Is revolut for business safe [their safeguard vs traditional Financial Services Compensation Scheme]

tandcapply · 22-09-2022 08:57AM #1

Hi,

I've recently started using revoult business as my business account.

Was with Ulster Bank and still can't get any appointments from the remaining major banks and time was running out for me.

In the URL below, Revolut state "Safeguarding helps protect you." but is it enough in the event of them being sold for example or not strickly them going under (freeze of status, investigation and etc) which to my understanding is covered by te mainstream banks' FSCS

https://www.revolut.com/en-IE/business/help/more/security-and-personal-data/Is-my-money-protected

lanod2407 · 29-09-2022 09:26PM

What type of business do you have? I've a Ltd company and after weeks trying to get the Revolut account set up I've all but given up. The lack of support when you run into a problem or have a query is staggering

mneylon · 03-10-2022 10:44AM

We've been using them for the last year or two and haven't had any issues.

They're way easier to use than the "traditional" Irish banks so far though I haven't tried to do anything that required extensive customer service

tandcapply · 05-10-2022 07:16AM

https://www.boards.ie/discussion/comment/119682580#Comment_119682580

We've an LTD company, opened the account back in Feb and started using last month.

Noissues thus far, just not sure if "Safeguarding" is as good as the bank guarantee traditional banks have.

walterking · 06-10-2022 10:25PM

I'd open a 2nd account somewhere to have a backup if any payments would be critical.

When Ulster had their tech breakdown many years ago I had about 30 staff and it was payday.

Thankfully it was a retail business and I was able to lodge directly into relevant bank branches so all staff got paid.

But if any payment could wait a week if there's an issue, you should be fine

tandcapply · 07-10-2022 08:10AM

Thus far I'm quite happy with Revolut business. My concers is how secure is my money compared to a traditional brick and morter Irish business bank in the event of, say, liquidity issue, investigation into the bank, freud or etc.

Gloomtastic! · 07-10-2022 11:14AM

https://www.boards.ie/discussion/comment/119711737#Comment_119711737

This. Most of my customers have moved to Revolut payments because it’s so easy but it could be gone in an instant! 😬

tandcapply · 10-10-2022 08:37AM

https://www.boards.ie/discussion/comment/119712497#Comment_119712497

Yes, my worry exactly, at least with the banks we have a known unkown of the bank guarantee. I'm stil lunsure what does safeguarding does for me and how much different is it the other

Gloomtastic! · 14-10-2022 06:52AM

I’ve just transferred the bulk of my money sitting in Revolut out to my standard business bank account. I think I’m going to make that a regular occurrence.

14-10-2022 07:16AM

https://www.boards.ie/discussion/comment/119724642#Comment_119724642

Revolut are a bank.

tandcapply · 14-10-2022 03:05PM

https://www.boards.ie/discussion/comment/119742265#Comment_119742265

Of course, in Lithuania, I'm not sure and rather never have to find out if their guarantee is extended to any other EU country.

Having said that, I'm still waiting on a brick and morter accoutn to be opened so using them exclusively for my business. Find them really good and best bank App I've used (by a mile and half)

15-10-2022 09:46AM

https://www.boards.ie/discussion/comment/119744592#Comment_119744592

It is, given the Deposit Guarantee Scheme exists because of an EU Directive.

Is revolut for business safe [their safeguard vs traditional Financial Services Compensation Scheme]

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