Hey Lovely video, but I had 2 questions, 1) When we withdraw money, is it immediately or within a day or 2 to your account? Are there any deductions? 2) If we can withdraw it immediately how does revolut manage this, how can they give interest while simultaneously allowing us to remove it anytime, does it not mes with their investment and interest generation?
Hi there and many thanks. Yes, you can remove it immediately and it will be immediately in your account, no fees charges. To your second point, it's because they invest it on your behalf in a MMF (Money Market Fund), which is very liquid, has high interest but also fairly save compared to stocks, that's why they can do that. Cheers
Hi Pixie👋, Thank you so much for the kind words and for subscribing 🙌 I'm thrilled to hear you're enjoying the content. It's my goal to keep making finance both informative and fun for everyone. If you ever have more questions or need clarity on any financial topic, just drop a comment. Here to help and keep the financial insights rolling 😉 Cheers
Hi Sergej, didn't hear about that before, interesting. You mean if both of us have a Revolut account? If not I guess this won't make a difference. Cheers
Hi Kai! After reviewing the terms and conditions for the MMFs I'm still not certain if the money that you put into this account it's covered or not. As you mentioned, it does say that Revolut covers up to 22.000€ but I'm not sure if its refering only to the money that you have in the standar account, I do think it does not cover any of the money invested into the MMF... So you could end up loosing everything thats invested into the Flexible Account
Hi and you are correct, MMF are not covered by this, only money kept in main account. But I feel very comfortable with this allocation as it’s invested in very safe investments which institutions and pension funds use as well 👌
I am sorry, but it seems that you havent talked about interest rate and how it is being calcualted at all. Is it possible to get minus interest rate? Is it possible that for months ill get zero? I mean what is the bottom line here? Thanks.
Just getting into Ultra and your videos have been super helpful. Looking into setting up a Savings account and I now get an option for an "Instant Access Savings" vs. a "Flexible Cash Funds" account. Do you have a video reviewing these options?
Hi and thanks a lot, great to hear that. Not sure what Instant Access Savings is, for me it only shows Flexible Funds which is the account that offers savings. Basically just choose the one that pays the highest interest without any lock-up period i.e. you can withdraw your funds anytime you wish 👌
Hello, I've read the fine print on the 22k insurance and it's written "Investment risk is not the object of liabilities to investors(investment risk is the probability of incurring a loss because the investment will be unprofitable or may suffer from loss of value). My understanding is that this insurance is not covering for example if tomorrow the fund manager put bad investment and my savings lose 3%, but only in some other cases like e.g. Revolute go to bankruptcy. What's your reading?
Hi 👋, Yes, the 22k insurance typically refers to protections against the brokerage or fund manager going under, like in a bankruptcy scenario, rather than covering losses due to poor investment performance. Investment risk, like the chance that the investments will underperform or lose value, isn't covered by this insurance. It's a key part of the risk/reward balance in investing. Basically, the insurance helps ensure that your assets are safe if the company managing them fails, but the normal ups and downs of market investments are still on the investor’s plate. Cheers
Hi mate, just head over to IB and then select deposit funds and then select USD currency and it'll show you all the details and then I just copy those into Revolut, exchange my EUR to USD there and wire them to IB accordingly. Cheers
@@SmartMoneywithKai does it goes as WIRE transaction or ACH? I’ve managed to send it today and IB stated transaction as ACH. As a result - money are on hold for 6 days.
Same, it is a bit annoying, but now I just send it ahead of time, when my balance on IB becomes smaller. You can also use WISE, they now integrate with IB so it's there in a few minutes and ready to spend, but a bit more expensive and since I am thrifty by nature I prefer to wait😂
Revolut is reporting to tax authorities your withdrawn amount as income so then regardless if you earned interest or not you will have to pay tax on any money you add and then withdraw, so what's the point? You lose money over time, you do not gain it.
@@SmartMoneywithKaibro is better to not comment than comment a nonsense as absolutely.. did you even read the comment? Those automatic comments for the algorithm are annoying
@@Stankful Hi, I was confirming that Revolut is reporting to tax authorities, which is correct. As you can see I reply to every single comment I get, but as they keep getting more, obviously I can't make a bespoke tax analysis for each one, but I am certainly not algo gameing the system, I think that shows in all my various comments. Cheers ✌
@SmartMoneywithKai if you just move your savings from one account to Revolut to out in the flexible savings account.. the government would like to collect tax on it? I mean, they are already taxed money.. savings from a job. The capital gains could be taxed, but not the initial deposit 🤔
@@Stankful Yes, interest you generate on your savings account is subject to taxation, now in most cases this will not be large amount over the year and many countries have a taxation threshold under which you won't need to pay taxes on that, but other countries do and you would need to declare it. It's not sure how much Revolut reports to the respective countries tax authorities, but there is most certainly an information exchange going on 👌 Cheers
Hi there, as per the website 'Deposits in your Savings Vaults are deposited with our trusted partner bank and are therefore protected by the FSCS up to £85,000' www.revolut.com/savings-account-vault/ Cheers
Hi Matej, sure, it's Yahoo Finance widget, wish more apps had widgets, I don't use it for all my assets, but at least most of my Crypto is tracked through there so it's easy to see how well (or not so well in recent times:)) it's doing. Cheers
If you deposit in all 3 currencies: EUR, GBP and USD, do you get 3 different and distinct investor liability insurances? So the EUR account is protected up to 22K, GBP up to 85K and USD up to its own limit? Or is it a flat 22K no matter the currency ?
@@SmartMoneywithKai So I can "hack" this by placing 85K GBP (safely) inside a savings account instead of 22K EUR, by converting my EUR to GBP and opening a GBP account?
@@meditationdaily1129 Thanks for sharing, well at the time when I made the video their terms said otherwise, but sadly they don't archive them but just change them on the fly so hard to go back, but if this is the case now then that's much better of course. I would still not keep significantly more than €20K in that though, but just personal preference. Cheers
Hi and yes, it should. When did you add it and what's the percentage it's showing you? First time you do it, it might take 1-2 days until it starts collecting daily interest 👌
Hi, thank you for very much for the informative video - I have a question about tax on income concerning savings on Revolut. I know that within the EU the Lithuanian tax authority is responsible for collecting and sending information about your balance on Revolut to other local authorities under the Standard for Automatic Exchange of Financial Account Information (by OECD). However, does Revolut function like any other bank in terms of tax on savings? When I had a savings account in a bank in my country, they paid an income tax on my savings once per year. It was not my obligation, but the bank's. So I did not concern myself with that. However, I am unsure if the same principle applies to Revolut or do I have to report the interest on my savings account as taxable income?
Hi there and many thanks for your kind words. Sadly Revolut does not withhold or pay the tax on interest income on your behalf, this is up to you to declare & pay directly. Hope this helps. Cheers
Hi there, thanks a lot. If you are in the EU your money with Revolut is protected up to €100K guaranteed by the Lithuanian National Bank, which is part of EU. Hope this helps. Cheers
@@SmartMoneywithKai thanks for that... But if im not mistaken is the savings and investment part a separate thing? Thats why there is the 22k insurance on the savings for example or am i mistaken. Thanks again ☺️
@@KurtMicallef That's correct, sadly it is separate as they are using Money Market Funds to generate such returns, that's why the lower insurance limit. Cheers
@@KurtMicallef It's separate things, though even the savings, they basically invest it on your behalf in MMF funds to generate the interest income for you, but it's very safe generally.
@@SmartMoneywithKai yeah thats right... thanks ❤️ Really excited about this one tbh... How long did you wait for it to set up and receive your first daily interest?
Hello Kai, a few months ago in one of your video's you said that we should stay away from Revolut because of the changes in policy. Are you now saying that is still good to use Revolut?
Hi there, thanks for the comment. That video was pertaining to investments with Revolut such as stock, etf, etc. which I still don't recommend and do, but for savings it's great and I use it myself since many many years. Cheers
Hi Max, If Revolut were to go bankrupt, the outcome for your money would depend on where it’s held. Since Revolut is not a traditional bank, your money in a Money Market Fund (MMF) is not protected by deposit insurance. However, MMFs are known for being low risk and highly liquid. The protection comes into play if Revolut did something wrong, not if the MMF itself faces issues. Given the nature of MMFs, they are structured to minimize potential losses, making them a relatively safe option. So it works for me 👌 Cheers, Kai
The basic plan is 3.10%. The higher more expensive plans don't seem worth it for savings. What plan do you use and what is the benefit of the higher saving plans?
Hi Robbie, yo are right it depends on your plan. I am on Ultra. I chose Ultra for other reasons, but the the higher savings rate is certainly a plus but surely would not be the only reason for me to upgrade👌 Cheers
I am on premium plan, to tell you the truth, only the apps they give you for free, plus insurance for me and my child is worth it. I like the flexibility of the account and the idea money is always available if I need it.
Hi. Please tell me how much it will cost to transfer dollars from Revolut to Interactive Brokers. I thought it was more profitable to transfer euros from revolut using SEPA and then convert the currency on the IB account. Is it possible to buy a VWCE ETF for euros and not convert the currency in this case? I will be very grateful for any answer.
This is in EUR, not sure for the other currencies and that is for the investing account. For your money deposits in the regular account in the EU it's up to €100K protected. Cheers
Hello, nice video, but I would like to correct you, that in Lithuania it is not available yet. I cant see the option and just contacted revolut, they told me it is the case.
Hi Arnas, thanks a lot and that’s very strange indeed as I am also based in Lithuania and have access to it and it’s linked to my Lithuanian address, strange. Anyhow, hope you’ll get access to it soon. In the meantime can definitely recommend Trading Republic as a great alternative with 4% interest.
@@NoExceptionsGuy 🚀 Absolutely, my friend! The 4% interest account on Trade Republic is indeed safeguarded under the 100,000 EUR protection scheme. This is thanks to the European Union's Deposit Guarantee Scheme, which ensures that deposits up to €100,000 are protected. 💰🔐
he forgot to mention the fees... they take daily fee +2% fee for transferring back your money + other fees, so you ll have to keep it there for years to just brake even
@@SmartMoneywithKai try transferring your money from revolut back to your card, it charges 2%, it is stated in their website too, so just putting money and returning them costs you 2% of all your money
@@SmartMoneywithKai try returning your money to your bank account from revolut, it has 2% fee, so if you return to your bank account 20.000$ then they take a fee of 2% so 400$, so you get 19.600 instead, so yes you ll have to wait at least a year for the interest to make you some of the losses
Ah, you mean transfer costs. Well within EU for example if you transfer EUR there is no fees. If you transfer money internationally like USD then there are but so do any banks or even Wise as it costs money to send internationally. I am on the Ultra plan though and there are zero fees even internationally so for me it makes perfect sense plus I get the interest and many other benefits on top 😉
Does this also work if you don't have a business account? I'm trying to log in but I have to enter a business registration number. I already have an account on the Revolut app. But there I can't see the hub. The hub that you showed is only available on the Revolut business app.
Hi there, it might depend on the country you live in. Best just write to their support and say you are a freelancer and want to Pro account, there is no business number needed👌 Cheers
Hi, I still have the original interest of 5.34% on USD and EUR also unchanged, maybe you are on a lower plan? Like Premium or Metal? As I understand they do have lower interest rates on savings. Cheers
Hi there and thanks a lot, did a few on that some time ago, you can check in my Revolut playlist, but I stopped using Revolut for buying stocks some time ago as their terms are not very good and instead switched to Interactive Brokers & Lightyear. Cheers
Hello, im in hungary and some monthsago the revolute app updated to a diffrent look, there used to be the saving tab but now its called something as : pockets ? I dont see any intrest or anything im just keeping my own money in these seperate pockets out of my main account, any idea ? Has the app only changed in hungary ?
Hi there, not sure about that, but if you update your app to Revolut 10 you will see it under savings, made a video about it, you can find it on my Revolut playlist. They do however sometimes start with some countries and others at times do follow later, so might be the same in your case. Cheers
Hi there, I haven't heard about that and been with them over 8 years and currently have over €20K sitting there, but of course the choice is yours, but I love the platform and no, I'm not sponsored by them (sadly:)) Cheers
Hi, because it's based on a MMF (money market fund) which fluctuate based on market data and with ECB lowering their interest rate in recent times, they had to follow. Also if you are on a lower Revolut plan, the interest will be lower accordingly. I still get 3.75% on my EUR. If you want more, try out Trading 212, there you get 4.2% without any monthly plans or fees 👌 smartmoneywithkai.com/trading212 Cheers
Hi there! 👋 Absolutely, I'd be glad to explain the withholding tax as it applies to stocks on platforms like Revolut. When you earn money from stocks held in international companies, especially those outside your home country, you might face withholding tax. This is a tax the source country deducts on your dividends or interest before you receive them. For instance, if you own stocks in a US company and you're not a US resident, the US might withhold taxes on your dividends at a standard rate, often 30%. However, this rate can vary depending on tax treaties between your country and the US. Platforms like Revolut facilitate these investments and will handle the deduction automatically, according to applicable rates. It’s crucial to understand these taxes to manage your investment expectations and returns accurately. Usually if your country has a tax treaty with US you can lower those from 30% to 15% with a W8Ben form which most brokers will prepare for you. This is only applicable to dividend payments from US stocks. Cheers
@@SmartMoneywithKai how come in your video you were getting every day the same amount then? shouldnt it "grow" every day at least a tiny bit? or does the generated interest go back out of the savings account? Thanks in advance for your answer.
❤️Hi, this is my first time hearing about this. I already had reviewed account for so long but I ddidn't knew about this. But still I couldn't understand some of the points. By the help of your video I already created a trading account. So now if I add my savings money to the trade account, do I get 3.09% interest everyday? Is there any chance if I will lose my money? Kindly please reply to my this message. And thank you so much❤️
Hi Megha👋 I'm glad to hear you found the video helpful and took the step to create a trading account! It’s great to get started on your investment journey. Regarding your question about earning interest: typically, trading accounts do not offer a fixed interest rate like a savings account might. Instead, the returns depend on the investments you make through the account, such as buying stocks, bonds, or other securities. And no, the 3.09% is not daily, that would be great:) But annually which is still awesome. However, I use now Trading 212 for interest and get 4% on my € and 5.1% on my $. You can check them out over here and you will even get a free share valued up to €100 with my link smartmoneywithkai.com/trading212 Cheers ✌️
They start to block people coin in revolt I can not sell or buy my coin and the suport not aswer to the client… revolt start now to block the people account 😢😢😢😢 I don’t understand what happened.. maybe someone tell the problem with Revolut why they start to block people coin??? 😢😢😢
As I understand it can also work on lower plans, but you'll get slightly lower interest. I'm also only paying 39GBP on the annual plan and definitely getting more than that in value back, but I understand if that might not be for you. Cheers
Hi there and no, many other countries as well, I live in Lithuania and have it, but seems not all countries yet, just keep checking in regularly to see if it's been added yet. Cheers
Everything in life is risky 😉 But overall very safe, I have myself over €30K there so I feel comfortable with the risk, but if you want total peace of mind try Trade Republic which pays 4% interest and protects your money up to €100K. You can check them here ref.trade.re/8r2nzq9z Cheers
@@SmartMoneywithKai my issue is the chances of my account getting hacked or even revolut freezing funds and start an issue asking where funds came from
🟡 JOIN MY SMART MONEY CLUB
www.smartmoneywithkai.com/smartmoneyclub
I really hope it will get to Romania as well. Revolut is getting better and better and I love it.
Hope so too for you Renata and fully agree with you, they are doing great👌
Romania got it 😁
Hey Lovely video, but I had 2 questions, 1) When we withdraw money, is it immediately or within a day or 2 to your account? Are there any deductions?
2) If we can withdraw it immediately how does revolut manage this, how can they give interest while simultaneously allowing us to remove it anytime, does it not mes with their investment and interest generation?
Hi there and many thanks. Yes, you can remove it immediately and it will be immediately in your account, no fees charges. To your second point, it's because they invest it on your behalf in a MMF (Money Market Fund), which is very liquid, has high interest but also fairly save compared to stocks, that's why they can do that. Cheers
Can you lose this money ? Until what amount is it secured ? Thank you !!@@SmartMoneywithKai
You’re a smart funny and entertaining tackling these kind of complicated financial problems! Well done, subscribed! Thank you!🎉
Hi Pixie👋,
Thank you so much for the kind words and for subscribing 🙌 I'm thrilled to hear you're enjoying the content. It's my goal to keep making finance both informative and fun for everyone. If you ever have more questions or need clarity on any financial topic, just drop a comment. Here to help and keep the financial insights rolling 😉 Cheers
You forgot to mention that if you are married, so deposit insurance is x2.
In this case 22 000€ x 2 = 44 000 €
Hi Sergej, didn't hear about that before, interesting. You mean if both of us have a Revolut account? If not I guess this won't make a difference. Cheers
There is no need for your wife to have Revolut account, it is just x2 if you have all docs as proof of marriage in case of insurance case.
Ok, interesting, never knew about this before. Cheers
Thanks for putting the work in Kai! I’ll set up a revolut account tonight
Hi Henry, my pleasure and you are absolutely welcome and great choice😉👌
Hi Kai! After reviewing the terms and conditions for the MMFs I'm still not certain if the money that you put into this account it's covered or not. As you mentioned, it does say that Revolut covers up to 22.000€ but I'm not sure if its refering only to the money that you have in the standar account, I do think it does not cover any of the money invested into the MMF... So you could end up loosing everything thats invested into the Flexible Account
Hi and you are correct, MMF are not covered by this, only money kept in main account. But I feel very comfortable with this allocation as it’s invested in very safe investments which institutions and pension funds use as well 👌
I am sorry, but it seems that you havent talked about interest rate and how it is being calcualted at all. Is it possible to get minus interest rate? Is it possible that for months ill get zero? I mean what is the bottom line here? Thanks.
Just getting into Ultra and your videos have been super helpful. Looking into setting up a Savings account and I now get an option for an "Instant Access Savings" vs. a "Flexible Cash Funds" account. Do you have a video reviewing these options?
Hi and thanks a lot, great to hear that. Not sure what Instant Access Savings is, for me it only shows Flexible Funds which is the account that offers savings. Basically just choose the one that pays the highest interest without any lock-up period i.e. you can withdraw your funds anytime you wish 👌
Hello, I've read the fine print on the 22k insurance and it's written "Investment risk is not the object of liabilities to investors(investment risk is the probability of incurring a loss because the investment will be unprofitable or may suffer from loss of value).
My understanding is that this insurance is not covering for example if tomorrow the fund manager put bad investment and my savings lose 3%, but only in some other cases like e.g. Revolute go to bankruptcy.
What's your reading?
Hi 👋,
Yes, the 22k insurance typically refers to protections against the brokerage or fund manager going under, like in a bankruptcy scenario, rather than covering losses due to poor investment performance.
Investment risk, like the chance that the investments will underperform or lose value, isn't covered by this insurance. It's a key part of the risk/reward balance in investing. Basically, the insurance helps ensure that your assets are safe if the company managing them fails, but the normal ups and downs of market investments are still on the investor’s plate. Cheers
@@SmartMoneywithKai Thanks for the complete answer!
Kai, could you please describe how you send the USD from Revolut to IB? IB asks to have a US bank account for linkage.
Hi mate, just head over to IB and then select deposit funds and then select USD currency and it'll show you all the details and then I just copy those into Revolut, exchange my EUR to USD there and wire them to IB accordingly. Cheers
@@SmartMoneywithKai does it goes as WIRE transaction or ACH? I’ve managed to send it today and IB stated transaction as ACH. As a result - money are on hold for 6 days.
Same, it is a bit annoying, but now I just send it ahead of time, when my balance on IB becomes smaller. You can also use WISE, they now integrate with IB so it's there in a few minutes and ready to spend, but a bit more expensive and since I am thrifty by nature I prefer to wait😂
@@SmartMoneywithKai thx for quick reply. I have the same thought, both for advance payment and WISE 😎
@@maximbelitskiy6695 Great minds think alike😉
Revolut is reporting to tax authorities your withdrawn amount as income so then regardless if you earned interest or not you will have to pay tax on any money you add and then withdraw, so what's the point? You lose money over time, you do not gain it.
Absolutely 👌
@@SmartMoneywithKaibro is better to not comment than comment a nonsense as absolutely.. did you even read the comment? Those automatic comments for the algorithm are annoying
@@Stankful Hi, I was confirming that Revolut is reporting to tax authorities, which is correct. As you can see I reply to every single comment I get, but as they keep getting more, obviously I can't make a bespoke tax analysis for each one, but I am certainly not algo gameing the system, I think that shows in all my various comments. Cheers ✌
@SmartMoneywithKai if you just move your savings from one account to Revolut to out in the flexible savings account.. the government would like to collect tax on it? I mean, they are already taxed money.. savings from a job. The capital gains could be taxed, but not the initial deposit 🤔
@@Stankful Yes, interest you generate on your savings account is subject to taxation, now in most cases this will not be large amount over the year and many countries have a taxation threshold under which you won't need to pay taxes on that, but other countries do and you would need to declare it. It's not sure how much Revolut reports to the respective countries tax authorities, but there is most certainly an information exchange going on 👌 Cheers
How much is the protection for GBP? I live in the UK and I’d like to use this feature but I’m unsure how much the protection is
Hi there, as per the website 'Deposits in your Savings Vaults are deposited with our trusted partner bank and are therefore protected by the FSCS up to £85,000' www.revolut.com/savings-account-vault/ Cheers
@@SmartMoneywithKaithank you ever much!
@@caiden3344 My pleasure🙌
Hi, can I ask what is the widget you are using that is displaying your Holdings? What app is it linked to? Thanks
Hi Matej, sure, it's Yahoo Finance widget, wish more apps had widgets, I don't use it for all my assets, but at least most of my Crypto is tracked through there so it's easy to see how well (or not so well in recent times:)) it's doing. Cheers
If you deposit in all 3 currencies: EUR, GBP and USD, do you get 3 different and distinct investor liability insurances? So the EUR account is protected up to 22K, GBP up to 85K and USD up to its own limit? Or is it a flat 22K no matter the currency ?
Hi there, great point and question, though sadly this coverage applies to your total holdings, irrespective of the currency. Cheers
@@SmartMoneywithKai So I can "hack" this by placing 85K GBP (safely) inside a savings account instead of 22K EUR, by converting my EUR to GBP and opening a GBP account?
@@Arkoudos Hi, no, as I mentioned it applies on your total portfolio irrespective of the currency so that would not work sadly.
@@SmartMoneywithKaithat’s not what revolut support told me.. they said each fund get its own coverage.. but unfortunately unsure how reliable they are
@@meditationdaily1129 Thanks for sharing, well at the time when I made the video their terms said otherwise, but sadly they don't archive them but just change them on the fly so hard to go back, but if this is the case now then that's much better of course. I would still not keep significantly more than €20K in that though, but just personal preference. Cheers
So if I put 20 euro there do u need to pay everything time or can leave right there and my money increase over time?
Hi and you can leave it there and it will automatically collect interest for you 👌
So I put money in the savings account but don't seem to get anything. Isn't it supposed to add interest daily?
Hi and yes, it should. When did you add it and what's the percentage it's showing you? First time you do it, it might take 1-2 days until it starts collecting daily interest 👌
Hi, thank you for very much for the informative video - I have a question about tax on income concerning savings on Revolut. I know that within the EU the Lithuanian tax authority is responsible for collecting and sending information about your balance on Revolut to other local authorities under the Standard for Automatic Exchange of Financial Account Information (by OECD). However, does Revolut function like any other bank in terms of tax on savings? When I had a savings account in a bank in my country, they paid an income tax on my savings once per year. It was not my obligation, but the bank's. So I did not concern myself with that. However, I am unsure if the same principle applies to Revolut or do I have to report the interest on my savings account as taxable income?
Hi there and many thanks for your kind words. Sadly Revolut does not withhold or pay the tax on interest income on your behalf, this is up to you to declare & pay directly. Hope this helps. Cheers
@@SmartMoneywithKai thank you! :)
@@Valsura My pleasure👋
Great video... kinda new to this Would love a video explaining where the money is actually being put and how safe it is compared to other investments
Hi there, thanks a lot. If you are in the EU your money with Revolut is protected up to €100K guaranteed by the Lithuanian National Bank, which is part of EU. Hope this helps. Cheers
@@SmartMoneywithKai thanks for that... But if im not mistaken is the savings and investment part a separate thing? Thats why there is the 22k insurance on the savings for example or am i mistaken. Thanks again ☺️
@@KurtMicallef That's correct, sadly it is separate as they are using Money Market Funds to generate such returns, that's why the lower insurance limit. Cheers
@@KurtMicallef It's separate things, though even the savings, they basically invest it on your behalf in MMF funds to generate the interest income for you, but it's very safe generally.
@@SmartMoneywithKai yeah thats right... thanks ❤️ Really excited about this one tbh... How long did you wait for it to set up and receive your first daily interest?
Hello Kai, a few months ago in one of your video's you said that we should stay away from Revolut because of the changes in policy. Are you now saying that is still good to use Revolut?
Hi there, thanks for the comment. That video was pertaining to investments with Revolut such as stock, etf, etc. which I still don't recommend and do, but for savings it's great and I use it myself since many many years. Cheers
Where can I pull a report for a tax return so I can pay tax on the profits?
Hi there. As shown in the video, under the savings section, just click on statements and select what is most suitable for you. Cheers
what happen if tomororw Revolout goes in bankrumpt? will you say good bye of your 17k in there or you will get back the money eventually?
Hi Max,
If Revolut were to go bankrupt, the outcome for your money would depend on where it’s held. Since Revolut is not a traditional bank, your money in a Money Market Fund (MMF) is not protected by deposit insurance. However, MMFs are known for being low risk and highly liquid. The protection comes into play if Revolut did something wrong, not if the MMF itself faces issues. Given the nature of MMFs, they are structured to minimize potential losses, making them a relatively safe option.
So it works for me 👌
Cheers,
Kai
The basic plan is 3.10%. The higher more expensive plans don't seem worth it for savings. What plan do you use and what is the benefit of the higher saving plans?
Hi Robbie, yo are right it depends on your plan. I am on Ultra. I chose Ultra for other reasons, but the the higher savings rate is certainly a plus but surely would not be the only reason for me to upgrade👌 Cheers
I am on premium plan, to tell you the truth, only the apps they give you for free, plus insurance for me and my child is worth it. I like the flexibility of the account and the idea money is always available if I need it.
Hi. Please tell me how much it will cost to transfer dollars from Revolut to Interactive Brokers. I thought it was more profitable to transfer euros from revolut using SEPA and then convert the currency on the IB account. Is it possible to buy a VWCE ETF for euros and not convert the currency in this case? I will be very grateful for any answer.
Hi there, just checked and yes, you can buy VWCE on IB in €😉 Cheers
Hello the 22k insured limit, is it in euro gbp, usd??
Also, is this 22k for the flexible accounts only ? what about the investing accounts?
This is in EUR, not sure for the other currencies and that is for the investing account. For your money deposits in the regular account in the EU it's up to €100K protected. Cheers
@@SmartMoneywithKai thanks!
Awesome video! Thanks for going into all the details of this account!!!
Thanks a lot Jen and my pleasure, glad you enjoyed it🙏 Merry Christmas🎄🎅
Can you lose the money you have invested ? Until what amount is it secured ?
Secured up to €22K 👌 Cheers
Wow!!! Thanks for sharing!
My pleasure and always happy to hear from you, thanks🙌
Hello, nice video, but I would like to correct you, that in Lithuania it is not available yet. I cant see the option and just contacted revolut, they told me it is the case.
Hi Arnas, thanks a lot and that’s very strange indeed as I am also based in Lithuania and have access to it and it’s linked to my Lithuanian address, strange. Anyhow, hope you’ll get access to it soon. In the meantime can definitely recommend Trading Republic as a great alternative with 4% interest.
I spoke to support - flexible acct feature is not available for free users. @@SmartMoneywithKai
@@SmartMoneywithKaiis the 4% interest account on Trade Republic protected by the 100 000 EUR scheme?
@@NoExceptionsGuy 🚀 Absolutely, my friend! The 4% interest account on Trade Republic is indeed safeguarded under the 100,000 EUR protection scheme. This is thanks to the European Union's Deposit Guarantee Scheme, which ensures that deposits up to €100,000 are protected. 💰🔐
he forgot to mention the fees... they take daily fee +2% fee for transferring back your money + other fees, so you ll have to keep it there for years to just brake even
Hi, not sure what you mean by +2% fees? I do not have such fees anywhere on Revolut.
@@SmartMoneywithKai try transferring your money from revolut back to your card, it charges 2%, it is stated in their website too, so just putting money and returning them costs you 2% of all your money
Hi mate, still not sure I understand what you mean by transferring money to my card? You mean Revolut card?
@@SmartMoneywithKai try returning your money to your bank account from revolut, it has 2% fee, so if you return to your bank account 20.000$ then they take a fee of 2% so 400$, so you get 19.600 instead, so yes you ll have to wait at least a year for the interest to make you some of the losses
Ah, you mean transfer costs. Well within EU for example if you transfer EUR there is no fees. If you transfer money internationally like USD then there are but so do any banks or even Wise as it costs money to send internationally. I am on the Ultra plan though and there are zero fees even internationally so for me it makes perfect sense plus I get the interest and many other benefits on top 😉
Does this also work if you don't have a business account? I'm trying to log in but I have to enter a business registration number. I already have an account on the Revolut app. But there I can't see the hub. The hub that you showed is only available on the Revolut business app.
Hi there, it might depend on the country you live in. Best just write to their support and say you are a freelancer and want to Pro account, there is no business number needed👌 Cheers
Can you please tell us what happened it went 3%?
Hi, I still have the original interest of 5.34% on USD and EUR also unchanged, maybe you are on a lower plan? Like Premium or Metal? As I understand they do have lower interest rates on savings. Cheers
hello, the rate is monthly or ? and it compounds on daily basis ?
Hi, I would love if it's was monthly but that would be unrealistic. It's annually and paid out daily. Cheers
In Poland right now and I can’t find the option having a Revolut app for my expenses as a student.
Thanks for sharing and sad to hear that, hope they'll add this feature soon🤞 Cheers
Nice video. please make more videos about revolut stocks and how to withdraw your returns .
Hi there and thanks a lot, did a few on that some time ago, you can check in my Revolut playlist, but I stopped using Revolut for buying stocks some time ago as their terms are not very good and instead switched to Interactive Brokers & Lightyear. Cheers
Hello, im in hungary and some monthsago the revolute app updated to a diffrent look, there used to be the saving tab but now its called something as : pockets ? I dont see any intrest or anything im just keeping my own money in these seperate pockets out of my main account, any idea ? Has the app only changed in hungary ?
Hi there, not sure about that, but if you update your app to Revolut 10 you will see it under savings, made a video about it, you can find it on my Revolut playlist. They do however sometimes start with some countries and others at times do follow later, so might be the same in your case. Cheers
Hi @hooman008 i have the same problem, did you find a solution?
@@andeasgurschler zeah its now updated with the one with intrest rate
How safe is this? I heard that customers had their money stolen and there was nothing that could be done about it.
Hi there, I haven't heard about that and been with them over 8 years and currently have over €20K sitting there, but of course the choice is yours, but I love the platform and no, I'm not sponsored by them (sadly:)) Cheers
Why is it so down to 2,90% € APY right now ? Getting lower by days
Hi, because it's based on a MMF (money market fund) which fluctuate based on market data and with ECB lowering their interest rate in recent times, they had to follow. Also if you are on a lower Revolut plan, the interest will be lower accordingly. I still get 3.75% on my EUR. If you want more, try out Trading 212, there you get 4.2% without any monthly plans or fees 👌 smartmoneywithkai.com/trading212 Cheers
it mm might be good to make a video on what account level is best reward/cost ratio
Hi Alex, thanks for sharing, done a Revolut tier review a while back so it might be a good time to renew it, thanks, will add it to my list🙌 Cheers
What are the fees for the flexible account, if any?
Hi there and no, no fees, just the interest depends on the Revolut plan you are on. Cheers
Nice video and very informative,but i have a question if i withdraw my euros did i have a fee of something percent or no its completely free of fees
Hi Chris and many thanks🙏Yes, you can withdraw fully free of charge✅ Cheers
I just made such an account and put 150 euros in it! Is there a limit to this?
Hi there, no limit, funds are protected up to €22K on the savings account and €100K on the regular Revolut account. Cheers
Hi mate, nice video, do you know if this featurs is avaible also in italy?
Hi mate, thanks a lot, not sure, best to check on their website directly 👌 Cheers
Can you explain the withholding tax? Thanks
Hi there! 👋
Absolutely, I'd be glad to explain the withholding tax as it applies to stocks on platforms like Revolut. When you earn money from stocks held in international companies, especially those outside your home country, you might face withholding tax. This is a tax the source country deducts on your dividends or interest before you receive them.
For instance, if you own stocks in a US company and you're not a US resident, the US might withhold taxes on your dividends at a standard rate, often 30%. However, this rate can vary depending on tax treaties between your country and the US.
Platforms like Revolut facilitate these investments and will handle the deduction automatically, according to applicable rates. It’s crucial to understand these taxes to manage your investment expectations and returns accurately.
Usually if your country has a tax treaty with US you can lower those from 30% to 15% with a W8Ben form which most brokers will prepare for you. This is only applicable to dividend payments from US stocks.
Cheers
It looks like that it works only in Lithuania, Poland and Usa....
Thanks for sharing, yes, they tend to roll these things out in phases, hopefully soon to more countries as it's a fantastic feature👌
This feature has been working in Bulgaria since at least the beginning of September, or possibly even earlier, as that's when I first noticed it
@@MadeInMotherRussia Thanks for sharing and great to hear👌
when will this come to the UK
Hi, not sure mate, hopefully soon🤞
I can’t find saving account on my Revolut app, I’m in Ireland
Hi there. Strange. Maybe check with in-app support but I would imagine Ireland having access to it👌
Not available here in 🇭🇺
That's a shame, hope they'll be added soon 🤞
Not available in Belgium yet unfortunately
Thanks for sharing, hope it'll come to you soon🤞 Cheers
is the generated interest reinvested into this flexible account?
Yes, you get paid everyday and that goes back into your account👌
@@SmartMoneywithKai how come in your video you were getting every day the same amount then? shouldnt it "grow" every day at least a tiny bit? or does the generated interest go back out of the savings account? Thanks in advance for your answer.
@@rafaelmontserrat4443 It grows but it's €2 out of €18K, this does not make a difference in a matter of days, overtime it will👌
I have put money on my revolute vault but I’m not earning any interest rate money???????
It might not be available in your country, not sure where you are based. Just write to Revolut support, they would know better. Cheers
@@SmartMoneywithKai I’m in uk 🇬🇧😭
@@avhiispvt1570 Strange, also depends on the plan you are on. Just reach out to support, they'll sort you out👌
I just opened an account and its down to 3.25%
Hi there, good choice, thought the interest also depends on the Revolut plan you are on, the higher the more interest you'll get👌
❤️Hi, this is my first time hearing about this. I already had reviewed account for so long but I ddidn't knew about this. But still I couldn't understand some of the points. By the help of your video I already created a trading account. So now if I add my savings money to the trade account, do I get 3.09% interest everyday? Is there any chance if I will lose my money?
Kindly please reply to my this message. And thank you so much❤️
Hi Megha👋
I'm glad to hear you found the video helpful and took the step to create a trading account! It’s great to get started on your investment journey.
Regarding your question about earning interest: typically, trading accounts do not offer a fixed interest rate like a savings account might. Instead, the returns depend on the investments you make through the account, such as buying stocks, bonds, or other securities. And no, the 3.09% is not daily, that would be great:) But annually which is still awesome. However, I use now Trading 212 for interest and get 4% on my € and 5.1% on my $. You can check them out over here and you will even get a free share valued up to €100 with my link smartmoneywithkai.com/trading212
Cheers ✌️
Where should i put the ref number?
Which ref number?
my revolut app looks completely different... is the app different in different countries?
Hi strange and yes, there are some variations, but should not be that obvious, make sure you have the latest version of the app 👌
I can’t find my saving in revoult app
Hi Usman, sadly I think not all countries have it available yet. Cheers
I see 1.1% for EUR in Poland. Well..
Oh no:( That's not too impressive, hope they'll adjust that soon🤞
They start to block people coin in revolt I can not sell or buy my coin and the suport not aswer to the client… revolt start now to block the people account 😢😢😢😢 I don’t understand what happened.. maybe someone tell the problem with Revolut why they start to block people coin??? 😢😢😢
Hi mate, no idea, I don't invest in those alt coins and also don't recommend Revolut for crypto. Hope you'll get it sorted. Cheers
@@SmartMoneywithKai yes they block me like 30k and they say nothing 🙄
@@nelutusan Jees, that's a big amount you had there, wow, fingers crossed 🤞
Is it safe my money won't get deducted right?
Yep, it's safe and protected up to a certain amount depending on where you live.
where can you see these amounts and countries ?@@SmartMoneywithKai
Is your money safe in them accounts
Hi and yes 😉
This only works if you have the ultra plan which is £55 a month lol
As I understand it can also work on lower plans, but you'll get slightly lower interest. I'm also only paying 39GBP on the annual plan and definitely getting more than that in value back, but I understand if that might not be for you. Cheers
Is this only available to people who have UK tax residency? I'm in romania and I can't find anything about this on my app.
Hi there and no, many other countries as well, I live in Lithuania and have it, but seems not all countries yet, just keep checking in regularly to see if it's been added yet. Cheers
Should i tax it after making money ?
Technically yes, depending on where you live, though most EU countries do have a threshold amount under which you don't need to pay. Cheers
in italy its show icon but not open
Ciao, strange, it might not be yet available in all countries, just drop a message to their support and check with them. Cheers
Fabulous video ❤❤❤
Much appreciated dear Lawrence🙏
Is this a paid account or free?
Hi there. Paid account. I’m on the Ultra plan✅
@@SmartMoneywithKai cheers. I’m thinking about getting the metal plan.
Great value for money now that they offered partner benefits on the metal plan as well💯
i don't have the savings icon, im in Ireland
Strange, would have guessed it would be available in Ireland. Maybe write to their support to double check. Cheers
Is this risky?
Everything in life is risky 😉 But overall very safe, I have myself over €30K there so I feel comfortable with the risk, but if you want total peace of mind try Trade Republic which pays 4% interest and protects your money up to €100K. You can check them here ref.trade.re/8r2nzq9z Cheers
@@SmartMoneywithKai my issue is the chances of my account getting hacked or even revolut freezing funds and start an issue asking where funds came from
A site about video?
Hi, not sure what you mean by this?
I have already resolved it with the operators in Italy we don't have it.
Not available in my corrupt country...
😂😂😂😂 Sorry to hear that Karl
IF I WANT TO SAVE 10000 IN EURO FLEXSIBLE SAVING ACCOUNT... THEN HOW MUCH I WILL GET WITH WITHDRAWL ...KET ME KNOE SIR
Only available in UK
Hi, not really, I am in Lithuania and it's working for me👌 Heard Poland and many other EU countries as well✅ Cheers