How Safe Is Revolut Bank?

Is Revolut a real bank?

What is Revolut.

Revolut is a digital bank.

It started in 2015 as a travel card providing cheap exchange rates, and it is now slowly becoming a bank.

It is the fastest growing digital bank with the widest array of features..

Should I trust Revolut?

Yes, Revolut is a legitimate company and a secure option to send money abroad. The company is authorized by the Financial Conduct Authority (FCA). … Rates and fees often change, so for the best deal, make a comparison before every transfer — they may have changed since you last sent money.

Is Revolut a credit or debit card?

The Revolut card is a prepaid debit card so you won’t receive an account number or sort code but you will be able to make transactions online. … As you load up the card with the money from your bank account, your card will simply be declined if there is no balance there to use on your transaction.

Do you earn interest on Revolut?

Savings Account: Earn daily interest with Revolut Savings Vaults. Put your money to work with Savings Vaults and earn up to 0.80% (AER) annual interest. It’s an effortless way to maximise your money and save towards your goals, all while having instant access to your savings account.

Is my money safe in Revolut?

If you are registered to the Revolut LTD entity: Yes. As an electronic money institution, we are required to “safeguard” money we receive from (or for) customers like you. “Safeguarding” means that we deposit the money we receive from you (or for you) into a client money bank account.

What bank is behind Revolut?

In December 2018, Revolut secured a specialised bank licence from European Central Bank, facilitated by the Bank of Lithuania, authorising it to accept deposits and offer consumer credits, but not to provide investment services.

Is Revolut going bust 2020?

Revolut have issued a statement amid rumours that the company is set to ‘go bust. ‘ Yesterday, a message began circulating online, claiming that the company was set to go under, allegedly putting the funds that people have in their accounts and savings vaults at risk. … Revolut has insisted that this is not true.

How do you save money on Revolut?

Get started with Revolut Savings Vaults todayDownload the Revolut app. Get started with Revolut on your iOS or Android device.Create a Savings Vault. Go to Dashboard > Vaults, then set up a Savings Vault.Save money every day. Earn daily interest on your GBP funds, and withdraw anytime.

Can I withdraw cash from my Revolut card?

You can withdraw cash from any cash machine in your home country or overseas that supports Visa or Mastercard, but please look out for any fees that are applied by some ATM operators. … If you choose ‘with conversion’, the ATM provider can apply their own exchange rate, which is not the interbank rate.

Can you withdraw from Revolut?

With Revolut, it’s easy. Use our in-app map to locate one of our surcharge-free ATMs, then use your Revolut card to withdraw cash for free within your plan limits.

Can I use Revolut as a savings account?

UK-based fintech Revolut has unveiled a new shared savings account feature, which the company hopes will be used as “an alternative to joint accounts”. … Users can round up spare change with every transaction on their Revolut card and send it to the Vault, set up recurring payments or make one-off deposits.

Is Revolut protected by FSCS?

Revolut is authorised by the FCA but does not have a British banking licence. Instead its licence is in Lithuania. Its website says deposits are not FSCS-protected and describes its accounts as “e-money” rather than “current” accounts, with the latter implying the accounts would be protected.

What happens if Revolut goes bust?

If Revolut were to become insolvent, customers would be able to claim this money back from the bank i.e. Lloyds. And according to the FCA, depositors will get their funds back in priority to all other creditors.

Can you trust Revolut?

Yes, Revolut is a legitimate company and a secure option to send money abroad. The company is authorized by the Financial Conduct Authority (FCA). … Rates and fees often change, so for the best deal, make a comparison before every transfer — they may have changed since you last sent money.

Who is owner of Revolut?

Nikolay StoronskyRevolut was founded by Nikolay Storonsky and Vlad Yatsenko. Mr Storonsky is Russian-born, but carries a British passport and has lived in the UK since the age of 20. Mr Yatsenko is Ukranian British, and has lived in the UK since 2010.

Is Revolut covered by bank guarantee?

Revolut has a banking licence in Lithuania, so it has to guarantee deposits of up to €100,000, but trades in Ireland through its UK e-money licence under EU passporting rules with no such protections, so customers are exposed.