Honestly, not really. Revolut’s implementation is pretty standard. But there are things some services do to make it harder to exploit, like in Monzo’s approach, as the Monzo app doesn’t show you which phone numbers link to which Monzo user.
To give you more peace of mind, we’re adding more detail in our terms about how we “safeguard” your money.
You know that sinking feeling you get when you pay someone and moments later realise you put the wrong account details in? We’re addressing this by introducing an ability for our support teams to reverse some mistaken payments made into Revolut accounts.
As you probably know, if you exchange more than our free exchange limit in a month, you pay a fee. This limit is decreasing to £1,000 each month (which, our research shows, most of you won’t hit anyway). Above that limit, our fee will stay the same at just 0.5%, and we’ll let you know if an exchange will be subject to a fee. Our Premium and Metal plans still have unlimited exchange, as they always have.
You will continue to enjoy the same interbank exchange rates on weekdays. For exchanges at the weekend, we’re slightly increasing our mark-up for major currencies from 0.5% to 1%, to cover our risks when the market moves (as it has a bit recently). The mark-up for other currencies is staying the same – see the full list here. (Remember, you can avoid this fee completely by making an exchange on weekdays.)
Our most popular payment types, such as payments to Revolut users, domestic transfers and Euro transfers within the Single Euro Payments Area are remaining free. If you make any other transfer to an account outside of your country, your first payment each month is also remaining free , but after that there will be a fee of 50p per payment.
If you make a transfer to a country that is not in its national currency, there will be a fee of £3 for USD transfers (like US Dollars to Brazil) or £5 for non-USD transfers (like GB Pounds to Brazil.) We’ll always let you know beforehand if a transfer you are about to make will incur a fee.
These changes will take effect from August 12 2020
Interesting, although I think personally the issue for me isn’t the lack of license I think it’s the brand portrayal. I don’t know why particularly, but I always have viewed revolut similar to the way I view crypto. A bit techy, a bit risky and a bit less grounded. I think the fact it does so much is actually a bad thing for me, it’s more of a utility card than a keep funds in bank. Not sure how they would turn that around for me personally.
Perhaps that’s just down to personal preference and there’s not much they could do change it. For me, I like them for essentially the same reasons you don’t; consolidation. I like that everything is in a single place with a well thought out cohesive interface. A license would definitely help portray them as more trustworthy for holding your funds though. I don’t trust them in that regard yet.