We got an European banking licence šŸŽ‰

I see that:
Revolut Bank
Coming soon.

Thanks.

1 Like

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

Iā€™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 Germanyā€™s ecological-ethical investment focused finchtech smartphone bank tomorrow, that getā€™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 Revolutā€™s case this is because of bias byregular banks, whichare not the entitiy which does the re-examination anyhow.

Of course this doesnā€™t mean that Revolut is bad, necessarily.

But put yourself into Lithauaniaā€™s shoes: A british company, that as such probably doesnā€™t have to pay them that much taxes, etc. wants to use their banking license for itā€™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 isnā€™t potentially leaving soon), and do only itā€™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 ā€œcoming soonā€ 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 Iā€™m feeling anxious about keeping my funds in a savings vault without the assurance that if REVOLUT crashes, Iā€™ve lost my money.

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

1 Like
1 Like

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

2 Likes

They mentioned that Lithuania is the testing ground and gave a timeframe of 18 months from December 2018. Considering the negative rep related to Revolutā€™s banking license, Iā€™d probably add half a year to that. I mean, itā€™s a big step, Iā€™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 donā€™t mention the deposit guarantee scheme, so yeah, Iā€™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 ā€œRevolut Bank comming soonā€ when???

soon

yes, soon

1 Like

This is great news! Very nice!

Congratulations to the whole team!

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

1 Like

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.

2 Likes

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.

6 Likes

Hello there everyone,

I have an Important question. Iā€™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?

Probably yes in near future.

Hopefully yes, and soon. I donā€™t know though if they will convert your existing IBAN to your country of the app, country of residence or you could choose from available IBANs?

There are some threads dating back to 2017 were this was discussed, but they have no announcements or specific plans for that.

1 Like

I donā€™t see Revolut offering country specific IBANā€™s.

Your GB one may become a Lithuanian one but I wouldnā€™t expect a Spanish one.

It defeats the purpose of the Single Euro Payments Area to introduce local IBAN when you can literally report a company for IBAN discrimination and have them forced to fix it.

4 Likes

Yes but on reality for example no company in my country will take Revolut IBAN as it is GB, and transferring money to you will cost >30euro from the company side (for SWIFT) than only 1 euro if it is local :slight_smile: ir they will deduct the fee from you if you insist foreign IBAN.