European Banking Licence 🏦



Congrats Revolut. Not bring that Apple Pay so we can open the champagne :slight_smile: .


give them just a bit of time. they had to celebrate yesterday and are hungover now :laughing:


Here is a blog post about it:



They already did:


Maybe offtopic but is fscs also available?


Better get your app fixed now then…


Congrats & Kudos to the Revolut Team!!!


@AndreasK , Is this the end of the ridiculous yearly limits? I can’t use Revolut until february due to those limits.


With the announcement that “any funds you deposit will be protected up to €100,000 under the European Deposit Insurance Scheme (EDIS)”, this statement implies the removal of the current €33,000 annual activity limit.

However that’s only my interpretation of the new information :slight_smile:


You’re currently not covered and you won’t be until Revolut actually store the money themselves - right now you should treat Revolut as an e-money still. Its still in a ring-fenced account at Lloyd’s. AFAIK.


What about swiss customers ? Will they have the same level of protection ?


As far as I know they should do as Swiss citizens have all the rights that a typical EU citizen does with freedom of movement, so it’d be a bit silly for them to move and suddenly have no deposit protection.


I believe that the deposit protection limits apply to the jurisdiction in which the deposit taker is based, which is the United Kingdom (or possibly later also Lithuania). It’s not based on the postal address of the account holder.


And I believe this is false. I am pretty sure that with an European banking licence ALL citizens of the EU and the EEA are protected.


Deposit protection is not based on citizenship of the deposit maker, but on the location of the deposit taker. For example, an Afghan citizen who is a customer of a UK bank is protected, but a British citizen who is a customer of an Afghan bank is not protected.


but, after the accounts have been migrated to the “bank”, who pays if Revolut goes bankrupt?


For Revolut’s UK-based accounts, this would be the Financial Services Compensation Scheme.


You’re wrong as they don’t have a banking licence here?

You would collect your money from ring-fenced accounts at Lloyd’s or you’d be under the Lithuanian deposit protection scheme, assuming they trial it on you.

Currently you get no deposit protection under Revolut in the event they go under anyways, so it’s literally just the Lithuanian scheme if they trial you on it.