Exchanging precious metals FAQ

Which Precious Metals are supported?

Currently, you can gain exposure to Gold (XAU). We are working to add more Precious Metals to our offering.

How much does gaining Precious Metals exposure cost?

Revolut’s rate is derived from the XAU market rate plus a small markup, which is currently 0.25% during market hours and 1% during out of market hours.

There are no additional fees for using our service, and you can enjoy all the benefits of the Revolut platform.

Revolut applies out of market hours markup between 12am Saturday to 12am Monday UK time.

Unlocking Precious Metals offering

Gold is a new product, which we are rolling out to Premium and Metals customers first.

As a standard customer, you can get instant access to Gold by upgrading your plan.

When you have unlocked Precious Metals, you’re required to read the risk warnings and agree to our Precious Metals terms and conditions, before you can start using the feature.

Converting to and from Precious Metals

Once you have unlocked and activated our Precious Metals offering, you can use any supported fiat currency or cryptocurrency to gain Precious Metals exposure or exchange this exposure back to a fiat currency or cryptocurrency. This can be done via the Exchange section within the Revolut app. Buying and selling your Precious Metals exposure works the same way as any other currency that we support!

You can add a XAU account through the Commodities widget on the Dashboard.

Does the conversion from and to Precious Metals happen immediately?

Exchanges between Precious Metals and fiat or cryptocurrencies happen immediately at the rates provided by Revolut. Once completed, transactions can not be reverted or canceled.

What are the measurement units?

Exposure is measured in troy ounces, a standard unit of measure for precious metals. It is roughly equal to 31 grams.

Sending Precious Metals exposure

To send Precious Metals exposure to a friend on Revolut who has this feature enabled:

1. Tap on the 'Payments' tab in the app

2. Select from your contact list one of those with an 'R' next to their name and tap ‘Send’

3. Enter the amount you would like to send, choose XAU from the drop-down list and tap ‘Send’ again

4. The Precious Metals exposure will appear immediately in their Revolut account!

Please note that currently, we do not support transferring Precious Metals exposure to accounts outside of the Revolut platform, i.e. to an external Precious Metals account.

Spending Precious Metals exposure

You can use your Precious Metals exposure to make a payment. We won’t send gold to the merchant, instead we’ll convert your Precious Metals exposure to the merchant’s currency and make a payment. So yes, you absolutely can buy your next drink with gold!

If you want to disable this feature, you may temporarily deactivate your Precious Metals account from the account details. This will prevent accidental spending of your balance on card payments.

What other Revolut features are supported?

Pretty much all of them! Vaults, cashback, spare change round-up, auto-exchanges, you name it! Precious Metals work just like another currency within the Revolut ecosystem.

Understanding Revolut Precious Metals

What is Precious Metals exposure?

So why are we calling this “Precious Metals exposure”?

This is because Precious Metals are held in a single account in Revolut’s name with our trusted gold services partner. So when you purchase gold you are actually obtaining “exposure” to what is held in Revolut’s Precious Metals account.

What difference does it make for you?

Not too much but this is one of the reasons why you can’t send your gold externally outside of your Revolut Account and why you can’t have the physical gold delivered to you either (sorry about that). It also means that if Revolut were ever to become insolvent, Revolut will sell all Precious Metals it holds on your behalf and credit your e-money account with the corresponding amount in fiat currency.

And that’s pretty much it!

Where does Revolut source Precious Metals?

Precious Metals trade in the interbank market, very similar to fiat currencies. There are different locations where Precious Metals can be settled, e.g. London, Zurich, etc. and the price might vary depending on location.
Revolut is trading in the London interbank market for Precious Metals. The price reflects the market value of 1 troy ounce.

How does Revolut calculate the Precious Metals rates?

We stream prices from the London interbank market for Precious Metals. We then apply a 0.25% (1.00% on weekends) markup on that rate, which is the rate you receive in the app - there are no further fees or markups applied. Please note that 0.25% (1.00% on weekends) is not the buy/sell spread. The price you pay is locked in at the time of exchange.

Are my Precious Metals secure?

Yes! Revolut keeps all Precious Metals via its trusted gold services partner who ensure the Precious Metals are stored  in the vaults of the London Bullion Market Association. Such vaults are commonly used by banks to keep their precious metals holdings safe.

Precious Metals holdings are not protected by the FSCS scheme. However, in the unlikely event of Revolut’s insolvency, all Precious Metals holdings will be sold and proceeds will be credited to your e-money account.

Are Precious Metals regulated?

Precious Metals is not a regulated product in the UK. Funds received by us in relation to Precious Metals transactions will not be safeguarded (as is the case for fiat currency transactions pursuant to our obligations under the UK Electronic Money Regulations 2011). Any Precious Metals we hold for you are not covered by the Financial Services Compensation Scheme.

Do I have to pay taxes?

You might have to pay taxes on our Precious Metals exposure depending on your local legislation. Revolut does not give tax advice, so please consult with a tax advisor if unsure.

Are there any limits on exchanges?

There are no additional limits on exchanges for Precious Metals. This means that you can exchange starting from as little as 1 cent. There is no upper limit as well.

Do I have an individual allocated Precious Metals account?

Revolut is not allocating individual Precious Metals accounts at this time. Once purchased, the Precious Metals are securely stored in a 'pooled' account. We maintain our own internal ledger, which records your exposure that is reflected in the Precious Metals account in your Revolut app.

Can I receive Precious Metals sent to my Revolut account?

You can receive Precious Metals interests sent by another Revolut user. However, you will not be able to receive Precious Metals sent from outside of the Revolut platform.

This is a closed offering whereby you can buy, sell, exchange, and transfer within the Revolut platform.

Can I transfer my Precious Metals exposure to an external account?

You will not be able to transfer Precious Metals exposure to accounts outside of the Revolut platform.

This is a closed offering whereby you can buy, sell, exchange, and transfer within the Revolut platform.

Can I get my Precious Metals physically delivered to me?

At this stage, we are not delivering physical metal bars.