Revolut, being one of the most popular payment financial service provider, is often called the digital bank. It doesn’t only make banking a lot easier, but also a lot convenient in terms of charges and ease of use.
Well, no worries regarding smaller amounts, what about large amounts, above $10,000 or more? Is Revolut safe for large amounts than 10,000 bucks or more? Can you get a seamless transaction while sending or receiving a large sum of money?
Let’s find that all out in this article, and decide if Revolut makes a good money transfer service or not.
Is Revolut A Bank?
Revolut is not a formal bank as we know it, well, unless you consider its banking license in Lithuania, from 2018. It’s an electronic money institution headquartered in the UK, with European banking license under FCA in Ireland.
As they work with e-money, nothing goes physical on their system, they use an app to do everything. You can use the Revolut Account app to transfer, exchange, and have other facilities, with or without paying subscriptions.
Revolut is both free and premium
You can do international money transfers, do online payments, bank transfers, like any street banks and typical banking features. They use the e-money license to transfer cash from an account to other bank(s), and one currency to another. You’ll get both a physical card alongside disposable virtual cards with foreign currency exchanges in Revolut Premium.
They have a free and a paid version of their service, whereas exchange is free with 28 currencies. And the paid subscription (staring at £2.99/month) will give you much more facilities than its free version. Be sure to read all the Revolut terms and conditions before signing up. And know about the current cryptocurrency exchange rates if you’re into crypto.
Fees and risks associated with Revolut
Revolut is primarily a free service that doesn’t charge you up to a mark. It has an array of benefits like less ATM withdrawal, 1% cashback on the premium Revolut metal card, and contactless payment. The best part about Revolut is its easy transfer between currencies, without charges up to €1000.
With well over 15 million active customers in the bucket, Revolut is doing very well, and for good reasons. First off, they’re registered under the FDIC, which will give you money security for up to $250,000. Besides, Revolut works under the compliance of the European Deposit Insurance Scheme (EDIS), keeping the user protected for up to €100,000.
Is Revolut Safe For Large Amounts?
Because of Revolut’s reasonable transaction and exchange fees, people often use it for their daily transactions. But, considering people use it for businesses, the obvious question is: is Revolut safe for large amounts?
Well, Revolut has gained a reputation of not being a fast transfer processor for large sums of money. Since the anti-money laundering (AML) act is a strict one, and it works with a bot that halts suspicious transactions. However, in terms of security for your money in the hands of Revolut, you’re safe for sure.
Bottom line is: Revolut seems to have a hard time complying with both the customers and AML in terms of fast transactions. If you’re doing a transaction for a large sum of money, let’s say $50,000, be warned. Be sure to have a few days/weeks spare in hands to have it arrive its destination.
Simple Tips To Be Safe On Revolut
Using Revolut for current accounts can keep things easy for you as it works with a simple banking app with debit card. However, just like any other financial services, there could be security issues where you have to pay attention to.
Here are a few crucial safety tips to keep in mind when you’re trying to use Revolut with utmost security:
Keep your credentials safe
Revolut is an online-only banking service that uses its app to provide what it does. All your financial data and money are in that app, which you access with your login credentials. If you somehow get those credentials compromised, you’re at grave risk. So, memorize them, and never write them down anywhere, not even on your PC or notebook.
Don’t share the account or card details
Keeping your Revolut account safe from fraudulent activities also needs you to have it safeguarded from sharing elsewhere. Don’t trust a messaging app to keep it safe when you’re sharing your login or card details with somebody. Even if you have to share it with your wife or son, make sure the credentials have no written versions.
Use contactless/swipe payment wisely
Revolut offers contactless payment option as well as card swipe feature where you’re subject to typical card scams. Global payment card loses are on the rise, cutting over $27.85 Billion, and increasing. Freeze the cards (including the virtual cards) when you’re not using them from the app. Go to your account security setting, select the card, and freeze it until the next use.
Stay out of phishing emails and scams
Hackers and scammers often plan a trap using a phishing link with a deceptive anchor or landing page. Beware of what URL you’re clicking on while opening a URL from an email. Revolut will never ask you for personal details or login credentials. If you get an email asking for these, even from the official mail address of Revolut, contact the customer service.
Watch your balance closely
You never know when you get busted with a wrong click on a fishy URL in this deceptive online world. If your account gets hacked somehow, the hackers won’t move the entire balance out at once, they’ll drip draw it. Therefore, you must keep a sharp eye on your account balance, even to the pennies. If the previous balance mismatches the current one, report to Revolut.
Revolut has been around for a while, with a good market cap and an array of good features. They operate in 150+ countries with 29+ currencies, and is no physical bank, operating online only.
Keep things in control, even through you’re backed up by the European central bank, especially for large amounts of money. Is Revolut safe for large amounts? Yes, with some sketchy reports here and there, Revolut is pretty safe to transfer large amounts with.