Leaving money on Revolut card.

Debsyh

Hi all. I have recently changed GBP to USD on my Revolut card for a holiday in August - I was worried the rate may get worse so wanted to lock in at 1.26. Now I'm worried about leaving the money on the card. I have disabled all spending on the card but noticed on MSE that it is recommended to put money on nearer the time you are going. Does anyone know why this is and is the money ok there safe?

eDicky

Debsyh wrote: »

noticed on MSE that it is recommended to put money on nearer the time you are going. Does anyone know why this is and is the money ok there safe?

This is presumably because there is no FSCS guarantee as there would be for a bank account, so theoretically your funds are not 100% safe. However, they do reside in a 'ringfenced' Barclays account and so are supposedly safe if Revolut goes bust.

It's entirely up to you whether to leave your dollars there, or exchange them back to pounds (roughly the same rate today) and withdraw them to your (ideally interest bearing) bank account until August. Personally I have had various balances sitting on my Revolut account since they began, a year and a half ago.

FWIW, I know a non-European Revolut user who did not notice until recently that her service was terminated in November, and her card no longer worked. On advice from the in-app CS she sent the dollars to her US account last week, then exchanged the pounds and euros to dollars and sent that also - no fees and she didn't lose a cent.