Is Revolut A Bank? What You Need To Know

No video

Is Revolut A Bank? What You Need To Know

Рет қаралды 94,204

Күн бұрын

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:
This is a great video from Khan Academy that explains fractional reserve banking, definitely worth a watch: • Overview of fractional...
Here’s how Revolut describes itself to customers: www.revolut.com/help/more/com...
And here’s a bit more info on Revolut’s banking licence situation from its Business blog: blog.revolut.com/business-wha...
You can sign up for a Revolut account with my referral link here: revolut.com/referral/oliver5x...
~~
Shot, edited and uploaded on an iPhone 11, iPhone XR and an iPad Air.
Audio recorded with a Blue Yeti microphone.

Пікірлер: 126

@o1iversmith 3 жыл бұрын

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?

@tullimen09 2 жыл бұрын

How you know that vault is in paragon bank account?

@nikoletadart 2 жыл бұрын

What do you mean by that? Helpful video, thank you.

@kenanthony1738 2 жыл бұрын

Paragon Bank? Never heard of it!

@xxxbirdsong3947 3 жыл бұрын

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

@o1iversmith 3 жыл бұрын

Haha, I'm not doing myself any favours with that hoodie! 😂

@anagysemmi6334 2 жыл бұрын

Zuckerberg with bri'ish accent 😃

@Paul-gu2lv 10 ай бұрын

Absolutely

@n17999- 5 ай бұрын

Could we get a update on revolut m8, you should get back making videos. @@o1iversmith

@johnnypunish 2 жыл бұрын

Clear and Articulate! Fantastic Job Mr. Smith

@roryselley 3 жыл бұрын

i love ur voice so smooth bro, u sound like the guy who does tv ads ahaha

@missfavoured 2 жыл бұрын

Underrated video. Excellent video. Thank you.

@rodolfolorenzo1491 3 жыл бұрын

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

@o1iversmith 3 жыл бұрын

Thanks Rodolfo, welcome aboard!

@bobsyeruncle4841 Жыл бұрын

very useful and insightful

@MariaAndersenCrypto 3 жыл бұрын

Thanks for this information!

@o1iversmith 3 жыл бұрын

Glad it was helpful!

@Ramboia87 3 жыл бұрын

So well explained! New subscriber here

@o1iversmith 3 жыл бұрын

Thanks Joninhas, welcome to the channel!

@InvestOrama 2 жыл бұрын

Brilliant analysis

@malickjeng3614 6 ай бұрын

Thanks a lot for the video

@midsummernightdream 3 жыл бұрын

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

@hotismusic Жыл бұрын

Thanks for nice Video

@samirpashayev1004 5 ай бұрын

Thank you Mark !

@kenroyforte6175 3 жыл бұрын

Great video!

@o1iversmith 3 жыл бұрын

Thanks! :)

@balayya3896 2 жыл бұрын

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

@centurionguards3819 Жыл бұрын

It depends on what you need it for, I needed a crypto-friendly account, and this is one of the ones I'll be using.

@AnEmperor-TheKingofTheKings Жыл бұрын

🎉Good video 🎉

@mm_99321 3 жыл бұрын

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.

@Hamza07799 2 жыл бұрын

great, thank you

@Jakob19thmmm 2 жыл бұрын

Thank you thank you thank you.

@I_Was_Chrispy_Kreme Жыл бұрын

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

@iliyailiev7023 3 жыл бұрын

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.

@ljayhvhjones7289 2 жыл бұрын

why do you pay for a bank account?

@liberifatali6975 2 жыл бұрын

hey Oliver! can you help me out here? Im planning to study abroad in UK for a while, and i still dont know really what apps or services do i need to prepare. Can a Revolut account receive money from banks in different currency (Indonesian Rupiah, in my case) and then exchange it to GBP in the app? thanks!

@ottomanempire3574 3 жыл бұрын

If i have money in Revolut and from there i will transfer to my bank i need pay a deposit to transfer to bank?? Need know this

@blockchainbtc7693 2 жыл бұрын

Does the premium account send and receive without limits and any amount and without taxes???

@EnhancedNightmare 2 жыл бұрын

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

@AmmiRuhamaCommunity 2 жыл бұрын

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

@dimitrromanov3846 Жыл бұрын

If you are Bulgarian citizen and receive your salary with Revolut from UK how is the situation with taxes?

@dharmeshdewangan9377 5 ай бұрын

Thankyou

@k3dare 2 ай бұрын

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

@fedahanafi6677 7 ай бұрын

I love using Revolut from Denmark 🇩🇰

@JohntauraiKarikega 4 ай бұрын

Can I use revolut statement for UK visit visa

@hoodedr6 Жыл бұрын

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

@WillzsGames Ай бұрын

Can i use Revolut in Nigeria?

@wasifedits4147 2 жыл бұрын

Hi,, I want to know is revoult account statement is valid or acceptable for applying visa application for any country?? Please answer if anyone know

@SinGaming69 2 жыл бұрын

@nguyenly7092 2 жыл бұрын

Hi. I'm newcomers on your page, I don't understand anything about Revolut.My husband requested me look for Revelut, I did as he said, I gave him my address, I'm not have an ID card, because the goverment, hasn't given me a new ID card yet, So how can i receive my husband's money sent to me, and do i pay any fee to receive my husband's money sent to me?

@xingyutan2823 2 жыл бұрын

I use revolut because it offer high interest in vault, and more cash back options using its card, but do not put large amount of money there

@brrrrrrreret Жыл бұрын

Hi how much money you can put there and why not a large amount

@barrysamson7900 3 жыл бұрын

Hi Oliver I loved your video on Revolut-- question for you-- we are a Canadian company that is trying to find European banking for our sales to European customers and we need whatever bank we end up going with to work with Shopify which insists that whatever bank we use has a bricks and mortar footing. Does Revolut offer this and if not what other fintech banks do this and do you provide consulting services in this area? We launch in Europe July 15, 2021 Barry Samson

@o1iversmith 3 жыл бұрын

Great question Barry and, full disclosure, I’m not a consultant and you should definitely seek advice from Shopify to ensure your payouts are successful. Ideally you want to pick a bank with a physical office/address in the market you’re operating in. N26 might be a better option given Revolut’s strange banking licence situation… but it’s worth asking Shopify if they can recommend a European (digital) bank. Good luck with the launch! 🚀

@Cos3D 2 жыл бұрын

@@o1iversmith revolut is a real bank in many european countries but not in the uk

@o1iversmith 2 жыл бұрын

Yea, when this video was made Revolut only operated as a bank in 12 countries, that number has since grown to 28 countries!

@Cos3D 2 жыл бұрын

@@o1iversmith oh ok!

@thegodwarsable Жыл бұрын

Is Revolut Crypto decentralised?

@anicicm2954 Жыл бұрын

When is new video?

@user-de8mu8xh9j 3 күн бұрын

If Revolute keep your money in a bank, why not just keep your money in Barclays, Lloyds or a registered bank yourself. What is the advantage in depositing with Revolute in the first place?

@ihabsal7 2 жыл бұрын

Bro, you can make a verified account so that I can send money to my family The problem is that it is not supported in the country in which I live

@Jakob19thmmm 2 жыл бұрын

Oliver, if I deposit money into Revolut in Portugal (I live here), which old school/brick and mortar bank is backing it up?

@o1iversmith 2 жыл бұрын

Hey Jakob, a lot has changed since I made this video, in particular Revolut now operates as a bank in 28 countries, including Portugal! So if you’re a new customer (or an existing customer who has upgraded their account to Revolut Bank) it’s likely your deposits are held directly by Revolut now. Hope that helps!

@Jakob19thmmm 2 жыл бұрын

@@o1iversmith so helpful, thank you!

@MOUNIR117 2 жыл бұрын

@@o1iversmith I receive my monthly salary now on iban. If the transfer is not made to Revolut Bank, I will not receive anything, thank you

@Robert_U 2 жыл бұрын

Aren’t they operating in Sweden as a bank now?

@altoyklaro7713 3 жыл бұрын

no usen revolut ya llevo 1 año con ellos y por primera vez en junio 2021 tengo un problema con revolut, ya llevo 2 meses reclamando £200 que me descontaron de mi account que núnca recibi luego de meter la tarjeta en un cajero el cual se quedó trabado y no saco dibero. en fin he hecho todo lo que me han pedido para demostrar que no recibi el dinero y hasta ahora no se hacen responsable en resolver nada 😭 necesito ayudaaaa.. y lo peor es que no hay oficinas donde ir o sea todo mi dinero on line dios no es una buena idea los bancos on line. todo lo on line es inexistente a la hora de responsabilidad. 😭

@MsMelvin2010 3 жыл бұрын

Actually i like revolut but its not a bank. Other banks not accept their account statement.

@cocobeauty2530 2 жыл бұрын

Your voice is worth monies…

@Nick23003 2 жыл бұрын

Came here for Revolut, got ASMR instead

@karennakye 2 жыл бұрын

Your voice😍

@maxgreece1 3 жыл бұрын

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.

@ljayhvhjones7289 2 жыл бұрын

how much do you pay?

@maxgreece1 2 жыл бұрын

@@ljayhvhjones7289 ok as an update I’ve switched to a full on bank account and upgraded it to the middle level (can’t remember The name). I pay about 6 euros a month for the service. I get 5 free trades on stocks and pay 1.5% on crypto transactions. That’s not cheap but there are no transfer costs as the money goes straight into my bank account. Overall I’m very satisfied with the whole service.

@chriscarlin4902 2 жыл бұрын

it appears banks are going down at the mo, barclays hsbc, and i think natwest, it was said, i wonder if this revolut bank is safer than the normal banks or not?

@antonioskarakechagias3920 2 жыл бұрын

Few questions here. Can you connect revolut card with Paypal and pay with PayPal if some store doesn’t accept revolut? Secondly, what about the taxes? From what I’ve seen you can pay or get paid with basically no commission

@maxgreece1 2 жыл бұрын

@@antonioskarakechagias3920 Not tried connecting to Paypal but I imagine you can. I tend to pay with Google Pay which is connected to my card. That works in places where they "dont accept" Revolut, so its never been an issue for me. I don't understand the taxes question - if you are getting paid into Revolut you will have done KYC and the authorities will be able to track your income if they investigate you. Commissions are minimal to non existent.

@MOUNIR117 2 жыл бұрын

I receive my monthly salary now on iban. If the transfer is not made to Revolut Bank, I will not receive anything, thank you

@arlenevericio1362 3 жыл бұрын

Is it advisable to open my kids a revolut account .They are 16 yrs old and I dont want them to carry their bank cards if in case they misplace or loss it.

@o1iversmith 3 жыл бұрын

That's a tricky age. Revolut is 18+ for its regular accounts, and 'Revolut Junior' probably isn't right as as that has to be tied to an adult's account. Starling has a dedicated Teen Bank Account for 16-17 year olds, I'd suggest having a look at that? > www.starlingbank.com/current-account/bank-account-for-teenagers/

@sooshim_90 3 жыл бұрын

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.

@nielsmoller2719 2 жыл бұрын

You are right - the banks in Sweden are awful… arrogant, sleeping and not there to add value to their retail customers:-( I’m w you, will also try this out, hopefully it’s credible…

@Jsarson1976 3 жыл бұрын

I have banked with Revolut for years and get my wage put in to the account with no problems.

@malikgray93 2 жыл бұрын

What kind of job do you have

@antonioskarakechagias3920 2 жыл бұрын

what about the taxes? Do you manage to avoid them?

@stefantrujillo4664 Жыл бұрын

@@antonioskarakechagias3920 taxes are sorted by hmrc and deductible before final figure is put into your bank account

@HappyRareGrooveMan Жыл бұрын

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

@user-pw8mp6pn5r Ай бұрын

Revolut 🎉🎉

@nellab5314 2 жыл бұрын

Revolut are letting me know if I don’t join the bank, I can’t have Revolut. I only use it to pay individuals so see no point.

@MOUNIR117 2 жыл бұрын

I receive my monthly salary now on iban. If the transfer is not made to Revolut Bank, I will not receive anything, thank you

@MOUNIR117 2 жыл бұрын

Is it mandatory to change now?

@ericcudjoe2550 3 жыл бұрын

CAN I SUE REVOLUT PLEASE? I JUST SAW THAT MY AMOUNT OF MONEY IN MY STOCK HAS REDUCED BY $900. If you do calculations, it’s a mistake from them because the percentages do not tally. I don’t know why? I want to consult a lawyer and take them on. Okay what’s your advice please?

@seanwilliams7966 3 жыл бұрын

Can't do anything about it as it states its a rough estimate on the scale not 100% accurate. Terms of service states they're not accountable as its a third party who run it and they just promote it on their platform.

@payambagheri6370 4 ай бұрын

Revolut rocks .....

@kessyokonkwo9337 2 жыл бұрын

So in short...it is bank but not a bank until it becomes a full bank in the UK

@o1iversmith 2 жыл бұрын

You got it!

@kessyokonkwo9337 2 жыл бұрын

@@o1iversmith Great. Quick question. Do they have a physical card that you can hold or only a digital one?

@o1iversmith 2 жыл бұрын

@@kessyokonkwo9337 yep, they have physical cards in all different styles and designs (I’ve made videos taking a look at some of them)

@lamineazzouz2672 2 жыл бұрын

خير كي مسيت

@sumnirro Жыл бұрын

Hi Zuckerberg

@OH2023-cj9if 9 ай бұрын

You keep looking at the wrong camera, so you are filming the side of your face as you look and talk away from the camera. It would help if you corrected this before uploading.