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A Revolut account helps you manage all your money in one place. You can keep as many as 36 currencies in-app, send and receive transfers to multiple countries and currencies, and easily spend around the world with your Revolut debit card.

But when it comes down to it, you may want to know the key differences between Revolut and a bank account. If you’re wondering: can I use Revolut like a bank account, read on. This one’s for you.

Does Revolut have a banking licence in the UK?

No, Revolut doesn’t yet have a banking licence in the UK. We’re working on getting a UK banking licence, and we’ll share the news as soon as we do.

In the UK, Revolut is an e-money institution (sometimes called an ‘EMI’). We’re authorised under the UK Electronic Money Regulations and regulated by the Financial Conduct Authority (FCA). Being an e-money institution allows us to provide you with an everyday account that you can use to manage your money in a range of ways, but Revolut is not a bank.

In the European Economic Area (EEA), Revolut Bank UAB, is authorised by the European Central Bank and the Bank of Lithuania and is a bank in 30 countries in the EEA. The Revolut Group holds many licences and authorisations globally, giving us the power to provide you financial services including e-money account holding, stock trading, virtual currencies, insurance, and more. In 2023, we rolled out local IBANs — or international bank account numbers — in Spain, France, and Ireland, with many more planned, so customers can use Revolut as their main accounts for core everyday banking needs.

How does Revolut protect my money?

In the UK, as an e-money institution, Revolut protects your money through ‘safeguarding’ — a set of laws that define how an e-money institution must secure your money. These rules are designed to ensure that if the e-money institution fails, your money is kept in a safe place and can be paid back to you.

Here’s how it works: once Revolut receives your money, we must either place it in a dedicated ‘safeguarding account’ with a bank, or invest it in low-risk assets that the regulator has approved as an alternative to cash. This money and these assets are held in a range of licenced banks worldwide, such as JP Morgan, Barclays, Citibank, Goldman Sachs, and others. Revolut keeps your money in these accounts or investments until you spend it.

This approach is different from how your money is protected by banks in the UK through the Financial Services Compensation Scheme (FSCS). The main difference between FSCS protection and safeguarding is that FSCS protection is covered by an independent statutory organisation, while safeguarding protection is provided by the e-money institution itself. If a FSCS-protected firm were to fail, this independent organisation is legally obliged to pay back their funds to eligible customers up to the maximum compensation amount (normally £85,000 for consumers).

What if Revolut fails?

In the unlikely chance that Revolut, or any e-money institution, fails, the customers’ claims on their funds will be paid from the safeguarding account. Revolut doesn’t lend the money it’s received from one person to another. So, if it meets all of its obligations under the safeguarding laws, it’ll have enough money in its safeguarding accounts and investments to cover its debts to its customers.

For more information, refer to our article on how we keep your money safe.

In the EEA, Revolut (Revolut Bank UAB) is a bank incorporated in the Republic of Lithuania, and licensed and regulated by the Bank of Lithuania and the European Central Bank as a credit institution.

Almost all deposits made by retail and corporate depositors with Revolut Bank UAB are insured by the state company Deposit and Investment Insurance. This means that if Revolut Bank UAB is unable to fulfil its financial obligations and return an insured deposit, the Lithuanian state company Deposit and Investment Insurance shall pay the deposit insurance compensation for deposits to the depositors. Certain deposits aren’t covered by insurance, and you can find more information on our deposit insurance page or at www.iidraudimas.it.

This is the same level of protection as any other conventional bank and applies regardless of the nationality of the customer. Anyone banking within EU countries is covered through deposit protection. Additionally, like any other bank, we’re subject to strict requirements from our regulators that are designed to enhance the stability of the financial system, so it’s unlikely our customers will ever need to rely on such protections. Still, it’s nice to know they’re there.

What does Revolut do with my money?

Revolut deposits your balances at central banks, financial institutions, and in high-quality liquid assets such as government bonds and investment-grade bonds issued by reputable institutions. This means that Revolut always holds funds for a rainy day — but you can still access your Revolut balance any time you want it.

How much of your money is protected?

The maximum amount of insurance compensation for deposits with Revolut Bank UAB for a single depositor is €100,000. The amount of Deposit Insurance compensation is calculated by adding all the deposits held with Revolut Bank UAB.

What if Revolut fails to return your deposit?

In case Revolut Bank UAB fails to return your money due to inability to fulfil its financial obligations, then Lithuanian state company Deposit and Investment Insurance shall pay the deposit insurance compensation to the customers. The Deposit Insurance compensation must be paid within 10 working days. That way, our customers’ money is protected.

For more information, refer to our page on Deposit Insurance.

Advantages of using Revolut as your primary account

There are plenty of advantages to using Revolut for your daily spending, budgeting, and beyond. With Revolut, you can conveniently manage your finances in one single place. You can:

  • Get a personal account, Joint Account, <18 account, or a Revolut Business account
  • Get a physical debit card for everyday spending, an instant virtual card, and a single-use virtual card that resets its details each time you use it
  • Send, spend, receive, and hold a range of currencies in your account
  • Get simple, competitive exchange rates — check out currency converter
  • Set aside money for big purchases or special occasions with pockets
  • In select markets, save for the future with interest-bearing savings or flexible accounts
  • In select markets, get unsecured personal loans, credit cards, and BNPL (Buy Now Pay Later)
  • Buy and sell shares in listed companies and cryptocurrencies
  • Pick a plan that’s right for you so only pay for what you need

How can I use Revolut as my bank account?

Revolut offers the same features as a traditional bank account. You can use it to pay bills, make transfers, keep, budget, and organise your money. Order a physical debit card, or create a virtual card for easy spending on the go.

If you need anything from us, our customer support is available 24/7, directly in-app to answer your questions. Forget being stuck on hold. We’re here to help.

Get a UK sort code and account number

In the UK, Revolut gives you a local account number and sort code just like traditional banks. You can use this information to receive money in your main currency. You’ll also have international details to easily receive international transfers in different currencies.

Set up Direct Debits

Use Revolut to manage regular payments and bills. From a streaming to your gym pass or monthly rent — our scheduled payment and Direct Debit features are the perfect way to never miss a deadline.

Open a Savings account to earn up to 4.75% interest

Revolut is perfect for working towards your money goals. You can set money aside with pockets, or open a Savings account to earn up to 4.75% interest on your extra cash. Got plans with someone in your life? You can open a Joint Account, too.

How is Revolut different from a bank?

Revolut offers many of the same features traditional banks do, and more. Our app includes a bunch of financial products, tailored to your lifestyle — your one-stop shop to help you change the way you do money. Whether you like travelling, shopping, focus on investing, or aim to grow your money with interest, Revolut has a product suited to your needs.

Unlike traditional banks, we offer more than just the basic banking features:

  • Send instant transfers to other friends using Revolut
  • Withdraw money without withdrawal fees (up to your plan’s limit)
  • Get 24/7 customer support, including weekends
  • Enjoy competitive currency exchange rates
  • Pay no monthly fees with our Standard plan option, and there’s no minimum deposit
  • Track your budget and spending with our tools that let you manage all your money from one place
  • Earn rewards when shopping with Revolut’s partners
  • Book stays and experiences around the world, directly in-app
  • Enjoy a smooth app experience — easy to navigate and find what you need
  • Manage your freelance income, payments, and expense management with Revolut Pro

We go above and beyond with stock and commodities services, impressive cashback offers, easy international transfer, and currency exchange — all in-app. We offer a range of tools that simplify the way you manage money, packaged into an account that doesn’t feel like a standard digital bank.

With Revolut, you can customise your own banking experience, choosing the products you really need.

Revolut app adapts to your changing needs. You can switch between plans and have the best experience every time. For example, a customer might have started out using Revolut as their travel card, but now they’re more interested in investing or growing their money. Scaling to a Metal plan would get them lower fees in investing transactions, while offering even more travel perks and advantages like worldwide emergency medical cover, insurance for delayed flights, lost luggage, and more.

Can you use Revolut as your business account?

You can’t use a personal Revolut account as a business account, but we do offer a few options for managing your business finances.

You can set up a separate Revolut Business account to manage all your company finances — this way you can enjoy the look and feel of Revolut in a designated Business account. We offer Revolut Pay and Revolut Reader to merchants to facilitate online and in-person payments for retail customers, as well as offer rewards and discounts. Businesses can accept payments using just an iPhone and their Revolut Business app through Tap to Pay on iPhone in eligible countries.

If you’re a freelancer or sole trader, Revolut Pro might be a great fit for you. It’s an account that sits within your personal Revolut app, which you can use to manage your freelance finances.

Now you have all the facts at your fingertips — like if you can use Revolut as a bank account, and how it differs from a traditional bank where we’re an e-money institution. So, what’s next? You can download the Revolut app and sign up today, or explore our website to learn more about the tools and features that help you send, spend, and save smarter.

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