Revolut Launches Cash Deposits in the UK

Revolut launches cash deposits for its UK customers. This new feature allows customers to deposit cash directly into their Revolut accounts at over 12,000 locations across the UK. Revolut will gradually increase this number in the coming months.

The introduction of cash deposits marks a significant step for Revolut, catering to customers who prefer cash and digital payments. Last year, data revealed that 71% of Revolut‘s UK customers deposited cash with another bank or financial institution, indicating a strong demand for this service. Additionally, 34% of surveyed customers expressed a desire for the ability to deposit cash every month.

To deposit cash, customers can open their Revolut app, click “Add money” on their home screen, and select “Deposit cash.” After agreeing to Paysafe’s terms and conditions, customers can enter the amount they wish to deposit. The app generates a time-sensitive barcode, valid for thirty minutes, which customers can scan at any participating retail partner. Once the cashier checks and processes the cash payment, customers will receive the funds in their accounts within ten minutes.

Revolut partnered with Paysafe, a leading global payments platform, to facilitate this service. This collaboration aims to provide a fast, simple, and compliant cash deposit solution, meeting the needs of customers who require access to cash and digital financial services.

Revolut Launches Cash Deposits in the UK

Gabor Hava, Head of Core Payments at Revolut, stated, “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 access modern digital financial services.”

Bob Legters, SVP of Product at Paysafe, added, “With Paysafe’s unparalleled expertise in digitizing cash as a form of payment for online services, we are proud to offer Revolut‘s customers a convenient, safe, and seamless method to access the cash infrastructure in the UK.”

Customers can deposit cash from a minimum of £10 to a maximum of £500 per transaction, with a daily cap of £750. The monthly limit for cash deposits is £2,250, with a yearly cap of £10,000. First-time users can deposit up to £100 for free, with a 1.5% fee applicable to subsequent transactions.

This launch reinforces Revolut‘s commitment to providing comprehensive financial services that cater to its customers’ diverse needs.

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