Is Revolut safe for savings in Singapore?

Since Revolut isn't a bank, we aren't able to invest in or loan our customer's funds in any way. We also don't offer interest on our accounts, which is why — as with all Revolut entities — in the unlikely event of our bankruptcy, our customer's funds remain untouched in our Tier-1 partner banks, ANZ Singapore and DBS.

Is Revolut safe in Singapore?

Revolut is safe

We use advanced security measures, including strict identity checks, biometrics, and instant card freezing.

Is my money safe in Revolut savings account?

Enjoy peace of mind. Your savings are protected up to £85,000 through the Financial Services Compensation Scheme (FSCS) via ClearBank Limited.

Is my money safe if Revolut goes bust?

But to compensate for this Revolut does something called 'safeguarding' (also known as 'ringfencing'). Basically they keep your money with a series of other banks which do have FSCS protection. So if Revolut were to fail, your money still sits within the FSCS protected banks.

Is Revolut okay for savings?

You are guaranteed by the Deposit and Investment Insurance to receive back any eligible deposits you have made with into Revolut Bank UAB (via Instant Access Savings, Personal or Joint account), or otherwise up to EUR 100,000 even if the bank fails.

Savings and Flexible Revolut Accounts What are the differences

Can I use Revolut as a savings account?

It's designed to help you grow your money while keeping it separate from your everyday spending. With Revolut, your savings account gives you flexibility and control — you can access or withdraw your money anytime, earn interest daily, and manage everything easily in app. Get Revolut.

Is Revolut or Monzo better for savings?

Revolut vs Monzo: final thoughts

Choosing between a Revolut and Monzo account comes down to the features you want to better manage your money. Both are expanding their offerings for 2025, but if you want an account with international payment features and investment and savings options, then explore Revolut's plans.

Is Revolut a Russian company?

Revolut Group Holdings Ltd, doing business as Revolut, is a British multinational neobank. It was founded in July 2015 by British-Russian businessman Nikolay Storonsky and British-Ukrainian software engineer Vlad Yatsenko.

Is Revolut monitored by HMRC?

Unlike traditional UK banks, Revolut does not directly share customer transaction data with HMRC unless HMRC specifically requests it. However, Revolut must comply with legal information requests from tax authorities, meaning HMRC can: Request account details if they suspect tax fraud.

Does Revolut give money back if scammed?

However, Revolut still follows a structured process to evaluate fraud reports and may issue refunds depending on the circumstances of the case. If you've been scammed, it's crucial to report it to Revolut as quickly as possible.

How much money can I have in Revolut savings?

Are there any minimum or maximum deposit amounts? No minimum deposit is required. However, there's a £85,000 (or currency equivalent for savings accounts in USD or EUR) maximum limit per partner bank — except for GBP savings accounts with Clearbank, which have a limit of £200,000.

Are Revolut savings guaranteed?

If eligible, your savings accounts deposits are protected up to £85,000 per person, per bank, by the FSCS. If you have another account with the same bank outside of Revolut, that account will also count towards the total FSCS cover. You can learn more on the FSCS website.

Do you pay tax on Revolut savings?

Revolut doesn't withhold any tax on your interest income earned. You have sole responsibility for the management of your legal obligations and tax affairs, including making any applicable filings and tax payments, and complying with any applicable laws and regulations.

Which bank does Revolut use in Singapore?

How are customer funds secured and stored within Revolut's system? We hold customer money in accounts at ANZ Bank Singapore - Australia and New Zealand Banking Group Limited (ANZ), Singapore Branch and DBS Bank Limited (DBS), Singapore Branch.

What is the Revolut account limit in Singapore?

Limits under the Payment Services Act

For Revolut Singapore customers, an annual, rolling transaction limit of S$100,000 (or the foreign currency equivalent) applies. This limit applies to all transactions (including card payments, ATM withdrawals, and transfers).

Is Revolut 100% safe?

As an authorised financial institution compliant with Electronic Money Regulations, 100% of your main account balance is safeguarded.

Do I have to declare Revolut?

Regardless of your IBAN, all Revolut investment products are provided by our European entity and must be declared as foreign accounts. This includes Stocks and ETFs, Flexible Accounts, Robo-Advisor, Commodities, and Crypto.

Can HMRC see my foreign bank account?

HMRC will share information with the tax authority of another country (where we have an agreement in place to do so) if the account is held by one of their tax residents. In turn, HMRC will receive information about UK tax residents who hold accounts outside of the UK.

Can DWP see my Revolut account?

Can DWP see my Revolut account? No, the DWP can't routinely access Revolut accounts. They can only request details if there's reasonable suspicion of fraud. However, Revolut must report certain information to tax authorities under the Common Reporting Standard (CRS).

What is the Revolut controversy?

Revolut has been fined €3.5 million by the Lithuanian central bank over alleged deficiencies in its AML controls. Regulatory authorities found that the neobank failed to implement adequate controls to prevent money laundering and related financial crime.

Who is the owner of Revolut?

Nikolay Storonsky. Nikolay Storonsky (born 21 July 1984) is a Russian billionaire entrepreneur with British and French citizenship. He is the co-founder and CEO of Revolut, and the founder of venture-capital firm QuantumLight. Revolut is now operational in more than 35 countries, with 50 million customers.

What countries don't use Revolut?

You can make card payments with your Revolut Business cards in most countries that accept Mastercard or Visa. Countries we don't support payments in include but aren't limited to: Belarus, Crimea, Cuba, Iran, North Korea, Libya, Myanmar, Russia, Syrian Arab Republic, Venezuela, and Zimbabwe.

Which bank is better than Revolut?

What is the best alternative to Revolut? It depends on your business needs: - Wise is ideal for low-cost international transfers with real exchange rates. - Starling offers FSCS protection and traditional UK banking features.

How many bank accounts should someone have?

For example, if you need a checking account for everyday spending and separate savings accounts for your emergency fund, your new car fund, and your downpayment fund (to keep you from spending money for one goal on another), then four bank accounts might be the right amount.