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Is Revolut Safe? Understanding Security Measures and Protections

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Revolut, a fintech giant that has revolutionized banking, presents itself as a convenient and innovative solution. However, the question looms large in the minds of those considering embracing this digital banking platform: Is Revolut safe?

In this article, we delve into the various aspects of Revolut’s security measures, exploring the safeguards to protect your financial well-being and privacy.

About Revolut

Established in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut Ltd is a fully authorized financial institution across the UK, the USA, the European Economic Area (EEA), and all the other countries where it operates. Revolut’s services cover financial solutions for personal and business customers.

Revolut boasts impressive statistics, serving 15 million customers and handling 100 million monthly transactions. Several entities, including Revolut Ltd, Revolut Travel Ltd, and Revolut Trading Ltd, deliver various Revolut products and services.

Furthermore, Revolut current account offers many valuable features and benefits for its users. It lets you exchange money and hold it in multiple currencies. It offers lower fees and low-cost international money transfers to over 140 countries.

Moreover, Revolut card transactions are processed via the Mastercard or Visa networks, abiding by the respective rules of these payment giants.

📚Related: Revolut Crypto Review

Is Revolut safe to use?

Revolut is a secure choice for managing your finances, providing you an opportunity to exercise the same precautions as any other financial service platform.

Moreover, Revolut distinguishes itself as a financial technology company rather than a traditional bank. Nonetheless, your funds are safeguarded similarly to a standard bank account, with the primary divergence being Revolut’s tendency to offer reduced fees and greater flexibility.

As a technology-driven company, Revolut diligently deploys advanced measures to protect customers and their bank accounts. They employ technologies encompassing both automated and manual processes to thwart fraud and ensure the security of customer funds.

How does Revolut protect personal data?

Revolut, like all financial companies, requires certain personal information to provide account and transaction services. It prioritizes keeping personal data safe through policies and procedures.

Revolut strictly adheres to best practices and legal requirements when storing personal data. It safeguards information, and limits sharing to Revolut’s privacy policy guidelines.

This data serves practical purposes, including transaction processing, legal compliance, and marketing, with the option for users to request non-participation in marketing activities. However, some data collection remains mandatory due to legal obligations.

Furthermore, Revolut utilizes third-party servers in secure data centers with firewalls and restricted access to comply with regulations. It ensures data encryption during transmission between Revolut mobile apps, servers, and third parties.

Information needed to open an account

When signing up for Revolut, new consumers must provide personal information like name, phone number, email address, birth date, physical address, selfie, and identity document photo.

Additional paperwork is necessary to open a Revolut business account.

Storing customer data securely and encrypting as required

Revolut, as a financial institution, must adhere to anti-money laundering and counter-terrorism financing regulations. These regulations require client data retention and records of Revolut transactions for six years.

This legal obligation means that any requests for data erasure under relevant data protection laws, including GDPR, Australian data protection law, or the Singapore Personal Data Protection Act, are not applicable during this period.

Consequently, Revolut cannot delete your data related to your Revolut account until this mandatory six-year timeframe has passed.

A person regulating

How is Revolut regulated?

The UK Financial Conduct Authority (FCA) diligently regulates Revolut’s core products and services. While the majority of Revolut’s offerings fall under FCA jurisdiction, some services, such as those related to a foreign currency exchange, have a distinct regulatory framework.

Moreover, international businesses like Revolut are subject to the laws of the countries in which they operate. Revolut is authorized and regulated by many agencies in several countries, ensuring its customers’ funds are safe in any currency.

Safety measures of Revolut

When it comes to the funds Revolut receives from its customers, Revolut has a legal obligation to safeguard those funds.

Therefore, it employs many primary safeguards to ensure the safety of the client’s Revolut account and funds. Here are some of them:

Account verification

Opening a Revolut account requires completing a verification step. It is a common practice among most financial service providers. This step aims to prevent fraud and illegal account use.

Revolut’s account verification procedures mandate that you upload a photo of your government-issued ID document and take a selfie while holding your passport, driver’s license, or a similar form of identification.

It may be frustrating, but it’s essential, as it’s required by law to ensure safety. Moreover, this process is not unique to Revolut, as traditional banks also must check and verify account holder information and transactions for security reasons.

Transaction limits

Revolut’s transaction fees and limits depend on your plan type, withdrawal timing, capped amounts, and potential charges from third-party banks and ATM networks.

Revolut personal accounts have preset limits for various transaction types, like ATM withdrawals and online shopping. Clients can easily adjust these limits using the Revolut app, enhancing security and minimizing potential losses in case of debit card theft or fraud.

On the other hand, the Revolut Premium plan comes with extra perks. It includes higher bank transfer limits, superior exchange rates, and insurance coverage.

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Safe spending

Revolut offers two types of cards. You can always get a physical card if you value traditional payment methods. However, if you have a more innovative view, Revolut offers disposable virtual cards. Either way, the Revolut card is a great option for international transfers.

You can use your Revolut card for chip-and-PIN, magstripe, contactless payments, cash withdrawals, and online payments. In this case, the Revolut app will send instant payment notifications about any successful transaction.

This real-time alert system informs you about account activity and allows you to freeze and unfreeze Revolut cards as needed for added security.

For enhanced security, consider disabling contactless payments when they are not in use. Furthermore, to prevent debit card cloning and fraud, it’s advisable to disable magstripe card payments.

You can also explore the convenience of Apple Pay or Google Pay. These payment services ensure that your debit card data is encrypted. Therefore, it provides an added layer of security.

Gambling block

Revolut provides a valuable feature, called the gambling block. You have the control to enable or disable it within the Revolut app.

This block automatically declines card payments to gambling merchants, including online casinos, betting shops, or sports betting apps. It’s not activated by default, so you can decide when to use it for added security.

Fraud protection

Revolut employs a comprehensive fraud prevention strategy, combining automated and manual measures to protect customer accounts. Your account may be temporarily locked for security checks if Revolut detects suspicious activity.

A significant part of this strategy is the Sherlock anti-fraud system, which provides real-time alerts for rapid response to fraud. Moreover, dedicated teams at Revolut work to enhance account security, offering features like fingerprint identification, disposable virtual cards, and 3D secure protection.

How to avoid scams and fraud?

To shield your bank account from scams and fraud and keep your money safe, follow these practical precautions:

  • Protect your account information and password.
  • Regularly review your account balance and transactions.
  • Exercise caution if something appears too good to be true.
  • Stay informed about common Revolut scams.
  • Avoid sending money to unknown parties.
  • Maintain the same vigilance for online spending as you would for in-person transactions.

Keep in mind that Revolut’s staff exclusively communicates about accounts through in-app chat support and will never ask for your app PIN, card PIN, or password.

If anyone claiming to be a Revolut representative requests these account details, take a screenshot and report it through the in-app chat.

In the event of fraud, promptly block your card using the app or by calling +442033228352.

FAQ

Is your money safe in Revolut?

In general, if you keep your money in a Revolut account, it is safe. Revolut applies many safety measures. Additionally, your money is in a regulated bank’s secure account, and savings accounts are insured up to £85k.

What is the downside of Revolut?

Even though Revolut has many advantages, it also comes with some drawbacks.

Customer support issues: Some users have reported difficulties with Revolut’s customer support. While they have in-app assistance, the absence of phone support can be inconvenient for those with complex or urgent problems.

Subscription costs: Revolut’s free basic account has added costs for premium services like travel insurance, priority support, and higher ATM withdrawal limits. Consider these against the subscription expenses.

Limited physical presence: Revolut is mainly a digital platform and lacks the physical branches found in traditional banks, which may be a drawback for those who prefer face-to-face banking.

Is Revolut safe and legit?

Revolut is a totally legitimate and fully authorized financial institution. Since 2015, they’ve established themselves as a reliable, forward-thinking service supplier. It gives its consumers the security of a regulated service and the convenience of a mobile financial app.

Is Revolut safer than traditional banks?

Traditional banks have long-standing structures and offer comprehensive services and deposit protection, which differs from the innovative approach of fintech companies like Revolut.

Revolut, while not classified as a traditional bank, places a strong emphasis on security and user trust. They assert that their services are as secure as those offered by banks, and in some cases, they provide additional benefits.

The company has introduced a range of security features to ensure that users’ funds and data remain protected. These measures include stringent identity verification, real-time transaction monitoring, and compliance with industry security standards.

Is Revolut safe for large amounts?

Revolut offers secure options to conduct high-value transactions. In the UK, you can make personal payments of up to 1 million GBP per week, with additional limits on transactions and daily payments.

When transferring substantial sums from your bank to your Revolut account, check your bank’s payment limits for compliance and safety.

Notably, funds held in Revolut are FDIC-insured. It provides coverage up to the legal maximum of 250,000 USD.

Is it safe to buy stocks on Revolut?

Revolut is a reliable trading platform with licenses to function as an online bank and an investment firm.

When you purchase stocks through Revolut, they are securely held by Revolut’s clearing broker. In the unlikely event of financial difficulties for the broker, your investments receive protection, with coverage extending up to 500,000 USD.

However, it’s important to note that Revolut does not retain ownership of your stocks. You have full ownership, and a trusted third-party broker holds them.

Where to get a Revolut app?

You can get the Revolut app on Google Play if you are an Android user. On the other hand, if you use iOS, look for the app on the Apple store.

Is it safe to send money abroad from Revolut accounts?

In general, yes. However, where you are registered with Revolut determines how your funds are protected.

How to enable the gambling block?

If you want to activate the gambling block, follow these steps:

  1. Open your profile page on the Revolut app
  2. In the the Security section find the Gambling Block toggle.
  3. Press it and accept the terms.

There will be an on-screen message confirming your action. As soon as you place the block, it will begin functioning.

How to get a Revolut account?

Different accounts are available for both individuals and businesses on Revolut’s platform. Before signing up, you should learn about the various plans’ features and costs. However, creating an account is simple once you’re ready.

  1. Download and open the Revolut app.
  2. Select the Sign-Up.
  3. Fill in your details by following the on-screen directions. You’ll need to upload photos of the documents that can validate your identity.
  4. Complete the necessary verification procedure.

Once your account is ready, you can deposit money into it.

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Živilė Šarkauskaitė

Živilė is a writer with a diverse background, having worked with tech start-ups and pioneering brands across various industries. Her profound interest in progress and innovation drives her to the field of Fintech, a realm that sparks her curiosity and inspires her to share insights with others.

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Please be advised that the information presented in this article is intended for general informational purposes only. It should not be construed as professional advice from swissmoney. It is important to note that swissmoney does not act as a financial adviser, and individuals are strongly encouraged to seek independent advice from qualified legal, financial, or accounting professionals before making any decisions related to cryptocurrency investments. Furthermore, investing in cryptocurrency assets carries inherent risks, and individuals should be aware that they may potentially lose all of their invested capital.
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