European Banking License - a big minus for those in search of privacy


#1

If Revolut receives the European Banking License this will be a huge minus. Even if many people will not say anything cause they do not know, those working with Revolut for privacy will probably close their accounts as they will start sharing a lot of information with the fiscal authorities of those who have accounts opened. Also, for Lithuanians it will be very easy for their state to lock accounts at any time Hopefuly the license will not come soon or never. I’ll surely close my account over here when it comes.

Is there any ETA when the license application is reviewed? Are we gonna be able to terminate our accounts before Revolut starts to operate as an old school bank?


#2

“working with Revolut for privacy”?


#3

I mean using Revolut to escape the old banking system where the state has the eyes in your pockets.


#4

This is impossible with Revolut too as they’ll block any account suspected for frauds and things.

Don’t worry. If you want privacy go cash. Revolut is regulated by UK laws.


#5

If I would have wanted to fraud I would have try to verify an account on a fake name but I don’t. I like the Revolut how it is right now. I’m not in for the fraud. Just saying that some states do not like their citizen to have money abroad and that they’re gonna start asking for proofs etc even if you’re fully legal and this may be unpleasant. Have a good day! Many will understand what I say, especially the cryptotraders. And by the way I would have loved at least an UK bank license for Revolut in the first place…


#6

You’re wrong. Within EU you’re allowed to have money in any bank; there’s a common tax skeme (so you won’t pay taxes twice for income); There’s also an EU law that says any bank in EU has to open a basic acount to anyone from EU no matter of his/ her residency status (as long as is part of EU).

No one has a problem if you hold money in another country as long as you play fair and pay your taxes accordingly (to your fiscal residency country, or home country).

So if there’s nothing to hide, I don’t see a problem. Those who want to avoid paying taxes can still choose between Panama or Lebanon (Lebanon is great, but banking there is insanely expensive… i was living there and ended convincing my lebanese friends to open accounts in Romania, was cheaper over all to use those cards in LB than paying all lebanese banks fees - around 50 USD/ month)