How Safe Is Revolut?
Discussion
There’s been beg delays getting a UK banking license which is still not forthcoming. Then a fair bit of bad publicity as below. So is Revolut a safe place for money? I keep a USD balance in a Revolut vault to use when in the country.
https://www.standard.co.uk/business/revolut-cfo-qu...
https://www.standard.co.uk/business/revolut-cfo-qu...
bad company said:
There’s been beg delays getting a UK banking license which is still not forthcoming. Then a fair bit of bad publicity as below. So is Revolut a safe place for money? I keep a USD balance in a Revolut vault to use when in the country.
https://www.standard.co.uk/business/revolut-cfo-qu...
Don't know. But I am intending to set up an account today for one of my children, so they can pay for fuel etc. I will probably only put £250 at a time in, however.https://www.standard.co.uk/business/revolut-cfo-qu...
I set up a Revolt account on my phone and my young teenage sons phone, linked to my bank account and Apple Pay for when he is out and needs to pay for food, drink or bus fares etc. I open the Revolut app on my phone and transfer say £10 across to it (from my bank account). The money then sits in the Revolut account and my son can then pay for things using Apple Pay on his phone. It's all very simple to use once it's set up.
It's good because he can only spend the money that is in the account, and if he is out and needs money he can just ring me and I'll transfer some money across. I was advised by others not to click on any prompts to receive Revoluts physical bank card though, just keep the visual one, can't recall why though.
It's good because he can only spend the money that is in the account, and if he is out and needs money he can just ring me and I'll transfer some money across. I was advised by others not to click on any prompts to receive Revoluts physical bank card though, just keep the visual one, can't recall why though.
The Gauge said:
I set up a Revolt account on my phone and my young teenage sons phone, linked to my bank account and Apple Pay for when he is out and needs to pay for food, drink or bus fares etc. I open the Revolut app on my phone and transfer say £10 across to it (from my bank account). The money then sits in the Revolut account and my son can then pay for things using Apple Pay on his phone. It's all very simple to use once it's set up.
It's good because he can only spend the money that is in the account, and if he is out and needs money he can just ring me and I'll transfer some money across. I was advised by others not to click on any prompts to receive Revoluts physical bank card though, just keep the visual one, can't recall why though.
Not had any game with the physical card, but like services posters I only keep small amounts of money in the account and transfer across when I need it.It's good because he can only spend the money that is in the account, and if he is out and needs money he can just ring me and I'll transfer some money across. I was advised by others not to click on any prompts to receive Revoluts physical bank card though, just keep the visual one, can't recall why though.
I’m pretty relaxed about it. In Paris this week, drop in £100 when needed to pay for incidentals, bars, food etc. if the card got scammed it’s not my main bank account so no issue. In the unlikely event of them going pop this week it’s not going to be a major loss. If I was going to park thousands I may look into it a bit closer, but they have 25million customers so hardly a trivial organisation.
Like most things in life, there's a security vs convenience trade off.
I do most of my spending in EUR so always have a balance on there. However, if I operated in cash, there's probably more chance of me losing the money than there is of Revolut going under on any given day..... For casual spending amounts. I think it's fine (a risk I'm prepared to take for the convenience), but I wouldn't have more than a months disposable income on it.
I have shifted large chunks of cash via Revolut for the FX & then on to my EUR bank account, but I move it in chunks & straight out again.
They do have 'savings vaults' which are a separate product & do have the money in registered banks.
I do most of my spending in EUR so always have a balance on there. However, if I operated in cash, there's probably more chance of me losing the money than there is of Revolut going under on any given day..... For casual spending amounts. I think it's fine (a risk I'm prepared to take for the convenience), but I wouldn't have more than a months disposable income on it.
I have shifted large chunks of cash via Revolut for the FX & then on to my EUR bank account, but I move it in chunks & straight out again.
They do have 'savings vaults' which are a separate product & do have the money in registered banks.
davek_964 said:
I find it useful when abroad and do keep a balance on there. Maybe I shouldn't.
What are the alternatives for foreign spending? I quite like that I can put money on the card when the exchange rate is decent.
HSBC have their own equivalent, not sure it's available if you don't already bank with them, though.What are the alternatives for foreign spending? I quite like that I can put money on the card when the exchange rate is decent.
davek_964 said:
I find it useful when abroad and do keep a balance on there. Maybe I shouldn't.
What are the alternatives for foreign spending? I quite like that I can put money on the card when the exchange rate is decent.
Most of the newer app based banks (Chase, Starling are the ones I use) offer fee free foreign spending, where you just get the MasterCard exchange rate on the day. Also Nationwide. What are the alternatives for foreign spending? I quite like that I can put money on the card when the exchange rate is decent.
I don't know of another bank that offers the casual foreign exchange option of actually holding other currencies, which I did find really useful when going abroad. But like others I just don't quite feel comfortable with them as a company. Lots of stories about working conditions, issues with customer service etc (which I must say I never experienced) and the fact they only seem to be able to get a licence in Lithuania(?), coupled with the fact I so rarely go abroad these days, I shut mine down and went all in with Chase for the interest rates and cashback etc.
JagYouAre said:
I don't know of another bank that offers the casual foreign exchange option of actually holding other currencies, which I did find really useful when going abroad.
As I said, HSBC.I can't screenshot it to show you due to the app security, but I have GBP, Yen, USD and CAD in my global money account at present.
InitialDave said:
JagYouAre said:
I don't know of another bank that offers the casual foreign exchange option of actually holding other currencies, which I did find really useful when going abroad.
As I said, HSBC.I can't screenshot it to show you due to the app security, but I have GBP, Yen, USD and CAD in my global money account at present.
Also, when I banked with HSBC some time ago I always thought that for a global bank they were bloody stingy on forex fees (just like most of the other high street banks).
JagYouAre said:
Fair enough, but I'd expect it to be a monumental faff to open an HSBC account compared to Revolut (hence my 'casual' comment). Obviously I could be wrong and would be great if I was.
Also, when I banked with HSBC some time ago I always thought that for a global bank they were bloody stingy on forex fees (just like most of the other high street banks).
It was very easy for me, but I already had another account with them, which is a prerequisite.Also, when I banked with HSBC some time ago I always thought that for a global bank they were bloody stingy on forex fees (just like most of the other high street banks).
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