Is Revolut safe? [2023]
With Revolut you can open an account to manage your money from your phone, make and receive payments, hold multiple currencies, invest and more. It’s convenient – but the question you may be asking is: is Revolut safe to use?
It’s not too much of a spoiler to say that Revolut is a safe, legal and regulated provider – much like your bank, but likely cheaper. Read on for all you need to know about how Revolut keeps your money safe.
Quick summary
- Safe and registered provider which works with US banks to offer secure and innovative services
- Customer funds benefit from FDIC insurance to 250,000 USD per customer
- Account verification and anti-fraud processes as standard
- Digital first provider which has built its systems around security and convenience
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Is Revolut safe?
Yes, Revolut is legit and safe to use. We’ll cover the full details of what Revolut does to keep customers safe throughout this article.
To start off, let’s get some key facts and figures about Revolut:
Established in: 2015
Regulators: Revolut is covered by all relevant licenses and regulators in the US
Customer numbers: 30 million personal customers, 500k business customers
Countries supported: 200+
Learn more: Revolut Review
How is Revolut regulated?
While Revolut does have a banking license in Europe, banking licenses are regional, so this doesn’t cover its activities in the US. Instead, Revolut offers its services through a range of different partner banks in the US. This means that Revolut can administer its products, while complying with all relevant legislation and keeping customer money safe. In March 2021, Revolut also applied for its own US banking license which would allow it to legally – and safely – offer an even wider range of services here.
How does it work? At the moment, when you add funds to your Revolut account, Revolut will deposit the amount into an account held at a partner bank for safeguarding. That has the key advantage that Revolut account holders benefit from FDIC cover, (which insures up to $250,000), as they would if they held their money with a bank.
Here are the key partners Revolut works with to offer its account services:
- Revolut’s Visa and Mastercards are issued through Metropolitan Commercial Bank
- Revolut’s banking services in the US are also offered through Metropolitan Commercial Bank
- Travel insurance is provided by Chubb Group
- Savings services are provided through Sutton Bank, which is a member of the FDIC
Additionally, companies like Revolut need to be licensed and regulated according to local laws in any other country in which they operate. These include the Financial Conduct Authority (FCA) in the UK, FINTRAC in Canada, or AUSTRAC in Australia.
Is Revolut as safe as banks?
With Revolut your money is just as safe as it would be with a bank. However, you’ll often be able to get cheaper fees and access to more innovative services. Revolut isn’t regulated in exactly the same way as a bank is – because it doesn’t offer exactly the same services as a bank does. However, for the services it does offer, Revolut is as safe as a bank. In fact, it also works in partnership with well known US banks to deliver services safely.
To give an example, Revolut’s partner Sutton Bank is FDIC (Federal Deposit Insurance Corporation) insured. That means that when you use Sutton Bank’s services via Revolut, you benefit from this insurance too. Should there be any problems with Sutton Bank, FDIC cover means your funds are protected up to 250,000 USD per account holder.
How does Revolut keep your money safe?
Revolut has a broad range of safety and security measures in place to keep customers, their accounts, money and data, safe. Let’s break down the Revolut safety measures depending on how you use your account.
Is Revolut safe to transfer money?
It’s safe to send money with Revolut – and can cost less than using a bank too. Revolut offers domestic and international transfers through its accounts.
Revolut has verification steps and checks in place to make sure your money is safe whenever you make a local or overseas payment.
Is Revolut safe to keep money with?
Revolut works with FDIC insured banking partners in the US to make sure your money is safe.
Whenever you add or receive funds to your Revolut account, they’re deposited into accounts with Revolut’s preferred banking partners. That means you get the protection of having your money held in a bank, and the low fees offered by choosing a financial technology provider for your account services.
Is it safe to use Revolut as a bank account?
Revolut is safe to use, but it isn’t a bank. Whether Revolut will suit you to manage your money day to day will depend on the type of transactions, services and products you need.
Revolut doesn’t have any branches, for example – which can be tricky if you need to deposit funds in cash or prefer a face to face service. You can’t get a checkbook or a loan either. However, if you typically manage your money online and in-app, Revolut can be used to meet many of your day to day banking needs easily.
Is it safe to link a bank account to Revolut?
If you need to link a bank account to Revolut to fund your account or to make a payment, your financial information will be securely stored according to industry standards and legal requirements. That means it’s safe to link a bank account to Revolut.
Is money in Revolut protected?
If you hold funds in a Revolut account, the money is deposited into an FDIC institution for safe keeping. FDIC insurance means your money is protected if that institution fails, up to the legal maximum of 250,000 USD per account holder.
Is Revolut safe for savings?
Revolut offers Savings Vault services through its partnership with Sutton Bank. As Sutton Bank is FDIC insured, your money (to the legal maximum insured) is safe in the unlikely event that Sutton Bank were to run into financial difficulties.
Is it safe to buy stocks on Revolut?
While Revolut is a safe service, buying and selling stocks and other investments is inherently risky. You’ll need to make sure you’re fully aware of all the risks involved before you buy stocks on Revolut, as you may find you make a loss, including a loss of the principal amount you put in, if the market changes unfavorably.
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Is Revolut safe for large amounts?
For held funds you’ll benefit from FDIC insurance to the maximum available – at the time of writing that’s 250,000 USD per account holder.
If you’re sending a high value payment to your Revolut account from your bank account you’ll want to check your own bank’s payment limits to make sure it’s allowed. Always be careful when entering account details to make sure your money is safe.
Is the Revolut card safe to use?
It’s safe to use the Revolut card as long as you take the same common sense precautions you would with any other debit card. Revolut cards have handy safety features like automatic transaction notifications in the Revolut app, and easy ways to freeze and unfreeze your card, for added peace of mind.
Learn more: Revolut card review
Is Revolut business account safe?
As with Revolut personal accounts, Revolut business accounts are offered in partnership with FDIC insured banking partners. That means your funds are safe – and you could benefit from lower fees and more convenient features compared to using a bank.
Learn more: Revolut business review
Is Revolut legit?
Revolut is legit. Revolut has built a great reputation as a trustworthy and innovative provider since launching in 2015. The key factors you need to know if you’re thinking of using Revolut include the fact that customer money is protected by banks, and FDIC insured to 250,000 USD, plus all customer funds are safeguarded – meaning there’s no way they can be mixed with Revolut’s own money.
Is Revolut trustworthy?
Yes. Revolut has earned the trust of over 30 million customers in 200 countries, thanks to its ease of use, safety, and innovative product range.
Is the Revolut website safe?
The Revolut website is safe. Revolut’s website security measures include:
- Thorough account verification processes are in place
- You can freeze, unfreeze or block your linked payment card in the Revolut app
- You’ll get instant transaction notifications so you can always see what’s happening to your account
- Technology and human teams watch over transactions to spot and prevent potential fraud
Is Revolut app safe?
Revolut offers its services primarily through its app, which is very safe and easy to use. It’s highly rated on both Apple and Android phones and has been downloaded millions of times. The app is regularly updated to make sure all security features are up to date.
Customer reviews on Trustpilot
Here’s a summary of what customers say about Revolut on Trustpilot:
| Provider | Number of reviews | Score (out of 5) | Rating |
|---|---|---|---|
| Revolut | 138,000+ | 4.3 | Excellent |
Revolut generally has high customer ratings overall – 75% of customers give Revolut the highest available rating, and only 10% chose the lowest. Where customers have given the lowest available rating, security is seldom the issue – more common trends are struggles with accessing customer service.
On the odd occasion when security comes up as an issue in a customer review it tends to be about accounts being locked or frozen during verification processes. Verification is required by law, and is intended to keep customers safe. While it may be frustrating, it’s not an issue unique to Revolut – banks also have to check and verify account holder information and transactions for security reasons.
Can you get scammed on Revolut?
As with any financial service, it is possible that scammers will try to extract money from victims through Revolut.
One scam Revolut flags involves fake Google adverts placed by scammers, which claim to be from Revolut. These fake ads may include phone numbers which purport to be Revolut’s customer service center, but which actually link back to the scammer. It’s good to know that Revolut will never ask you to reveal your account or personal details using text messages – if you think you’re a victim of a phishing or scam attack, don’t click on any links or hand over personal data.
Aside from this, taking basic sensible precautions will help keep your Revolut account safe:
- Protect your password and account details, and don’t share them with anyone
- Freeze or block your card in the app if you’ve lost it or had it stolen
- Check your account and transaction alerts regularly to keep up with what’s going on with your account
Can I avoid falling victim to fraud?
Small, sensible steps can help protect your account. It’s also possible to simply lock your linked card if you have any concerns, and unlock it whenever you want to make a payment.
If you’ve been a victim of fraud, block your card in the Revolut app, contact the institutions involved if a payment has been made without your consent, and get the police involved if needed.
Is your personal data safe on Revolut?
Revolut is legally obliged to keep your personal data safe. Revolut’s commitments to data security include:
- To keep your information safe and private
- To never sell your information
- To allow you to manage and review your marketing choices at any time
Any data held about customers is on secure servers, and encrypted as necessary. Customers are also reminded not to give out account or personal information to help keep their Revolut accounts as secure as possible – fraudsters may try to gain access to your account through phishing techniques for example.
What personal data does Revolut collect?
Revolut collects information which may include the following:
- Personal data about you – name, address, email, date of birth, your ID documents, a photo if you provide one for verification
- Financial information if you link your bank accounts or cards to your Revolut account
- Technical information like your IP address and the type of device you use
- Information about your transactions
- Information from your devices if you give consent – like allowing access to your contact lists to make easy payments
- Location information if you turn on this option on your device
- Information from third parties like credit referencing agencies if you apply for a credit product, or verification agencies when you set up an account
- Social media information – this may be used as part of the verification process
Under anti-money laundering laws, Revolut is obliged to keep some data for at least 6 years. Revolut will not usually keep data for longer than it is practically or legally required.
How to get started on Revolut?
Revolut offers a variety of different accounts for personal and business customers. You’ll want to browse the options and look at the features and fees before you get started – but when you’re ready to create an account it’s pretty easy to do:
- Download the Revolut app or open up the website
- Click Sign up
- Enter your personal details, following the onscreen prompts
- Complete the verification step as required
- Once your account is verified you can add funds and get started
Revolut is legally obligated to check customer identity before customers can open and use their accounts. Luckily that’s a pretty easy process – and one that keeps your account and your money safer. Getting verified with Revolut will mean uploading images of documents which can verify your identity, and in some cases your visa. You may also be asked to take a selfie to show that your identity matches your ID document.
Conclusion: Is Revolut safe to use?
Revolut is very popular – with over 30 million customers already – and offers US customers personal and business accounts with a broad range of services. Revolut is safe, easy and cheap to use.
Revolut isn’t a bank in the US, although it does hold a European banking license, and has also applied for a US license too. In the US at present, Revolut offers many services through partner banks, which allows it to keep customers and their money safe, while offering innovative and low cost services.
Revolut safety FAQs
Is Revolut safe?
Yes. Revolut is safe to use in the US and overseas. In the US, many Revolut services are delivered through reputable partner banks for security – plus, Revolut’s app and website have advanced security built in as standard.
How is Revolut regulated?
Revolut is licensed and regulated in the various countries around the world where it offers services. In the US, Revolut is a registered business which offers services through partner banks to comply with legislation and keep customer funds safe.
Is Revolut good for bank transfers?
Revolut offers local and international transfers. Fees vary based on the Revolut account type you have and where you’re sending money to. Compare your options against your bank to see which works best for you.
Is it safe to link bank account to Revolut account?
Yes, it’s safe to link a bank account to Revolut to top up your account or fund a payment. Whenever you do this, your financial information will be securely stored.
How good is the Revolut service in the US?
Revolut offers a full range of services in the US, through partner banks such as Sutton Bank and Metropolitan Commercial Bank. Check out the full Revolut website or download their app to learn more.
Is Revolut a bank?
Revolut is not a US licensed bank, although it does hold a European banking license. In the US Revolut offers services through partner banks instead, to make sure customer funds are kept safe.
How safe is Revolut?
Revolut is safe, with robust digital security measures, and partnerships with FDIC insured banks to keep customer money protected.
Is it safe to use Revolut as a primary account?
Revolut is safe to use, but whether or not it would suit you as a primary account would depend on the services you need. It’s not a bank and so you can’t get the full range of banking services from Revolut – which may be a challenge if you need to deposit cash at a branch, or get a checkbook for example.
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