Is Revolut safe? 2022

Revolut has been operating in Singapore since 2019, and globally has over 18 million users. It’s known for innovative account products you can manage online and on the go through the intuitive Revolut app. However, if you’re considering opening a Revolut account you’re probably asking one key question: is Revolut safe?

The good news is that Revolut is a safe provider - and often far cheaper than a regular bank too. If you’re worried, this guide will set your mind at rest, covering how Revolut is regulated, the steps in place to keep customer funds and data secure, and how you can make sure your Revolut account is as safe as possible. 

Send money with Revolut

Quick summary

  • Revolut is authorised by the Monetary Authority of Singapore 

  • Accounts require verification and come with industry level security

  • Users must have strong passwords and 2FA for logins

  • Get instant transaction notifications

  • Manage and freeze your card through the app

  • Manual and automatic fraud prevention systems run 24/7

Is Revolut safe?

Revolut is a safe and trusted provider (Revolut review). It’s regulated by the Monetary Authority of Singapore (MAS), and as a global service provider it’s also overseen by a range of other regulatory bodies around the world. Here are some key stats to consider:

  • Year founded: Founded in 2015 in London; operating in Singapore since 2019

  • Regulation: Authorised by MAS in Singapore and other global regulatory bodies around the world

  • Number of customers: 18 million personal users in 35 countries

  • Amount transferred: 150 million transactions a month

How is Revolut regulated?

Revolut is registered in Singapore as a Major Payment Institution by the Monetary Authority of Singapore (MAS). 

The services it is able to provide include issuing accounts, domestic and international money transfers and e-money issuance. Revolut also provides insurance related products and assistance services which are offered through registered partners.

When MAS grants a licence to a major payment institution it carries out thorough checks that the provider can keep customers and their money safe. This includes making sure that:

  • The company, controllers and directors have a good track record

  • The business is well governed and in good standing in other countries it operates in

  • The company can comply with the Payment Services Act, including compliance, safeguarding, technology risk management and audit arrangements

Once granted a licence, companies like Revolut need to make sure they continue to comply with strict standards imposed by MAS. That means your money, and your data, should always be safe.

Is Revolut as safe as traditional banks?

Revolut isn’t a bank. Banks tend to offer a broader range of services to customers, such as issuing credit cards and loans. This means they’re subject to a broader range of regulation by MAS, too.

When you consider like-for-like services, Revolut is regulated in a similar way to a normal bank or any other financial institution. That means Revolut is as safe as traditional banks for the services they offer - and usually far cheaper too. 

Send money with Revolut

How does Revolut keep your money safe?

Revolut takes a series of steps to help make sure your money is always safe. These include automatic processes which run in the background, and manual activities used to protect customers and their funds. Here are a few key points:

  • Customer money is safeguarded in regulated banks in a way that it can’t be mixed with Revolut’s own money

  • All customers must complete a verification process to open an account

  • You can freeze, unfreeze or block your Revolut card in the app

  • Create single use virtual cards if you’re concerned about account security

  • You’ll get instant transaction notifications on your own and any linked Junior account

  • Automatic and manual processes run 24/7 to spot and prevent potential fraud

Is Revolut safe to transfer money?

Revolut is safe to send money. 

To send money you’ll need to take a series of security steps which keep your account safe - like logging into the Revolut app with your passcode. You can make local and international transfers to other Revolut accounts or to regular bank accounts. Usually international payments are far cheaper than using your normal bank, too.

Is Revolut safe to keep money with?

Yes. When you add funds to your Revolut account, they’ll be held in a leading regulated bank for security. This is known as safeguarding, and it makes sure customer funds are kept away from Revolut’s operating capital, and in a secure place. Don’t worry though - whenever you need to access your money you can do so through the Revolut app, to send, spend or make international ATM withdrawals.

Is Revolut safe for large amounts?

Revolut is safe for transacting in higher values, too. However, it’s useful to know that limits might apply to your Revolut account which relate to the Payment Services Act. Not all transactions you might like to make with Revolut are covered by this legislation - there’s not a limit on withdrawing money to a local or international account in your own name, for example. However, some other transactions, including making international payments to third parties, are capped at 30,000 SGD in a rolling 12 month period. 

Check your account terms and conditions carefully to make sure you fully understand the impact of the Payment Services Act on your Revolut account.

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Is Revolut legit?

If you’re wondering if Revolut is too good to be true you don’t need to worry - Revolut is legit and a perfectly safe provider to use.

Revolut - and other services like it - operate online and via their app only. This means they don’t have the same overheads as your normal bank. They’ve also invested heavily in creating innovative solutions to old problems, such as building new international payment networks which are cheaper and faster for customers. Overall, this means that Revolut can offer services to customers which are often cheaper, faster and more intuitive than a regular bank.

Customer reviews on Trustpilot

Trustpilot aggregates customer reviews on service providers, to build a live picture of the levels of service you can expect from them. You’ll be pleased to know that Revolut has over 105,000 customer reviews on Trustpilot, with an average rating of 4.4 out of 5 stars. That’s an Excellent rating.

Security doesn’t often come up as a problem in the reviews left by customers. Where it does arise, it’s usually referring to checks that Revolut has requested for additional verification when payments are being made. This is usually a result of local legislation either in the sender’s own country or the destination country. While these checks can be frustrating and take up extra time, they’re to keep accounts safe - and a bank would have to follow the same steps.

Can you get scammed on Revolut?

While Revolut is a safe provider, it’s important to be aware that fraudsters and scammers operate across all types of financial institutions and may try to target Revolut accounts as they would other provider and bank accounts. 

One key scam Revolut highlights to customers is Google ad scams which purport to have Revolut customer service numbers available. These numbers are not connected to Revolut in any way, but vulnerable people may call, be connected with a scammer and then proceed to give out important account details before they realised the fraud. 

Revolut highlights that they don’t offer a phone service other than their automated number to allow you to block your debit card. If you’re called by anyone saying they’re from Revolut customer service you’re advised to log into the Revolut app and seek support using the chat option.

Can I avoid falling victim to a fraud?

Hopefully taking sensible precautions will be all it takes to keep your money safe with Revolut.

However, if you believe you’ve been a victim of fraud you’ll want to contact Revolut right away to report it. You can connect with a Revolut agent by logging into the app and using the chat function. You’ll also be able to block or freeze your card online or in the Revolut app. Alternatively, phone support is available if you need to block your Revolut card on +65 800 852 6318.

Is your personal data safe on Revolut?

Like any financial service provider, Revolut will need to collect a certain set of personal data from and about customers. All data will be managed in line with the Personal Data Protection Act 2012 (PDPA).

Some elements of data collection you can opt out of - such as blocking access to your social media connections. However, much of the data collected is either required by law or necessary to allow Revolut to carry out transactions on your behalf.

What personal data does Revolut collect?

The types of information involved can include:

  • Personal data about you - name, address, email, date of birth, your ID documents, a photo if you provide one for verification

  • Financial information like your linked bank account details, and linked card numbers 

  • Technical information like the type of device you use, your IP address and how long you stay on the Revolut site

  • Information about your transactions

  • Information from your devices if you give consent - like allowing access to your contact lists to make easy payments

  • Location information if you turn on this option on your device

  • Information from third parties like credit referencing agencies if you apply for a credit product, or verification agencies when you set up an account

  • Social media information - contact listings for example

As part of the MAS licensing requirements, Revolut is required to hold certain pieces of customer data for at least 5 years after a transaction has been completed. This is to comply with anti-money laundering and countering the financing of terrorism legislation.

How to get started on Revolut?

Set up a revolut account online or in the Revolut app - the entire process can be done digitally for convenience. Here’s how:

  • Download the Revolut app or open up the website

  • Click Sign up

  • Enter your personal details, following the onscreen prompts

  • Complete the verification step as required

  • Once your account is verified you can add funds and get started

It’s useful to know you’ll need to complete a verification step to keep your account safe. This usually involves taking a selfie with your photo ID document - which could be one of the following:

  • Passport

  • National Registration Identity Card

  • Foreign Identification Number (FIN)

  • Diplomatic ID

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Conclusion

Revolut is a popular provider thanks to their low cost, flexible account products which can be opened and operated entirely online or using a mobile app. 

As a licensed and regulated company, Revolut is safe to use. As well as complying with all financial regulations in Singapore - and being overseen by MAS - Revolut is also subject to regulation in the other countries and regions it operates in around the world. Additionally, your account is secured by leading edge technology, 24/7 anti-fraud measures, secure verification and login processes and instant transaction alerts.

Is Revolut safe?

Yes. Revolut is a safe provider, trusted by over 18 million people around the world. It has industry level processes in place to keep customer money and data safe, and is fully regulated everywhere it operates.

How is Revolut regulated?

In Singapore Revolut is regulated by MAS - it’s also overseen by a range of other regulatory bodies in the other countries and regions it operates in.

By Ileana Ionescu
Updated 14 April 2022