European Banking Licence 🏦


#64

Well Done just what we wanted


#65

It seems Revolut will have to stop crypto activity if they want LT bank licence. Any thoughts?

“The Bank of Lithuania confirmed that financial services providers must remain “dissociated” from cryptocurrency activity at any cost. This leaves very little room for interpretation, as it means no bank is allowed to let consumers buy or sell cryptocurrency right now”.


#66

I believe Revolut use an intermediary and so may not be affected as they provide a financial crypto platform, but do not do the transactions direct.
A bit like Facebook denying responsibility for fake news and other unplalatable content


#67

Excellent news Chaps, Will that mean additional currencies can be added to ’Revolut’
Also, IF I have Euros in another bank can I send them to you for conversion to GBP?


#68

Does that mean that deposits at Revolut will be protected up to £85,000 through the Financial Services Compensation Scheme (FSCS)? Is there an ETA on the approval?


#69

You can check the blog post about it at the official Revolut blog for things like estimated timeline.

Since it’s going to be a EU license, funds will be protected up to 100.000 EUR or equivalent per customer.


#70

@JediSurfer
Forget about FSCS or any protection from UK institutions. If they get banking licence in Lithuania, then all local laws will be applicable to Revolut banking activity, e.g. your account data will be reported to local tax authorities if your account turnover is +15k euro per year or… or… Regarding deposit protection I would not be very optimistic as ECB wants to end (or ending) deposit protection:




#71

#72

@AndreasK

Can we get some insight on this please?


#74

Wow. Highly disrespectful.


#76

I forgive you. You are not the first blind to the reality.


#78

Taxes? What it has to do with this subject? If international bank with 2 million clients in Lithuania goes bust are you sure this country is capable of dealing with such a “small” crisis?


#79

I have seen people starving with enough pride not to allow themselves to beg even once in their life. The fact that you confuse both concepts speaks lots about you. And nothing good.

Additionally, your post, regardless of being true or not, is still disrespectful due to its insulting and demeaning nature.


#82

747829dc468b6d66cebf11e6aafce8f2


#87

If you’re not willing to be civil or respectful, then leave this forum.

You’re impressing no one with your language. Except perhaps yourself.


#90

Bit of topic :joy::joy::joy:
Btw purchase parity was allright till euro came in … ( Lithuania)
They economy not as good as,but all europe countries are in shit.
Look on debt each of them got :smiley:
(UK,France,Germany,Greece etc. )
Country like Lithuania was very well off while they had nuclear power plant.
After that costs doubled and trippled …
As far i’m aware in Lithuania it’s easier to get licence and pay almost no tax.
Goverment introduced tax relaxation for banks,this happened post 2008 “banking crisis “
Like Swedbank didn’t need to pay tax at all…
Not sure did it change but think still applies.


#91

We’ll be applying for a UK licence too in the event of “passporting” issues and London will always remain our headquarters. Which means it can then be passported across Europe!


What will happen after Brexit?
#92

Would the license mean that Revolut will drop the annual top up limit requirement?


#93

I don’t think being a full bank has much to do with issuing true debit cards. As an example transferwise’s debit mastercard is a full debit card, not prepaid, and theyre the card issuer


#94

Yes. I think they do want to enter the loans market and that’s why they are applying. Honestly, I feel pretty ok with this actual service that we have beside that half of my yearly top up limit got eaten in a month :smiley: . Will send docs if I need to.