Account jurisdiction other than UK?


#1

Where does Revolut hold my funds, i.e., which bank and in which jurisdiction? Is it all in the UK (ex channel islands)? Is it the same for different base currencies (e.g., if I sign up in Germany in EUR, would the account still be in the UK)?

Context: I have some funds that I need to keep out of the UK for tax reasons. Am wondering if I can use them with Revolut.

Thanks, Martin


UK tax implication of using Revolut to send from one bank account to another
#2

:thinking:


#3

Thanks. Assume that holds for all base currencies? Barclays where? UK, channel islands, Isle of Man, somewhere else?

(btw: nothing fishy about the tax thing. As a non-dom, HMRC will tax me upon funds remittance to the UK, which I would like to avoid doing accidentally through something like transferring funds to Revolut.)


Converting USD to GBP while i'm in the UK
#4

It’s said that Barclays holds the money in a segregated pool of assets, but Lloyds is used for the current accounts system and Currencycloud used for currency conversions.

Best ask Revolut for that. Recommend asking on Twitter/Facebook, if you want a more speedy response.

Yep, it was a joke. Well aware of the non-domicile tax status, although I don’t know too much about the rules and regulations around this area.

Surely you’d use a private bank, if you’ve got non-dom status. Or (this is not tax or legal advice.) set up a corporation offshore to hold your assets (:smirk:).


#5

the question is , if you send euro to revolut , where revolut hold the euro uk account or non uk account


#6

If it came to it, I’m sure you could argue that your EUR with Revolut is held in Lithuania, given its Lithuanian IBAN.


#7

According to Revolut chat this is incorrect. I was told the following:

IBANs are provided by the central bank of Lithuania whilst their money is held in a U.K. Account through Lloyds


Help/Advice General Discussion
Multiple Currencies
#8

Did any of you get a proper response about this ? DO we have to use “clean” capital even for Euro accounts?


#9

If by clean you mean legal, the obvious answer is YES.
Additionally, Revolut (or any other financial service…) should not be used for tax evasion.

:roll_eyes:


#10

no it has nothing to do with tax evasion.
anyway revolut cannot be use for that, i m switching to another service