What are the challenges on Revolut?

Is it safe to keep your money on Revolut?

Safeguarding means that we deposit the money we receive from you, or on your behalf, into a client money bank account. We hold these client accounts at a range of large banks that meet both Revolut and our regulator's requirements. These safeguarding measures protect you against loss caused by possible risk factors.

Why is Revolut declining?

The account associated with the payment method used doesn't have sufficient funds to make the payment. The customer's bank doesn't allow the cardholder to make the payment. The transaction has been declined due to high risk. This can be a trigger from both the issuing bank and internal Revolut tools.

What is the Revolut 1 penny challenge?

Try the 1p savings challenge

Start with just £0.01 and add one extra penny each day. By the end of the year, you could save nearly £670 — without even noticing. Set it up in Pockets to automate the challenge and watch your savings grow daily.

Will Revolut refund me if I get scammed?

However, Revolut still follows a structured process to evaluate fraud reports and may issue refunds depending on the circumstances of the case. If you've been scammed, it's crucial to report it to Revolut as quickly as possible.

Is there a monthly fee for Revolut?

Revolut customers can enjoy our Standard plan for no monthly fee. You can also choose to upgrade to a paid plan to unlock improved limits and partnership benefits on Premium, Metal, or Ultra.

Is Monzo or Revolut better?

If you require a straightforward banking experience with effective budgeting tools, Monzo is ideal. If your focus is on broader financial services including investments and currency exchange, Revolut may be the better choice.

Can HMRC see my Revolut account in the UK?

HMRC can access Revolut account data in the UK, but only when legally required, such as during tax investigations or fraud inquiries. Revolut does not automatically share user data with HMRC, but it must comply with legal requests for financial records.

What happens to my money if Revolut goes bust?

If we ever became insolvent (unable to pay our debts), your money would be prioritised. Our customers' claims would be paid out first from our dedicated client money bank and asset accounts, ensuring your funds are secured before any other claims are addressed. Safeguarding your funds is our priority.

How do I transfer money from Revolut to my bank account?

To transfer money from Revolut to a bank account, open the app, go to Payments, tap the plus icon, select Bank recipient, enter the recipient's bank details (IBAN, name), input the amount and currency, review, and send. You can add a new recipient or choose from existing ones, with transfers often arriving quickly but sometimes taking up to a business day for SEPA or longer for international SWIFT transfers, depending on the bank and country. 

Why does my card keep declining but I have money?

Your card may be declined for a number of reasons: the card has expired; you're over your credit limit; the card issuer sees suspicious activity that could be a sign of fraud; or a hotel, rental car company, or other business placed a block (or hold) on your card for its estimated total of your bill.

Can I speak to a real person at Revolut UK?

Speak to our support team in 100+ languages via our secure in-app chat. Tap your profile icon in the top-left corner → Help → scroll down, tap Support to start a chat with us. Premium, Metal and Ultra plan customers can also call us in-app.

Is Revolut dodgy or not?

As an authorised financial institution compliant with Electronic Money Regulations, 100% of your main account balance is safeguarded.

Can someone hack my Revolut account?

Please don't provide your login credentials or mobile app passcode to anyone, at any time. If you suspect your account has been compromised, or notice any kind of strange behaviour within your account or any unrecognised transfers, change your password and chat with us.

Can someone take money from my Revolut account?

If you're concerned your card has been compromised, freeze your card immediately. If you believe your account has been used fraudulently, fill out a chargeback form and we'll help you resolve the issue.

Is it safe to have a lot of money on Revolut?

Revolut has partnered with banks that are part of the Financial Services Compensation Scheme (FSCS). If eligible, your Savings accounts deposits are protected up to £120,000 per person, per bank, by the FSCS.

How to get free 20 pounds from Revolut?

How to redeem the offer

1. Sign up with your phone number. We'll send you a unique link to download the app, then you can create your account in a few minutes.
2. Make your first purchase. Order a physical card, or use a Revolut virtual card to make your first purchase of any amount.
3. Receive your £20 signup bonus.

Are Revolut in trouble?

Revolut also fares badly when you look at Payment Systems Regulator (PSR) data exposing the firms that receive the most money as a result of APP fraud: for every £1m received into consumer accounts at Revolut, £756 of it was related to APP scams (in 2023).

Where is Revolut banned?

You can make card payments with your Revolut Business cards in most countries that accept Mastercard or Visa. Countries we don't support payments in include, but aren't limited to: Belarus, Crimea, Cuba, Iran, North Korea, Libya, Myanmar, Russia, Syrian Arab Republic, and Venezuela.

Can I use Revolut as my main bank?

To show you are using Revolut as your primary account, you must do both of the following each month: Top up the minimum amount stated in your invitation email using debit card or bank transfer. Complete at least three transactions of at least €20 each (or currency equivalent) on your (physical or virtual) Revolut card.