Revolut vault - Not protected by the Deposit Guarantee Scheme?

Revolut does actually own a banking licence, but it only covers a small entity within the Revolut Group of Companies, one that doesn't accept business from Irish residents. I think it only trades in Lithuania.

In the UK, its regulated by the FCA, where it holds an E-Money Licence (not a Banking licence). It's currently trading in Ireland under this UK authorisation, although I think plans are afoot to change that arrangement, before year end.

They were approved for a European Banking Licence in late 2018, but it does not currently cover funds owned by Irish customers, as I understand it.

See Revolts Blog here

Suffice to say, that only adds to the confusion amongst potential customers, who may think that their money is protected under the Deposit Guarantee Scheme.
 
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MrEarl said:
Suffice to say, that only adds to the confusion amongst potential customers, who may think that their money is protected under the Deposit Guarantee Scheme.
Click to expand...

Their publicity on this is not wrong but is deliberately confusing.

When you set up the app the entity you are dealing with is not a bank and your funds do not have DGS protection they way a bank or a credit union account do.
 
MrEarl said:
Revolut does actually own a banking licence, but it only covers a small entity within the Revolut Group of Companies, one that doesn't accept business from Irish residents. I think it only trades in Lithuania.
Click to expand...

Their banking license is in Lithuania but as far as I recall even retail customers in Lithuania contract with their Money License entity not their bank (though a while since I checked that). It seems the only use their bank license for internal treasury purposes.
 
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