Has Revolut been covered by the FSCS?

Your funds are not protected by the Financial Services Compensation Scheme since we are not a traditional financial institution like a bank. Instead, we are a provider of electronic money (FSCS).

What occurs if Revolut fails?

Your Instruments will be executed by the Third Party Broker once your Orders have been approved and carried out, at which point the Third Party Broker will also make arrangements for the holding of your Instruments in line with the applicable laws.

Does the FCA cover Revolut?

Due to the fact that the Financial Conduct Authority (FCA) has granted Revolut authorization, the company is obligated to protect customers’ funds in accordance with the Electronic Money Regulations of 2011 and the Payment Services Regulations of 2017.

Are you secure using Revolut?

Because Revolut is a bank, all of its clients are protected under something called the “bank guarantee.” It’s possible that you’re already aware with the Deposit Guarantee Scheme offered by the Central Bank (DGS). Depositors are safeguarded by this program in the event that a bank, building society, or credit union that is licensed by the Central Bank of Ireland is unable to reimburse those who have deposited money with the institution.

Whose bank is Revolut backed by?

Revolut is a British financial technology company that offers banking services. Headquartered in London, it was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko.


Type Private
Industry Financial technology
Founded 1 July 2015
Founder Nikolay Storonsky Vlad Yatsenko
Headquarters London, England, UK

Is Revolut a bank in Russia?

DST Global, the venture capital business that Yuri Milner, the wealthiest Russian in Silicon Valley, established, is one of the investors in the financial technology company.

Revolut is governed in the UK?

The Financial Conduct Authority in the United Kingdom appoints Revolut Trading Ltd. (FRN 832790) as an appointed representative of Resolution Compliance Ltd. (FRN 574048), which is a company that is both authorized and regulated by the FCA.

Does Revolut Bank have a UK registration?

Even though it serves 18 million clients, operates in 36 countries, and is expanding into five additional nations, the global financial mega app Revolut does not yet possess a banking license in the United Kingdom.

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In the event that Revolut scams you, can you get your money back?

Within sixty days of the transaction being made, the Customer is required to make a claim using the Revolut app (or within sixty days of the estimated date of delivery (for products) or reception (for services), whichever comes first). When you hand in your claim, we will inquire as to whether or not you have any evidence to back it up.

Can I receive a refund on Revolut?

Even if your Revolut card has been deactivated or removed, you can still receive refunds straight into that card, as described above. Please keep in mind that it may take anywhere from 7 to 15 days for a refund to show up in your account once the merchant has given their approval for the refund.

How much cash am I allowed to keep in Revolut?

If you have not yet established an External Account, the most that may be held in your Revolut account at any given moment is the equivalent of 4,800 Singapore dollars (or its equivalent in another currency).

Is Revolut a wise choice?

On Trustpilot, Revolut has been given a rating of “Excellent” after receiving a score of 4.4 out of 5.0 stars from more than 112,000 customer reviews. 76% of users gave Revolut a “Excellent” rating, praising the company’s helpful customer service and intuitive mobile app. Customers who experienced issues with payments, signing in to the app, or uploading documents gave it a rating of “Bad” nine percent of the time.

Does Revolut outperform Monzo?

Both Monzo and Revolut have received a rating of 4.4 out of 5 stars from customers on Trustpilot. According to Smart Money People, Revolut has a score of 4.88 out of 5, whereas Monzo has a score of 4.91 out of 5.

Can Revolut take the place of your current bank account?

In spite of the fact that there are a number of significant differences, both legally and organizationally, between a Revolut Business account and a business bank account, we’ve discovered that our product can successfully replace a traditional bank account in a number of circumstances.

Revolut is it encrypted?

We store and handle your personal information using servers owned and operated by a third party, which are housed in safe data centers and are defended by firewalls. Access to these servers is controlled in accordance with the legislation that are relevant. All of the data that is transmitted between Revolut mobile apps, our servers, and third parties is encrypted using SSL with a key length of 2048 bits.

How do I file a complaint with Revolut?

If your attempts to address the issue with the merchant have been failed, you can submit a chargeback form by going to the history of your transactions, selecting the payment that you want to dispute, and selecting the option to ‘Report an issue.’ You will have the opportunity to submit a chargeback form from that location.

Can someone be reported on Revolut?

If you have a problem with our service, the most effective method to get in touch with us is to use either the online browser chat or the in-app chat to connect with one of our customer service representatives. You may do this by touching on your profile (the circle in the upper left corner of the screen), then selecting Help, and finally selecting New chat.

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Does a Revolut card have a monthly fee?

In most cases, there are no fees assessed when using the Revolut multi-currency card to make purchases in-person or online. However, in order for us to maintain our viability, we will need to implement a fair usage policy for foreign currency. Up to one thousand pounds worth of currency exchanges every calendar month are free of charge. If you go beyond these allotted amounts, you will be charged an additional 0.5%.

How much can you send using Revolut?

The maximum number of payments that can be processed in a single day is 2,000, and the maximum number of payments that can be processed in a single week is 5,000.

What is covered by Revolut insurance?

Revolut Device Insurance offers insurance all around the world against commonplace mishaps such as drops, screen cracks, broken glass, liquid damage, and malfunctions that occur after the manufacturer’s warranty has expired. Please be aware that we do not currently provide insurance against the risk of loss or theft. After the month of November 2021, the in-app purchase of device insurance will no longer be an option.

How does Revolut generate revenue?

How does Revolut generate revenue for itself? The premium and metal accounts, in addition to commissions from retailers that pay a modest charge whenever their clients use the Revolut card, are the primary sources of revenue for Revolut. Although the core bank account offered by Revolut is free, clients have the opportunity to earn money via the use of other goods and services.

Russian CEO of Revolut?

Nikolay Storonsky is a British businessman who was born in the United Kingdom on the 21st of July 1984. He is of Russian descent. He is a co-founder of the financial technology business Revolut, and he also serves as its CEO.

Is Ukraine a factor for Revolut?

You will be able to use your Revolut card anywhere in the EEA and Ukraine, but there will be a daily restriction of €1,500 for outbound bank transfers and Revolut peer-to-peer transactions using the card. They will also be able to receive money transfers that are both speedy and safe from friends and family who are already living in Europe.

Why is a selfie required by Revolut?

When you sign up for our app using Revolut, we will utilize the data from your selfie to authenticate your identity. Your account is given an additional measure of protection if you upload a photo of yourself and let us compare it to the photo on your official identity document (such a passport or a driver’s license).

Does FSCS cover Monzo?

Yes! Monzo accounts are protected by the Financial Services Compensation Scheme (FSCS) because we are a licensed bank. This implies that up to the equivalent of 85,000 pounds of the money in your account is safeguarded. You may learn more about FSCS protection by using the FSCS’s bank and savings protection checker, where you can also search up our information.

What makes Revolut so popular?

For money transfers or currency conversion, Revolut does not impose any fees other than the one that is determined by the interbank exchange rate. Because of this, this digital bank is particularly well-liked not just among individuals who travel frequently and those who live permanently in other countries, but also among people who have family members living in other countries.

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How can my Revolut account be secured?

Choose a password that is difficult to guess and be sure to update it frequently. Your password, if at all possible, ought to be distinct from any other passwords you use when logging in to websites. Check to see that the email address you use to sign up for the service is safe. It is quite likely that anyone who can read your emails may also access your Revolut Business account.

What occurs if Revolut is breached?

Please let us know immediately via chat if you see a transaction on your account that you do not recall making. From there, we will lead you to the appropriate compliance team, who will be responsible for handling your situation. Please fill out the following form to report any strange text messages or emails that you may have received. Thank you.

Is Revolut a secure way to send money?

It is risk-free to use Revolut for both day-to-day purchases and to store money with the platform. Because Revolut has partnered with reputable institutions in the United States, the FDIC will guarantee the safety of your funds.

Where is Revolut headquartered?

Revolut is a financial technology firm with its headquarters in the United Kingdom. It was founded in 2015 and currently has over 20 million clients all over the world, with approximately two million of those members residing in Ireland. Because it offers all of its services through its mobile app, Revolut is sometimes referred to as a “digital bank.” This is because the app is the primary means through which the company conducts its business.

Is Revolut a European bank?

In the year 2020, Revolut opened branches of its bank in Poland and Lithuania, began providing credit products that were among the most competitive available in both countries, and continued its development throughout the EU. Today marks the day when Revolut Bank expands its operations into ten more markets, bringing its total number of EU markets served to 28.

Which currency does Revolut utilize?

If you choose to buy bitcoin through one of our associated exchanges, such as Coinbase or Bitstamp, and you click the “exchange” button, we will purchase the cryptocurrency from one of those exchanges.

What drawbacks come with a Revolut card?

Revolut Cons

  • Fees of between 0.5% and 1% are applied to currency exchange rates on weekends when markets are closed.
  • Over £5,000 worth of foreign exchange costs 0.5%.
  • Withdrawals of Free Cash are capped at £200 each month.
  • no actual branches of banks.

Does Revolut possess a banking license in the UK?

Even though it serves 18 million clients, operates in 36 countries, and is expanding into five additional nations, the global financial mega app Revolut does not yet have a banking license in the United Kingdom.

Can I get my paycheck through Revolut?

Transfers from your work, family, and friends may be made straight into your Revolut account in any of the following currencies: AED, AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, MXN, NOK, PLN, QAR, RON, RSD, RUB, SAR, SEK, SGD, THB, TRY, USD, and Z

What is the transaction fee for Revolut?

The convenience fee is 2.5% for online payments and 1.5% for payments made offline using the Card Reader.