How is the FCS limit applied?
The Financial Claims Scheme (FCS) limit of AU$250,000 applies to the sum of an account holder's total deposits under any one banking licence. Accounts with funds that are not in Australian dollars are excluded. Cryptocurrencies are also not included under the FCS.
All deposits held by an account holder with any single banking institution must be added together towards the AU$250,000 FCS limit. This includes accounts with any other banking businesses that operate under a different trading name, but are managed by the same licensed banking institution.
Currently, Revolut only operates one bank in Australia.
How does my legal structure affect the FCS limit?
The AU$250,000 limit is applied differently based on your business’ legal structure, as each distinct legal entity is considered a separate account holder.
For example, a sole trader's personal and business accounts are combined under one AU$250,000 FCS limit, whereas a company is a separate entity and gets its own AU$250,000 protection, distinct from its owners' personal cover.
More information on this is available on the FCS website. The list of supported business types by Revolut Business is available on the legal entities for a Revolut Business account FAQ page.