well, today we have 1.1.2021:
a) I am a Swiss Revolut Private AND business Costumer
b) I received a message from my Austrian Bank that due to Brexit EURO transfer with british banks will come with additional costs.
c) Today I learned from Revolut that my EURO IBAN credentials stay the same for the time being.
That means - Goodbye Revolut (and probably for all Swiss customers)
Happy New Year
It happened that I didnāt agree on the new terms since I did not update the app with the new version. Do you know if I lose my investments then? They said my account I temporarily freezed, I need help
Same for me. Swiss customer with paid personal and business account. Had a long chat with support and they donāt have any plans to move Swiss customers to the LT IBAN pool. This is ridiculous. There is no reason to still have a UK IBAN as the standard for non-EU citizens and EUR accounts.
This needs to get resolved quickly, otherwise Revolut becomes pretty much useless for anyone using it as an āinternational bankingā alternative with regular payments from / to EU countries.
Iām a UK resident and send euros to a Spanish account, of course now we are being charged quite heavily for the pleasure of putting our money with the bank, why canāt Revolut migrate UK , Swiss etc customers to a Latvian IBAN, if they donāt they will be losing customers because there are others that will
Allow me to offer a possible explanation. At the moment many people with LT IBAN have a big issue with incoming non-EU transfers being lost or bounced back because the LT entity is not exactly recognized with its new BIC by many non-EU banks. Transactions within EU seem to work but I got the feeling something more serious is going on with the LT entity and maybe thatās why Revolut didnāt migrate everyone yet.
I think Revolut plans to move customers from āwesternā European countries like Germany and France to the Irish entity once the license is granted. Maybe they are waiting with Switzerland until then ā since the legal situation didnāt force them to do it now.
I would suggest that Swiss customers contact support and complain about their situation. This might help Revolut evaluating the situation better. Revolut does monitor this community, but my assumption is that direct feedback to support is tracked better.
My bank account got transferred to LT, no issues. But I still canāt trade stocks, the support page mentioned that I just have to accept to continue trading with rtl but I canāt find this option. Does anyone have information on this?
Hello! My account was moved to LT. But now I have a problem I canāt send money from non-EU accounts because BIC/SWIFT REVOLT21 is not recognised. Do you have such problem? Any information how it can be fixed? Can I still use my GB details?
Thank you for responses
I am facing the same issue for several months. Seems my non-EU bank does not recognized neither swift code REVOLT21 nor the IBAN LT91 xx.
The GB swift can be used still few more months (I think till June 2021), I am using that meanwhile.
Hello! I am in Italy right now and I was going to open a Revolut account. I will need a UK account to receive a salary in the UK, but after Brexit it seems from your posts that there problems of payments from non-EU account, even though the UK accounts are being moved to LT. Could someone provide advice on this? My employer will require a Sort Code and an Account Number of a UK bank account.
Thank you!
I was told by Revolut customer services there are no plans at the moment to allow UK customers to have an LT account, however if you are in Italy you can have a LT euro account and a GB sterling account as far as i know so you would not be charged
I still have trading in the EU, if I recall correctly I had to agree to a disclaimer to say there was no legal protection and I was trading at my own risk. I think if you donāt already have a trading account in the EU, then it may not be available to new sign ups currently, although not 100% certain
Hello,
I was trading with Revolut in 2020, then I stopped, and I would like to start again. From the chat bot they are telling me that it is no longer possible for non UK people. And that in the coming month an agreement should come. Could you confirm that you are non UK and you are still trading all along 2021/2022 ? I canāt understand if itās illegal, or just some legal protection is missing, but that in the reality the non UK wonāt risk anything more than UK people.
Thanks a lot!
The biggest legal risk is to understand all the implications of doing business with a UK company. As a EU resident, you are not covered by UK consumer protection. And you canāt rely on EU consumer protection as well. The biggest inconvenience is that Revolut does not provide any localised account information regarding taxes. You need to figure out your tax liabilities on your own, or with the help of an accountant, of course.
You can trade if you chose to keep doing it (was a decision to keep the account and assume the risk). Thing is there are less actions (around 1000) than other platforms plus conservation fees went from 0.01% to 0.12%. Still āvaluableā not the most expensive but there are better services that also purpose fractional shares.
thanks a lot, itās much clearer ! and thanks for the sum up about the change of fees!
thanks a lot, itās much clearer !