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.
On the downside, it doesn't offer popular asset classes like mutual funds or options. Research and educational tools are very basic, and customer support only answers some basic questions. Also, Revolut has had some quite negative news coverage. In 2023, they were unable to submit their annual report in time.
HMRC can access Revolut account data in the UK, but only when legally required, such as during tax investigations or fraud inquiries. Revolut does not automatically share user data with HMRC, but it must comply with legal requests for financial records.
Spending Abroad: Both banks offer services with minimal fees on overseas spending and withdrawals. Revolut uses the interbank exchange rate for its currency exchange on weekdays and adds a markup on weekends, whereas Monzo offers free withdrawals abroad up to a certain limit and charges a small fee thereafter.
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.
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.
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.
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. Depending on your country or region, this list may not be exhaustive, and is subject to change.
Once our setup is complete and we are ready to operate as a bank in the UK, we'll notify you of the next steps in the process for your existing Revolut account to become a UK bank account with us. Until then, there will be no changes for you and you will be able to keep using your existing Revolut account as always.
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.
Safeguarding helps protect you. It means if we became insolvent (unable to pay our debts), you'll get your money first. Our customers' claims would be paid out from our dedicated client money bank and asset accounts, before anyone else's claims are paid out.
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.
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.
Under CRS, financial institutions such as Revolut are required to report account information to the country tax authority. Countries have committed to exchange information in order to identify where accounts are being maintained by individuals outside their country of tax residence.
In 'Payroll', click 'Settings', then select 'Company' and click 'HMRC'. Then, set up a Direct Debit with HMRC to automate payments, so you don't need to send them manually.
Basically, if you transfer large amounts of your monthly income, the bank might ask for the Revolut statements when you ask for a loan, as they will want to know what you spend the money you transfer out for. That is their prerogative when you sign the forms applying for a loan with the bank...
Can I transfer money from Revolut to a bank account?
Yes, you can send money from your Revolut account to any bank in the UK — Lloyds, Barclays, NatWest, HSBC, you name it. You can also make international transfers to bank accounts outside the UK just as easily in-app.
Nik Storonsky launched Revolut in 2015 to transform the way we spend and transfer money abroad. Since then, he's put Revolut on the path to becoming the world's first truly global bank, changing the way we do all things money.
