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I seem to remember that the Revolut money is actually stored by Barclay's and it's covered by the FCA or similar.
Not 100% but I don't think I was concerned when I looked at it previously.
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Transferwise borderless account lets you store euros and is protected.
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Your money is not protected in Revolut.
They are not covered by the Uk gov guarantee up to 85k due to not having a Uk banking licence. Saying they keep it with a tier 1 institution is like anyone else saying they keep the money you’ve lent them in a bank.
They claim to have a European banking licence but due to the legal complications this does not actually mean much.
I still use it to transfer cash but try to get in and out as quick as possible. Storing cash in Revolut is a risky strategy.
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We got married in Spain a few use back and used Transfer wise for anything we needed to pay for. Flat fee of £9 to send £5000 I think we got a great X-rate and we reckoned we saved ourselves a good few grand using them.
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aggi
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Monster1985
CanonAxe
@Tenderloin
I’ve moved savings into Revolut due to a decent exchange rate and having a wedding next year in Italy so needed money in euros. I can’t see what guarantees there are around the money and wondering given recent news if it’s best to take it out and just accept poorer fx etc
Any thoughts?