Is Revolut Safe? An In-Depth Look at its Security Measures

Last Updated on December, 2024

Is Revolut really safe? 

If so, in what aspects? Does it have any safety loopholes? What are real Revolut customers saying about Revolut safety?

If you have these questions, you’re in the right place. I have answered all these questions with evidence, ensuring you’re 100% aware of Revolut’s safety moving ahead with the platform.

But why trust me?

Why Trust Me?

I have been using Revolut for years, and I did my personal research to triple-verify everything.

The conclusion? I haven’t experienced any issues regarding safety with Revolut, ever.

I also dove deep into hundreds of customer reviews on TrustPilot and Reddit to ensure I hear experiences from real people.

Not stopping there, I also contacted Revolut a couple of times to access some information that isn’t available on the web.

Before we start the article, let me give a summarized view of Revolut’s safety.

My Safety Rating for Revolut

*Stock trading can be unpredictable and out of Revolut’s control.

Here you can get to know more about Revolut.

Is Revolut Safe?

The quick answer to this question is, yes, Revolut is safe. However, rather than merely saying it, I’ll let you decide for yourself by dissecting ALL applicable aspects of Revolut safety.

Is Revolut’s Account and Transaction Services Generally Safe?

Revolut was established in 2015 in the United Kingdom as a financial technology company, and they have been able to gain a strong clientele of 35+ million customers globally, including myself.

They also boast a clientele of 500k business customers, which is a big deal in the context. Revolut demands several layers of security with a well-updated mobile app and website, unlike most financial service providers. 

Even from a general perspective, Revolut is very safe.

How is Revolut Regulated Exactly?

Revolut has a banking license in Europe, which is a significant relief for anyone.

However, you might know that banking licenses are regional, so it automatically doesn’t enable a US banking license for Revolut. 

Getting a US banking license takes a long time as compliance requirements in the US are tight. Although we can’t predict when they will receive it, Revolut has applied for its own US banking license in March 2021.

Once the license is there, it’d enable Revolut to expand its services and security levels, too.

How Does it Really Work?

When you top up your Revolut account with money, Revolut will deposit the same amount into an account of partner banks to increase safety in multiple aspects. The most significant advantage is the FDIC covers all Revolut users receive.

If you didn’t know already, FDIC, which stands for Federal Deposit Insurance Corporation—is an independent agency of the United States government. If the bank fails to protect customer accounts against the loss of their deposits, the FDIC steps in.

There’s another layer of security from organizations such as the Financial Conduct Authority (FCA) in the UK, FINTRAC in Canada, or AUSTRAC in Australia that ensures companies like Revolut comply with local laws.

How is Revolut Safe to Transfer Money?

Revolut is positioned in the market as one of the safest, cheapest, and fastest ways of local and international money transfers — it’s incredibly safe to send money by Revolut.

Revolut also has verifications and checks in place to ensure your money is safe in every transfer, whether you send money abroad or locally. The same theory applies when you exchange money.

How Safe is Revolut Compared to Banks?

Revolut is NOT a bank. However, it offers several account services that a typical US bank would and more.

Is it as safe as banks? Yes, it is for all the services that Revolut offers, just as much as a bank. 

The organization is affiliated with several well-known US banks to deliver services safely. If Revolut had the slightest indication that it couldn’t comply with banks, especially in terms of safety, these well-established banks would not risk their reputation.

How Safe is it to Connect Your Bank Account to Revolut?

It’s very, very safe to connect your bank account to Revolut.

Revolut users typically do this to either make a payment or top up the account. In doing so, all the financial info will always be stored, complying with industry safety and legal standards and requirements.

Are Revolut Accounts as Safe as Bank Accounts?

In terms of safety, yes, Revolut’s accounts are safe to use as bank accounts. 

The problem arises if you seek banking services from Revolut. For instance, you can’t take loans from Revolut. There is no branch network, and you’re much less likely to have face-to-face/in-person services.

Conversely, if you’re more of an app person who prefers online transactions, Revolut will work like magic.

Is Money in Revolut Protected?

The only condition is that the amount cannot exceed $250,000.

Is Revolut Safe Enough for Savings?

Savings Valut is one of the most popular services after money transfer that Revolut is known for. As mentioned earlier, Revolut offers savings services in collaboration with Sutton Bank.

Revolut users praise these savings Vault services.

Thanks to the strong insurance backup, even in the unlikely event that Sutton Bank goes through financial difficulties, your money is still protected as long as it is under $250,000, which is a decent range.

According to a 2023 survey featured by Time magazine, the average American has ~$42,000 in savings. I’m sure we all belong in a decent range.

How Safe is it to Buy Stocks on Revolut?

It’s perfectly safe to buy stocks on Revolut as a financial service platform because it’s optimized to do that.

However, Revolut cannot control the stock market; no competitor can either. 

Is it Safe to Use Revolut Business Account as a Freelancer/Company?

Yes, and yes, for both freelancers and businesses.

Both personal and business accounts of Revolut are offered in partnership with insured banking partners. The affiliation with the Sutton Bank and the Metropolitan Commercial Bank safeguards your money, which is currently up to $250,000.

I’m sure this will increase in the years to come.

Businesses typically use large amounts of money compared to personal accounts. So, how safe is Revolut for large amounts of money? Yes, it is. Just as much as the account itself, large amounts of transactions will be safe, up to $250,000 being FDIC-insured.

Not only is Revolut safe for businesses and freelancers, but the platform is also bespoke for business activities as it supports multiple currencies with several fee-free transfers.

Most competitors can’t match these security features.

If you’re curious about Revolut Business account, read our complete review here.

How Safe is the Revolut Card?

Revolut cards offer fantastic security features. The organization has ensured its card’s safety in multiple aspects.

As you might already know, you get a virtual Revolut card for any plan. Physical cards are typically complimentary for paid plans. The numbers of the virtual and physical cards aren’t similar, which increases overall safety.

Banks let you freeze debit and credit cards in the event of theft. Conversely, Revolut has made the process easier and faster enabling instant card feezing from the app.

If you own a paid plan, Revolut lets you have an unlimited number of virtual cards. Being a paid Revolut customer, I frequently replace the virtual cards so that it reduces overall online transaction risk.

Traditional banks can’t do that for you.

How Safe is the Revolut App?

It’s safe to say Revolut is an app-fronted organization, given its overall quality, user-friendliness, and, most importantly, safety.

The Revolut app is currently rated with 4.6/5 stars with 2,500,000+ reviews on Google Playstore. As a long-term Android user, this rating is the best it can possibly get. On the Apple App Store, the rating is 4.7/5 stars with 40,000+ ratings, which is equally impressive.

Both versions of the app demand multiple security compliance requirements, from account creation to verification of every payment. 

There are in-app chat services, too.

Revolut also constantly updates their app, and it shows that they care enough. Have a look at the Reddit thread where a Revolut user questioned why there are frequent app updates.

In addition to that, you also receive instant payment notifications, enabling you to confirm and follow up with all payments, cash withdrawals, and online payments.

The cherry on top is how the organization has implemented both tech and human teams to monitor transactions constantly.

Summary: yes, the Revolut app is extremely safe.

Is Revolut Web Safe?

I encountered a handful of medium-scale financial companies with SSL certification before I finally (and fortunately) came across Revolut.

Revolut works swiftly on the web (although I recommend Edge as it collects the least data compared to Chrome), and that lets you perform money transfers and payments via the website.

Similar to the app, the Revolut website also ensures the same security measures.

Here you can learn everything about Revolut Money Tranfer.

Is the Data of Personal and Business Customers Safe?

The short answer is yes; your personal data is safe at Revolut.

Before I explain how exactly it happens, let me quickly disclose what account holder information Revolut collects.

What Type of Personal Data Does Revolut Collect?

As a heavily legally compliant financial organization, Revolut stores some data for at least 6 years under the anti-money laundering laws.

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.

Is the Collected Data Safe in Revolut?

The best thing about this information or data collected is that they’re stored in secure servers and encrypted as deemed necessary.

Revolut customers are constantly advised not to share their Revolut information with suspicious third parties. This typically happens via phishing links.

If you’re unfamiliar with phishing, it’s basically a fraudulent practice or attempt to access your personal details, which ultimately gives access to your account, i.e., your money.

This brings up a commonly disregarded security concern of scamming. Let’s discuss it next.

Can You Get Scammed on Revolut? How to Prevent?

As armed robbers tend to target traditional banks, it’s sensible for scammers to be interested in Revolut. However, Revolut has understood the risk from day #1.

As they list down several customer vulnerabilities here, you’ll notice that message-based phishing is one of the most common Revolut scams.

Revolut clearly states that they have an automated phone number where you can block your card if it has been lost or stolen. This number is +1-844-744-3512. If it’s anything else, just don’t click or tap on it — it’s as simple as that.

Scammers tend to use text messages over emails because it’s borderline impossible for them to get mirror domains; Phone numbers are cheaper and easier to trick people, even the tech-savvy. 

If you didn’t know already, mirror domains basically mean having a duplicate address after the @ symbol. 

With that covered, let’s look into what customers say about Revolut.

Revolut Customer Reviews: At a Glance

I ALWAYS steer clear of positive reviews that any business features because they have control there. 

You’ll find authentic and helpful reviews only on platforms like TrustPilot and Reddit.

Let’s have a look at them now.

With 140,000+ reviews and counting, Revolut has a Trustpilot rating of 4.2/5, which is pretty decent.

Let’s start with a safety-based comment. Antonio praises Revolut as unexpected debit operations (which could have been illegal account use) were blocked and how he receives a new card completely free. That’s how high the safety of online transactions should be.

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

Joy’s experience here reflects Revolut’s swift and friendly customer service just as much as its strict safety policies. Revolut will have their verification methods, and quick compliance will resolve them faster.

Olayinka praises the quality of money transfers in terms of convenience and speed, and I agree with her. I’ve experienced it and am super impressed.

I’m a big fan of Reddit and rely on it often. This Reddit thread answers a very serious question in terms of its safety as a main account, recommending Revolut.

With that covered, let me tell you how to make a Revolut account and use it.

How to Make a Revolut Account and Use it? Quick Guide

As you may already know, Revolut offers multiple personal, business, and under-18 account plans, which you can check here.

The image below is a quick breakdown of plans for Revolut personal accounts that also include protection details, although there’s more as you scroll down.

Furthermore, Revolut current account offers many valuable features and benefits for its users with the highest account security.

While the above image covers personal plans, the below covers business plans; you can read more of it here.

Once you have chosen the plan you want, you can simply click the get (plan name)button, and you will prompted with a QR code to download the app. If it’s already downloaded, you’ll be prompted to enter your phone number.

As mentioned in a previous Trustpilot review, sometimes, Revolut can ask you to share your real-life photo with an inimitable detail. This confirms the safety of your account. Revolut has a high KYC (know-your-customer) process, which protects the community and you.

It can be as quick as a few minutes or hours and can take up to 5-7 days to verify account holder information.

With everything relevant covered, let me answer the big question — is Revolut safe?

Conclusion: Is Revolut Safe?

Revolut is a UK-based online money transfer and saving company that also lets you make payments that mimic the services of a bank, partnered with several licensed US-based banks. With 35+ million customers worldwide, the organization is known for speed, convenience, and lower fees.

Revolut’s safety is also as popular as the platform itself.

Not only is Revolut safe in multiple aspects in terms of usage safety and money insurance, I would recommend Revolut as a regular user. 

I hope this review answers your questions. Feel free to share it with your friends and family who may be considering Revolut or have questions about its safety.

FAQs: Is Revolut Safe?