Is Revolut safe? [AU]

With Revolut you can open an account to manage your money from your phone, make and receive payments, hold multiple currencies, invest and more. It’s convenient – but the question you may be asking is: is Revolut safe to use?

It’s not too much of a spoiler to say that Revolut is a safe, legal and regulated provider – much like your regular bank, but likely cheaper. Read on for all you need to know about how Revolut keeps your money safe.

Quick Summary

  • Financial app which was built with security in mind
  • Services are regulated by ASIC and AUSTRAC
  • Customers can manage accounts and cards in real time using a phone
  • Business services are also regulated by global authorities
  • Anti fraud technology and teams to protect customers

Is Revolut safe?

Yes, Revolut is safe to use. We’ll cover the full details of what Revolut does to keep customers safe throughout this article.

To start off, let’s get some key facts and figures about Revolut:

Established in: 2015

Regulators: ASIC and AUSTRAC in Australia, other global regulatory bodies as required

Customer numbers: 15 million

Volume of transfers: 100 million transactions a month

How is Revolut regulated?

Revolut is a registered business in Australia, overseen by ASIC (the Australian Securities and Investment Commission) and holds an AFS (Australian Financial Services) license. Under the Anti-Money Laundering and Counter Terrorism Financing Act Revolut is also regulated by AUSTRAC.

Revolut is also a member of the Australian Financial Complaints Authority (AFCA), so you’re covered if you have a complaint about the service you receive.

Global companies like Revolut must also be regulated by other countries in which they operate. Revolut is authorised and regulated by a range of bodies in different countries – enhancing customer security no matter what currency you hold, send or spend.

Is Revolut safer than traditional banks?

Revolut is regulated by ASIC like most Australian financial service companies and banks. However, you’ll often be able to get cheaper fees and access to more innovative services by choosing a specialist provider like Revolut instead of sticking with one of the more traditional banks.

The electronic money in Revolut accounts is protected by a bank guarantee issued by an Australian authorised deposit-taking institution. Card transactions are protected by Mastercard or Visa rules.

Customer reviews on Trustpilot

Here’s a summary of what customers say about Revolut on Trustpilot:

Provider Number of reviews Score (out of 5) Rating
Revolut 97,000+ 4.4 Excellent

Revolut generally has high customer ratings overall – 76% of customers give Revolut the highest available rating, and only 9% chose the lowest. Where customers have given the lowest available rating, security is seldom the issue – more common trends are struggles with accessing customer service.

On the odd occasion when security comes up as an issue in a customer review it tends to be about accounts being locked or frozen during verification processes. Verification is required by law, and is intended to keep customers safe. While it may be frustrating, it’s not an issue unique to Revolut – more traditional banks also have to check and verify account holder information and transactions for security reasons.

Revolut security measures

Revolut uses a broad range of technological ways to keep customers safe, as well as following all relevant regulations. Revolut’s security measures include:

  • Customer funds are protected by a bank guarantee
  • Thorough account verification processes are in place
  • You can freeze, unfreeze or block your linked payment card in the Revolut app
  • You’ll get instant transaction notifications so you can always see what’s happening to your account
  • Technology and human teams watch over transactions to spot and prevent potential fraud

Is Revolut legit?

If you’re new to Revolut you may be wondering if their services are too good to be true. There’s no need to worry – Revolut is absolutely a legit company.

Revolut has grown quickly in the 6 years since it was first launched. Over that time, they’ve built a great reputation as a trustworthy and innovative provider. Revolut is globally licensed and authorised which means customers can get the best of both the safety offered by a regulated provider, and the modern approach offered by a finance app.

Is Revolut safe to transfer money?

It’s safe to send money with Revolut – and can cost less than using a regular bank too. Revolut offers domestic and international transfers through its accounts.

Revolut has verification steps and checks in place to make sure your money is safe whenever you make a local or overseas payment.

Is Revolut safe to keep money with?

Whenever you add or receive funds to your Revolut account, they’re covered by a bank guarantee from one of Revolut’s Australian licensed preferred banking partners. The money is held by a trustee for the benefit of account holders.

This means your money is held safely and won’t be mixed up with Revolut’s operating capital.

Is Revolut safe for large amounts?

Revolut is a safe provider which offers high value transactions for individuals and businesses. There are no limits to the amount you can send from Australia for most currencies. The one notable exception is when sending money to Japan – you’ll be capped here to a maximum payment of 1 million JPY per transaction.

If you’re sending a high value payment to your Revolut account from your bank account you’ll want to check your own bank’s payment limits to make sure it’s allowed. Always be careful when entering account details to make sure your money is safe.

Is Revolut business account safe?

As with Revolut personal accounts, funds held in Revolut business accounts are covered by a bank guarantee and held separately to Revolut’s own capital. That means your funds are safe – and you could benefit from lower fees and more convenient features compared to using a traditional bank.

Can you get scammed on Revolut?

As with any financial service, it is possible that scammers will try to extract money from victims through Revolut.

One scam Revolut flags involves fake Google adverts placed by scammers, which claim to be from Revolut. These fake ads may include phone numbers which purport to be Revolut’s customer service centre, but which actually link back to the scammer. It’s good to know that Revolut will never ask you to reveal your account or personal details using text messages – if you think you’re a victim of a phishing or scam attack, don’t click on any links or hand over personal data.

Aside from this, taking basic sensible precautions will help keep your Revolut account safe:

  • Protect your password and account details, and don’t share them with anyone
  • Freeze or block your card in the app if you’ve lost it or had it stolen
  • Check your account and transaction alerts regularly to keep up with what’s going on with your account

Can I avoid falling victim to fraud?

Small, sensible steps can help protect your account. It’s also possible to simply lock your linked card if you have any concerns, and unlock it whenever you want to make a payment.

If you’ve been a victim of fraud, block your card in the Revolut app or by calling +442033228352.

Is your personal data safe on Revolut?

Revolut is legally obliged under the Privacy Act to keep your personal data safe. Revolut’s commitments to data security include:

  • To keep your information safe and private
  • To never sell your information
  • To allow you to manage and review your marketing choices at any time

Any data held about customers is on secure servers, and encrypted as necessary. Customers are also reminded not to give out account or personal information to help keep their Revolut accounts as secure as possible – fraudsters may try to gain access to your account through phishing techniques for example.

What personal data does Revolut collect?

Revolut collects information which may include the following:

  • Personal data about you – name, address, email, date of birth, your ID documents, a photo if you provide one for verification
  • Financial information if you link your bank accounts or cards to your Revolut account
  • Technical information like your IP address and the type of device you use
  • 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 – this may be used as part of the verification process

Revolut will not usually keep customer data for more than 7 years after it is required unless there’s a legal or business requirement to retain this information for longer.

How to get started on Revolut?

Revolut offers a variety of different accounts for personal and business customers. You’ll want to browse the options and look at the features and fees before you get started – but when you’re ready to create an account it’s pretty easy to do:

  1. Download the Revolut app or open up the website
  2. Click Sign up
  3. Enter your personal details, following the onscreen prompts
  4. Complete the verification step as required
  5. Once your account is verified you can add funds and get started

Revolut is legally obligated to check customer identity before customers can open and use their accounts. Luckily that’s a pretty easy process – and one that keeps your account and your money safer. Getting verified with Revolut will mean uploading images of documents which can verify your identity, and in some cases your visa. You may also be asked to take a selfie to show that your identity matches your ID document.

Conclusion

Revolut is a safe provider which is regulated by ASIC and AUSTRAC in Australia. As a global company, Revolut is also covered by a variety of other regulatory bodies around the world.

Revolut is a financial technology company, and as such has built its services with security in mind. There are thorough account verification processes in place, and both manual and automated procedures to spot and stop fraud. Customers can also freeze and manage their linked cards through the Revolut app and get instant transaction notifications, enhancing security further.

By Ileana Ionescu Updated February 11th, 2022