European Banking Licence 🏦


#190

In all fairness, :r: is growing very quickly (3 million users a day or two ago!)- i guess most updates and new functions get put on hold until a) they are back on track keeping up with the huge demand increase and b) the banking license is in place.

I dont think a single currency (apart from crypto) has been added since the announcement in this thread about European banking license for example?


#192

That’s a great achievement! I’m not surprised, I was expecting this announcement.

When a friend of mine recommended me to join Revolut, I KNEW for certain that it would revolutionize the way we manage our private finances. Within 10 minutes I had downloaded the app, signed up, topped up my account, upgraded to Premium and ordered my first physical Revolut card. Ever since, my life has become so much better.

I appreciate what you do and I love the fact that people were actually laughing at you just a few years ago. After false allegations subside, the truth will vindicate.

CONGRATULATIONS GUYS!

Best Regards,
The Anonymous


#193

What did I miss? What kind of great achievement could you mean?

Take care
-o ;o))

p.s. Sound sooo bot’ish to me o_0


#194

And Revolut when we can expect Banking Licence ?


#195

Hello! What I’m referring to is that they’ve “Applied for a European Banking Licence”. Haven’t you seen the announcement…? They’re obviously taking major leaps forward!

And by the way… I’m not a bot, just an enthusiastic client! :wink:


#196

it would be great if they would fix the existing problems in the meantime.

e.g.

  • local collection accounts in all supported countries
  • direct debit in the UK
  • reserve weekend transactions with markup but defer debiting until Monday
  • active DCC prevention
  • web interface for individuals
  • mobile interface for businesses

#197

You mean like N26 does? I’d much prefer this system even if it cost me slightly more or less. I’d feel it fairer.


#198

Revolut will never be granted an EU banking license as long as they keep ignoring/breaking the EU GDPR laws. Period.

Ignore the bots.


#199

They’re not breaking it though :man_shrugging:


#200

Well, that has not yet been fully proven? A lot of users on this forum alone think otherwise and either way - it most likely stands in the path towards a real banking license. I suspect the EU expects anyone wanting a banking license to actually act like a real bank and not give out user info as easily?


#201

No, it’s just a bunch of salty people.

Boo hoo? If you think they’re breaking the law, see them in the English courts.

I mean, they do act like a real bank as far as I’m concerned.

No user information is given out though. The phone number has to be in your contacts for it to display on Revolut, and it uses the name you have saved as the display name. They simply match it against what they have on their servers to check if it exists. If it does they show you it under “is on revolut” if it doesn’t, they don’t.

I don’t see why all you people are crying, just close your account if it bothers you so much.


#202

I agree with you but let me add something


#203

If you’ve got their phone number it’s extremely unlikely that you wouldn’t know their name.


#204

Any accusations that I’ve seen so far have been vague and not backed up with much substance, if any. Anybody who genuinely suspects that Revolut are not complying with EU GDPR rules - which I strongly doubt - can follow the guidelines which are clearly set out in the Privacy Policy: :link:

Complaints

You have the right to make a complaint at any time to the Information Commissioner’s Office (ICO), the UK supervisory authority for data protection issues (www.ico.org.uk). We would, however, appreciate the chance to deal with your concerns before you approach the ICO so please contact us in the first instance.

So that we’re clear and there’s no misunderstanding about how we handle your personal data, we will:

  • Always keep your data safe and private.
  • Never sell your data.
  • Allow you to manage and review your marketing choices at any time.

If you have any questions about this privacy notice, including any requests to exercise your legal rights, please contact us or our Data Protection Officer via in-App support.

As for me, I’m confident that Revolut have people and procedures in place to ensure full compliance with this and all legal matters in pursuit of their banking licence.


#205

Saying “close your account” is exactly the the same repeated and beep up answer that got old by the first 5 or so times it was said.

IF :r: is not complying totally with GDPR, then i understand why the european banking license has not materialized. I do not know, but it does seem strange that a company can get away with not letting its users opt out of sharing personal information given the updated legislation this year.

To me it seems revolut is still run as the startup it once was - unfortunately that won’t work with 3 milion users, they will get attention sooner or later.

Edit: Oh and the least i want is to take :r: to court, i vent this in hopes it will be checked seriously so :r: doesnt risk getting a hefty fine that might take the company down, that is how serious gdpr is claimed to be :thinking:


#206

Then take heed to it.

GDPR is mandatory regardless of if you want your European banking licence or not, otherwise a company the size of Revolut could be looking at a big % of their yearly revenue being taken off them by fines. Don’t be ridiculous and suggest that this is the reason why they haven’t got it. Its very difficult to attain a banking licence.

Information that is already known :man_shrugging: it isn’t much of an issue and I would say you have the opt out, don’t use the service.

They have gotten attention - revolut are doing a lot at once and they have bigger things to deal with. Let them focus on their priorities instead of bogging them down with this trash.

If you think any lawsuit about something like this would get anywhere then you’re mistaken. I’m sure Revolut’s extensive legal team has been asked about this before.


#207

You sir might starting thinking just slightly outside the box. At the moment you are just diging the threnches and doing attack without listening.

Quite seriously i dont care how much you defend this. What i do care about though would be an official stance from the company on this matter.

We both want :r: to thrive and grow - then arguing like this takes us no where. Both you and i know that the matter is not clearly settled and until it is we should be able to discuss like adults possible faults and troubles on the horizon just like any other subject.

:r: being quiet about this just like many other subjects lately is unfortunate.


#208

I’ll ask them on Twitter then :man_shrugging: they typically reply to me


#209

Hi there.

As this previously explained, Revolut is not in breach of GDRP. Our legal team has made sure that our services are in line with UK Regulations and comply with GDRP accordingly.

Regarding send feature, where you can send and request money from other revolut users, this feature requires access to your phone’s contacts in order to send to those friends. You have the option to not enable contact access to further not use the feature, and will still be able to use our many other great functions such as our innovative card, fee free bank transfers and industry beating exchange.

Also, according to the T&Cs you allowed to opt out by terminating your account. You can find more info here: https://www.revolut.com/privacy/


#210

Under GDPR, they should be allowed to store all personally identifiable information they need in order to provide their service.

However, offering the same information to a third party would need explicit, non-obfuscated opt-in approval to be compliant.

Also, in order to be compliant, a user has to be able to request a copy of all data stored about them, and upon request, the company should delete all data they have stored on the user.

But, this assumes that they are not breaking other laws in order to comply with GDPR. In the case of a bank, they would probably be legally required to store certain information about users for a certain amount of time. In this case, banking law sort of overrides GDPR.

A lot of users on this forum alone think otherwise and either way

Is this in reference to showing a list of contacts who are Revolut users?