Banking licence, compliance, maximum funds, and CHF top-up account


#1

Tagging the most recently active moderators in the vain hope to receive a response

@AndreasK @pearcerevolut @rafael_revolut

  • Banking licence: Is there any update you can provide in regards to the banking licence?
    I’d hope for some response of the sort

    • Yes, its coming in [month] of [year].
    • We are still working on it but it will still take at least X months. Dont count on it before [month] or later.
    • We cant comment on that for regulatory/marketing reasons.
  • Compliance: Once there is (presumably) a banking licence, will the threat of a sudden account lockdown decrease or will it still be a gamble and an account could be locked at any time (obviously not talking about proper cases of money laundering)?

  • Maximum funds in an account: Right now Revolut limits accounts to £75,000 (respectively €85,000 and $100,000). Will these limits disappear with a banking licence issued or will they be still in place?

  • Local top-up account for CHF: Similarly to the banking licence, is there any update about a local Revolut account in Switzerland to top-up an account via bank transfer? Again, something of the following sort would be appreciated

    • Yes, its coming in [month] of [year].
    • We are still working on it but it will still take at least X months. Dont count on it before [month] or later.
    • Its not coming.
    • We cant comment on that for regulatory/marketing reasons.

As for the last point, could you also comment on the support statement saying the CHF account is everything but certain a this point (and apparently far from available)?

I’d appreciate if I got an official response and if it was not of a marketing sort or generically useless (around the corner).

Thanks a lot


IBAN for Switzerland
#2

Unfortunately still no response (two days and the tagged members have ignored it so far), but it seems the question for the CHF account got answered on its own - and it “just” went out the window


#3

Lets play a fresh round of tag :wink:

@rafael_revolut @pearcerevolut @AndreasK


#4

They do not want to respond.
I love revolut but sometimes they are particularly frustrating.


#5

It starts to look like it. Both, @AndreasK and @rafael_revolut have been just online again and still nothing. They treat the thread as if it didnt exist.

It is actually not the first time I ask them these questions, only the first time to have it properly formulated in a public thread. And I actually gave them the option to say “nay”, but Revolut users at least deserve some form of official “nay” if that is the case.

If :r: cant bother to address crucial questions about their services, respectively, chooses to actively ignore customers, I guess I’ll be slowly done with :r:.

Revolut managed to “lose” my “love” quite a while ago and it doesnt seem they care much about “regaining” it. At this point I am only evaluating if their services will still fit my use-case or not. As it seems impossible to get an answer I guess I can slowly start to answer that question with “no”.


#6

It is intriguing how persistent they are in blatantly ignoring enqueries of this type.

@rafael_revolut @AndreasK


#7

Take it as “No comment is required.”

P.S. Just imagine “there is no message board”. ;o))


#8

Revolut, a pretty soon company!


#9

I’d be interested in an answer, too.

Recently, I received a “top up so card-payments will not be declined”-message in the app as my balance starts approaching the 0. At the moment, the last thing I’ll do is topping up my revolut account, as :r: 's bevhaviour is now worse than the one from UBS before 2008! “we don’t talk to mere customers” seems to be the new credo! Chat useless as never before, Community lacks of official answers, promises not being kept…

@AndreasK , @rafael_revolut, @JessicaZ and all the others - let your managers/department-leaders know “the clients become nervous and start distrusting revolut”, and that some clear communication is overdue!


#10

They should respond…


#11

My bet banking licence in Lithuania is doomed, thus dead silence from Revolut team or naive fanboys. No way Lithuanian Bank will issue licence to Kremlin backed company aka funded by Yuri Milner/Alisher Usmanov. There is huge hysteria at top level about Yandex.Taxi app and this is just a ride sharing app.

https://www.bloomberg.com/news/articles/2018-07-31/lithuania-warns-russian-taxi-app-could-be-snooping-on-users


#12

Hi all.

Apologies for the delay in getting back to you, but we had a few things to sort out before we provide an update here. :slightly_smiling_face:

Banking licence: We should have it granted any time this year!:tada:

Compliance: We’re working on implementing new developments which will reduce the number of locked accounts and of course protect our users. You can read our blog about our compliance approach. https://blog.revolut.com/how-revolut-took-a-different-approach-to-compliance/

Maximum funds in an account: A more personalised approach is on its way. Which technically means the top up limit will be removed. :slight_smile:

Local top-up account for CHF: I know we have promised you, and no one wants to wait so long! :frowning: Please, a little bit more patience, as we’re working on it. We won’t let you down this for sure!

Best,

Andreas K.


Time required to remove yearly fx limit?
Annual top up limit disappeared in latest version
#13

Thanks for eventually getting back Andreas :tada:

Unfortunately the response is still, at least, somewhat marketing-ish :wink: , the thing I was explicitely not hoping so much for. But please let me follow up …

Banking licence: So you do expect it to be issued in the next four to five months? Can I actually quote you on that in January? :stuck_out_tongue_winking_eye:
But seriously, “should” could really mean a lot. Can you quantify in an approximate percentage the likelihood of Revolut having the licence still in 2018? Would it be rather 30 to 50 percent or rather 70 to 90?

Compliance: Apart from the new developments :wink: will a banking licence mean less strict regulations for you?
I dont mean less safe (particularly a bank should be safe) but “less strict” as in “most-banks-I-have-dealt-with-are-not-that-quick-with-locked-accounts”.

Maximum funds: Sounds good enough for me. Just a bonus question :slight_smile: is that related to the licence too or independent?

CHF: Now that was really a marketing-ish response ;). So do I take it right, you are not going to / cannot comment on this? At least, is the support response correct that it might not even happen at all?

I do appreciate your response, I really do, but I hope you can understand why I am trying to get deeper down that rabbit hole :slight_smile:


#14

Will banking licence be granted in Lithuania?


#15

The licence is applied through a single European country via European Central bank and it can then be passported across Europe!


#16

Who will be providing deposit insurance? Who will be regulating Revolut banking activity? Is this single European country Lithuania? If so, how such small country with a sluggish economy could provide deposit insurance to ±2 million Revolut customers?


#17

Your money will be protected up to €100,000 under the European Deposit Protection Scheme (EDPS).


#18

Andreas, I am not sure if the recent UI changes (in 5.10) reflect a change in the maximum funds issue as well but could you still address the follow-ups in my last response?

Thanks.


#19

What do you mean by European Deposit Protection Scheme (EDPS)? Show me the official EU document about EDPS. Where is no such thing present or you mean European deposit insurance scheme (EDIS)?

“Many EU-level reports have highlighted a European Deposit Insurance Scheme (EDIS) as a necessary component of banking union, but none of these options has met sufficient consensus among euro-area countries.”

EDIS is not implemented and seems will not be in a near future, thus each EU country will keep providing deposit insurance on a local level. My questions remain unanswered. So why don’t you stop avoiding answering such simple questions and give clear answers.

  1. Who will be regulating Revolut banking activity?

  2. Under which single European country law Revolut will be regulated?

  3. Is this single European country Lithuania?

  4. How such small country as Lithuania with a sluggish economy could provide deposit insurance to ±2 million Revolut customers?


#20

You are quite an optimist, arent you? To expect to receive a proper answer from Revolut :wink:

No offence Andreas, but so far Revolut has never exactly excelled when it comes to straightforward answers.