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 excellent for travel and holding multiple currencies, but it is NOT a bank in NZ — it operates without a NZ banking licence. You cannot receive your salary, it's not covered by the NZ deposit guarantee scheme, and it can't replace your NZ bank account. Use it alongside a NZ bank, not instead of 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 NZ deposit guarantee scheme ($100,000 protection per institution)
- 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. It’s best understood as a sophisticated 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
- No hidden exchange rate markup on conversions (within plan limits)
- Competitive FX rates — similar to Wise for currency conversion
International Spending
- Use the Revolut physical or virtual Mastercard card for overseas purchases
- Excellent exchange rates when spending in foreign currencies
- No foreign transaction fees on spending (up to plan limits)
International Transfers
- Send money internationally at competitive rates (similar to Wise)
- 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. For weekend travel spending, this is usually still better than most NZ bank rates but worth knowing.
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 NZ deposit guarantee | ❌ Not a licensed NZ bank |
| KiwiSaver | ❌ Not available |
| Phone banking | ❌ App-only support |
Revolut vs Wise: Which Is Better for NZ Users?
| Feature | Revolut | Wise |
|---|---|---|
| Exchange rates | Excellent (weekdays) | Mid-market rate always |
| International transfers | Good | Excellent |
| NZ account number | No | Yes (NZD account number available) |
| Card for overseas spending | Excellent | Good |
| NZ deposit guarantee | No | No (also not a NZ bank) |
| Account fees | Free plan available | Free basic account |
| Weekend rates | 1% markup | Mid-market |
| Best for | Multi-currency holding + travel | International transfers + receiving overseas payments |
Short answer: For travel spending — Revolut and Wise are similar. For international transfers and receiving overseas money — Wise has a NZ account number and is slightly easier for NZers.
Who Should Use Revolut NZ?
Revolut is best for:
- Frequent international travellers (best FX rates on spending)
- People who hold and need to convert multiple currencies regularly
- Those interested in stock or crypto trading via a single app
- Digital nomads or people with income in multiple currencies
Revolut is not suitable as:
- Your primary NZ bank account
- A place to keep your emergency fund or large savings (no deposit guarantee)
- A salary account
Security and Your Money
Revolut NZ holds customer funds in trust accounts at licensed banks — this provides some protection but is different from the NZ bank deposit guarantee scheme.
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
- For this reason, don’t keep more money in Revolut than you need for near-term travel or currency exchange
How to Set Up Revolut in NZ
- Download the Revolut app from the App Store or Google Play
- Sign up with your NZ phone number and email
- Complete identity verification (passport or driver licence)
- Order a physical Revolut Mastercard (delivered within 7 business days)
- Top up from your NZ bank account via debit card or bank transfer
- Convert to your desired currency before travelling
Next Steps
- International transfers NZ — compare Revolut vs Wise vs OFX
- EFTPOS vs credit card NZ — understand NZ payment methods
- Best travel credit cards NZ — card options for overseas travel
- Kiwibank Zero Visa review — best NZ travel credit card with no foreign fees