What does "beneficiary" mean?


#1

The Revolut app shows my GBP and EUR account as “Beneficiary = my name”

The USD account is different and instead shows the beneficiary is Revolut Ltd.

Does this mean if I transfer money to the USD account I somehow have less claim on it?


#2

‘Beneficiary’ is a fancy name for the account holder or counter-party in the transaction.


Personal USD ACH/ABA accounts are not available yet. Therefore you need to put Revolut’s details in, and then add in your account-specific reference code, so that Revolut will know who to direct the payment to (Your account, as identified by your reference code.).

No. These remain customer funds, and should be stored safely in the segregated customer account with Revolut’s partner banks.


#3

Hi capital,

I have an urgent issue: My local GPB account states “Revolut LTD” as a beneficiary and a transfer to this account therefore requires a reference number. For my salary payments, I need an account that states myself as a beneficiary. A close friend of mine is also a Revolut user (he signed up from the same country) and his local GPB account states himself as a beneficiary, no reference number needed.

This friend and me work for the same company, his Revolut account works for the salaray payments while mine does not. What do I need to do to fix this?

I need to solve the issue by the end of this week, otherwise my salary payment might be delayed!

Best
Franz