Since Revolut is becoming a bigger bank in Europe and wants to see more customers choose over their old-fashioned bank why does Revolut not offer the option to deposit cash money.
Yes you will have to deal with anti laundering rules etc., but if Revolut keeps the limits low (lets say €2500 a year) people who want/need to deposit cash money can do so and the hassle of the money laundering and local legislation will be probably less of a issue.
@Frank
Has mentioned in this post a while ago which countries could be served:
Depending on the countries here are the options available:
Barzahlen is available in AT, DE and IT
Bancontact Cash is available in BE
Geldmaat is available in NL
Post Office is an option in UK
(For France and Spain I was unable to find the ‘main’ solution for cash deposits)
An other option would be to speak with both Barzahlen and PaySafeCash to offer cash deposits in many EU countries. While PaySafeCash is less common in the countries it operates they are available in a lot of EU countries which could make an agreement with Revolut easier to set. This might result in cheaper fees for us users
And since the competitors offer this Revolut should not stay behind too much.
Plus a way to deposit checks. Yes, I know, everyone wants to get rid of checks. But when you’re a public servant in France, you have to accept to use prehistorical systems.
The services of “Barzahlen” and others are not for free, Revolut would have to pay a fee on every deposit. Or would you like to pay that fee by yourself? Maybe it could be included in the chargeable plans, but not in the free version of Revolut.
But if Revolut set a big agreement with Barzahlen and PaySafeCash it could be possible to get a better offer on the price rate for every time you deposit cash money on your account within the max limit.
I don’t see a problem with that as long as the fee is reasonably low. Depending on the country you live in you might have to pay deposit fees at your current main bank as well. In the UK basic banking services are free and hence people tend to be put off by fees, but in most other countries fees are the norm – they certainly are in the Netherlands.
Thats right. In Germany cash deposit is mostly for free at a banks own infrastructure, but a lot of banks meanwhile have a limited amount for free cash deposits per month or year. Don’t understand me wrong, cash deposit would be a good thing to make Revolut even better, I only wantet to explain, why this isn’t an easy undertaking.
I don’t see a problem with paying a fee, although most banks here in the UK absorb the Post Office charge, which may make it a bit unpalatable to customers over here . I wouldn’t even mind if Revolut passed on the full fee for each cash transaction. For my business I pay in cash every month, but for my personal account it’s more of a once every four or five years thing.
Revolut Ltd (No. 08804411) is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (Firm Reference 900562)..
Registered address: 7 Westferry Circus, Canary Wharf, London, England, E14 4HD.
Insurance related-products are provided by Revolut Travel Ltd which is authorised by the Financial Conduct Authority to undertake insurance distribution activities (FCA No: 780586) and by Revolut Ltd, an Appointed Representative of Revolut Travel Ltd in relation to insurance distribution activities. Revolut Ltd is an Appointed Representative of Lending Works Ltd for the activity of “operating an electronic system for lending”. Trading and investment services are provided by Revolut Trading Ltd (No. 832790). Revolut Trading Ltd is an appointed representative of Sapia Partners LLP (No 550103) which is authorised and regulated by the Financial Conduct Authority. Revolut Trading Ltd is a wholly owned subsidiary of Revolut Ltd.
over their old-fashioned bank why does Revolut not offer the option to deposit cash money.
