These terms and conditions govern the relationship between you and us. They apply when you use the Revolut app to:
We call this our “gold 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.
Gold is not like the e-money in your Revolut account. Gold is not e-money and our gold services are not regulated in the UK by the Financial Conduct Authority.
Funds received by us in exchange for your gold transactions and your gold itself 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 gold services. You should carefully consider whether your personal situation and the financial risks you are willing to take mean that you should not buy gold. 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 gold services.
You can instruct us to exchange the e-money in your Revolut account or the cryptocurrency we are holding for you into gold.
If you do, we’ll follow the procedure below:
If you want to exchange your gold back into e-money or cryptocurrency, we will do the same in reverse.
We may limit the amount of gold 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 gold. If we do, we will not be responsible for any losses you suffer as a result. We may refuse your instruction if:
Cancelling your instructions
You cannot cancel any instruction to exchange gold.
How we hold gold
When you exchange e-money or cryptocurrency for gold, your account will be credited with a corresponding quantity of gold. 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 gold held by Revolut users on the Revolut app is backed by real gold 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 gold from, hold it with or sell it to.
Revolut will not deliver physical gold to you. Where you want to exchange some or all of the gold on the Revolut app, we will credit your e-money or cryptocurrency account with the corresponding value of the gold sold.
In the unlikely event of Revolut becoming insolvent, all gold holdings will be sold and your proceeds will be credited to your e-money account.
Transferring gold to other Revolut customers
You can transfer gold to other Revolut customers in the Revolut app. When we accept your instruction, we’ll transfer the relevant value of gold to them. You can’t transfer gold to anyone who is not a Revolut customer.
You cannot pay in gold using your Revolut Card.
If you make a payment using your Revolut card, and the only funds you have are in a gold, we will either:
Where you have a Revolut subscription which offers cash-back, you can choose to receive your cash-back in gold. If you do, we will give you the gold equivalent value of the cash-back amount based on the exchange rate at the time.
You can instruct us to exchange gold for you when the exchange rate reaches a certain price. This is called the “target value”.
We will try to exchange the gold in accordance with your instructions. However, we cannot guarantee that we will be able to buy or sell gold at the target value and we will be under no legal obligation to do so.
We set the exchange rate for our gold services and show it on the Revolut app.
The exchange rate on the Revolut app includes our fees for helping with the exchange. These are set out in our Fees page. We don’t charge you any other fees for this service.
The exchange rate may change between the time you told us you wanted to buy or sell gold and the time we actually buy or sell it. This means that if you ask us to buy gold, you may receive more or less gold than you expect and if you ask us to sell gold, you may receive more or less e-money or cryptocurrency than you expected.
We are not responsible if you suffer any losses as a result of trading in gold.
Gold carries significant risks.
We will provide you with the gold services. However, whether to use the gold services or not must be decided by you and we will not provide you with advice about buying or selling gold. Nothing we do should be taken as saying that exchanging gold is a good or a bad idea.
You may have to pay taxes or costs on our gold 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 gold 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:
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 gold services. However, we may end this agreement immediately if any of the following apply:
If we end this agreement we will exchange all the gold 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