European Banking Licence šŸ¦

BIC code for REVOLUT TECHNOLOGIES UAB: RETBLT21XXX
https://bank-code.net/swift-code/RETBLT21XXX.html

I like REVOxx a lot more than RETBxx :stuck_out_tongue:

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So basically Revolut does have banking licence but our money are still not secured with that till that time when Revolut will move accounts to Lithuania ? Right ?

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Yup actually they are still secured by Lloyds and it will take some time till Revolut moves over to thier own.

Lithuania is not a safe haven according to this Guardian article: Is Lithuania another Iceland banking crisis in the making?:

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Interesting article. But as the article points out, Revolut is not likely to fail. One has to remember that Revolut is not a savings vehicle; most deposits in Revolut are small and transient. This will remain the case for as long as Revolut doesnā€™t pay interest. The interest-paying market is saturated, so Revolut wisely focusses on offering competitive FX rates instead of competitive interest rates.

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Revolut also has active money makers that donā€™t rely on people borrowing, so I donā€™t imagine them being too in trouble in the event that theyā€™re not lending too much. Theyā€™re still chasing rapid expansion currently too :thinking: so they could sell more shares if needed

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revolut accounts arenā€™t cheap either, and with 12 month minimum contracts it has to be a very nice a steady cash flow

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If you stick to basic for private use, they are free. For my purpose, have a free credit card, physical as well as virtual, to get good FX rates, it did not cost me anything.

Fees to get money to my account are more of a problemā€¦ But thatā€™s another topic.