No it isn’t. The single financial market was made to make things like Revolut possible. Before only large banks were able to get any foothold in countries and some retreated from markets as it wasn’t affordable to run directly within them.
Now suddenly you can have one base and offer products based on the market, while offering the EU wide protection that is backed by your member state.
They have to comply with the laws of their country - your country is literally irrelevant.
You may complain to Revolut and then escalate that after a final response or 8 weeks has elapsed with the Financial Ombudsman Service or if required take the matter to British Civil Courts.
For what it’s worth, our Financial Ombudman is rumored to be one of the best in the EU.
Eh, I use Revolut for holding money and savings in foreign currencies. Never any issues for me.
Most of the people claiming that Revolut has ‘stolen their money’ are trying to get past new companies with stricter AML triggers than regular banks, then they realize that they’re stricter because they don’t have millions of customers and 10+ years of data on spending and their money gets frozen while the police do some investigations, while they cry on forums about bull.
I can’t even use it as a replacement myself and I’m in the homeland of Revolut - mainly because they don’t support GBP Direct Debits (and I have credit card bills to pay that I do my non-foreign spending on)
Hopefully not. I’d rather they don’t waste money on establishing subsidiaries in markets where they already have customers just to appease the few who actually care.
Here, N26 have a German license and people still use them. This is true in Spain and Italy, where they also operate.
Note how they’ve not been forced to get local licenses everywhere to become successful in each country? That’s called marketing.
This is why I’ve tagged @NFH. I know what the legislation prevents, just not what specific legislation it is