Revolut Card, How Safe

OldAgeTravellers

OldAgeTravellers

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I know am late coming to the party and many of you are already using these and i am sure there must be a discussion on here but @Jim's search above reveals no results for me even just putting "Revolut" as a search.
So I started looking at it this morning an first off I am a little put off as it all has to be done on your phone with their app, is that safe probably but they want a lot of very valuable info.
I can't seem to find any independent info on how the money is held, is it ring fenced is it covered by the Deposit Guarantee scheme. Reading some threads some people deposit significant sums. One for example is about to pay a €5k bill.
Another FX company has recently gone bust and their customers have lost considerable deposit sums.
There are hundreds of questions, but the biggest put off for me (apart from security) is that the account can only be managed on a phone. I do not have data on my phone and don't particularly want it as I use the internet on other devices with much friendlier keyboards than using my big fat fingers.
A search on the Money Saving Expert also revealed no results. And in their page on travel cards they do not mention Revolut at all.
Any comments?
Steve
 
I have used ours for four years and been happy with the exchange rate and being able to use it all around the world, But like you have found only being contactable online a bit of a pain,
Last year my computer became compromised and I found it exceedingly difficult to close my account ( Had to use the wife’s IPad)
So now I ring fence the amount every month plus lock the card until I’m ready to use it, and also tie it to the phone location, a bit of a faf but gives me peace of mind,
On the up side it’s works well even in places like Sri Lanka/Hong Kong
New Zealand and Australia,
 
OldAgeTravellers said:
I can't seem to find any independent info on how the money is held, is it ring fenced is it covered by the Deposit Guarantee scheme.
Click to expand...

Is my money safe?
Client funds are stored under a segregated trust account at Barclays/Lloyd's. Your money is not covered by the Financial Services Compensation Scheme. As an FCA authorised institution, Revolut safeguards your funds as per FCA requirements, the Electronic Money Regulations 2011, and the Payment Services Regulations 2017. In the event of an insolvency of Revolut, you will be able to claim your funds from this segregated account and your claim will be paid above all other creditors.

All your card transactions are processed by the Mastercard, Maestro, or Visa network and are protected by Mastercard, Maestro, or Visa rules.

https://www.revolut.com/en-LT/help/more/security/is-my-money-safe

Pete
 
Oldagetraveller. I have used my Revolut all over Europe with no trouble at all.
As for the amount "held" I use the auto-topup system that transfer £200 across to Revolut whenever the account gets below £200 so the most I could lose is <£400.
I have used it a few times to transfer money to family overseas, to do this I transfer the gift to my Revolut account (takes about 10 minutes to transfer) then complete the Revolut transfer screen ( transfer is two/three days).
Phil
 
A bit of topic, but i use Starling bank debit card. Can be used to withdraw cash and make payments all around the world at a very good rate.
All on a phone app, which can be downloaded onto an ipad as well.
Worth a look.

Also check out if you can download the Revolut app onto your tablet as well as your phone.

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Been using it for 3+ years all over the EU without problem.
 
Revolut has a number of added security features that you can enable in their app.

You can opt not to allow the card to be used for online purchases.

You can also opt to decline any transaction where the card is used in a shop that is in a different location to the phone containing the app

Also you get an alert on your app every time the card is used
 
Without a smart phone connected to the internet, Revolut is not of much use...

However...

A Revolut card WITH a smart phone connected to the internet is quite simply The Dog's Bollocks especially if you travel a lot

I have used my Revolut card for years now without any trouble. I regularly move large sums of money around with it... why only last month I shifted €73.34 from my UK bank to my Portuguese one.

But it deals with smaller amounts too...


JJ :cool:
 
OldAgeTravellers said:
I know am late coming to the party and many of you are already using these and i am sure there must be a discussion on here but @Jim's search above reveals no results for me even just putting "Revolut" as a search.
Click to expand...
Not sure what the problem is with the search as I get loads of stuff come up by putting Revolut into the search field ...


There are hundreds of questions, but the biggest put off for me (apart from security) is that the account can only be managed on a phone. I do not have data on my phone and don't particularly want it as I use the internet on other devices with much friendlier keyboards than using my big fat fingers.
Click to expand...
The app is easy to use even with fat fingers, if you can connect to the internet with wifi, rather than use data on your own phone, you can still access it. You don't need to access the app to use the card, just if you want to load it/exchange money etc, we usually have some € preloaded when we travel abroad and we just keep a tally of what's left every time we use it to draw cash out then top it up as/when required.
A search on the Money Saving Expert also revealed no results. And in their page on travel cards they do not mention Revolut at all.
Click to expand...
MSE was the place which pushed Revolut when it first came out, now they are pushing other cards that's all.

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If you want a travelling fee free card for Europe look at Metro bank. No need to pay a regular amount in or have direct debits. On phone, online or lots of branches down south.
 
Hi we have monzo give that a try used it all last summer in 9 different country’s in Europe and 4 more round the world Asia and the USA etc .No charge for foreign transactions, bank rates also £200 per month free atm withdrawals.
 
Revolut is great, it was the first one recommended by Martin Lewis. We also have Monzo and Starling as I just like to try them out but if you don’t have a smartphone they’re all going to be useless.
 
I use Revolut for paying a non UK Mortgage and other services.
I also give a card to my Wife for shopping as her Debit card is expensive to use (I use Nationwide Credit Card).

I never keep more than £400 on the card, usually in €uro currency.

The Revolut app is stable and I get a message whenever any transaction is made. I get a better and easier transaction than any of the FX companies can give me, unless I am forward buying large amounts of currency.

Very happy with it so far. Only had one issue, that blocked my account. They wanted to know why I was paying my ******** with it. Took an age to sort by messages, okay now.

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TeeMyob said:
Only had one issue, that blocked my account. They wanted to know why I was paying my ******** with it. Took an age to sort by messages, okay now.
Click to expand...
******** ... Playboy subscription? :D
 
The Halifax Clarity Mastercard offers Mastercard's own rates without any spread; top up first with GBP and you can withdraw local currency from ATMs. It's protected under the FSA and regulated by the Bank of England.

To make bank-to-bank transfers, I've found Transferwise offers the best rates, and CurrencyFair is close; with the latter you have the option of entering a trade at a target rate and wait until it's hit. You also need to deposit your funds before you can trade, whereas with Transferwise you make an online transfer to them when you trade.

You can check the rates online, although for Mastercard only the previous day's and not by time. However Mastercard's rates used to be on a much tighter spread than available to any retail customer. Better than Transferwise or CurrencyFair both of which have a small spread.

Transferwise appears more liquid (their rates vary more rapidly) than CurrencyFair, which relies on participants inputting bids and offers, but Transferwise is currently quoting GBP/EUR 1.16884-1.1730, a 46 point spread whereas CurrencyFair are 1.1646-1.1750, a 104 point spread. Mastercard's currency converter shows a spread of 46.5 points yesterday.

I haven't done a comparison between Revolut and the other two - perhaps some of you Funsters with Revolut cards could take a look - but I've read quite a few threads from those who have and none found Revolut's rates better.

All you Funsters who use Revolut seem very happy with it. But unless the rates are better, and they don't disclose those until you sign up, I can't see the advantage. Let me know if you have evidence to the contrary - tighter spreads anyone?
 
John Russell said:
All you Funsters who use Revolut seem very happy with it. But unless the rates are better, and they don't disclose those until you sign up, I can't see the advantage.
Click to expand...

Revolut give the inter bank exchange rate AT THE MOMENT you make an exchange AND YOU CAN SEE THIS RATE just before pressing the button...

Not the tourist rate... not the day's rate... the inter bank rate... NO fees and NO CHARGES.

I am glad for all the folk who have debit cards that work for them better than Revolut. I haven't seen any that suit me in the many, many ways Revolut does.

You can tell a horse about water but you can't make it drink it... :rofl:

(Before Revolut came to my notice I used Currency Fair... I still have my account on the phone app. BUT I can load my (UK) pension money onto my Revolut card (instantly), convert it to Euros instantly (see above for the exchange rate) and send it to my Portuguese bank where it arrives in hours rather than the days it took with Currency Fair. Faster, better exchange rate and no transfer fee.)

JJ :cool:
 
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I can put money on my Revolut card in Sterling and then transfer it to my Irish Bank account on Euros. There was no charge for this and on Sunday the rate I got was €1.17.

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@JJ What's the 2-way spread then?

If it's interbank rates then should be 0, as in the price to sell GBP and buy EUR is the same as the reverse.
 
I’ve had Revolution for years now, may have been one of the first users.
I use data to access my account as I feel it may be safer than a public connection and it doesn’t cost a lot just to check balance, top up or exchange.
My phone is fingerprint protected so reasonable secure plus it’s always with me in a secure pocket.
The app is quick & easy to use and you can check bal or pin No. quickly.
If you loose the card it’s quick to block it, if you find it you can in block it.
I’ve no idea how they use my money or how the company is run but they seem to be going from strength to strength.
I do not use Revolut as my main Bank, I would but my Bank gives me a overdraft on my account-not that I use it but it’s a safety net!
Basically, I love Revolut!
 
John Russell said:
@JJ What's the 2-way spread then?

If it's interbank rates then should be 0, as in the price to sell GBP and buy EUR is the same as the reverse.
Click to expand...

I am more than happy with my Revolut card and accounts.

This happiness comes from all the things I can do with it and what it does for me.

I have been using it for years.

I don't even know what a two way spread is and care even less...

(10am today... CF 1.162... Rev 1.164)



JJ :cool:
 
@OldAgeTravellers

Revolut has an Electronic Money Institution licence issued by the Bank of Lithuania, and a Specialised Bank licence from the European Central Bank, via the Bank of Lithuania.

Revolut say:
Your money will be protected
If you choose to open a full current account with Revolut Bank in the future, any funds you deposit will be protected up to €100,000 under the European Deposit Insurance Scheme (EDIS).
It's worth pointing out that this scheme is not currently in place...​

EDIS was first mooted in 2015 by the European Commission but is not in operation and afaik there's no start date, just a proposal that it be taken gradually. Possibly Revolut mean that your funds will be protected if the EC get EDIS up and running, but that isn't how it reads to me. If there are problems, it'll be down to the Bank of Lithuania to resolve them.

On the issue of transaction costs, from their FAQ for the free account:
  • Cash withdrawals over £200 or €200 per rolling month incur an extra 2% fee
  • Currency exchange over £5,000 per calendar month is charged at 0.5%
  • Weekend transactions (all of Saturday and Sunday, UK time) in major currencies (USD, EUR, GBP) are charged +0.5%, other currencies +1.0% except illiquid currencies (RUB, THB) +1.5%
  • They claim interbank rates; that appears to be near enough the case for GBP/EUR, 2pt spread (not interbank but close). On the other hand THB, a popular tourist currency has a spread of 9,445 pts (plus 1.5% fee); forget 'interbank', you'll do better with a money changer or any local bank.
So there are a few gotchas and a few complaints on the web about much further off-market rates.

Bottom line is that it's cheap if you transact GBP/EUR mid-week up to £5k per month, cash withdrawals under £200 per rolling month.

Over those limits, or weekends, both Halifax Clarity (Mastercard) and Transferwise are cheaper - 0.2% transaction cost (from the GBP/EUR spread).
 
Last edited:
John Russell said:
@OldAgeTravellers

Revolut has an Electronic Money Institution licence issued by the Bank of Lithuania, and a Specialised Bank licence from the European Central Bank, via the Bank of Lithuania.

Revolut say:
Your money will be protected
If you choose to open a full current account with Revolut Bank in the future, any funds you deposit will be protected up to €100,000 under the European Deposit Insurance Scheme (EDIS).
It's worth pointing out that this scheme is not currently in place...​

EDIS was first mooted in 2015 by the European Commission but is not in operation and afaik there's no start date, just a proposal that it be taken gradually. Possibly Revolut mean that your funds will be protected if the EC get EDIS up and running, but that isn't how it reads to me. If there are problems, it'll be down to the Bank of Lithuania to resolve them.

On the issue of transaction costs, from their FAQ for the free account:
  • Cash withdrawals over £200 or €200 per rolling month incur an extra 2% fee
  • Currency exchange over £5,000 per calendar month is charged at 0.5%
  • Weekend transactions (all of Saturday and Sunday, UK time) in major currencies (USD, EUR, GBP) are charged +0.5%, other currencies +1.0% except illiquid currencies (RUB, THB) +1.5%
  • They claim interbank rates; that appears to be near enough the case for GBP/EUR, 2pt spread (not interbank but close). On the other hand THB, a popular tourist currency has a spread of 9,445 pts (plus 1.5% fee); forget 'interbank', you'll do better with a money changer or any local bank.
So there are a few gotchas and a few complaints on the web about much further off-market rates.

Bottom line is that it's cheap if you transact GBP/EUR mid-week up to £5k per month, cash withdrawals under £200 per rolling month.

Over those limits, or weekends, both Halifax Clarity (Mastercard) and Transferwise are cheaper - 0.2% transaction cost (from the GBP/EUR spread).
Click to expand...

Revolut is a startup, albeit one with meteoric growth in everything including losses which it seems are bigger than revenues. Theory is when the company has grown enough it's super efficiency will see those losses turn to profit. However customers are being lured in with low charges which may well have to rise to control losses. The other concern is the investigations into poor money laundering, for a bank run by a Russian whose father was involved in GAZPROM, and has it's banking licence in Lithuania my bet is to take the good rates while they last but keep your balances low

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John Russell said:
The Halifax Clarity Mastercard offers Mastercard's own rates without any spread; top up first with GBP and you can withdraw local currency from ATMs. It's protected under the FSA and regulated by the Bank of England.
...
All you Funsters who use Revolut seem very happy with it. But unless the rates are better, and they don't disclose those until you sign up, I can't see the advantage. Let me know if you have evidence to the contrary - tighter spreads anyone?
Click to expand...

I have a Clarity card which I got for the main purpose of using abroad. However a friend introduced me to Revolut just before I travelled to Russia for a couple of months for work. The security aspects of the card made it a no-brainer for me. The benefits of Revolut as I saw them were:
  • Maximum loss if stolen would be the amount I had credited the card with.
  • I was able to set up some automatic top-ups before I left (so could top the card up with the per-diem rate I was receiving from my company)
  • Able to freeze the card instantly from the app
  • Notified immediately of every transaction on my phone, including the GBP cost
  • Able to turn off swipe payments, online transactions, contactless, ATM withdrawals or payments made somewhere other than the location of the phone
If you have friends with Revolut you can also split a bill, send or request money from them.

You have to be a bit careful with the security aspects, e.g. a taxi app I used counted as an 'online payment' which I had turned off, and a restaurant transaction was processed through their 'other office' so the location security initially declined it. However these are just toggle settings in the app so I was able to enable them straight away and try again.

One downside of Revolut over a credit card such as Halifax Clarity is that being a pre-payment card, you don't get the usual purchase protections that you enjoy with a credit card.

In summary - it's worked well for me when travelling in less trustworthy countries, due to the security features.

Paul
 
I don't understand all the hoo-haah about cards. I've used my regular U.K. bank debit and credit cards within and beyond Europe for business and holidays for at least 40 years for all types of expenses and without any difficulties.
EDIT
Just seen the above post outlining the 'benefits' of other cards but they don't seem of benefit to me as I've never had any need. Maybe I've been lucky.
 
Spriddler said:
I don't understand all the hoo-haah about cards. I've used my regular U.K. bank debit and credit cards within and beyond Europe for business and holidays for at least 40 years for all types of expenses and without any difficulties.
Click to expand...

Broadly I think there are 3 aspects:
1. Not all cards are equal in terms of exchange rates or transaction fees and you can potentially save hundreds of pounds. See https://www.moneysavingexpert.com/credit-cards/travel-credit-cards/
2. Security - if your debit or credit card is stolen or cloned, you potentially have more to lose than with a pre-paid card (the entire contents of your bank account or credit limit on your credit card). Some cards also have other security aspects included (see my post above about Revolut).
3. Other features - some cards have additional features which may or may not be of use to you. Mostly around the associated app. E.g notifications of transactions, able to make Euro transactions (e.g. to an overseas bank) without fees, able to split bills or transfer money to friends, able to reset the pin, able to round up each transaction to save money into a savings 'vault', ability to budget or to categorise your spend.

The benefits won't be for everyone, but are definitely worthy of consideration.

Paul
 
Paul_Oxon said:
I have a Clarity card which I got for the main purpose of using abroad. However a friend introduced me to Revolut just before I travelled to Russia for a couple of months for work. The security aspects of the card made it a no-brainer for me. The benefits of Revolut as I saw them were:
  • Maximum loss if stolen would be the amount I had credited the card with.
  • I was able to set up some automatic top-ups before I left (so could top the card up with the per-diem rate I was receiving from my company)
  • Able to freeze the card instantly from the app
  • Notified immediately of every transaction on my phone, including the GBP cost
  • Able to turn off swipe payments, online transactions, contactless, ATM withdrawals or payments made somewhere other than the location of the phone
If you have friends with Revolut you can also split a bill, send or request money from them.

You have to be a bit careful with the security aspects, e.g. a taxi app I used counted as an 'online payment' which I had turned off, and a restaurant transaction was processed through their 'other office' so the location security initially declined it. However these are just toggle settings in the app so I was able to enable them straight away and try again.

One downside of Revolut over a credit card such as Halifax Clarity is that being a pre-payment card, you don't get the usual purchase protections that you enjoy with a credit card.

In summary - it's worked well for me when travelling in less trustworthy countries, due to the security features.

Paul
Click to expand...

Which is all great but it is provided by a loss making startup which is under investigation for possibly breaking the rules for money laundering.
 
maxi77 said:
Which is all great but it is provided by a loss making startup which is under investigation for possibly breaking the rules for money laundering.
Click to expand...
A fair point, and I would certainly recommend caution. I've never put more onto the card than I'd be prepared to lose. There's also the question of how they make money, what they do with data they collect around spending patterns etc.

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