Is Revolut A Safe Bank?

Is Revolut protected by FSCS?

A firm authorised by the FCA does not automatically receive FSCS protection.

Revolut is authorised by the FCA but does not have a British banking licence.

The firm recently launched “savings vaults” for some customers.

These are deposits placed with another bank on a customer’s behalf and are FSCS protected..

What bank does Revolut use?

Revolut itself is not a bank in the US, though — like Monzo, Revolut offers technology that interfaces with another bank’s services. Revolut’s partner is New York-based Metropolitan Commercial Bank (MCB). The Revolut app is well-designed, with separate tabs that track your accounts, spending, payments, and cards.

What if Revolut goes bust?

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. This may be less [but not massively] as Revolut has to pay for someone to manage the liquidation of assets.

How does Revolut make profit?

Revolut makes money mainly though the subscription fees with the Premium and Metal accounts. Additionally, Revolut also earns a nominal fee paid to it by merchants every time you spend on your Revolut Card. … Business customers also pay fees depending on their top-up limits.

Are Revolut going bust?

Revolut have issued a statement amid rumours that the company is set to ‘go bust.’ … Revolut has insisted that this is not true. The company has since sent a message to its customers on the issue, on behalf of its founder and CEO, Nikolay Storonsky.

Is my money safe in Revolut?

Despite not being a bank yet, Revolut is regulated by the FCA. … However, until it officially becomes a bank, funds held with Revolut aren’t protected by the FSCS (Financial Services Compensation Scheme, which protects deposits up to a maximum of £85,000), nor by its European equivalent.

Is Revolut a real bank?

Legally speaking, we are an electronic money institution. … Though we are not the same as a traditional bank, your money is protected. Funds with Revolut remain safeguarded in accounts with a tier one UK bank, as per our obligations under the e-money regulations.

Is Revolut dangerous?

Yes, Revolut is a legitimate company and a secure option to send money abroad. The company is authorized by the Financial Conduct Authority (FCA). However, your money is not covered by the Financial Services Compensation Scheme. … You can always estimate Revolut fees in their app.

Is Revolut premium worth getting?

The Revolut Premium card might be worth the money if you are traveling regularly for max. 40 days and you aren’t insured elsewhere. The insurance that comes with the Revolut Premium plan will cover you in case of an emergency.