Is the Revolut safe?

[Zumken]

Exactly like PayPal do.
They have a banking licence, but are offering all services under their EMI license.

If they transfer the accounts to the bank license, many things may change.
They will be able to give loans, pay interests and so on. And they will have to report under CRS.

At the moment, Revolut is not asking for a prove of address.
If they really have to report under CRS, how would they know for sure, to whom they have to report?
You could use your driving licence or your passport for verification. Both documents do not contain an address.
The credit card could be ordered to any address you gave them.

For me it is clear, at the moment, they are not reporting. But this may chance in near future.

Paypal are reporting. It is clearly written in the Legal Agreements for PayPal Services on their site.

 

[TravelRose]

Lol... of course will Revolut report everything what needs to be reported under CRS. If virtual IBAN or not, IBAN is IBAN. As they are a UK company and have a EU bank license they have to report.
There were a lot of topics in the Revolut Community Forum about this.

I read somewhere, last week, that very soon all EMI`s have to report CRS and FACTA

 

[Col0mm]

Hello,

What do you think, the Revolut will report my private account and my transactions automatically to the tax office in my country? Its not so clear for me. Im living in EU.

I am basically in the same situation. Did you ever find a good solution to someone who does not exchange of information (CRS)? I am also in EU.

 

[Btraveler]

Paypal are reporting. It is clearly written in the Legal Agreements for PayPal Services on their site.

Paypal is reporting. However Transferwise NOT

Maybe Revolut still don't report, but I'm not sure

 

[Col0mm]

According to Revolut, they report to the following countries: https://www.oecd.org/tax/transparency/AEOI-commitments.pdf
Ref: Revolut and Common Reporting Standard (CRS) - AEOI

 

[JohnLocke]

I read somewhere, last week, that very soon all EMI`s have to report CRS and FACTA

The question will be, where di you read that? Anything that can back that statement up would be appreciated!

 

[burden]

I have been to Revolut the last many and only had the best experiences with them. From time to time they have asked for extra documentation, not something I could not give them.

Are completely positive towards them.

 

[charlescovington]

I have heard that revoult reports information to governments. Not sure how true this is.

 

[Toxigen]

better thing is to ask straight to them if they report or not

 

[nomad999]

If you live in the EU you can request them by law to give you information on CRS/AEOI they share of your account, will probably take a while though. Correct me if I am wrong but i remember clearly this written on the CRS form i had to file with my bank.
Pretty sure revolut don't do CRS reporting at the moment but one could ask to be 100% certain.

That said they are still bound by others laws on AML and such, this is only for automated reporting.

 

[Toxigen]

Maybe there is someone in this forum who can share that used some EMI's and had a CRS reporting

 

[burden]

Maybe there is someone in this forum who can share that used some EMI's and had a CRS reporting

CRS reporting not seen it, had account since 2016 nothing showed up yet.

 

[Toxigen]

If they do crs it should be calculated the balance kept at the end of year is it ?it is not mentioned the medium years balance

 

[Fred]

If they do crs it should be calculated the balance kept at the end of year is it ?it is not mentioned the medium years balance

Yes

 

[alexgored]

I guess no reason to create another thread. Just try to ask here. I got registered in revolut payments uab in the beginning of the year. And topped up the balance with 3k euros or something. Then, i suddenly realized that somewhere in july it became a revolut bank. From that moment I did no any top-ups for this account. I went through KYC procedure during my registration in february. Also, what I can see in my statement: there are two separated statemens - one from february to july (revolut payments), and second is from july to december (revolut bank), with two different IBANs (both LT). And now I wonder what exactly will be reported by CRS - both accounts, or only second account? if both, then how income will be reported? I went through different sources about crs format and xml schema, technically they can report any sort of income (not only interest or money generated in respect of what is in the account). But if you go to details - for depository account only the interest is reported. Also, in their FAQ it is said that they report year-end balance only. I saw a real CRS report from N26 for example, so it really contains a year-end balance only and interest (no any other incomes if you did a top-up for example). I tried to ask them via chat, seems they did not want to give the detailed answer what they will send. Very formal response like ' we send only your tin address name dob etc' when i asked 'will you send any type of income?' they replied super unclearly something like 'we report any gross in/out if we are requested by the tax authority'. I also asked what and how you are going to report after this 'account merge' they replied in 3 days something like 'nothing will be changed for your account everything remains the same'. I think it makes no sense to ask them they will never give you the unambiguous answer to your question.

I do not really remember if it was there before that they report CRS in the beginning of this year before the merge. And how they are going to report it now, since i see i technically had one IBAN and in july I have another iban, how they are going to report it. only the second, or both. If both then how income will be reported.. per account or, once per first account then second income is when they transferred the funds from one account to another?

What I think with this CRS, if i have two accounts in Revolut, and if they report any income--per-account, what I can do I can simply transfer 1k eur from one my account to another my account (and then back) within the same bank, 365 times a year, and a end-year income per each account will be 365k eur, however, end-year balance is still 1k eur... and next year the taxman sees that I technically received 730k EUR / year?? is it really the way it works????

 

[wellington]

I guess no reason to create another thread. Just try to ask here. I got registered in revolut payments uab in the beginning of the year. And topped up the balance with 3k euros or something. Then, i suddenly realized that somewhere in july it became a revolut bank. From that moment I did no any top-ups for this account. I went through KYC procedure during my registration in february. Also, what I can see in my statement: there are two separated statemens - one from february to july (revolut payments), and second is from july to december (revolut bank), with two different IBANs (both LT). And now I wonder what exactly will be reported by CRS - both accounts, or only second account? if both, then how income will be reported? I went through different sources about crs format and xml schema, technically they can report any sort of income (not only interest or money generated in respect of what is in the account). But if you go to details - for depository account only the interest is reported. Also, in their FAQ it is said that they report year-end balance only. I saw a real CRS report from N26 for example, so it really contains a year-end balance only and interest (no any other incomes if you did a top-up for example). I tried to ask them via chat, seems they did not want to give the detailed answer what they will send. Very formal response like ' we send only your tin address name dob etc' when i asked 'will you send any type of income?' they replied super unclearly something like 'we report any gross in/out if we are requested by the tax authority'. I also asked what and how you are going to report after this 'account merge' they replied in 3 days something like 'nothing will be changed for your account everything remains the same'. I think it makes no sense to ask them they will never give you the unambiguous answer to your question.

I do not really remember if it was there before that they report CRS in the beginning of this year before the merge. And how they are going to report it now, since i see i technically had one IBAN and in july I have another iban, how they are going to report it. only the second, or both. If both then how income will be reported.. per account or, once per first account then second income is when they transferred the funds from one account to another?

What I think with this CRS, if i have two accounts in Revolut, and if they report any income--per-account, what I can do I can simply transfer 1k eur from one my account to another my account (and then back) within the same bank, 365 times a year, and a end-year income per each account will be 365k eur, however, end-year balance is still 1k eur... and next year the taxman sees that I technically received 730k EUR / year?? is it really the way it works????

If you are rec 730k a year, why not just move?

 

[alexgored]

If you are rec 730k a year, why not just move?

I do not have 730k eur in my account. I just gave an example how you can manipulate with crs reports if they report any sort of 'income' to your account. Again, you have two ibans and two accounts in your Revolut. You have 1k eur in one account, you just start transferring this 1k eur from account A to account B, then back. then you repeat it 1 time a day. then, next year crs reports 730k euro income. however, you still have 1k eur in your accounts as end-year balance. and you NEVER had these 730k eur with you.