Is Revolut a bank UK?

As of December 2023 Revolut is not a bank in the UK, so is not covered by the Financial Services Compensation Scheme. Protection for e-money with Revolut in the UK is provided by a "safeguarding account", which does not specify a timescale for repayment of funds.

Is Revolut a UK regulated bank?

Revolut has been offering e-money services such as currency exchange and transfers (which do not require a UK banking licence) in the UK since 2015. It generated £196 million in revenue from this in 2021, or nearly one-third of its business – the rest mostly comes from banking activities in 18 EU countries.

Can I use Revolut as a bank account?

Yes. Revolut is a digital banking alternative, which means you can only open an account online.

Does Revolut count as UK bank account?

In the UK, Revolut is not a bank but an e-money institution, authorised under the UK Electronic Money Regulations. This means, in particular, that FSCS protection does not apply to the e-money or payment services we provide.

Is Revolut a good bank UK?

While Revolut could be a great choice for money transfers, it doesn't offer the full banking services of some of its competitors, such as Monzo or Starling Bank. This means it won't suit people who want to pay in cash and cheques, for example, or who want access to an overdraft facility or other lines of credit.

Revolut explained - UK Neo-Bank - How does it work? Revolut Business Model. What does Revolut?

What is the downside of Revolut?

Deposit Protection is Limited: Unlike traditional banks, Revolut's deposit protection is limited. Although savings in a Revolut account are protected up to a specific amount, they are not covered by government-backed deposit insurance programmes.

Is my money safe in Revolut UK?

We have client accounts with a range of large banks (that meet our and our regulator's requirements). Safeguarding protects you because, if Revolut was to become insolvent, the money in these accounts would be used to pay out you (and our other customers) before anyone else.

Should you use Revolut as your main bank?

Generally speaking, if you don't visit a bank branch more than once a month (for whatever reason), having a Revolut account might work for you as your regular day-to-day account. But there are of course other points to consider… Verdict: If you don't need a branch, Revolut might be for you.

What happens if Revolut goes bust?

On top of that Revolut has to store funds with a firm that is FSCS protected (Revolut UK uses Lloyd's & Barclays). In the event Revolut goes bust, you would reclaim your money from them coordinated by administrators/liquidators of Revolut and whoever manages Revolut's relationship with either bank.

How safe is my money in Revolut?

Your money, protected

Your money is held in a safeguarded account with a regulated bank or in high quality liquid assets. Your savings are deposited with partner banks. Eligible deposits are protected up to £85k per bank.

How much money can I keep in my Revolut account?

Savings account balance limits vary depending on the Revolut Business plan you're on. Currently, we offer the following limits: Grow: £500,000. Scale: £1,000,000.

What countries are not supported by Revolut?

We do not currently support transfers from the following countries (this list may change at any time): Afghanistan, Algeria, Bahamas, Belarus, Bolivia, Burkina Faso, Burundi, Central African Republic, Congo (the Democratic Republic of), Côte d'Ivoire, Cuba, Egypt, Eritrea, Eswatini, Ethiopia, Guinea, Guinea-Bissau, ...

What bank supports Revolut?

You can link accounts from the following banks: Barclays, Barclays Business, Bank of Scotland, Danske Bank, first direct, Halifax, HSBC, Lloyds, Monzo, M&S Bank, Nationwide, NatWest, Royal Bank of Scotland, Santander, Starling, TSB, Ulster Bank, Virgin Money.

Why is Revolut not a bank in the UK?

Revolut has been waiting more than two years to secure a banking licence, which would allow it to conduct more regulated activities, such as mortgage and credit card lending. The Telegraph revealed in May that the Bank of England was considering rejecting Revolut's banking licence application.

Is Revolut a bank in the USA?

Is Revolut a bank? Revolut is a financial technology company, not a bank. In the US, Revolut offers services in partnership with banks including Metropolitan Commercial Bank and Sutton Bank.

Does Revolut have a monthly fee?

As we've seen, the costs of maintaining and using a Revolut account depends on the plan you have. Standard accounts have no monthly fee, but have lower no-fee transaction limits compared to Premium or Metal accounts.

Why is Revolut declining?

You're not the owner of the card. Your card is frozen or blocked. Online payments are disabled in your selected card's settings. Contactless payments are disabled in your selected card's settings.

Can Revolut be scammed?

Phishing, like most online scams, refers to an attempt by criminals to access your account through lies, deception, and manipulation. Most often, they pose as legitimate Revolut employees, and may try and trick you into thinking that they're part of our support team.

Is Revolut being hacked?

Revolut data breach exposes information of 50,000 customers

The data breach was caused by a social engineering attack. Malicious actors accessed data including names, addresses, email addresses and partial payment card information during the cyber attack, although Revolut has stated that card details were hashed.

Why do people choose Revolut?

Why should I use Revolut? Revolut is the app for all things money. You can create multi-currency accounts, save on international transaction fees (fees depend on your chosen plan), create custom card designs, and much more. With Revolut, you can conveniently and securely manage all your finances in one place.

Can I deposit cash into Revolut?

You can top-up your account with cash at one of our authorised retailers. We've partnered with Paysafe to make it easy to top up your Revolut account with cash at the participating retailers. 👉 Unfortunately, we can't offer cash top-up to everyone at this time, as we're still developing this feature.

Why is Revolut asking for my SSN?

Without a U.S. tax identification such as a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN), you won't be able to access some of the features available to Revolut customers, like Stocks, Savings Vaults (FDIC Insured), Credit Cards, Personal Loans, Premium or Metal plans.

Can you get money back from Revolut if scammed?

Merchant Initiated Payments made using Pay with Revolut are collected from your account based on a consent you have given in the past. If you think a Merchant Initiated Payment has been taken from your account in error, you can ask us to refund it within 8 weeks of it being paid.

Is Revolut a FDIC?

Money in your Revolut acount is held at Metropolitan Commercial Bank and money in your Savings Vaults is held at Sutton Bank. Money at each bank is FDIC insured up to $250,000 in the event of Metropolitan Commercial Bank's or Sutton Bank's failure.