Safety Concerns

Hi there,

As Revolut doesn’t have a banking license (as of yet), is depositing up to a couple of thousand euros into the account deemed as safe? What i mean by this is that if the company was to run into liquidation, is it safe to assume that my funds would be lost?

I’m relocating to Barcelona and won’t have a Spanish bank account (whilst i deal with other Spanish bureaucracy) for sometime, so i’ll be relying on my Revolut account for a while.

Hopefully someone out there can bring me some peace of mind.


1 Like

Because :r: isn’t a bank but an Electronic Money institution there is no protection.

BUT Revolut applied for an UE Banking licence several months ago :

What @mirron misses here is that, other than with banks, all funds from customers are segregated from Revolut’s assets. Funds are held in your name in ring-fenced accounts at Barclays / Lloyds. In case of insolvency, these funds can’t be used to pay other creditors. So depending on how you look at it, some might say your funds are even saver, because Revolut does not have access to them.

It is correct that the funds aren’t protected in case the bank, Barclays or Lloyds, go bankrupt.

1 Like

but can we really claim them back if Revolut goes bankrupt?

Why not, they are your’s. It’s going to be a hassle, sure. But let’s assume that Revolut follows regulations here and the FCA has an eye on it, no?

1 Like

And that is a valid question too.

My understanding is there is no such question in the first place. Only account holders have access, hence no priority.

The money is stored there in your name. It’s not accessible for investors.

Cryptocurrencies are not covered at all. That part of the service is not under the oversight of the FCA regulation.

1 Like