Usage scenario


#1

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.


#2

To answer some of your questions: you can check out the FAQs for limits. No protection under EU banking protection (regulated under e-money license), but they applied for a banking license. Customer’s funds are held separate and are protected in case of bankruptcy, though. Keep in mind that Revolut is for personal use and not a business account.


#3

Hey there @Pigro :wink:

No, not yet. Check this:

Also, i believe I remember about reading something in the terms about not using :r: as a Forex broker/service, but I’m unsure about this.


#4

Yes, I believe that was at least at some point part of their T&Cs.


#5

Many thanks, guys. I will have a closer look at the T’s & C’s - there’s a fine line between fx trading, and simply moving your own money between your own international accts so that it is in the correct place at the correct time to be available to pay bills - whilst not losing value in the interim :wink: