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.
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.