4 ms·
> the only bank that is willing to do business with me is Revolut. That's because Revolut isn't a UK bank. Until very recently (less than a year ago), it wasn'
by calcifer 4y ago
> the only bank that is willing to do business with me is Revolut.
That's because Revolut isn't a UK bank. Until very recently (less than a year ago), it wasn't a bank at all anywhere. Unlike Monzo, Starling et al. (which are UK banks) Revolut is an "electronic money institution" and hence your balance isn't protected by the Financial Services Compensation Scheme (FSCS).
- nsteel 4y agoI didn't realise this. Why would anyone accept this risk and use Revolut as anything more than a place for pocket money while abroad?!
- Nextgrid 4y agoPeople who have no choice or don't know any better.
- nsteel 4y agoI hope @mojuba is now aware of this. This is not a good "bank if you have other options. Going back to Monzo would be a better choice.
- mojuba 4y agoThey have recently become a real bank and converted the customers' accounts to real current ones. They are a UK bank though due to Brexit for EU-based customers they are a Latvian one (I think).
- nsteel 4y agoPerhaps it is different for the UK part. According to https://www.fscs.org.uk/check-your-money-is-protected/ https://www.fscs.org.uk/check-your-money-is-protected/ Revolut Ltd money is not protected: > Money at risk > Reason why > Revolut Ltd is an e-money institution. FSCS can't provide protection if an e-money institution fails. Money in Revolut savings accounts ("vaults"?) is apparently protected as that money is held with real banks, not Revolut Ltd.