Is Revolut A Bank? What You Need To Know

This is a question that comes up a lot, is Revolut a bank? If you’re considering switching to Revolut or depositing a chunk of money with them, you might have concerns over whether Revolut is safe. Here’s what you need to know—including where Revolut is, and isn’t, a bank.

P.S. One thing I forget to mention is Revolut’s Savings Vaults, which are directly FSCS protected… because the deposits are put straight into Paragon Bank.

Chapters:

0:00 Intro
0:56 Why Being A Bank Is Important
2:18 Does Revolut Have A Banking Licence?
3:51 Revolut’s Plan For The UK And US
5:18 Should You Be Worried?
6:12 Outro

Links mentioned:

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Shot, edited and uploaded on an iPhone 11, iPhone XR and an iPad Air.

Audio recorded with a Blue Yeti microphone.

[oiversmith]

I forget to mention Revolut’s Savings Vaults! Which are FSCS protected (for paid subscribers) because deposits are put straight into Paragon Bank. Does that change anyone’s mind on banking with Revolut?

[pablopongr]

Hi could you make an update video on this matter, and how revolut has changed as a company in these last cuple of years

[midsummernightdream]

Revolut is awesome and has a wide variety of assets. I only use it to buy OGN.

[xxxbirdsong]

Anyone else having the thought you were listening to Mark Zuckerberg 😄

[kdare]

This probably needs some updates, it also has a bank license in Spain too (with spanish IBANs)

[iliyailiev]

Thank you so much ! Very useful video. I'm from Bulgaria, actually already made the switch. I like Revolut because it's getting better and better.

[ChrispyOriginalGlazed]

Hi Oliver. Only just discovered you. Couple of quick corrections. Firstly we do not have fractional reserve banking in the uk. Banks can lend as much as they like they do not need deposits to bank loans. As each loan becomes an asset in the banks balance sheet. Secondly it is July 2023 and Revolution still don’t have banking licence of course you couldn’t know this in 2021 when you created this video, but it highlights how concerned the regulators are about this liquorice allsorts company

[rodolfolorenzo]

So clear and focused Oliver ! Many thanks. U have a new subscriber !

[maxgreece]

To answer some of the questions I’ve opened a Revolut account but not yet switched to it being a bank account, mainly because I didn’t understand the issue. I have “proper” bank accounts elsewhere but the flexibility of Revolut is attractive. I’ve even bought shares and crypto through Revolut. Not holding a huge amount of money there yet. Plan to take it slowly and see how it evolves. It does appear to be a promising alternative to traditional high street banks.

[hoodedr]

So if I’m already with Barclays, what’s the point of revolut?

[Ramboia]

So well explained! New subscriber here

[MultiMarty]

All my friends have revolut and reckon it's brilliant.Im undecided coz I've heard other scam rumors on internet about it and it can be unsafe to keep your wages, a lot of money etc.Is it really trustworthy???

[balayya]

Hi Oliver, nice video, do you think we should be worried about account closures on revolut, I mean other fintech banks are doing that as well, except starling, what's your take on this issue

[Nick]

Came here for Revolut, got ASMR instead

[HappyRareGrooveMan]

Revolute, you can't use a non debit card for transactions.

[EnhancedNightmare]

Its asking me to switch, but should I do it? Is there any downside?

[JohntauraiKarikega]

Can I use revolut statement for UK visit visa

[mm_]

Hi Oliver, is there a way to spend money for ex. withdraw on ATM or pay with Apple Pay/GPay or pay with your physical card contactlessly but from a specific currency account. Let say I would like to pay in the store/restaurant with Apple Pay but using the money only from my Euro or UK-Pounds account currency. Is there an option to select which account currency you want to pay before you do it? Thanks.

[AmmiRuhamaCommunity]

Hi there, I am trying to move money from Revolut to my Cryptopay but am having difficulty. I'm in need of help

[sooshim_]

In past 3-4 months I have bought about 40-50 k Crypto with my Revolut account and I had no problem with the app. I doubt if it is good idea to trasfer bigger ammount of money to Revolut as my main bank account. I mean bigger amount like 400-500 k. I live in Sweden btw... the banks are awful in Sweden.