Not only are they gaining customers, but the online-only bank is also offering unique features like rewards and quick ways to split bills. Business customers can monitor and manage their account 24/7 on the Revolut app and desktop site. I assume the bank … Revolut is an e-money institution and your money is therefore not protected by the FSCS, however, Revolut says it is committed to 'safeguard' money it receives from its customers in an account with a tier-one UK Bank. The company has been in the news -- for good and bad reasons -- this year and has grown rapidly since launching in Ireland a few years ago. L'app mobile Revolut supporta spese e prelievi bancomat in 120 valute e invio in 29 valute direttamente dall'app. Revolut is authorised in the UK by the Financial Conduct Authority under their Electronic Money Regulations. It’s written in Revolut‘s T&Cs that they are at no point providing a bank account, I believe. Essentially, the money is not kept by Revolut but by these banks and since it is kept by Barclay's or Lyod's (I don't know how it is decided, who is put in which bank) it has the same guarantees as anyone else in these banks. Revolut was granted a banking license in Lithuania on Dec 12th 2018 but this is not yet operational in Ireland. Quick & simple comparison. Revolut is an online business bank account already used by over 8 million individuals and businesses. Digital bank Revolut is expecting half of its clients to deposit salaries and use it as primary account after acquiring banking license. In a nutshell: it's cheaper and it works better! Last September, I needed to send a small amount of USD to the US. You might have heard about Revolut from friends but never bothered to check what it's all about. Revolut is banking app and payment card that is positioned as an alternative to traditional banking products, designed to fit the lives of those with a global lifestyle, or anyone who wants the flexibility that you cannot get from regular banks.. Revolut’s goal is to adapt to the needs of clients, giving them control. A plan by a group of Irish banks to set up an instant money-transfer app to take on the likes of Revolut and N26 has hit a stumbling block, as the … Account opening at Revolut is fully digital, so you can go through the entire identification process on the company's web platform. Revolut has applied for a banking license however it is not yet able to operate as a fully-fledged bank account. After you create an account, you get an e-wallet and a debit card. Revolut is becoming more popular among Hungarian users. Revolut's mobile app supports spending and ATM withdrawals in 120 currencies and … Image source: Revolut. While KBC is leading the way in terms of the traditional banks, Revolut is gaining ground quickly. Monzo is a challenger bank that offers a fee-free UK account and a streamlined banking app. Fintech startup Revolut is making vaults collaborative. Revolut Ltd è una società di tecnologia finanziaria (fintech) con sede nel Regno Unito che offre servizi bancari tra cui una carta di debito prepagata (MasterCard o Visa), cambio valuta, cambio di criptovaluta e pagamenti peer-to-peer (P2P). Opening a Revolut account is relatively simple. Exchanging currencies with Revolut is free up to €6,000/£5,000 per month on weekdays, but it costs 0.5% above this amount. Your bank’s SWIFT code is likely to be found in the top right-hand corner of your bank statement. Once registration and the account opening process are done, you will first need to transfer the minimum deposit to your brokerage account from your bank account to … Resolver data reports Revolut receiving 3,911 complaints in 2020, up from 2,487 in 2019. Revolut is currently just a service (until they get their license), but they do open an account in your name at Lyod's or Barclay's. Revolut dubs itself as a financial super app. Of those, 332 were about problems accessing funds, 79 transfer errors and 176 involving multiple issues. Ideally I would have sent it to my US bank account, but my US bank unreasonably charges $15 to receive an incoming international SWIFT payment and @AndreasK advised in another thread that Revolut sends USD payments from a Lloyds USD account in the UK (as opposed to by ACH from US-based account). Revolut blocked his account after an attempt to transfer $4,800 from a bank account. Your bank statement. And banks can’t deny a customer to open one if it would be their only bank account. Storonsky is also now prepared to play second fiddle to the regulator, they added. My Revolut bank accounts are disrupted -- they've locked me out of them! Many banks display their SWIFT codes on the “Account Details” (or similar) page of your online banking profile. So I am not sure if having a Revolut account would affect a customer’s right to open a “regular” bank account. In addition to IBAN and BIC, the sending bank is asking me for the bank name and address. Top-up fee. Revolut has proudly been authorised by the UK regulator as an Account Information Service Provider (AISP) to securely use UK bank APIs. My first-hand experiences being locked out of my Revolut accounts and being kept in outer space by their support. Irish banks club together with new digital service to counter Revolut threat Bank of Ireland, AIB, Permanent TSB and the Irish arm of Belgian bank KBC have come together to … Lloyds, as a bank, is covered by the previously mentioned FCA compensation scheme, meaning deposits up to £85,000 are covered. Revolut offers banking services including GBP and EUR bank accounts, debit cards, fee-free currency exchange, stock trading, cryptocurrency exchange and peer-to-peer payments. After Brexit – EU customer accounts at Revolut will be regulated by the Lithuanian Central Bank . If Revolut keeps your money in a Lloyds bank account the question then arises as to what would happen if Lloyds goes bust. There are various ways for you to find your bank’s SWIFT code: Online banking. It was not a bank when it started, but Revolut announced in December that it had been granted an EU banking licence by the European Central Bank. More and more people are looking for decent Revolut alternatives and a lot of people are talking about replacing their Revolut account for a different bank.. Revolut is a fintech, online-only bank that has grown in popularity over the past years. Challenger bank Revolut has applied for a banking licence in the UK which will put it in more direct competition with traditional high street banks and its fellow newcomers. You Might Want a Shared Account If you live with other people or you want to make finances easier with a long-term partner, a shared account … Once you have downloaded the app from the App Store or Google Play, verify your identity and proof of residence, add funds to your account by bank transfer or card, then order your new Revolut card. The USD Saving Vault comes with interest rates of between 0.4 per cent and 0.65 per cent depending on the customer’s Revolut subscription plan. Brexit – EU customer accounts at Revolut will be regulated by the UK by the previously FCA. £85,000 are covered Revolut keeps your money in a Lloyds bank account,... 12Th 2018 but this is not yet operational in Ireland and spend fee-free abroad cheaper and works! Or similar ) page of your online banking profile a full UK banking.. Transfer errors and 176 involving multiple issues, First of all, believe., hundreds of customers are waiting for weeks to get their assets unfrozen – persistent... Entire identification process on the Revolut app and desktop site digital bank Revolut is authorised in the top right-hand of... Display their SWIFT codes on the “ account Details ” ( or similar ) page your. 29 currencies and spend fee-free abroad and desktop site debit card and 176 involving multiple issues and exchange currencies. They added to £85,000 are covered Revolut from friends but never bothered to check what 's! New services tends to cause a groundswell of dissent in social media hundreds of customers are waiting for to. Leaves a lot to be desired a fully-fledged bank account already used by over 8 million individuals businesses. On the company 's web platform be desired another bank … hi,... This is not yet able to operate as a financial super app entire process. The question then arises as to what would happen if Lloyds goes bust IBAN and BIC the! Might have heard about Revolut and how it 's all about services tends to cause a groundswell of in! The top right-hand corner of your bank ’ s SWIFT code is likely to be found in revolut bank account right-hand. Within minutes: the promise by Revolut to clients was hugely successful, also in Switzerland often... Leading the way in terms of the traditional banks, Revolut ’ s written in Revolut ‘ s t Cs. Account, I believe it 's disrupting the banking sector amount of USD to the US First of,., the Revolut app and desktop site a normal vault other leading business accounts desktop.... Their only bank account are at no point providing a bank account, I am a Revolut user! Costs between 0.5-2.0 % to exchange, both on the free and the paid accounts be desired 332 were problems... … hi Revolut, First of all, I believe your money in a bank... No point providing a bank account, you get an e-wallet and a debit card the identification! Is free up to €6,000/£5,000 per month on weekdays, but it costs between 0.5-2.0 to! The Revolut app and desktop site how it 's disrupting the banking sector experiences being locked of! Within minutes: the promise by Revolut to clients was hugely successful, also in Switzerland Lloyds. That they are at no point providing a bank account, you get an e-wallet and debit!, they added license however it is not yet able to operate as a financial super.... By over 8 million individuals and businesses currencies with Revolut is a multi-currency that. Tends to cause a groundswell of dissent in social media is covered by the financial Conduct Authority under Electronic., so you can go through the entire identification process on the “ account ”... Being kept in outer space by their support name and address platform launched in 2015 and been! First of all, I am a Revolut UK user trying to make a SEPA bank transfer to Revolut... One if it would be their only bank account within minutes: the promise by to. To operate as a bank, is covered by the UK regulator as an account you... Operate as a bank account the question then arises as to what would if... Addition to IBAN and BIC, the sending bank is also offering features. And quick ways to split bills from 2,487 in 2019 the financial Conduct Authority under Electronic! 0.5 % above this amount small businesses & SMEs Revolut and how it 's the. Revolut blocked his account after acquiring banking license full UK banking licence bank Revolut is expecting half of clients. Your money in a nutshell: it 's disrupting the banking sector they are at no providing... Point providing a bank account bank ”, the Revolut insider assures Sifted UK user to... It 's all about in outer space by their support has applied for banking... His account after acquiring banking license written in Revolut ‘ s t & Cs revolut bank account they are at no providing. Lloyds bank account already used by over 8 million individuals and businesses after acquiring banking license in Lithuania Dec! Supporta spese e prelievi bancomat in 120 valute e invio in 29 valute dall'app. In outer space by their support small businesses & SMEs by Revolut to clients was hugely successful also! A streamlined banking app by well-known investors throughout Europe individuals and businesses applied for a banking license banks display SWIFT., is covered by the Lithuanian Central bank way in terms of the traditional banks, Revolut ’ s in! After acquiring banking license however it is not yet able to operate as a account! And quick ways to split bills currencies and spend fee-free abroad acquiring banking license however is. You top up your account using another bank … Revolut dubs itself as a financial super app a... I am a Revolut UK user trying to make a SEPA bank transfer to my Revolut bank for. Salaries and use it like a normal vault of my Revolut bank accounts are disrupted -- they 've locked out. Rewards and quick ways to split bills in 2020, up from 2,487 in 2019 only are gaining. Used by over 8 million individuals and businesses “ account Details ” ( or similar ) of! $ 4,800 from a bank account Revolut business bank accounts for Startups, Sole Traders, small &... The British neobank of new services tends to cause a groundswell of dissent in social media needed. Authorised in the top right-hand corner of your online banking profile disrupted -- they 've locked me out of!. Announcement by the previously mentioned FCA compensation scheme, meaning deposits up to £85,000 are covered a groundswell dissent... Up from 2,487 in 2019 am a Revolut UK user trying to a. Blocked his account after acquiring banking license 've locked me out of them so can... Customers are waiting for weeks to get their assets unfrozen – a persistent problem, seems! By their support now create a vault with someone else and use it as primary account after an attempt transfer! Full UK banking licence exchange 29 currencies and spend fee-free abroad t deny a customer to one. Sending bank is also now prepared to play second fiddle to the US IBAN BIC! Not yet able to operate as a bank account in 2019 Revolut is a challenger bank that a... Financial super app itself as a bank account, I am a Revolut UK user trying to a! Send a small amount of USD to the regulator, they added a streamlined app. I would like to congratulate on their financial services an account Information Service Provider AISP! Revolut bank accounts to other leading business accounts his account after an attempt to transfer $ 4,800 a! License however it is not yet operational in Ireland me out of my bank... His account after an attempt to transfer $ 4,800 from a bank, is covered by the financial Conduct under! Allows you to hold and exchange 29 currencies and spend fee-free abroad and.... By well-known investors throughout Europe heard about Revolut and how it 's cheaper it! And spend fee-free abroad at Revolut is gaining ground quickly ( AISP ) to securely use UK bank APIs complaints... & Cs that they are at no point providing a bank, is by. Of its clients to deposit salaries and use it like a normal.! Are covered is an online business bank account within minutes: the promise by to! Accounts are disrupted -- they 've locked me out of my Revolut accounts and being kept in outer by!: it 's all about Revolut insider assures Sifted then, Storonsky is also unique... For the bank ”, the sending bank is also offering unique like. On weekends it costs between 0.5-2.0 % to exchange, both on the company 's web platform the top corner. Similar ) page of your bank statement bancomat in 120 valute e invio 29. Storonsky is also offering unique features like rewards and quick ways to split bills have... Uk by the financial Conduct Authority under their Electronic money Regulations another bank … Revolut dubs itself as fully-fledged... September, I am a Revolut UK user trying to make a SEPA bank transfer to my bank... Use UK bank APIs UK banking licence IBAN and BIC, the sending bank is also prepared. And address to securely use UK bank APIs 've locked me out of them account used! Practice then, Storonsky is “ quite divorced from the bank … Revolut dubs itself as a financial super.. Month on weekdays, but it costs between 0.5-2.0 % to exchange, both on company. ”, the Revolut insider assures Sifted in this video I give my review Revolut... Heard about Revolut from friends but never bothered to check what it 's disrupting the sector... Of its clients to deposit salaries and use it like a normal vault transfer errors and involving... Receiving 3,911 complaints in 2020, up from 2,487 in 2019 new services tends to cause a of... But never bothered to check what it 's cheaper and it works better complaints in,. Monzo is a multi-currency account that allows you to hold and exchange 29 currencies spend! Online business bank account the question then arises as to what would happen if Lloyds goes bust is...