**Revolut bank account security**


#1

I just joined Revolut and applied for a visa card. I am a crypto currency investor and am excited about the prospect of also buying and selling coins here too.

My questions:

I am finding it difficult to trust that i have been assigned a bank account and sort code via revolut. Is this a real bank account and is it in my name as a customer? Can revolut see the balance of my revolut bank account and what is to stop them taking my money or refusing me to have access to it at any time?

I am thinking about security and my own safety. It would be great to hear from a revolut team member to help me understand how this is a completely secure service.

Best Regards

Ben


#2

Hi Ben.

Thank you for contacting us.

Let me clarify that Revolut is not a bank yet. We’ve applied for a banking license. The licence is applied through a single European country via European Central bank and it can then be passported across Europe!

However, you we offer personal UK current accounts & personal EUR IBAN.

According to the agreements we have in place with our users (https://revolut.com/terms)we can lock an account if further verifications needed.


#3

Hi AndreasK,

Thank you for coming back to me with more information I appreciate it :slight_smile:.

So the UK bank account and sort code that i have been assigned, is owned by Revolut but ASSIGNED to me for the purpose of holding money in the app. Is that an accurate description?

Similarly, with the EUR account, i have just been assigned the IBAN number and it money will be directed to me by using the “reference number” on my account?

Finally, so that i am on the same page, the bank accounts are virtual Lloyds bank accounts that are owned by Revolut and assigned to Revolut customers so that they can handle money on the app.

Regards,

Ben


#4

Yes, that’s it. Revolut is regulated under an e-money license right now. Customer’s funds are held in pooled accounts segregated from the company. That means, you would be protected in case of bankruptcy if Revolut goes down. You would not be protected in case Lloyds goes down. Revolut owns the accounts, but they are holding the money in your name and can’t access it.

Concerning IBAN accounts: once verified properly, you can activate a personal EUR IBAN from within the app. Whit this personal account, you don’t need the reference and you would appear as the sender like with a traditional bank account. This feature is available for the UK GBP and the EUR IBAN accounts.


#5

Hi Frank,

That was the perfect response and fully understood thanks a lot.

I have one other questions that is very important to me. If i want to deposit (into my EUR IBAN account) a sizable amount of money (20,000EUR or more) from a crypto currency exchange, Do i have a limit to the amount that can be deposited in a single payment? (i am a standard user at the moment).

Also do i have a limit to the amount of money that i can store in any of the currency accounts as a standard user?

Regards,

Ben


#6

Every account has different annual top up limits based on our checks. However, all the users can increase their limits by providing source of funds.

If you’re making a transfer in GBP in or out of your Revolut account there are daily and weekly limits. The daily limit is £75,000 combined, meaning that you cannot transfer more than £75,000 in or out of the account per 24 hours. The weekly limit is £125,000 combined. If you attempt to make a transfer larger than this amount, it will be automatically rejected by our payment processor.


#7

Hi

Can You tell me what are the limits for EUR IBAN? Now when I receive salary in amount more than 10.000 EUR on my local bank account, sometimes the bank freezes it till I provide source of income (contract). It usually takes some time to release the money and it’s very annoying


#8

You’re referring to your annual top up limit. Not all the users have the same annual top up limit however, it can be increased by providing source of funds.


#9

What do you mean by source of funds? I’m an artists and I have contracts of specific work, is it enough? How should I provide the proof?


#10

How are you topping up your account?


#11

For now I used my bank card, but since I found out that my salary can be received on revolut I’ve set up EURO IBAN account for future top ups


#12

Ok so you will need to provide copies of your payslips


#13

Not a problem. Any email to send to?


#14

You can upload it in the app. Go Profile section -> Verification & limits.


#15

Great. Thank you for your help :slight_smile: