Why are Revolut ARS****** ?

[EliasIT]

reminds me of PayPal and their shitty service.

What have you done with the account @Alexmorgan

 

[AndyAresa]

if Revolut or Wise deactivates an account, is it for life or can one apply after 6 months or one year again?

 

[Alexmorgan]

reminds me of PayPal and their shitty service.

What have you done with the account @Alexmorgan

Just added UAE account with them that they offer it inside

Then boom closed my account

I know UAE is very high risk country to deal with but their reaction to this is very funny

if Revolut or Wise deactivates an account, is it for life or can one apply after 6 months or one year again?

For life

You need to change your name and passport number and mobile and DNA to open a new a account with them

 

[EliasIT]

Yeah and OP has troubles to get his account closed, the irony of life

I know UAE is very high risk country to deal with but their reaction to this is very funny

if they offer this inside why close the account, honeypot or they are just stupid!

 

[Alexmorgan]

if they offer this inside why close the account, honeypot or they are just stupid!

They really are stupid

And they just blocked an income source from them self

Their fees is so high but positive thing with them is that they are fast in exchange and sending money abroad

 

[JackAlabama]

Just added UAE account with them that they offer it inside

Then boom closed my account

That happened exactly like what you say for many years regarding Uae (already before you joined this forum).

 

[zonqor]

I got an email and states :

REVOLUT IS NOW AUTHORISED WITH RESTRICTIONS AS A UK BANK.

We are becoming a bank but not for now, nothing changes....

So, NO, they are not a BANK yet as far as I understand.

 

[jafo]

honeypot

This! When things are going well, don't change anything.

Marketing and sales people are looking for more commissions, while compliance officers are looking to derisk. Most of the time, they do not even know each other.

When sales people call with an offer that is outside the limits of my account, I ask them for a binding letter from their compliance department stating that if I proceed, they will NOT close my account. So far, out of hundreds of sales calls, I've only gotten 6 of those letters.

 

[Marie Manila]

So, NO, they are not a BANK yet as far as I understand.

They have been a bank since 2021. But only in Lithuania for EU clients:
https://www.lb.lt/en/news/banking-licence-granted-to-revolut-bank-uab
But since Brexit, UK customers can no longer be served by the Lithuanian bank.

 

[zonqor]

Yes, Iam aware of it, I was answering to previous poster ILKE who made this claim , post No12:

``BTW, not completely related, but Revolut just got its banking license in the UK``

 

[bountymounty]

They have been a bank since 2021. But only in Lithuania for EU clients:
https://www.lb.lt/en/news/banking-licence-granted-to-revolut-bank-uab
But since Brexit, UK customers can no longer be served by the Lithuanian bank.

so they can use Revolut ?

 

[Marie Manila]

so they can use Revolut ?

UK customers have been able to use Revolut under their EMI license since Brexit.
Now they will be able to serve these customers under their banking license.

 

[Martin Everson]

Now they will be able to serve these customers under their banking license.

The Revolut license is in the "Authorisation with restrictions" phase which is normal for a new banking license. They can only hold max of £50k per a customer in deposits. It's gonna be a little while until customers can use the bank it seems also.

 

[clemens]

Does it make them more useful while they hold a valid banking license?

 

[zonqor]

The Revolut license is in the "Authorisation with restrictions" phase which is normal for a new banking license. They can only hold max of £50k per a customer in deposits. It's gonna be a little while until customers can use the bank it seems also.

Exactly!!!
Not sure where this `Banking Licence` is coming from?!
They haven`t been Granted in the UK as I pointed out before.
Forget about Lithuanian`s Micky Mouse EU licence that Marie Manila promotes...
AGAIN , this is the email I received :

REVOLUT IS NOW AUTHORISED WITH RESTRICTIONS AS A UK BANK.

We are becoming a bank but not for now, nothing changes....​

 

[Sols]

https://www.bankofengland.co.uk/pru...start-up-unit/new-banks-authorised-since-2013
Revolut NewCo UK Ltd is the licensed entity, which as per the Bank of England PRA website is authorized as a bank.

It takes time to get a license. They have done that now. The next thing that will take time is to move customers over to the new entity. There will be a transition period.

The Revolut that you use is not yet a bank. The Revolut that you will be using in the future is already a bank.

 

[zonqor]

The Revolut that you use is not yet a bank. The Revolut that you will be using in the future is already a bank.

That`s the whole point.
They are not the BANK yet, if you sign up today in the UK they will not claim to be a Bank.
I don`t do future.
It can take 6 months or more to grant them, at some point they will.

Revolut now enters a 'mobilisation' period. During mobilisation, we will complete the setup of our banking processes before we start to operate as a bank in the UK.

Once our setup is complete and we are ready to operate as a bank in the UK, we'll notify you of the next steps in the process for your existing Revolut account to become a UK bank account with us.
https://help.revolut.com/help/more/legal-topics/is-revolut-a-bank/