established in Lithuania, authorised by the European Central Bank and regulated by the Bank of Lithuania. That means eligible EEA deposits are covered by the Lithuanian deposit guarantee scheme up to 100,000 euros, the same EU-wide protection limit as any other European bank.
Is Revolut good for students?
It is one of the most popular choices for students in Europe because the standard plan is free to open, there are no monthly fees on the basic account, currency exchange is cheap for travel and Erasmus, and everything is managed from the app. Just watch the free monthly exchange and ATM withdrawal limits on the free plan.
How does the Revolut sign-up bonus work?
Revolut runs referral promotions where new users who sign up through an invite link and complete a set of qualifying actions earn a cash reward. At the time of writing, the offer on this invite link was 100 euros after making 3 purchases of at least 5 euros each and ordering the physical card. Bonus amounts and conditions change often and vary by country, so always check the exact current terms on the sign-up page before you rely on them.
Does Revolut charge fees?
The basic plan has no monthly fee. You can still pay fees in specific cases: exchanging currency beyond the free monthly allowance, ATM withdrawals above the free limit, or weekend exchange markups on some currencies. Paid plans (Plus, Premium, Metal) raise those limits and add perks for a monthly fee.
Is my money safe with Revolut?
For EU customers using Revolut Bank UAB, deposits are protected up to 100,000 euros under the EU deposit guarantee scheme. As with any account, use a strong unique password, enable the app's security features, and never share your login or card details.
This article is general information, not financial advice. Product terms, fees, and bonuses change, so always review the current terms on Revolut's site before opening an account.
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