Hi. I don’t yet have an account, posting here to see if Revolut would suit my use case well.
I am UK resident, I have a UK GBP bank acct. I have a holiday home in Italy, and I have n Italian EUR acct. I also have a USD acct, provided by Barclays, and linked to a UK current acct (though the $ acct has its own acct/sort code).
I often have to shuffle money (originally in GBP) into EUR or USD to cover outgoings in those currencies. I currently do so using fx brokers (HIFX/XE trade), and I have to accept the offered rate at the time I need to make the transfer.
I would like to use Revol to start with (eg) 10K in GBP, and then move some (or all) of that £10K into USD/EUR as and when market rates are favourable, such that (if I do it well) the capital I have across the three currencies gradually increases relative to my original £10K.
I assume Revolut can let me do the mechanics of this, and that the funds in all 3 currencies can sit within my Revolut account until I wish to shift them out (back into my own pre-existing bank account in the relevant currency). Any pitfalls/limits with this in principle?
Also, would my funds (in all 3 currencies) be protected by the EU banking protection scheme upto its £85K limit whilst sitting in my Revplut account?
TIA for any advice to a newbie.