European Banking Licence 🏦

I understand you are worried about something important to you but stop criticising others who have reasons you are not willing to understand. Don’t call others crazy just because they have different priorities.
There can be several reasons why Revolut is choosing Lithuania and I don’t think there is any conspiracy behind this just a business looking after itself

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I would recommend you to read this

and then think why Revolut is going for a banking licence in Lithuania and not in any old, economically powerful EU country?


Yeah. I actually have an idea of what money laundering is.
You fear that the local tax authorities will have details about your usage of the bank account. This is just bullshit. Revolut already shares your data with the UK. The EU Anti Laundering Directive applies to all of Europe, so this sharing happens EVERYWHERE. :expressionless:

The only real difference is that each country can locally decide to freeze or seize money of local accounts. In Spain, any local government, social security or tax revenue agency can seize unpaid invoices. In The Netherlands, you need either a court order or a “bevel” which can be issued by government agencias (CJIB, DUO, etc…).

I wonder how Revolut will have a chance to change traditional banking by becoming a bank?

Easy? How many free bankaccounts do you have with a GBP IBAN, a EUR IBAN, free worldwide ATM withdrawals, free FX and free worldwide transfers?
The bank license will only make it more of a bank, so they can offer us even more products.


For crying out loud - if you’re not happy with the political environment in your country and/or the EU in general, get involved into politics but don’t let it out on companies which don’t care so much about that and just have to follow the laws if they want to stay in business!

Applying for a Banking Licence is the next logical step for Revolut if they want to expand their business in that direction (banking in general).
Happy to hear that they do!

Full Stop.

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I think Revolut sees things differently now.
I’m a Business Revolut user and have seen how difficult it was to onboard my business due to restrictions from their partner bank. The partner bank basically didn’t trust my company, even though I’ve been running my business for over 7 yrs with many EU banks without any problems.
Revolut onboarded my business with the pooling accounts. I thus can’t get my own IBANs, and I have to tell my clients to pay Revolut and use a client code in the transfer description. This sucks obviously.

We also can’t connect PayPal to our Revolut accounts, as Revolut isn’t a real bank, and thus can’t give us proper bank statements that we could use to get PayPal.

Revolut also can’t issue their own cards, giving them less flexibility.

It’s just a logical next step for Revolut to get a proper license.


Premature celebration? “Applying” is not the same as “being awarded” a licence. And I wonder what kind of regulatory changes will be needed if the licence is awarded (or demanded as a condition of awarding). I look forward to being able to pay cash or cheques that I receive into my Revolut “bank account”…


I know several proper banks that don’t accept cash.

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Do you plan offer Credit Card if your European Banking License has been fully working? I suggest that current Revolut prepaid card could be converted into credit card functionality using Revolut Credit?

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Please clarify: Revolut website claims I can get an IBAN by getting a Revolut account. This claims they have only applied for that privilege.

:r: applied for EU banking licence, but they already can issue personal EUR IBAN accounts in GB, because it does not require banking licence.

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Ah! So if I get an account, it will be easy and low-cost to transfer funds from a USA bank to Revolut, and from there to my Spanish account (or directly to pay Spanish bills)?

Since we Americans are too smart to use what everyone else uses,¹ getting money to Spain when I’m not there to use an ATM costs a lot in both fees and red tape.

¹kilograms, Celsius, IBAN, meters, … better stop there or politics will creep in. :slight_smile:


No, it is not so easy, now, revolut personal EUR IBANs supports only SEPA transfers (from countries in EEA only and only in EUR currency). You can top-up :r: also using SWIFT by only to pooled account, and an account of sender MUST be registered to you. EUR personal IBAN can be topped up by anybody. You can also topup using debit card, please read , on the bottom there are fees section.

This adds to my confusion. I’ll have to come back here with any remaining questions¹ after I wade through the FAQ and all the documents. Unfortunately, that’s so much data, I’ll probably be back in Spain before I get through it all.

¹Except for one: Is it possible (and how) for an American to get an account now and have no fees until I actually figure out which services are worth the cost and effort of using? oops, two: by “registered to you,” do you mean the sender account must be mine, or that it must be registered in some way with my account at Revolut?

For now, Revolut is only available for residents of the EEA. Expansion for US customers is scheduled for Q1 2018.

There is no “no fee” international transfer option I am aware of. Useful services are, Transferwise and Revolut. But it really depends on the individual use case which option is the most cost effective

When Revolut becomes available for US customers, individual local US accounts are planned, so further down the line transfers from US accounts should become free.


it must be yours

I don’t sure about it. You should read this - - curently Revolut was available for people living in EEA.
Maybe @anon33247966 will help you with the USA account

Unfortunately, both that USA page and the “early access” button only freeze my browser.

It’s not yet possible for a non EEA resident to open a Revolut account. A little bit more patience!

When you guys get the EU License in Lithuania… Will you guys be able to issue Lithuanian Revolut cards to EEA residents living in EUR countries?
I really like Revolut, but I’m still being annoyed often with the “wanna pay in GBP?” question at POS terminals.
Maybe you guys can keep the UK-issued cards for UK/Gibraltar residents, and issue cards from within Lithuania to EUR residents.

I would also suggest that when you guys get the Banking License, you quickly move towards getting a proper license in USA. You guys don’t want all these Americans to have issues FX fees there too.


Also - will there be changes with the IBAN (for EUR-Account)? If yes - when will these changes taking effect?

(…before I start using the IBAN and then have to change it everywhere I used it when Revolut will get the license…)

Maybe then UBER in Europe will work with proper :r: issued cards!