So why are we calling this a 'beneficial interest'?
The precious metals that you purchase are held for you in a bare trust. This means that Revolut Ltd (UK company number 08804411) retains the legal interest in the precious metals on your behalf and you own the beneficial interest. The beneficial interest entitles you to all the economic rights, including any increase or decrease in value, that attach to the precious metals that are purchased. Precious metals are held on an allocated basis and stored in the vault of a third party financial institution at all times. Revolut Ltd will maintain the relationship with the financial institution and any other institution that we buy precious metals from, hold them with, or sell them to on your behalf. You won't have a legal relationship with these third parties but by accepting the Precious Metal Terms, you agree that Revolut Ltd will act as trustee on your behalf.
What does that mean for me?
Revolut Ltd will act as trustee and will hold the legal interest in the precious metals for you. You will maintain control of the ability to buy, sell, or exchange the beneficial interest you hold in the precious metals and we will only act upon your instructions.