Revolut launched in New Zealand around 2023 and has grown a following among travellers and internationally-minded Kiwis. But it’s not a bank — and that distinction matters. Here’s a complete picture.
Revolut is a multi-currency account and card for holding, converting and spending 30+ currencies. It is NOT a bank in NZ: it operates without a NZ banking licence. It cannot receive your salary, it's not covered by the Depositor Compensation Scheme (DCS), and it can't replace a NZ bank account, so it is used alongside one.
What Is Revolut in NZ?
Revolut is a UK-founded fintech that operates in New Zealand as a payment service, not a licensed bank. It holds a Financial Service Provider (FSP) registration in NZ but does not hold a New Zealand banking licence from the Reserve Bank of NZ (RBNZ).
This means:
- Your Revolut balance is not covered by the Depositor Compensation Scheme (DCS), which protects up to $100,000 per depositor per licensed deposit taker
- Revolut NZ does not have a NZ bank account number — it cannot receive NZ salary or direct debits
- Revolut cannot offer home loans, mortgages, or KiwiSaver
Revolut operates in NZ as a payment and multi-currency account service, similar to a travel money card, not a bank replacement.
What Revolut Offers NZ Users
Multi-Currency Account
Revolut’s core feature — hold and convert between 30+ currencies at or near the mid-market exchange rate:
- Hold NZD, AUD, USD, GBP, EUR, JPY, SGD, and many more simultaneously
- Convert between currencies within the app
- Mid-market exchange rate on conversions within plan limits (1% markup at weekends)
International Spending
- Use the Revolut physical or virtual Mastercard card for overseas purchases
- No foreign transaction fees on spending (up to plan limits)
International Transfers
- Send money internationally (5 free transfers a month on the Standard plan)
- Transfer to bank accounts in multiple countries
Other Features
- Stock trading — buy fractional shares of global stocks via Revolut app
- Crypto — buy and hold cryptocurrency
- Savings — Revolut Savings (not NZ bank savings — operates differently)
- Spending analytics — detailed breakdown of spending categories
Revolut NZ Pricing Plans
| Plan | Monthly cost | Key features |
|---|---|---|
| Standard | Free | Mid-market FX up to $1,400/month; 5 free international transfers/month; basic card |
| Plus | ~$4.99/month | Higher limits; priority customer support |
| Premium | ~$11.99/month | No FX limits (weekday); more free transfers; metal card option |
| Metal | ~$24.99/month | Unlimited FX; highest transfer limits; concierge; airport lounge access discounts |
Pricing may change — verify at revolut.com/nz.
Weekend FX markup: Revolut adds a 1% markup on currency conversions made on weekends (FX markets are closed). This applies to all plans.
What Revolut Cannot Do in NZ
| What you might expect | Revolut NZ reality |
|---|---|
| Receive NZ salary | ❌ No NZ bank account number |
| Set up NZ direct debits | ❌ Not a NZ bank |
| Apply for home loan | ❌ Not a NZ bank |
| EFTPOS at NZ merchants | Limited — Mastercard only |
| Covered by the Depositor Compensation Scheme | ❌ Not a licensed NZ bank |
| KiwiSaver | ❌ Not available |
| Phone banking | ❌ App-only support |
Revolut vs Wise
| Feature | Revolut | Wise |
|---|---|---|
| Exchange rates | Mid-market on weekdays within plan limits | Mid-market rate |
| Weekend rates | 1% markup | Mid-market |
| NZ account number | No | Yes (NZD account number available) |
| Depositor Compensation Scheme | No | No (also not a NZ bank) |
| Account fees | Free plan available | Free basic account |
Features and Limitations
Features:
- Holds and converts 30+ currencies
- No foreign transaction fees on card spending, up to plan limits
- Stock trading and crypto in the same app
Limitations:
- No NZ bank account number: cannot receive salary or direct debits
- Balances not covered by the Depositor Compensation Scheme (DCS)
- 1% markup on weekend currency conversions
- App-only support
Security and Your Money
Revolut NZ holds customer funds in trust accounts at licensed banks. That is not the same as DCS cover: the Reserve Bank says that if a fintech that isn’t a licensed deposit taker fails, its customers don’t receive DCS compensation, even if their money is held on trust with a licensed deposit taker. If the bank holding the trust account fails, whether you’d be compensated depends on how the trust arrangement is set up.
If Revolut were to fail:
- Customer funds should be ringfenced in trust accounts
- However, the recovery process would be more complex than a licensed bank failure
Where to check the latest data
Rates, fees and returns change often. Before deciding, check current figures yourself:
- The provider's own website: has its current rates, fees and full terms; these change more often than any comparison page.
- Financial Service Providers Register: shows whether a provider is registered to offer financial services in New Zealand.
Next Steps
- International transfers NZ — compare Revolut vs Wise vs OFX
- EFTPOS vs credit card NZ — understand NZ payment methods
- Travel credit cards NZ: card options for overseas travel
- Kiwibank Zero Visa review: no-annual-fee Kiwibank credit card