Are Euros protected by Govt?


#1

Just wondering if money on your revolut account particularly Euros would be protected under Govt compensation scheme i.e if Revolut went bust?

Like a normal bank would be under FSCS up to £75,000.


#2

Revolut does not hold monies so is not covered by FSCS. I believe deposits are held in Barclays bank which is covered by the FSCS irrespective of the currency.


#3

Thanks. I guess that means their money is protected but ours isn’t (seeing as it’s their bank account). I was thinking it might be a place to store some euros…


#4

That’s beyond my knowledge. Maybe @AndreasK will enlighten us.


#5

Hey there:

The safe and secure transaction of currency is central to Revolut’s mission and philosophy. Revolut does not transact, take or keep any money from customers directly. All your money is held in ring-fenced client accounts at Barclays. That means if anything happens to Paysafe Financial Services or Revolut, your money is still safe.

All your card transactions are processed by the MasterCard network and are protected by MasterCard rules.

Plus, Revolut is now an e-money certified institution so it should be more secure than ever! :wink:

Regards,
Julien.