Revolut is a financial institution headquartered in the UK and with presence in many other countries. Most of us are familiar with Revolut and many have used its financial services. However, there are many questions as to whether Revolut ‘bank’ statements can be used for UK immigration/visa or sponsor licence purposes. Any lack of certainty creates risks and the cost of immigration applications is high so applicants want to avoid refusals and limit risks in their applications.
Revolut ‘bank’ statements and sponsor licence applications
Regarding sponsor licence application, the requirement is strict that banking institution must be regulated by Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). Although in July 2024 Revolut has received conditional approval of banking licence in the UK it is currently in the ‘mobilisation stage’ and the licence procedure is not yet fully completed. According to Fintech Weekly Magazine ‘The PRA describes the mobilisation period as a transitional phase, typically lasting 12 months, during which a firm builds the operational systems necessary to function as a full bank. For Revolut, the process has now extended beyond 14 months, making it one of the longer licensing timelines in recent years.’
To sum up, Revolut at present does not meet the criteria for its bank statements to be used for UK sponsor licence applications.
Revolut ‘bank statements for family visa applications (spouse, partner, parents and other)
For spouse, partner, family visas and other visa applications where financial requirement has to be met and ‘bank’ statements have to be provided as evidence, the Home Office rules and policy guidance documents are less clear. Therefore there is more scope for receiving successful outcomes when using Revolut ‘’bank’ statements. However, the lack of full clarity from Home Office on Revolut statements leaves visa applicants with some risk when evidencing financials with Revolut statements.