We got a banking licence 🎉

From where I am standing, UK is already “offshore” :wink:

(Jokes apart, they don’t.)

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Uk Banking Licence?
Also when statndard user can buy commodities like gold?

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I would not expect it soon, they need to make metal worth it for those who pay for it, and gold is one of those features, only a niche of people are actually into gold, the metal targets exactly those people. Standard is directed to normal people, and they do not usually want gold.

They’re looking for someone to help them acquire a UK Banking Licence at the minute :slight_smile: the one they have is Lithuanian!

I’m confused of these licenses…so at the end of the day do we have guaranties of 100.000 eu like the other banks or not yet?

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If your account was moved to Lithuania, you should be covered.

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From where I can check that?

A statement should show the legally relevant regulatory body.

I got email saying the new body will be Revolut Payments UAB in Lithuania, and also saying the it have the same permits Revolut Ltd?

Edit: the agent just replied to me that indeed my account is insured up to 100k EUR or 75k GBP, but why I cannot find this officially on their page?

On the other hand from their page:
Am I being transferred to Revolut’s Lithuanian banking licence?
No, you are being transferred to our Lithuanian entity which is a licensed e-money institution (the same type of company as our UK entity).

:roll_eyes:

The agent said also that when I moved to Revolut Bank UAB I will have a banner in the app? Does someone have such banner?

Here are the current legal terms for Lithuania:

I’m not a Lithuanian residence, so can someone on a simple side answer as I’m a EU residence (non-Britan and non-Lithuanian) do I have any guarantee of my money if Revolut collapses one day? Yes or No :slight_smile:

Sorry, after reading your question again: the answer would be yes, you’re protected. Because customer funds are not accessible for Revolut or its creditors as an e-money company.

This does not factor in cryptocurrencies. This part of the service is not regulated at all.

European law works on legal ringfencing rather than “trust”. in other words, Revolut has to ensure that an entity with no chance of going bust and that is separate from the actual service provider holds any funds. In the event Revolut Group itself went bust all the funds would be returned after a small overall portion of the funds are taken to pay for an administrator to return said funds to owners

Thats a stretch. It is not very likely that Lloyd’s and Barclays go bust. But there’s no guarantee.

I didn’t mean Lloyd’s/Barclays, I meant Revolut’s entity that all funds are held by (as client held funds).

I would be very surprised to see the UK Govt let either Barclays or Lloyd’s fail though, tbh

Under e-money regulations, a Revolut entity isn’t holding the money, like providing the bank account. An e-money service sets up an account with a regulated bank that then holds customer funds, and the e-money service „just“ provides the front end services for their customers. Actually holding funds is a privilege of banks, e-money companies can just manage them.

(I also don’s see how Revolut could protect one of its entities from going bust. Every of their entities has a chance to go bust. Like every bank. But here‘s the reason why bankruptcy isn’t the thread in my opinion here: since it is possible but very unlikely that Barclays or Lloyds would go bankrupt, the lack of a compensation scheme for e-money isn’t that much of a disadvantage. Money might be more secure than with a „weak“ bank with a compensation scheme that is actually more likely to become insolvent.)

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