We got a banking licence 🎉

#49

No, real debit cards allow offline transactions and that sometimes is crucial when you are travelling.
The main issue with prepaid card is that they are less trusted by vendors (one reason for that is money-laundering) because they are easier to obtain than real debit cards. Therefore, there are companies that refuse payment by prepaid cards.

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#50

I haven’t thought about offline transactions. Good point!

#51

There are companies, that don’t accept prepaid cards.
They only accept Credit or debit.
Especially car rental or hotels.

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#52

Not an expert in the topic, but if you are referring to the Model 720 you probably have to declare it. Wht I don’t know is if you have to declare that you have it in Revolut or in the partner bank which can be Barclays or Lloyds https://www.revolut.com/help/more/security/is-my-money-safe

#53

Congratulations!
This is the reason why the Short code is changing? I think that is a bit strange that none is talking about that… maybe I’m been victim of scam. But checking the number with directions anything is related and I’m start to think that is not normal… Could you tell me a bit more about why the short codes are going to change on May and if is going to be safe like was until now (change the bank address or what is going to happen?)

#54

Are you talking about the GBP account details, @Freedom

The account number and sort codes will be changing because Revolut is changing banking partner. They do have a European Banking Licence but this isn’t being used in the UK so for now they are still holding all funds in a client account at a registered bank.

#55
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#56

Absolute bull and scaremongering in general. He’s Russian, of course he has links to Russia, it doesn’t take a genius to work this out.

He’s spoken about Revolut on Russian television in Russian. Regardless, I’m sure Lithuania have already done all the due diligence required before granting them a banking licence.

Revolut has spent a long time and a lot of money to have this done, if they get it removed for something silly I can assure you the Lithuanian authority that revokes it will not have a fun time in court.

Also, why would they risk their entire company on kremlin links? Why should the guy be responsible for his father also, surely they are different people?

Tl;dr Lithuania is being stupid.

5 Likes
#57

I agree with you, one always has connection to one’s own country, because family/friends live there.
you shouldn’t pay attention to your origin anyway.

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#58

Amazing work! Working towards progress and more independence from typical bank institutions. Congrats :partying_face:

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#59

It is a great news, congratulations! It brought a question to my mind: If I understand it correctly, currently the money is stored in Barclays or Lloyds bank. But what currency is actually stored there? Does Revolut have accounts in GBP, EUR, PLN, NOK, or in all top-yp currencies? If I top up for example in CZK, how or where is it stored? Thanks.

#60

New article in biggest latvian online news just got published.

(you can try to google translate to english if you wish).

In 2 words:
Revolut decided to postpone its bank operation start in Lithuania. There is plans to start operation in second semester of this year.

Background:
Some lithuanian assho** (gov official) few days ago rised concern, that Revolut is threat for Lithuania due to high count of non-residents, so lithuanian government will make some commisson to review Revolut once again (they say it will take 1 month).

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#61

“Revolut is a threat for Lithuania due to the high count of non-residents”. Shouldn’t it be the opposite? Revolut is importing money from other countries doing this…

#62

Logically thinking YES, sure. But lately in Baltic states there is opposite movement, banks close accounts for non-residents, focuses on local business only, there is tight regulations regarding cash (for example recently in Latvia law come in force which prohibits buying property with cash), etc… I think its completely wrong. Their excuse is that cash, non-residents might be laundering money or funding terrorism. Complete bullshit…

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#63

I’m wondering why revolut choose similar countries (Lithuania, Cyprus, Luxemburg, Malta which recognized as laundering paradises) to open a banking license and not countries like Germany, France, Italy or even UK (for UK customers)?

#64

because it’s easier less difficult

#65

keep in mind that if Revolut fails it would be Lithuanians who pay the compensation, up to €100k per customer.

#66

Well, Lithuanians is not precise enough, since it’s based on the deposit guarantee scheme EU directive and therefore not paid by taxpayer money per se.

From what I saw on the “Indėlių ir investicijų draudimas” website, Revolut deposits in EUR, USD and currencies of the EEA would be covered by this national guarantee scheme, which is financed by all banks, bank branches and credit unions in Lithuania.
In Lithuania banks should pay 0.45% of their deposits per annum into this insurance scheme.

However, it is debatable whether this scheme would be able to cope with the leverage of the very large user base of Revolut, which even outweighs Lithuania’s population, just in the event that Revolut would fail. In this case, the European Central Bank might have to step in and obviously it’s linked to a lot of complications for the entire Eurozone.

Well, to cut it short, it’s a risk for Lithuania for sure and it should be made sure that Revolut is absolutely compliant with regulations, which frankly, Revolut did not prove to have a good track record on. But on the other hand, it can be a good opportunity for Lithuania by massively growing its financial sector.

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#67

Because they wouldn’t get it.

“The Lithuanian Parliament instructed the government commission, which is evaluating the transactions of strategic companies, to re-examine the credibility of Revolut.

If a country like Lithuania, where it is very easy to obtain a banking license, has concerns about Revolut - other more stringent countries would be even more thorough in their checks on the company.

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#68

I believe mainstream bank industry is just really afraid of Revolut’s success, thats why they invent false bullshit reasons to “re-examine”.

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