European Banking Licence 🏦


#298

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


#299

I like REVOxx a lot more than RETBxx :stuck_out_tongue:


#300

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 ?


#301

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


#302

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


#303

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 doesn’t pay interest. The interest-paying market is saturated, so Revolut wisely focusses on offering competitive FX rates instead of competitive interest rates.


#304

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


#305

revolut accounts aren’t cheap either, and with 12 month minimum contracts it has to be a very nice a steady cash flow


#306

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 problem… But that’s another topic.