Why this information is important
This document sets out the terms and conditions for the Revolut On-Demand Pay product (“On-Demand Pay”). It also sets out other important things that you need to know.
These terms and conditions (the “Terms”) form a legal agreement between:
- you, the On-Demand Pay user; and
- us, Revolut Ltd.
These Terms govern how we provide our On-Demand Pay service. They will be provided to you in the in-app flow when you start the onboarding process for On-Demand Pay. You must comply with them at all times when using On-Demand Pay.
How does On-Demand Pay work?
On-Demand Pay is a product that allows you to access your wages or salary as you earn them, rather than just being paid a lump sum at the end of your pay period. On-Demand Pay is not a credit product or loan, because you are only ever able to access amounts you have already earned.
You can only use On-Demand Pay if:
- your employer has signed up to it with us;
- you have a valid and active Revolut Personal account with us (we call this an “account” in these terms); and
- you agree to have your wages or salary paid into your Revolut account.
On-Demand Pay is an unregulated product. However the underlying payment services which will be provided to you in relation to it are regulated. The Revolut entity that you hold an account with will provide you with underlying regulated payment services (for example, when Revolut credits your account for the amount of your advance after you confirm your order in the app). As a Revolut user, you have rights and obligations under the Personal terms that apply to your Revolut account in relation to the regulated payment services related to the On-Demand Pay product.
Your employer will provide us with information about you so we can identify you as both our customer and their employee, and set up the On-Demand Pay product for your employer and you, if you're eligible. We explain more about this in the “Permission for us to process your personal data” section below.
Once On-Demand Pay has been enabled in your account and app, you’ll be able to start requesting pay advances. We’ll let you know in the Revolut app (the "app") if your request has been accepted.
How much money can I advance each pay period?
You will only ever be able to access amounts you have already earned during your pay period. Your “pay period” is the period of time over which you’ve agreed with your employer to accrue your pay - it’s normally a month or less.
Your employer will set limits on how much you can advance per pay period. We call this the “Withdraw Limit”. We'll tell you what your Withdraw Limit is in the Salary part of the app. Your Withdraw Limit will be expressed as a portion of your "gross salary" for the pay period.
Your gross salary is the amount your employer contractually agrees to pay you for the pay period before any deductions are made (for example, for income tax, national insurance and any benefits you receive). At the end of the pay period, your employer makes the relevant deductions from your gross salary and pays the remaining amount, which is called your “net salary”. This concept also applies if you receive wages rather than a salary.
When your Withdraw Limit may change
Your employer may change your Withdraw Limit, meaning it can change from one pay period to the next. If this happens, we’ll try to let you know beforehand.
If we have concerns about your wellbeing or overall financial situation (for example, if your use of On-Demand Pay suggests that you are a vulnerable customer or are having financial difficulty) we may reduce your Withdraw Limit below that set by your employer, or otherwise restrict or prevent your use of On-Demand Pay.
Are there any fees?
We may charge you a set administration fee each time we make a pay advance for you. Whether or not we do, and if so how much, depends on what your employer has agreed with us about how the service will be provided. You can see what this fee is (if one applies) within the Salary section of the Revolut app. You’ll always be able to see what fee applies each time before you confirm you want to make a pay advance in the app.
How long will it take for a pay advance to reach your account?
We’ll do our best to make sure you receive each pay advance request that is accepted instantly, or on the same business day. However, in some cases, there may be reasons why you will not receive your pay advance within this time period. We’ll do our best to let you know when a payment may be late, but may not be able to do so in all cases. Please also see the “Our right to refuse or delay your pay advance request” section of these terms.
Pay advances will be paid to your account in your base currency.
Can I cancel a pay advance request?
Unfortunately, you cannot cancel a pay advance after it has been made. When you make a pay advance request, you’re confirming that you’re happy for the Revolut entity that provides you with your account to advance the relevant amount, and you're happy to pay the fee (if one applies).
What happens if I reach my Withdraw Limit?
If you reach your Withdraw Limit, you won’t be able to advance any further pay for that pay period.
This limit will reset for your next pay period. This is subject to any changes that we or your employer have made to it, and assuming no balance is oustanding.
What happens when my employer pays my salary or wage, and where can I access the money?
At the end of your pay period, you will be able to access your remaining salary or wages from your Revolut account. You will receive the amount you are due to be paid for the pay period (your net salary), less any amounts you’ve advanced and any fees (if a fee applies - it depends on what we've agreed with your employer). So that we can deduct any amounts you've advanced plus any fees, we will first ask your employer to send your net salary to another Revolut account tied to your Revolut account so we can make those deductions before we send it to your main Revolut account (where you access your GBP balance). For this reason, you may see that the account details that are registered with your employer or their payroll provider are not the account details of your main Revolut account - don't worry, you will still be able to access the money you're due (your net salary minus any advances plus any applicable fees) in your main Revolut account.
What if I don’t make any pay advance requests during the pay period?
If you don’t make any requests to advance your pay then you’ll receive your full accrued net pay for the pay period at the end of the pay period to your main Revolut account. You won’t be charged any fees just because the On-Demand Pay product is enabled on your Revolut account - we will only charge a fee for each advance you request during the pay period (if one applies).
When your pay advance request may not be responded to
Your pay advance request may not be responded to for the reasons below:
1. If a balance is owed
On-Demand Pay allows you to access your net salary minus any advances and any applicable fees at the end of each pay period. If something goes wrong and we are unable to deduct enough money to cover the advances you made plus any fees, unfortunately you won’t be able to request a pay advance until the balance is settled. For example, this might happen if your salary decreases but your employer doesn’t tell us in time for us to decrease your Withdraw Limit for the pay period.
Where a balance is oustanding, we’ll ask your employer to make sure the money is sent through to us. You will be able to use the On-Demand Pay product again once the balance is settled.
2. Other changes
Your request for a pay advance may be refused or delayed, or we may stop you from using the On-Demand Pay product entirely if:
- your employer tells us to stop allowing you to use the On-Demand Pay product;
- you have broken these Terms or granting your request for an advance would do so;
- we believe your use of the On-Demand Pay product is abusive or may negatively affect Revolut's reputation; or
- your employer has entered insolvency (or we expect that they might).
The Revolut entity that provides you with your account may also refuse your request for a pay advance or delay the payment based on other events as explained in the Personal Terms that apply to your account. Please refer to the “When we will refuse or delay a payment” section of the Personal Terms that apply to your account for more information.
If your pay advance request is refused or delayed, we’ll try to let you know through the Revolut app or by email. If you'd like to find out why the request has been refused or delayed, and what you can do to solve any problem, please contact us through the app.
We won't be responsible for any losses you suffer as a result of a payment being refused or delayed, or terminating your access to the On-Demand Pay product.
Processing your personal data to provide you with the On-Demand Pay product
For you to be able to access On-Demand Pay, your employer needs to have signed up with us to be part of the program and have provided us with, or given us access to, certain of your personal data.
Personal data your employer may send us or give us access to:
- Your first name and surname;
- Your work contact details (for example, the email address you've registered with your employer and/or telephone number);
- Your employer’s company name;
- Your employee ID number;
- Your employment status; and
- Payroll information (including but not limited to your pay date, net pay amount, gross pay amount, work shift dates and hours worked, shift pay amount, total shift hours worked).
We will use this personal data we receive to:
- confirm that you are eligible to use the On-Demand Pay product;
- enable the On-Demand Pay product on your account and in the app; and
- set and show your Withdraw Limit for each pay period through your account and in the app.
We process your personal data in line with our Customer Privacy Notice.
What can my employer see in relation to my account?
Your employer will not be able to see your account but each pay period they will be able to see the below data points (we’ll call this your “On-Demand Pay transaction information”):
- the total amount of pay you have withdrawn;
- the amount and date of each individual pay advance; and
- the remaining available balance in your Withdraw Limit.
We will allow your employer to see this information so that they may understand whether you are using the product, how we can improve it, and also to help them identify if you may be over using the product in a way that may be detrimental to your wellbeing or overall financial situation.
Will my employer share any other personal data with Revolut if I use the On-Demand Pay product?
Your employer may tell us to stop providing the On-Demand Pay product to you or set new limits on how much you can advance based on their own reasons (for instance, if your net pay is changing and they need more time to make the adjustment on their end) or if they are concerned that you are using the On-Demand Pay product in a way that may be harmful to your wellbeing or overall financial situation.
Where we become aware that your employer has concerns about your wellbeing or overall financial situation, we may log this information on our systems in relation to your account so that we can make sure we’re providing you with an appropriate level of customer support. If we independently have concerns that you are a vulnerable customer or about your financial situation, we will not tell your employer.
Other things you should know
On-Demand Pay advances are not credit
On-Demand Pay allows you to access your hard earned wages earlier than usual, but it only allows you to access what you have already earned and it is not a credit facility or credit product. Revolut Ltd is not authorised at this stage to provide credit; we are not required to carry out an affordability assessment on you before you use this product and your use of this product will not contribute to your credit rating.
What happens if you want to stop using your On-Demand Pay or close your Revolut account
Just so you know, if you request an advance, you won’t be able to close your On-Demand Pay account or close your Revolut account until we’ve deducted any advances plus applicable fees from your net salary at the end of the current pay period, or after we’ve settled any remaining balance with your employer. Once we’re happy there’s no balance oustanding, you can close your On-Demand Pay account and your Revolut account if you still want to.
Not happy with the On-Demand Pay product?
How to make a complaint
Making a complaint about the On-Demand Pay product
If you’re not happy about the service you’ve received in relation to the On-Demand Pay product, we’ll do our best to make things right where it’s within our control. Please reach out to Support and let them know you want to make a complaint to Revolut Ltd about On-Demand Pay as a product. We’ll look into your complaint and will try to resolve things as soon as we can.
Just so you know, we can only handle complaints about the On-Demand Pay service we provide to you through our app so anything to do with the amount of pay you’re entitled to from your employer or related issues must be dealt with directly with your employer.
Making a complaint about the underlying payment services of On-Demand Pay
If you have a complaint about the underlying payment services provided by the Revolut entity with who you have your account, please refer to section 30 “How to make a complaint” of the Personal Terms that apply to your account for more information on how you can refer your complaint to the Financial Ombudsman Service (“FOS”) or the Financial Conduct Authority (“FCA”). If your complaint relates to an unregulated part of the product (remember, On-Demand Pay is not a credit product), you can still find more information on how to make a complaint in section 30 of the Personal Terms but your ability to refer your claim to the FOS or the FCA may be more limited unless your complaint is related to a regulated part.
Taking action against Revolut in relation to the On-Demand Pay product
The law that applies to these Terms is that of England and Wales. If you want to take legal action against Revolut Ltd in the courts in relation to the unregulated part of the On-Demand Pay product, you can do so in courts of England and Wales.
If you want to take legal action against the Revolut entity that provides you with your account in relation to the regulated part of the On-Demand Pay product, see the Personal Terms that apply to your account to understand your rights to take legal action.
Amendment to these Terms
We may amend these terms at any time. We will try to give you notice ahead of doing so where we can.