European Banking Licence 🏦


#1

European Banking Licence! :bank:


:loudspeaker: We’re incredibly excited to announce that we have applied for a European Banking Licence! A huge thanks to you all for your support :heart:


com-resize

More info :point_right: bit.ly/2AlpG0L


#2

#3

#4

Congratulation guys! :slight_smile:


#5

Awesome guys! Looking forward for what is coming next! Cheers!


#6

Keep up the amazing work! Congrats!


#7

I wonder how Brexit will affect all of this, as I understand that an European banking passport is the side-effect of an UK license that because of being an EU member state gives access to other countries within the EEA. Even access to the Swiss market was a problem quite recently, and Switzerland is a country with an extensive agreement with the EU.

I’m afraid that having an EU subsidiary will be necessary in the future. Do you still have some Lithuanian accounts laying around? :wink:


#8

Haha I bet they do account for that issue. Maybe the politics will figure it out.
But since :r: is rolling out in the U.S. and applying to become a full bank, they surely will have a backup plan :wink:


#9

They didn’t register with the Bank of England but with the Lithuanian national bank. A proper EU license.


#10

How long does the process usually take? NYT says 6 months starting now?


#11

I read in a Lithuanian newspaper that it would be rolling out 2018 first quarter


#12

Thanks, I didn’t know that. Cool.


#13

Well done for getting to this stage and good luck. :sparkler::tada:

Looking forward for a proper Revolut bank debit card :credit_card: :bank:


#14

Terrible news! So ‘Beyond Banking’ is becoming traditional bank with all strings attached. You got to be crazy to be happy about huge personal data leak to local tax authorities: bank account balance at the end of the year 5k = all your data will be leaked, 15k turnover (top-up) = all your data will be leaked. Thanks maybe not. Plus AEOI (CRS) in full force. This news should be especially troublesome for any Lithuanian national. As soon as Revolut becomes bank in Lithuania, any local government lunatic from VMI/SODRA would be able to block and/or debit account without any prior warning or court order.


#15

CRS applies to fiscal residents outside the residency of the financial institution. I don’t think that anyone can block any bank account for the lulz in a country that operates as a “rechtsstaat”.


#16

Great news :tada: With a European banking licence we get more services and the money is more secure. Win Win Win.


#17

I don’t know what kind of business and income you have but most people feel quite safe if your money is protected, with banking licences people will get protection and Revolut will be able to offer its own cards, DDs etc…

I have no idea what are you on about.

Banking license will Not make Revolut a traditional bank they will actually have chance to change traditional banking.


#19

@QuQu is saying that he was using this account for money laundering purposes, and that soon he won’t be able to continue doing it, because all operations will have to be shared within Europe.

Also, it’s true that Lithuanians will have a small problem, as the Lithuanian government will be able to access, block, freeze accounts as they see fit. (The same happens in The Netherlands for Dutch accounts, and in Spain for Spanish accounts.)


#20

Great you have no idea and you do not care much, but I value my privacy. Under local Lithuanian regulation banks report any account holder with 5k euro account balance and 15k euro turnover to local tax authorities. I wonder how Revolut will have a chance to change traditional banking by becoming a bank? And why do you think Revolut applying for a banking licence in Lithuania (one of the most impoverished countries in EU) and not in any old EU jurisdiction?


#21

Do you at least have any idea what money laundering is? Oh yeah laundered 100 euro in my jeans pocket last month. Banknote still usable. If you do not care about your privacy, this is your right. Oh yeah very smart to compare Netherlands with Lithuania. Cucumber is not a …