These terms apply from 12th August. To view our previous terms, clickhere
These terms and conditions govern the relationship between you and us. They apply when you use the Revolut app to:- exchange your e-money into precious metals (and back again);
We call this our “Precious Metals Services”.
These terms and conditions also set out other important things that you need to know.
If there is any inconsistency between these terms and conditions and our Personal Terms, these terms and conditions will apply.
You can ask for a copy of these terms and conditions through the Revolut app.
Please read these terms and conditions carefully.
Precious metals are not like the e-money in your Revolut account. Precious metals are not e-money and our Precious Metals Services are not regulated in the UK by the Financial Conduct Authority.
Funds received by us in exchange for your precious metals transactions and your precious metals themselves will not be safeguarded under the UK Electronic Money Regulations 2011 or the Payment Service Regulations 2017. They will not be protected by the Financial Services Compensation Scheme either.
We do not provide any investment advice relating to our precious metals services. You should carefully consider whether your personal situation and the financial risks you are willing to take mean that you should not buy precious metals. You may want to speak to an independent financial adviser.
You can contact us at any time through the Revolut app if you have any questions about our Precious Metals Services.
You can instruct us to exchange the e-money in your Revolut account or the cryptocurrency we are holding for you into precious metals.
If you do, we’ll follow the procedure below:
If you want to exchange your precious metals back into e-money or cryptocurrency, we will do the same in reverse.
We may limit the amount of precious metals you can exchange. We will tell you the amount of any limit before we accept your instruction.
Refusing your instructions
Sometimes we might refuse your instruction to exchange precious metals. If we do, we will not be responsible for any losses you suffer as a result. We may refuse your instruction if:- we cannot obtain enough precious metals in the market;
Cancelling your instructions
You cannot cancel any instruction to exchange precious metals.
How we hold precious metals
When you exchange e-money or cryptocurrency for precious metals, your account will be credited with a corresponding quantity of precious metals. You will have the right to transfer it to another Revolut user, and the right to exchange it back into e-money or cryptocurrency.
The precious metals held by Revolut users on the Revolut app are backed by real precious metals that we buy and hold with a secure financial institution. The financial institution’s relationship is with Revolut. You do not have any legal relationship either with the financial institution or with any other institution that we buy the precious metals from, hold them with or sell them to.
Revolut will not deliver physical precious metals to you. Where you want to exchange some or all of the precious metals on the Revolut app, we will credit your e-money or cryptocurrency account with the corresponding value of the precious metals sold.
In the unlikely event of Revolut becoming insolvent, all precious metals holdings will be sold and your proceeds will be credited to your e-money account.
Transferring precious metals to other Revolut customers
You can transfer precious metals to other Revolut customers in the Revolut app. When we accept your instruction, we’ll transfer the relevant value of precious metals to them. You can’t transfer precious metals to anyone who is not a Revolut customer.
Spending precious metals
You cannot pay in precious metals using your Revolut Card.
If you make a payment using your Revolut card, and the only funds you have are in a precious metals, we will either:- exchange your precious metals back into e-money in the local currency of your retailer, if we offer that currency; or- exchange the precious metals back into your base currency (the currency of the country you live in), and then send the funds to the retailer.
Where you have a Revolut subscription which offers cash-back, you can choose to receive your cash-back in precious metals. If you do, we will give you the precious metals equivalent value of the cash-back amount based on the exchange rate at the time.
You can instruct us to exchange precious metals for you when the exchange rate reaches a certain price.
We will try to exchange the precious metals in accordance with your instructions. However, we cannot guarantee that we will be able to buy or sell precious metals at the price you set and we are under no legal obligation to do so.
We set the exchange rate for our Precious Metal Services and show it on the Revolut app. This exchange rate includes our fee for our Precious Metal Services. This is set out in our Fees Page. We don’t charge you any other fees for this service.
The exchange rate is a variable exchange rate and is changing constantly. You can always see the current exchange rate in the Revolut app.
The exchange rate may change between the time you told us you wanted to buy or sell precious metals and the time we actually buy or sell it. This means that if you ask us to buy precious metals, you may receive more or less precious metals than you expect and if you ask us to sell precious metals, you may receive more or less e-money than you expected.
We are not responsible if you suffer any losses as a result of trading in precious metals.
All Standard users can make a set amount of exchanges at this exchange rate every rolling month. That set amount depends on your base currency and is set out on our Fees Page. Standard users who exchange more than these limits will start paying a fair usage fee (but Premium and Metal customers will not).
Our Precious Metals Services carry significant risks.
We will provide you with the Precious Metals Services. However, whether to use the Precious Metals Services or not must be decided by you and we will not provide you with advice about buying or selling precious metals. Nothing we do should be taken as saying that exchanging precious metals is a good or a bad idea.
You may have to pay taxes or costs on our Precious Metals Services. We are not responsible for collecting these from you, for making any payments on your behalf, or for providing any reports relating to tax.
We can change these terms and conditions, but we’ll only do it for the following reasons:
Telling you about changes
If we add a new product or service that doesn’t change our existing terms and conditions, we may add it immediately and let you know before you use it.
Otherwise we’ll give you 30 days’ notice through the Revolut app before we make any changes. If you don’t like the change, you can end your agreement with us. We’ll assume you’re happy with the change unless you tell us otherwise before the change is made.
We’ll do as much as reasonably possible to make sure that our Precious Metals Services are not interrupted, are secure and virus-free, and are accessible at a reasonable speed. However, we can’t promise that this will always be the case.
Sometimes we’ll suspend use of our gold services so that we can make technical changes, add new features, make sure they run smoothly or improve their security. We’ll try to give you notice before we do this, although we might not be able to do so in an emergency. We’ll also try to limit any suspension so it lasts as short a period as possible.
We won’t be responsible to you for losses that arise:
We will only be responsible for foreseeable losses
If we don’t meet our obligations under these terms and conditions, we will not be responsible for any loss that we couldn’t have thought you’d suffer at the time we entered into the agreement with you.
Nothing in these terms and conditions removes our liability for death or personal injury resulting from our negligence or for fraud or fraudulent claims and statements.
YOU MAY BE RESPONSIBLE TO US FOR CERTAIN LOSSES
If you break these terms and conditions in a serious way, and this causes us to suffer a loss, the following will apply:- you will be responsible for any losses we suffer as a result of your action (we will try to keep the losses to a minimum);- if your actions result in us losing profits, you may also be responsible for those losses, unless this would mean that we are compensated twice for the same loss; and- You will also be responsible for any reasonable legal costs that arise in connection with our losses.
Once the agreement has started, it won’t end until you or we end it.
You can end the agreement at any time by letting us know through the Revolut app.
We will try to give you two months’ notice if we need to end the Precious Metals Services. However, we may end this agreement immediately if any of the following apply:- we suspect that you are behaving fraudulently;
If we end this agreement , or stop offering a particular precious metal, we will exchange all the relevant precious metals that you hold on the Revolut app back into e-money in your Revolut account at the exchange rate at the time. We may also end your other agreements with us. You can speak to us through the Revolut app or contact us for more information.
If you’re unhappy with our service, we’ll try to put things right
Our contract with you
Our right to transfer
English law applies
The English version of the agreement applies
Our right to enforce the agreement
Taking legal action against us