What is Revolut?
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.
Which Bank Does Revolut Use?
As a result, Revolut itself doesn’t store your money,
it uses Barclays and Lloyds for that. In early 2021 it also applied for a UK banking license and a bank charter in the US.
Since it is not yet a bank, it does not offer any deposit protection.
Is Revolut considered a UK bank?
Last year, Revolut finally submitted its application for a UK banking licence after operating as an e-money institution in the UK for nearly seven years now.
Why is Revolut not a bank?
We are authorized to handle money, facilitate business transactions and currency exchanges, but we cannot offer certain financial services; such as the FSCS deposit guarantee. We don’t handle cash or cheques or offer phone assistance. We don’t have brick and mortar branches, we don’t call ourselves a traditional bank.
Do I need a bank account for Revolut?
For that, you should keep using the IBAN from the app in your Account details. New customers : From version 8.5 of the Revolut app, when joining Revolut, you will automatically have a bank deposit account and an EMI (Electronic Money Institution) account.
How do I deposit money into Revolut?
Unfortunately we don’t accept cash deposits or cheques to your Revolut account. Please talk to one of our support agents and we will return the money to the cash depositor with a processing fee deducted.
Is it safe to link bank account to Revolut?
Also, “at no point does Revolut have access to a customer’s security credentials for their bank account, so it’s completely secure”.
Regards their approach to data protection, Revolut states: “We are confident that we are fully compliant with all relevant data protection regulations, including GDPR.