Revolut - direct transfer to bank accounts possible?

vic09

Hello all, I'm looking to open a revolut account. I know it's a bit different from regular bank accounts so I wanted to confirm if it's possible to pay from a revolut account into another bank account. For example, can I pay my rent directly to my landlord's account?

eDicky

Yes you can. But unless your rent is to be paid in a currency other than GBP, it would be simpler to transfer directly from your regular bank account.

Ken68

Google shows a BBC report on Revolut . Not good reading.

colsten

vic09 wrote: »

Hello all, I'm looking to open a revolut account. I know it's a bit different from regular bank accounts so I wanted to confirm if it's possible to pay from a revolut account into another bank account. For example, can I pay my rent directly to my landlord's account?

It may not matter to you, but are you aware that Revolut has no FSCS protection?

vic09

Ohhh I didn't know that. Wasn't planning on making it my main account but thanks for pointing it out

vic09

I can't pay my landlord with my credit card, he only accepts bank transfers. So my plan is to fund the revolut with my credit card so that I can get some amex points out it, if that makes sense.

surreysaver

vic09 wrote: »

I can't pay my landlord with my credit card, he only accepts bank transfers. So my plan is to fund the revolut with my credit card so that I can get some amex points out it, if that makes sense.

That, I believe, would be treated as a cash transaction, so you will end up paying very high fees on your credit card. It would be no different to walking up to a cashpoint and withdrawing the money in cash with your credit card.

PRAISETHESUN

Most likely Amex will consider funding your Revolut account as a cash transaction, if they let you fund it at all. But that aside, there is nothing stopping you using Revolut to transfer to another bank account - it is after all a current account (just without FSCS protections).

Nick_C

You cannot load Revolut with an Amex card.

You can load Revolut with a Mastercard or Visa. I do it frequently. You can load and spend on the same day to minimise the risk of keeping funds with Revolut.

I suggest keeping transactions small initially. I have read that they do a serious review of your spending and income if you hit £25K in a year.

You can also draw £200 a month in cash.

I believe Tandem do not allow Revolut top ups. And I would avoid Tesco, as they reportedly treat (some or all) Curve transactions as cash.

sillyhilly

colsten wrote: »

It may not matter to you, but are you aware that Revolut has no FSCS protection?

That's a bit of a red herring though.

Revolut are required to keep all client funds in a segregated account so, worst case scenario, the funds are protected.

surreysaver

sillyhilly wrote: »

That's a bit of a red herring though.

Revolut are required to keep all client funds in a segregated account so, worst case scenario, the funds are protected.

Assuming they've kept client funds in a segregated account