European Banking Licence 🏦


#211

Yes. As I’ve said many a time people who don’t like it have the option of closing their accounts :man_shrugging:


#212

I really regret this thread was kidnapped for this discussion, but giving our information to third parties (other revolut customers in this case) has to be an opt-in, not opt-out.


#213

You opt-in to having a Revolut account :thinking: it’s also necessary for function of their P2P payments thus you don’t have to have a specific opt-in iirc as its a core business function.


#214

I am not looking at this from a GDPR point of view, but from a privacy / trust point of view. I never allowed access to my contacts, yet a friend of mine recently told me: “I see you are on Revolut as well”. This means that if anyone who has me in their contacts decides to share them with Revolut, they know I have an account. I don’t mind sharing my phone number with my friends or acquaintances, but I don’t necessarily want them to know who I bank with. This is troubling.


#215

AlexA, Your example has certainly made me think again.
I for one will watch this thread with interest.
I will also keep an eye on my contacts, both those with whom I have shared my Revolut membership: More importantly those with whom I have not shared such details.
There hangs the reality. :sob: If people with whom I have not shared such details can see them, then it will almost certainly be time for me to close my account.


#216

If you don’t trust someone enough to let them know something as simple as who you bank with, perhaps they shouldn’t have your number.

Wow, what a traumatic event.

Yes, anyone who has your phone number can see that you indeed do have an account with Revolut, what’s the issue with this? Have you never paid for something by card around them? Revolut aren’t even a bank either, they’re a prepaid card e-money company who issue cards through prepay.

As @AndreasK has mentioned you are free to opt-out via terminating your account.


#217

@Recchan Looking through your responses, you are obviously not interested in a discussion, but just in being passive aggressive. Don’t expect me to bite.


#218

I’m honestly a little sick of people continuing the discussion - I said what the result would be beforehand and we’ve had an official response from Revolut. Email them or contact them on Twitter to tell them you’re displeased with their response. Stop polluting the thread.


#219

Recchan seems to be trolling yes. “Close your account” has now been written several times in this thread alone.

If not trolling, must be gullible facebook generation.


#220

Read above reply.

Yes, and Revolut agrees.

I don’t use Facebook, I just think Revolut still have a lot to work on before issues like this. GBP Direct Debits, proper debit cards, local accounts in other currencies, fixing crypto inside the app, improving metal tier, not this. This is something to ask them for after they do everything else that needs to be done for their business goal of making travelling anywhere easy and for making transfers around the world free. That’s when we can truly say “we need to focus on the little things”. Innovation means not being bogged down by these things. They’re working quickly, but this is a waste of time.


#226

Did I understand correctly that the issue that some people think as anti-GDPR is showing users the legal names of other users while transferring money?

I think that is a normal feature in banking, the recepient has to be a real name instead of a nickname or something, if Revolut allowed hiding that information, I think that would be a block for a banking license.


#227

Sorry, that’s not what I meant. This was in reference to a situation equivalent to when website or service wants to send your data to, for example, online ad trackers. Like you, I’m pretty sure the P2P payment stuff would fall under the category of core functionality, for which you are implicitly agreed to by using the service. It’s stated pretty much up-front on their website.

However, companies need to be careful with the stuff that is arguably not part of the core offering or functionality. It’s very hard to argue that ads ever are core functionality, which is why we see all the GDPR ad-tracking stuff everywhere now.

So far I haven’t seen anything that would lead me to suspect that Revolut would be in violation of GDPR. If the banking license is dragging its feet, my bet would be the good, old-fashioned, ever so slowly grinding mills of bureaucracy


#228

I am not sure what to think about this, I understand you, but on the other hand this is how everything works nowadays thinking about WhatsApp, Facebook/Messenger and the most of other social networks or instant messaging apps.

Even if you had never used any of those, how many people do you know (or don’t know) that have your phone number and have just given their permission to send your number to those services (either blindly accepting everything, thinking it worth it or having used older version of Android that didn’t ask for permissions runtime)?


#229

AlexA, once you set up an account and just before you start using in-app features, the app asks you if you agree to grand permission to access your phone contacts.


#230

@AndreasK , thank you. I am aware of that and your app is handling this correctly. The issue is that I did NOT grant access to my phone contacts nor my location data. Yet, other Revolut users who happen to have my phone number in their contacts and grant Revolut access to their contacts can then see that I have an account with Revolut. While I am not paranoid and this is not a reason for me to cancel my account, I believe this should not happen.

@Ciblia I understand that many Apps work that way, but I’d say it makes a difference whether we talk about messenger apps or financial apps.


#231

AlexA, I can quickly check your account and see what’s happened. Is that ok with you?

p.s. Are you sure you have never received money from another Revolut user?


#232

Certainly AndreasK feel free to check.

I did receive money from another user, who when he saw me being on Revolut sent me a few cents because he wanted to test it. Without having shared my contacts, out of the blue I got his payment.


#233

I don’t know of any bank that automatically fills the recipient name of an internal transfer. they do have directories for business but never individuals. having to know the name of who are you paying is actually important to prevent mistakes and fraud.


#234

grant access to contacts is what allows the sending party to know information* about a potential receiving party without his/her consent.

Information that they don’t necessarily know, like the fact that someone has an account with you and their full legal name… quite interesting for potential stalkers or fraudsters that got your phone number indirectly or on a weak moment on a bar.


#235

You gave your consent by accepting the T&Cs that allow Revolut to grant access. And this was before start using those features! Also, the other party has this information as they are people you have been added to your phone contacts. However, you can always opt out - it’s absolutely optional.