Because the approval of this transaction is a secure link hosted by your bank, Revolut doesn't have any access to the details you use to log in, or anything in your bank account, apart from the payment that you approve.
Yes. As Revolut is a bank its customers are covered by the 'bank guarantee'. You may be familiar with the Central Bank's Deposit Guarantee Scheme (DGS).
Once you link your account, you will be able to see your other balances, transaction history and account details, all within the Revolut app. In addition, our analytics and budgeting tools for your linked accounts work automatically.
The short answer is yes, it's safe to link bank accounts. Linking bank accounts is as safe as any other banking activity. The level of security provided depends on your bank or credit union.
You can use your Revolut account to receive transfers from other bank accounts. Your Revolut account is a multi-currency account, whereby each currency account has unique account details to receive particular transfers.
Simply go to the details section of the bank you've added and tap 'Revoke'.
Users who have set up their External Account will be able to hold more money in their Revolut account and transact more easily. If you have set up your External Account, you can hold more than S$5,000 or foreign currency equivalent throughout the day.
Linking banking accounts makes it possible to conduct transactions between them electronically. You can link bank accounts at the same bank or between different financial institutions. For example, linking external bank accounts is something you may do if you're opening a new account with an online bank.
The Verdict
Citibank and Bank of America offer the most protection for their customers, each providing three additional dimensions of security.
Unfortunately, linking services can also increase the attacks targeting you, such as creating a custom email to obtain your banking or credit card information by pretending to be a representative from your bank or your financial app. Information gained from one account could be used to access another account.
Users complained their in-app profile picture changed to one showing a random person, causing speculations over a hacking attempt. Numerous social media users thought that someone had hacked their Revolut account. The key reason for that - a stranger's photo in the banking app.
Revolut is rated as 'Excellent' on Trustpilot with a score of 4.4/5.0 stars from over 108,000 reviews. 76% rated Revolut as 'Excellent' citing great customer service and an easy to use app. 9% of customers rated it as 'Bad' citing problems with cashback, logging in to the app and uploading documents.
Joining Revolut Bank is completely optional for existing customers. If you like your Revolut account just the way it is, you can remain a customer of Revolut Payments UAB and your account will continue to work as usual.
Although we do have a EU banking license, we currently operate as an e-money institution for business customers. We intend to offer banking services to EEA customers in the near future, as well as seek banking licences in many of the other regions in which we operate.
Although the site can make the process of making payments easier, some people are skeptical about using it and don't want to link their bank account to it. However, linking a bank account to PayPal is safe as long as users keep proper checks and balances in place.
A linked savings account is a savings account that is connected to another account such as a checking or negotiable order of withdrawal (NOW) account. Generally, linked savings accounts are held at the same bank as the customer's other accounts, making it easier to transfer funds between accounts.
Is this legal? The truth is, banks have the right to take out money from one account to cover an unpaid balance or default from another account. This is only legal when a person possesses two or more different accounts with the same bank.
Withdrawing cash from an ATM using your Revolut card is free, up to the limits of your plan. After you hit these limits, we charge a small fee. This is so we can cover our costs and be sustainable.
Right now, you can only link one external account to your Revolut account. Currently, we only support SGD DBS bank accounts.
Unfortunately we don't accept cash deposits or cheques to your Revolut account. Please talk to one of our support agents and we will return the money to the cash depositor with a processing fee deducted. For future top-ups, please add money by another method.
Revolut cofounder Vlad Yatsenko is Ukrainian; both he and Storonsky have British passports. They're closing the company's Moscow office, according to a person familiar with the plan.
On Trustpilot, Revolut are rated 4.4/5 on over 100,000 reviews, which is considered “Excellent”.