We’ve had our application for a European banking licence approved.
Fantastic news Andreas, many congratulations to all involved. The blog post describes what will be a game-changing 18 months and I for one can’t wait!
In another thread I talked about the pros and cons of Revolut becoming my primary account, and this is certainly a massive step towards that.
Congrats to all the Revolut team for another important milestone.
Now, it’s worth pointing out that nothing is going to change right away. Despite being granted with a licence, this does not automatically turn us into a bank right away.
In the coming months, we’ll be doing a lot of building and testing behind the scenes, and working closely with the regulators to have any restrictions on our licence removed, so that we can launch full current accounts, overdrafts and everything else you’d expect from a bank.
We’ll start by testing the new licence in Lithuania next year and once we’re happy that everything is running smoothly, we’ll look to expand into other European markets later in the year.
It’s worth pointing out that this scheme is not currently in place, so your current funds with Revolut remain safeguarded in accounts with a tier one UK bank, as per our obligations under the e-money regulations.
Is there a date for when it will be in place?
Very well! Congratulations!
Congrats! I hope this means Revolut is in for some big changes
Is this why EUR and CZK accounts are now identical instead of going through your Loyds account? Will it still work the same way or are there hidden currency conversions?
Someone spotted this in the other thread and I am wondering why this isn’t mentioned anywhere. What if I had recurring transactions with the old details?
Hope this means you can focus on supporting Google Pay for Visa !
I can’t get MC (on standard plan) but Visa doesn’t work.
When can we expect that the different currency accounts get under the Deposit Insurance Scheme?
Will be it in different phases depending on currency OR all currencies together in the same time?
Does that mean we’ll get new personal IBANs when switching to Revolut Bank?
I know I’m just wondering whether we can continue to use those IBANs when switching to Revolut’s actual bank account.
the multicurrency IBAN we got is virtual, so it shouldn’t need to be changed…
Wow, congratulations! Exciting times. Steadily onwards and upwards!
Very good step forward
Can’t wait to see things implemented
Hope now to have BGN “soon”