Fair FX and Revolut

[Brads67]

Was advised to get money out of both as they are not covered by FSCS.

Surely companies who's only business is money would or should be covered by the FSCS ?

I imagine these current conditions may be hard enough on them to cause concern.?

Edit to add, I don't use either but found it odd that they would not be covered as I've said.

Edited by Brads67 on Thursday 9th April 22:11

[williaa68]

I wouldn’t hold much in either for precisely this reason but Revolut raised a load in a financing round recently. It should be fine.

neither are banks in the Uk. I agree the distinction may be artificial but it is important.

Andrew

[Paddymcc]

Revolut just raised 500m in February.

Even they won't have burned through that already.

[Shnozz]

anonymous said:

[redacted]

Not sure if it matters in this case.

I think the question is reversed. Why would you want to keep money in Revolut? It doesn’t appear to do anything some of the other fintechs do other than not have a U.K. banking licence. So unless that is particularly important to you or you are extremely loyal to Lithuania...

[Shnozz]

You don’t answer the question of why use it instead of, say, Monzo.

I wouldn’t be nervous on small amounts of cash but the question why bother with any risk? What is it Revolut does that surpasses Monzo?

[Brads67]

anonymous said:

[redacted]

Ok granted it probably sounded a bit dramatic, but it was a Bank Director,
I posted because I thought all companies like this would be obliged to be in the compensation scheme.

This guy obviously does not think well of the two companies mentioned and advocated having bugger all to do with them

As I have said, I don't use them.

[Adam B]

Thanks, have sent my £104 balance back to my current account

I find Revolut very good for holiday spending, nothing else

[strippier]

Wish I had seen this post in April, as FairFX have now locked all accounts following instruction by the FCA......

[gregf40mark2]

strippier said:

Wish I had seen this post in April, as FairFX have now locked all accounts following instruction by the FCA......

This is nothing to do with their business though. It's because they use Wirecard to process payments. As do several banks fully protected by the FSCS.