Revolut Daily Spending Limit: Everything You Need to Know
Gone are the days when carrying a huge wallet was the norm. Today, all that most people need to conduct their daily transactions is an app on their phone. Digital payments have become incredibly popular because they offer convenience, speed, and security. In this regard, Revolut has emerged as one of the top digital payment providers. Its platform is user-friendly, and it offers a range of financial tools. In this article, we will delve into one of the most important features of Revolut Daily Spending Limit.
Revolut Daily Spending Limit
Revolut daily spending limit is the amount of money that a user can spend in one day through their Revolut account. This limit varies depending on the user’s account type, location, and other factors. For example, users with the free Revolut account have a daily spending limit of £1,000 in the UK. However, if they are travelling abroad, the limit changes to €1,000 or $1,000, depending on the currency. On the other hand, users with the Revolut Premium account have a daily spending limit of £3,000 in the UK, €3,000 in the European Economic Area (EEA), and $3,000 in the United States. Those with the Revolut Metal account have a daily spending limit of £5,000 in the UK, €10,000 in the EEA, and $20,000 in the United States.
It is worth noting that the daily spending limit is not the same as the ATM withdrawal limit. The latter is the maximum amount of money a user can withdraw from an ATM in one day through their Revolut account. The ATM withdrawal limit also varies depending on the user’s account type, location, and other factors. Generally, the limit is higher than the daily spending limit. For example, Revolut Standard account holders can withdraw up to £200 or equivalent per month without any fees. After that, they are charged a 2% fee. Premium account holders can withdraw up to £400 or equivalent per month without fees, while Metal account holders can withdraw up to £600 or equivalent per month without fees.
Revolut daily spending and ATM withdrawal limits are set to prevent fraud and ensure financial security for users. They are also a way for Revolut to comply with financial regulations and prevent money laundering. However, users can change their daily spending and ATM withdrawal limits anytime by going to the “Cards” section of the app and adjusting the “Spend Limit” and “Cash Withdrawal Limit” respectively. The change is instant, and users can reset the limit to the default at any time.
In addition to the daily spending and ATM withdrawal limits, Revolut also has other security features to protect users’ funds. For example, Revolut uses 3D Secure authentication for online transactions, meaning that users have to confirm their identity using a one-time password or biometric authentication before making payments. Additionally, the Revolut app has a freeze card feature, which allows users to lock their card temporarily if they suspect that it has been stolen or they have lost it.
Conclusion
In conclusion, Revolut daily spending limit are a critical feature that users should be aware of. They vary depending on the account type, location, and other factors, and they are set to ensure financial security for users and comply with regulatory requirements. However, users can adjust their daily spending and ATM withdrawal limits anytime and reset them to the default at any time. Furthermore, Revolut has other security features that users can use to protect their funds, such as 3D Secure authentication and freeze card feature. Overall, Revolut is an excellent digital payment provider that offers users a lot of financial tools and convenience.
