Hi. Can I pay cash into a revolut account?
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At the moment, no.
You will need to top-up a bank account and use the debit card attached with that bank account to top-up :R:.
This is mad, i have just joined but whats the point if you need another bank account, you might as well just have a high street bank and get a travel card when you go abroad, dont get it
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Cash handling is expensive.
Physical branches need to be created, cash needs to be sorted (to determine the value.), verified (to prevent fraud/fakes.) transported and secured (Both during the transportation process, and defending the ATMs.). These costs will lead to :R: having to either pass on the costs to the customer (via direct and indirect fees.).
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.
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But cash plus and pockit cards you can pay in post offices or top in so many shops
4% for Pockit, as opposed to 0%/0.5% for :R:.
More and more transactions are digital now. From salary payments (Bank transfer via BACS, as opposed to handing cash in an envelope.) to paying with contactless at retailers.
https://www.ukfinance.org.uk/changing-the-way-we-pay-contactless-celebrates-its-10th-year/
https://www.ukfinance.org.uk/cash-still-king-but-crown-is-slipping-as-consumers-turn-to-contactless/
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