Is Revolut safe to use in the UK?

Revolut, the feature-packed money app, has become pretty popular in the UK and across Europe. If you’re a fan of app-based money management, you might be tempted to give it a try.

But here’s the big question - is Revolut safe to use? It’s always smart to check out security before using any online money services.

Read on to find out everything you need to know about safety and security with Revolut. In this handy guide, we’ll cover how Revolut protects your money, security features and how the company is regulated in the UK.

We’ll also show you an alternative from the money services provider Wise - the Wise account - which is ideal for managing your money securely in multiple currencies.

Learn more about the Wise account 🚀

Who owns Revolut and is it legit?

Revolut is a privately owned company, launched by software engineers Nikolay Storonsky and Vlad Yatsenko in 2015.

And is Revolut legit? Absolutely. The company is authorised and regulated by the Financial Conduct Authority (FCA) here in the UK. It also operates globally, and is regulated in the countries it operates in.

Is Revolut a bank?

At the time of writing, Revolut isn’t a licensed bank. It’s an electronic money institute (EMI) and is regulated as such by the FCA.

But earlier in 2024, the company announced that it has finally received a UK banking licence with restrictions. It is currently in what it describes as a ‘mobilisation’ period, where it prepares to operate as a UK bank and migrates its customer accounts to UK bank accounts.¹

Does Revolut offer FSCS protection for your money?

No, Revolut doesn’t currently offer protection for your money under the Financial Services Compensation Scheme (FSCS).

Instead, it uses something known as safeguarding to protect your money in case the company should go under. This involves keeping customer money separate to Revolut’s own funds, held with an authorised bank.

But once Revolut officially becomes a UK bank, it is likely to become part of the FSCS scheme.

Revolut security measures

Revolut uses a number of sophisticated security features to keep you and your money safe. This includes:²

• Strict identity checks for new customers, to prevent criminals from creating accounts
• Biometric security to safeguard account access, where your device is linked to your face or fingerprint ID
• Personalised security settings, where you can customise 10+ features including trusted merchants, sign-in method and gambling blocks
• Secure PIN storage in-app
• A preventative cybersecurity system, which uses machine-learning models and advanced algorithms to detect suspicious or high-risk transactions, and send instant notifications
• Remote access detection, which takes action if your account is accessed from a new device or unexpected location
• A 4,000 strong customer support team, available 24/7
• Two-factor authentication for sensitive transactions
• Virtual cards, which can be used once and then the details are deleted
• Regular app store updates to bolster security.

So is Revolut safe to use in the UK?

Revolut is regulated by the Financial Conduct Authority (FCA) in the UK and is well on its way to becoming a licenced UK bank. It also has some impressive security features, which should provide reassurance that the money app is safe to use.

But it should also be pointed out that in 2024, Revolut has been criticised for the number of fraud complaints it has recently received from its customers.

According to a Which? article in April 2024, the UK’s Financial Ombudsman Service (FOS) issued more fraud ‘views’ (judgements which can be appealed) to Revolut and its customers in 2023 than for all UK banks.³

That being said, Revolut’s customers seem to be pretty happy with the app in general. The company has a ‘Great’ score of 4.2 on review site Trustpilot, based on 166,762 reviews.⁴

A great alternative to Revolut - the Wise account

Revolut isn’t the only alternative to high-street banks out there, especially if you need to manage your money internationally.

The Wise account is a great alternative, with no monthly fees, a handy mobile app and impressive security features. These include a dedicated anti-fraud team, real-time notifications and two factor authentication (2FA).

With a Wise account, you can hold 40+ currencies at once, and make worldwide transfers for low fees* and mid-market exchange rates. You can also get a Wise card to spend like a local in 150+ countries. Best of all, you can track all your transfers and manage your money using the Wise mobile app.

There are special features for businesses, such as making bulk payments in just a few clicks and seamless integration with your accounting software.

Sign up with Wise today 💰

Sources used for this article:

Sources checked on 04-Nov-2024.