European Banking Licence 🏦




I like REVOxx a lot more than RETBxx :stuck_out_tongue:


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 ?


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?:


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.


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


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


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.