We got a banking licence 🎉

Just his wild guessing in the dark :slight_smile:

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Products & Features

here the link >>> Products & Features <<<

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I see that:
Revolut Bank
Coming soon.

Thanks.

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Is having banking license different in being a bank and in what?

Well, you need a banking license to be a bank. But you can have a license and not offer bank related services. And that is Revolut’s current status. They have both an e-money and a banking license, but services are all offered under e-money regulation.

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I’d doubt that. There are several other European finchtechs which offer similar (for example N26) or arguably evenmore innovative (for example bunq) services as revolut, and have full (and unlike revolut fully implemented) banking licenses, and are not looked into by the banking supervision authorities. The same goes for Finchtechs wich at least get full Deposit insurance via cooporations with regular banks (like Germany’s ecological-ethical investment focused finchtech smartphone bank tomorrow, that get’s the Deposit insurance via cooperation with Solaris Bank).

So given many other Finchtechs are full banks and are not looked into/ re-examined, I do not think you can claim that in Revolut’s case this is because of bias byregular banks, whichare not the entitiy which does the re-examination anyhow.

Of course this doesn’t mean that Revolut is bad, necessarily.

But put yourself into Lithauania’s shoes: A british company, that as such probably doesn’t have to pay them that much taxes, etc. wants to use their banking license for it’s world-wide business. That means Lithauania would have to to pay off all of Revoluts customers worldwide if it should fail, but maybe get not much out of it, when it continues to work. That is a rather bad deal to begin with. It is understandable that if even the slightest doubt emerges, that they try to pull out of it again.

I think revolut should just open a second company in an other EU country (which isn’t potentially leaving soon), and do only it’s European business via that one, taxing it fully there. I think then they would get a full banking license MUCH more easy.

MAYBE that is whatthe “coming soon” Revolut Bank will be.
And then I am open to use their services. But not before, and who might know what it will be?

Does this mean REVOLUT is FCSC approved now? As I’m feeling anxious about keeping my funds in a savings vault without the assurance that if REVOLUT crashes, I’ve lost my money.

it is not https://www.revolut.com/en-IE/help/more/security/is-my-money-safe/.
(It also won’t be in the future as their banking licence is from Lithuania not the UK but it will be protected under the EDIS)

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Wonderful! When will we have a credit option via revolut in Romania? I understand it’s already implemented in Lithuania. Also, news about Revolut investing?

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They mentioned that Lithuania is the testing ground and gave a timeframe of 18 months from December 2018. Considering the negative rep related to Revolut’s banking license, I’d probably add half a year to that. I mean, it’s a big step, I’m really excited about it and obviously want everything license-related asap, but my guess is that all EU customers will have access to credit and stuff by autumn/late 2020.

Also the Lithuanian FAQs still don’t mention the deposit guarantee scheme, so yeah, I’m not sure how far Revolut already got with implementing the license.

https://www.revolut.com/lt-LT/help/daugiau/saugumas/ar-mano-pinigai-yra-saugus

i see on web site “Revolut Bank comming soon” when???

soon

yes, soon

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This is great news! Very nice!

Congratulations to the whole team!

So any news when and where will revolut start full banking services.

Any news on when proper UK direct debits will be supported? Desperate to make the move to only using Revolut for banking but until it supports real UK direct debits, its a no-no.

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I strongly suggest not putting everything on Revolut without any backup.
It may leave you for weeks without access to your money and they do not operate under the banking licence yet.

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Hello there everyone,

I have an Important question. I’m spanish citizen holding an account in N26 Bank and in Revolut. Recently, N26 bank has told all users like me, that the Germany IBAN account will be converted to spanish IBAN, so then is not interesting for me, because I want money outside spain which until 50K can be holded in european accounts without taxes declaration. This is the main point that makes me move all my money from N26 bank to Revolut or Bunk, for example.

Will Revolut convert GB IBAN to each country IBAn automaticlly or in a near future?