any news about the lunch of revolut bank ?
Using EU banking license only for Central and Eastern Europe does not make sense to me.
EU banking license from Lithuania for central and eastern European Union, and Ireland banking license for western European Union. Sounds creepy from a political point of view, but probably more manageable from an economic point of view.
I didn’t think it made sense until I found this article. It dates back to May 2019. So @catean’s reason is correct.
“Since our goal is to ensure stable services and protection for our growing circle of clients, Revolut’s long-term program includes plans to diversify operations in Europe. To have several different institutional e-money licenses is a usual practice for large companies, like Google or Facebook, and this move has nothing to do with the establishment of the Revolut Bank in Lithuania,” Ramunas Stankevicius, deputy CEO at Revolut Bank, said in a statement.
I also believe that it’s partially due to marketing. Customers in Western Europe are more likely to trust a financial entity based in Western Europe.
I would only trust a U.K. based entity tbh, or wherever I am at the time
Might be hard for me to communicate with the German deposit scheme to make a claim if I had to, for example
The question is if you have to do that yourself when that happens. I remember that when the Icelandic banks collapsed the Dutch ‘victims’ could/should contact De Nederlandsche Bank (Dutch banking sector regulator) to get their money back.
That’s because the Icelandic scheme couldn’t pay out because of the sheer amount of capital to repay - national governments made exemptions and allowed people to recoup money from their own deposit protection schemes
Any ideas on when you expect to get a USA permit?
nothing so far, they were expected to issue a 1bn usd convertible loan during the last funding round to convert it in case they wanna have a US banking license, btw the last article in the FT is saying they already start transferring client in Lithuania from the e-money license to the European banking license
Any news? Will bank be operating this year for general customers (all of us)?
Congratulations ! Looking forward to the expansion of in the future!
HI, where can i find cvv of my virtual card revolut?
Click on (touch) the virtual card on the “Cards” tab, touch the popup “Reveal card details” and there it is
Some updates about the banking license:
And this is particularly interesting. I missed the announcement about the license in Ireland. It’s not totally clear what their strategy and product roadmap really is (e-money here, bank accounts/credit cards there … ).
The strategy is to have our central and eastern European clients on our Lithuanian EMI and bank licence. For our western Europe clients, we are in the process with the Central Bank of Ireland around authorising there to have western European clients on our Irish licence.
Where does place ? I don’t want my account to be transferred to Lithuania. I’d prefer Ireland and IE-IBAN!
Hi, I just received an email that my account will be transferred from the UK entity to the Lithuanian entity. I guess that would have been expected, but I was surprised that it is happening without me providing my consent - is that normal? It also the email doesn’t give me some kind of notice period for the transfer, which is not great. I can see that the crypto service is still available from the UK entity, but what will happen to Revolut Trading? Am I still going to be able to trade through the UK entity or is something else going to happen?
Austria is Central Europe