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What are vaults in Revolut?

Revolut Vaults are the easiest way to stash away cash and achieve your financial goals faster, using any of the 28 currencies we support. The money in your Vault is separated from your main balance. You can transfer money between your Vault and your main Revolut account at any time.

Where are the vaults in Revolut?

There is a Savings Vault Statement we can provide you with. To find it, simply go to your Savings Vault under ‘Vaults‘ on the ‘Wealth’ section of the app, tap the ‘Settings’ ⚙button and then select ‘Statement’. Select the date range and file format (PDF or Excel) of your statement.

How many vaults can you have in Revolut?

10 Vaults

Does Revolut vault pay interest?

Put your money to work with Savings Vaults and earn up to 0.

What if Revolut goes bust?

If Revolut were to become insolvent, customers would be able to claim this money back from the bank i.e. Lloyds. And according to the FCA, depositors will get their funds back in priority to all other creditors. So Irish Revolut users can take comfort from this.

Is my money safe with Revolut?

As an electronic money institution, we are required to “safeguard” money we receive from (or for) customers like you. … Safeguarding protects you because, if Revolut was to become insolvent, the money in these accounts would be used to pay out you (and our other customers) before anyone else.

Can Revolut be trusted?

Yes, Revolut is a legitimate company and a secure option to send money abroad. The company is authorized by the Financial Conduct Authority (FCA). … That’s why before making an international money transfer, always compare the costs of the different options on Monito to make sure you will find the best deal possible.

Is a Revolut card worth having?

Using the Revolut card to make fee-free transactions on holiday will almost certainly result in significant savings, particularly in comparison to using a debit card from a high street bank. You are effectively able to cut out the commissions on foreign exchange transactions and get access to the best exchange rate.

What is better than Revolut?

Tired of paying high commissions and fees? Check out these Revolut alternatives, like N26, Bunq, Transferwise, and more! … For customers, the bank has offered a great advantage over their local bank, and they have saved us all a lot of money on foreign currency exchange, bank commission, and recurring monthly payments.

What bank is behind Revolut?

As a result, Revolut itself doesn’t store your money, it uses Barclays and Lloyds for that. Since it is not yet a bank, it does not offer any deposit protection.

Is Revolut going bust 2020?

Revolut have issued a statement amid rumours that the company is set to ‘go bust. ‘ Yesterday, a message began circulating online, claiming that the company was set to go under, allegedly putting the funds that people have in their accounts and savings vaults at risk. … Revolut has insisted that this is not true.

Who is Revolut owned by?

Nikolay Storonsky

The most significant benefits of using Revolut are the ability to convert currency at the best possible rates, transfer money internationally for nothing, and spend money across the globe without any fees. … But even then, you’ll be saving more getting the lowest possible currency conversion rate by using this app.

Why is Revolut not a bank?

Revolut is still not technically a bank in the UK, rather it is an e-money institution, this means that while it is regulated by the FCA money held in Revolut accounts are not protected by the FSCS.

Why is Revolut successful?

Revolut is the most successful neobank, shifting the paradigm in the financial industry and making it harder and harder for traditional banks to catch up. By offering all the core functions you’d expect from traditional banks with a twist, they create significantly better user experiences that customers love.

Who are Revolut competitors?

Revolut Competitors

Startup Industry
TransferWise
N26
Neat
Humaniq Banking, Financial Services and Insurance

How much money does Revolut make?

Revolut Total Funding

2016 $10 million
2017 $80 million
2018 $330 million
2019 $917 million

How many customers have Revolut?

12 million users

Is Revolut a real bank?

It is slowly starting to offer its own banking products in Europe. Revolut is testing a credit offer in two European markets. Revolut dubs itself as a financial super app. … While you can do a lot of things with your Revolut account, it’s still not technically a bank in the U.K.

Is Revolut for free?

Join Revolut for free Manage your everyday spending with powerful budgeting and analytics, transfer money abroad, spend easily in the local currency, and so much more. Join 12M+ already using Revolut.

Can I transfer money from Revolut to my bank account?

Can I transfer money from Revolut to my bank account? Yes you can! You can transfers money to a bank account in up to 31 supported currencies and set up beneficiaries for regular transfers.

How do I put money back into my bank account from Revolut?

To transfer any of our 31 supported fiat currencies to a bank account, tap on the ‘Payments’tab, ‘+ Transfer‘, followed by ‘Add a recipient’ and then you will be asked to add the bank transfer details. Once the beneficiary is added, simply tap on it and hit ‘Send’.

How much money can I send with Revolut?

Daily limit on the total number of payments: 2,000; Weekly limit on the total number of payments: 5,000.

How do I get paid from Revolut?

How to easily pay and get paid with Revolut

  1. Download the Revolut app. Get the app on your Android or iPhone mobile device and sign up.
  2. Open the Payments tab. Choose the payment method that works best for your needs.
  3. Pay and get paid with Revolut. Initiate the transfer in seconds.

Can I put cash on my Revolut card?

Can I pay cash into a revolut account? At the moment, no. … As more and more payments in the financial system is digitised, there really isn’t much point of a (new, non-legacy) bank operating ATMs or accepting cash top-ups.

Is there a monthly fee for Revolut?

Revolut has a certain number of fees and limits to be aware of: Monthly fees: You will pay no monthly fee for the Standard account, €2.

Does Revolut have a limit?

Other than that, there aren’t any specific limits. On some occasions, we may ask you to verify your source of funds, which is something we need to do to meet our regulations. If you are expecting a large transfer to your Revolut account, please reach out to us.

Can I use Revolut card in ATM?

You can withdraw cash from any cash machine in your home country or overseas that supports Visa or Mastercard, but please look out for any fees that are applied by some ATM operators. Sometimes when you use an ATM, you will be asked to choose between a ‘credit’, ‘checking’ or ‘savings’ account.

Can I withdraw money from ATM with Revolut?

Withdraw cash from 55,000+ surcharge-free ATMs With Revolut, you can withdraw $300 for free each month (on standard) via our network of 55,000+ surcharge-free ATMs.

Can I use my Revolut card straight away?

How to Use Your Revolut Card. Your physical Revolut card will be posted out to you within a couple of days, but you can use the virtual card for online shopping IMMEDIATELY and make instant transfers.