Revolut customers in the UK can now deposit cash directly into their accounts

• Revolut now caters to customers wanting to use both cash and digital payments
• Data reveals 71% of Revolut UK customers deposited cash with another bank or financial institution last year 
• UK customers can now deposit cash, from as little as £10, at more than 12,000 locations (that will continue to gradually increase in the next few months) subject to fees and limits.  

London, 26th July 2024 – Revolut, the global fintech with over 9 million UK customers and 45 million globally, has today announced the launch of cash deposits for all UK customers. 

With Cash Deposits, Revolut ensures that for the first time its customers are able to deposit their cash money into their Revolut accounts seamlessly. 

Despite Revolut being primarily used for the ease of digital payments, the company found that, when it surveyed its customers, 71% had deposited cash with a bank or other financial institution in the last year, as well as 34% wanted a feature to be able to deposit cash monthly.

The service, which will be provided in partnership with leading, global payments platform Paysafe, is launching in over 12,000 locations in the UK, and will roll out to other markets in EEA progressively. 

Depositing cash into a Revolut account is easy and secure. Customers need to open their Revolut app, click “Add money” on their home screen and select “Deposit cash” as an option. Customers will then need to agree to Paysafe’s T&Cs. After inserting the amount customers want to add, the app will generate a time-sensitive barcode valid for thirty minutes. This barcode can be scanned at any of the retail partners. Retail partners can easily be found in the store locator within the Revolut app. Once it’s scanned by the cashier and the amount is paid in cash, customers will receive the funds in their accounts within ten minutes.

Gabor Hava, Head of Core Payments, Global Business at Revolut:

“With such a high demand for cash deposits among our customers, Revolut is pleased to bridge another product request of our customers and help those with cash to get access to modern digital financial services. Our cash deposit solution meets clients’ real needs: by partnering with an industry expert like Paysafe, we are now able to offer a fast, simple to use and compliant service that will allow thousands of people to deposit cash into Revolut from different locations and exchange currencies in app to make transfers to family and friends in other countries. This launch will provide a greater level of confidence for all those who have not considered digital financial services yet.”

Bob Legters, SVP Product at Paysafe:

“We are thrilled to announce our partnership with Revolut to introduce the new cash deposit feature to their customers powered by Paysafecash. With Paysafe’s unparalleled expertise in digitizing cash as a form of payment for online services, we are proud to offer Revolut’s customers convenient, safe, and seamless method to access the cash infrastructure in the UK. This collaboration exemplifies our commitment to revolutionizing cash-based payment solutions and continuously providing customers with numerous payment choices“

Cash deposits start at a minimum of 10 GBP and a maximum of 500 GBP per transaction, with a daily cap of 750 GBP. Customers can deposit cash up to a total of 2,250 GBP a month, while the yearly limit is set at 10,000 GBP. Customers using this service for the first time can deposit up to 100 GBP free. After this, all deposits will have a 1.5% fee that will apply for customers in the UK.   

How to use cash deposit in the Revolut app:

• Customers will need to access the service by tapping ‘Add money’ on their home screen;
• Customer will need to change their selected method to cash deposits;
• In order to access the service, customers will need to accept Paysafe T&Cs as well as open/allow Geolocation sharing to be guided to the nearest partner store;
• Click on ‘Cash Deposit’ and enter the desired amount; 
• A barcode will automatically be generated by tapping on ‘Continue’. It will be valid for 30 minutes and can be renewed at any time using the ‘Renew’ button underneath it;
• Customers present the barcode to the cashier at any of the participating stores for scanning and pay the selected amount;
• The money will be credited to the account within ten minutes. The fee will be deducted from the deposited amount.