Revolut X

Has anyone here downloaded the Revolut X app that was on offer via the main revolut app recently?

I did and am having trouble withdrawing funds from it now…

I have funds that show in my account but when I click “withdraw” the next page shows £0 funds to withdraw..

Currently on the online help chat assistant which I assume is just a bot as we are going round in permanent circles

It’s not directly twisted to your problem at all but after the Panorama investigation into Revolut I’ll be steering away from them.

Anyway, hope you get sorted mate and I feel the pain of the infinite bot loop! It’s almost like a computer game where you have to choose some obscure option to magically get passed to a human. Incredibly frustrating.

after the Panorama investigation into Revolut I’ll be steering away from them.

I’m amazed that some people seem happy to put £1000’s with any financial institute that does not have the protection of being an actual bank!

I use Revolut for travel and an everyday petty cash fund and they’re absolutely fine for that – but I don’t put more than £200 in there at any one time.

I’m amazed that some people seem happy to put £1000’s with any financial institute that does not have the protection of being an actual bank!

ooofffttt, I hadn’t realised that before now! Just figured they were another “challenger” bank ala Starling and Monzo.

“As we’re an electronic money institution and not a bank, your money is not covered by the Financial Services Compensation Scheme (FSCS)” full pass on that

full pass on that

To be completely accurate they have now met the requirements for being an actual bank in the UK but it’s still not ‘official’ yet.

I work within the payments area of retail banking and I wouldn’t touch Revolut with a bargepole.

They’re fine for travel money/foreign exchange and holding small amounts, actually very cost effective – I use them all the time for that, but I absolutely would not be holding larger amounts with them until they become a fully fledged bank.

For the record they are in the “mobilisation” phase of obtaining their full banking license – this means that they’re technically a bank , but most deposits are not covered by the deposit guarantee scheme yet. It Wouldnt surprise me if they dont exit the mobilisation phase in this attempt. I think they have 12 months from the beginning of the mobilisation phase to meet all the requirements that the fca/pra stipulate in order to be given a full license .

https://www.bankofengland.co.uk/prudential-regulation/new-bank-start-up-unit/new-bank-authorisation-process