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Since launching in the US in 2020, Revolut¹ has become a hit with customers looking to manage their money on the move, exchange currencies, invest and access travel perks. However, for anyone new to the company, the most important question will always be: is Revolut safe to use?
If you’re unsure, check out this full guide. We’ll cover everything you need to know about Revolut safety, account security and Revolut scams — and we’ll also introduce an alternative, Wise, as a comparison.
Here are some key details about Revolut to kick off:
- Founded in 2015 in the UK
- Launched in the US in 2020
- Used by over 20 million people
- 500,000+ business account customers
- 28+ currencies supported
- Personal accounts available for customers in the US, EEA, UK, Singapore, Australia, Switzerland and Japan
- Accounts can be used to hold, send, spend and receive payments
- Investment and saving products available
- Operates through partner banks in the US, including Commercial Metropolitan Bank and Sutton Bank
So — how safe is Revolut to use? The good news is that Revout is a safe way to manage your money as long as you take the same precautions you would with any other financial service platform.
Firstly it helps to understand that Revolut isn’t a bank — it’s a financial technology company. However, in the US, Revolut’s services are offered through partnerships with several different banks and service providers, including Commercial Metropolitan Bank and Sutton Bank.
That means in broad terms that your money is protected in the same way as it would be if you kept it in your regular bank account. The biggest difference is that Revolut often offers lower fees and more flexibility compared to a traditional bank.
Secondly, because it’s a technology company, Revolut has a focus on developing and implementing smart ways to protect customers and their accounts. As a result, they use leading edge technology including automated and manual processes to prevent fraud and protect customer funds.
Revolut protects customer funds through thorough account verification and security measures including 2 factor authentication processes.
And if your question is — is Revolut safe for large amounts? — it’s good to know your funds are FDIC insured up to the legal maximum of 250,000 USD².
Let’s walk through some of Revolut’s key security measures so you can rest assured Revolut will keep your account and your money safe.
To get an account with Revolut you’ll need to complete a verification step³. This is common in most financial service providers, and is intended to prevent fraud and illegal account use.
In the US, Revolut’s account verification processes require you to upload a photo of your government issued ID document and your face — essentially, a selfie of you holding your passport, driving license or similar.
Whenever you use your Revolut account to make a chip and PIN, contactless or magstripe payment with your card, withdraw cash or make transactions through online shopping, you’ll get an instant notification in the Revolut app.
This means you can always see what’s going on in your account. You’ll be able to instantly freeze your Revolut card in the app if you’re suspicious or worried about a transaction, and then unfreeze it whenever you’re ready.
Your Revolut account will have preset limits for different transaction types, such as ATM withdrawals or online shopping. These are automatically set to a default amount, but you can also choose to amend them within your account by using the Revolut app.
This function means that even if you’re a victim of a crime — for example, if your Revolut card is stolen — there’s a limited amount a criminal can get from your account.
Another helpful feature of Revolut’s accounts is that you can choose to enable a gambling block, which will mean that any transaction involving a gambling company is instantly declined.
This function isn’t automatically applied to Revolut accounts, but can be activated in the app.
Finally, if you choose to open a Revolut Junior account for a child, you’ll be able to view all transactions and account balances within the Revolut app.
Parents and legal guardians can open these accounts for children, adding a co-parent as required.
|Read our full Revolut review here
Like all financial companies, Revolut needs to get some of your personal information to provide you with account and transaction services.
Personal data is used for practical purposes, like processing transactions, to comply with law, and for marketing, among other reasons.
You’ll be able to ask that Revolut doesn’t use your information for marketing, but some data collection is required under law — so you can’t entirely opt out.
To open a Revolut account you’ll need to provide details including⁵:
- Your name
- Your phone number
- Your email address
- Your date of birth
- A copy of your identity documents, and a selfie
- Your card information
Revolut will store your data for at least 6 years, and may not be able to fully delete your data even once your account is closed⁶.
That’s to comply with regulatory rules — the same would apply if you opened an account with a normal bank. You’ll be informed if your data is being held and can’t be deleted.
Fraudsters and scammers operate across all financial service platforms, including Revolut. That means you need to apply common sense precautions here — just as you would when operating your normal bank account.
Common fraud types include advance fee frauds — where you’re asked to pay to release a big payout in future, charity frauds where you’re tricked into supporting a bogus charity, and investment fraud which involves fraudsters getting victims to pay into non-existent investment vehicles.
Revolut has automated and manual fraud prevention measures, designed to spot any unusual activity and protect customer accounts.
If the Revolut fraud prevention measures detect suspicious activity, your account may be locked while they carry out checks to make sure your money is safe.
Avoiding Revolut scams and fraud is usually a matter of taking a few simple steps:
If you want an online and in-app account to hold, send, spend and receive across multiple currencies, Revolut isn’t your only option. Check out the Wise account to hold and exchange 40+ currencies, safely and securely — right from your phone.
Wise accounts come with a linked debit card you can use all over the world, and local bank details to get paid fee free in 9 global currencies.
You’ll also be able to send money to people and businesses in 40+ currencies, and check your account balances at a glance in the handy Wise app.
Wise is FinCEN registered, and regulated by authorities across the world — which means you’ll know your money is safe, no matter what currency you hold.
Here are a few commonly asked questions — and the answers — about Revolut safety.
Yes. Revolut is safe to use, provided you take the same sensible precautions you would with any financial service platform.
Funds held in Revolut are FDIC insured up to the legal maximum of 250,000 USD.
It’s safe to use Revolut for everyday spending, and to hold funds. Your money is FDIC protected thanks to Revolut’s partnerships with reputable US banks.
When you buy stocks through Revolut, they’re held by Revolut’s clearing broker, and protected to the value of up to 500,000 USD in the unlikely event that the broker gets into financial difficulty⁷.
Revolut offers cryptocurrency trading through a partnership with Paxos Trust Company LLC⁸.
Paxos uses cutting edge security measures to keep your funds safe, including multi-signature wallets and cold storage.
So there you have it — all you need to know about how safe Revolut is to use, to hold, send and spend your money.
The good news is that Revolut is a safe provider, no matter how you want to use your account. But it’s not the only option out there. For more ways to manage your money safely and securely across currencies, check out the free Wise account. See how much you can save with Wise today.
|Not sure what’s the best provider for you? Check out the full Wise vs Revolut comparison guide
- Revolut US
- Revolut - Is my money safe?
- Revolut - Verification
- Revolut - Personal data
- Revolut - What personal data is required
- Revolut - Buying stocks
- Revolut - Crypto safety
Sources checked on 07.25.2022
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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