European Banking Licence 🏦


#269

#270

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


#271

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


#272

Here is a blog post about it: https://blog.revolut.com/we-got-a-banking-licence/


#273


#274

They already did:


#275

Maybe offtopic but is fscs also available?
https://www.fscs.org.uk/what-we-cover/banks-building-societies/revolut/


#276

Better get your app fixed now then…


#277

Congrats & Kudos to the Revolut Team!!!


#278

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


#279

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:


#280

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.


#281

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


#282

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.


#283

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.


#284

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.


#285

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.


#286

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


#287

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


#288

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.