What bank does Revolut use? (2024)

What bank does Revolut use?

Money in your Revolut acount is held at Metropolitan Commercial Bank and money in your Savings Vaults is held at Sutton Bank. Money at each bank is FDIC insured up to $250,000 in the event of Metropolitan Commercial Bank's or Sutton Bank's failure.

Can you use Revolut as your 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.

Is Revolut a real bank account?

To be a bank, Revolut requires a banking license from each region it operates in. At the moment, Revolut holds a banking license for the EEA (European Economic Area), which was granted by the Bank of Lithuania.

What is the downside of Revolut?

What are the drawbacks of Revolut? While Revolut could be a great choice for money transfers, it doesn't offer the full banking services of some of its competitors, such as Monzo or Starling Bank.

Can I open a Revolut account in USA?

You might be thinking of opening a Revolut account there, if you don't have one already. The good news is that you can open a Revolut USA account. The plans are similar to the UK (although pricing varies), and so is the process for signing up. You'll need to download the Revolut app and have some ID handy.

Is Revolut backed by FDIC?

Funds in your Revolut Prepaid Card Account are held at or transferred to Metropolitan Commercial Bank, member FDIC. While there, your funds are insured up to $250,000 by the FDIC in the event Metropolitan Commercial Bank fails, if specific deposit insurance requirements are met and your card is registered.

Is Revolut connected to bank account?

🔗 Linked accounts allow you to connect multiple external bank accounts to your Revolut account. This allows for easier transfer of funds and access to your external account's balance, details, and transactions — all within the Revolut app.

Can I use Revolut without a bank account?

Depending on your country, you may be able to use the Revolut app to send outbound payments to Mobile Wallet recipients. As this payment is not sent through a traditional payment scheme, no bank account details are required for you to complete this transfer.

Can I put money from Revolut into my bank account?

You can use your Revolut Account for any of the following services: Send money to other Revolut users (we call these “Instant Transfers”); Send money to a bank account (we call these “Bank Transfers”); Send money to a card (we call these “Card Transfers”);

Does Revolut have a US banking license?

In the US, Revolut submitted a draft application for a banking licence with the Federal Deposit Insurance Corporation (FDIC) in March 2021, the first step to applying for a full licence. However, it has yet to submit a formal application for an official US banking licence.

Is Revolut 100% safe?

Your money, protected

As a regulated bank, we secure your money through the Lithuanian State Company Deposit and Investment Insurance. It's a mouthful. Consider us your money's suit of armour.

Is Revolut in trouble?

Revolut swung to a £25m loss in 2022 after shelling out more on staff and a near 80% pay jump for its founder, despite uncertainty over the approval of the fintech firm's UK banking licence.

Which is safer PayPal or Revolut?

PayPal is still fantastic at what it was made to do - facilitating online shopping and making secure transfers. Revolut, meanwhile, is a good option if you're looking for a digital bank account, along with access to other financial services such as investing and cryptocurrency.

Does Revolut require SSN?

If you don't have a U.S. tax identification such as a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN), you can still sign-up for Revolut.

Why can't I add money from my bank to Revolut?

Account name mismatch: You can only add money with linked accounts if the name of your external account is the exact same as the one in your Revolut account. You can either change the name on your Revolut account (Tap here to know how), or on your linked bank account.

Does Revolut have a routing number?

If you've ever transferred funds to Revolut using a bank transfer, you'll have used one of two routing numbers we have in the app — one for ACH payments, and the other for US Domestic Wire. But now, we're consolidating them both to make things even easier. That number is 026013356, and you can start using it today.

Is my money safe if Revolut goes bust?

If an e-money institution (like Revolut) fails, the customers' claims will be paid from the safeguarding account. This is because the e-money institution cannot lend the money it has received from one person to another, so it should have enough money in its safeguarding accounts to cover its debts to its customers.

Who is Revolut US banking partner?

In the US, Revolut currently provides banking services through a partnership with Metropolitan Commercial Bank. Revolut, which was last valued externally at $33 billion but is now thought to be worth around $18 billion, has over half a million retail customers in the US and employs over 150 people in North America.

What happens to my stocks if Revolut goes bust?

Your assets are segregated from Revolut. If Revolut becomes insolvent, your assets will be transferred to another custody for safekeeping as required by the law.

How do I switch banks to Revolut?

If you wish to switch your account please chat with us and fill out the Request Form for the Account Switching Service. We'll switch direct debits and periodic credit transfers from your old bank to your Revolut account. We'll also transfer any positive account balance from your old account to your Revolut account.

What countries are not supported by Revolut?

We do not currently support transfers from the following countries (this list may change at any time): Afghanistan, Algeria, Bahamas, Belarus, Bolivia, Burkina Faso, Burundi, Central African Republic, Congo (the Democratic Republic of), Côte d'Ivoire, Cuba, Egypt, Eritrea, Eswatini, Ethiopia, Guinea, Guinea-Bissau, ...

Can you get money back from Revolut if scammed?

Merchant Initiated Payments made using Pay with Revolut are collected from your account based on a consent you have given in the past. If you think a Merchant Initiated Payment has been taken from your account in error, you can ask us to refund it within 8 weeks of it being paid.

What is the maximum amount you can transfer on Revolut?

For SEPA Instant Credit Transfers, you're limited to €100,000 per payment. If you go over this limit, or if the recipient's bank doesn't support this kind of payment scheme, your transfer will be processed as a normal SEPA Credit Transfer, which can take up to 2 days to arrive (rather than instant).

Can I transfer money from another bank to Revolut?

To add money to your Revolut account with a bank transfer, follow these steps: Go to your Home screen → tap 'Account selector' below your balance → choose a Main, Joint, or Pro account. Or tap 'Add new' at the bottom of the screen to create a new account → tap 'Details'.

Can someone without Revolut send me money?

A Payment Page is a Revolut hosted webpage that we provide which allows you to receive or process payments. Payment Pages can be used to accept payments from both Revolut and non Revolut customers. Non Revolut customers will be able to make the payment through the webpage.