Revolut Megathread.

killbillvol2

Greenlights16 wrote: »

It’s lower in the UK I believe, they aren’t tax resident in Ireland

HMRC are even less forgiving of tax evasion than our own lot.

And allowing your account to be used to facilitate tax evasion is mind-bogglingly stupid.

Greenlights16

Ok

Suckit

TheFinanceGod wrote: »

Here actually, I heard that on Revolut when buying crypto you don't actually buy the coins, Revolut just uses tokens that fluctuate with a real time exchange...

Anyone else heard of this? I've heard it from two different people now, who refused to buy crypto on Revolut because you don't actually OWN any of the "coins" you buy, only fluctuating tokens...

Interested to see if anyone else heard of this...

I'm not sure if this is still true, but it definitely used to be - Depositing money into revolut wasn't actually money, you were/are buying revolut tokens that are worth the same amount. So if they went under, 'techinically' you bought revolut tokens that aren't worth anything anymore. They are so big now I doubt it is has much relevance.

TaurenDruid

Suckit wrote: »

I'm not sure if this is still true, but it definitely used to be - Depositing money into revolut wasn't actually money, you were/are buying revolut tokens that are worth the same amount. So if they went under, 'techinically' you bought revolut tokens that aren't worth anything anymore. They are so big now I doubt it is has much relevance.

It's almost like that would be something that would need to be clearly flagged in terms and conditions that you'd read before you started using the crypto functions of their app, or, y'know, they'd be done for breach of trade descriptions legislation.

dkd21

Im wondering if anyone else has had this issue with Revolut.

I've made an online purchase paid by my Revolut virtual card . The merchant has requested the unique reference code that should appear along my transaction in my statement to verify my payment method but I cannot see a reference code anywhere ?

I have been onto support but they are requesting information from the merchant but may take a day or two due to time zone differences

Edit: Also just to add the transaction is showing pending

Atlantic Dawn

dkd21 wrote: »

Im wondering if anyone else has had this issue with Revolut.

I've made an online purchase paid by my Revolut virtual card . The merchant has requested the unique reference code that should appear along my transaction in my statement to verify my payment method but I cannot see a reference code anywhere ?

I have been onto support but they are requesting information from the merchant but may take a day or two due to time zone differences

Edit: Also just to add the transaction is showing pending

Never experienced it before, is the delivery address for the goods the same address as is used for the card?

dkd21

Atlantic Dawn wrote: »

Never experienced it before, is the delivery address for the goods the same address as is used for the card?

Its apparently standard procedure for the merchant to do payment verification on cards , the delivery address is not part of the issue I would presume as its not requested yet by the merchant

igCorcaigh

Anyone else having top ups from BOI fail?

Gooser14

igCorcaigh wrote:

Anyone else having top ups from BOI fail?

It was fine yesterday. Haven't tried today.

EoinMcLovin

https://twitter.com/RevolutApp/status/1397577241777876994?s=19

Just noticed this on the app. Following gift cards available in Ireland :
Twitch
Nintendo
Spotify
Deliveroo
Just Eat
Kobo
Xbox
Nintendo Online
Ticketmaster

youngblood

Any idea why when I now top up from bank it says it takes 1-2 working days to process transaction? Before it was instantaneous

SourSessions

youngblood wrote:

Any idea why when I now top up from bank it says it takes 1-2 working days to process transaction? Before it was instantaneous

You need to top up via debit card

youngblood

Thanks a million, for some reason the default changed or reset, sorted!

Treppen

Got this notification from revolut

"looks like you haven't provided your TAX ID or tax residency. Tap to add your info".

Do I have to?

clintondaly

Treppen wrote: »

Got this notification from revolut

"looks like you haven't provided your TAX ID or tax residency. Tap to add your info".

Do I have to?

Got that too this morning.
I presume its maybe to do with declaration for Stock and Crypto trading possibly.

taken from their website;

Revolut, as a financial institution, is required by law to collect and report information on your tax residencies. This is regulated by international standards, specifically CRS (Common Reporting Standard) and FATCA (Foreign Account Tax Compliance Act).

The J Stands for Jay

Treppen wrote: »

Got this notification from revolut

"looks like you haven't provided your TAX ID or tax residency. Tap to add your info".

Do I have to?

Yes

JamesBond2010

Is it safe to add your pps no. to them. it is for the add tax residence

flazio

I have and I've never gotten any spam calls/texts.

Treppen

McGaggs wrote: »

Yes

... And what if I don't?

Atlantic Dawn

Treppen wrote: »

... And what if I don't?

They will suspend or close your account.

TheFinanceGod

Atlantic Dawn wrote: »

They will suspend or close your account.

I'm about to put this to the test, wish me luck ^

greysgut

TheFinanceGod wrote: »

I'm about to put this to the test, wish me luck ^

I’m right behind you!

JamesBond2010

Atlantic Dawn wrote: »

They will suspend or close your account.

The offices are in london with no branch in ireland, shouldnt have to provide your pps no. to them, the only customer service is in app then. Too much info for them.

Cartman78

If I understood the process correctly, the field for tax id was marked as optional.

The tax residency information seemed mandatory.

Fwiw, I didn't fill out the PPS number...don't recall ever having to do this for any of my other accounts over the years

macplaxton

Treppen wrote: »

Got this notification from revolut

"looks like you haven't provided your TAX ID or tax residency. Tap to add your info".

Do I have to?

Had this one this morning, but when I looked at the box for PPS number, below it I saw the word "optional" so left it blank.

Creamy Goodness

doesn't matter where they're based they are required to collect this info if investing in stocks and for AML.

Any other bank or trading company collects this info, by all means don't provide the info but be prepared to not get these services elsewhere either.

The J Stands for Jay

JamesBond2010 wrote: »

The offices are in london with no branch in ireland, shouldnt have to provide your pps no. to them, the only customer service is in app then. Too much info for them.

They are a Lithuanian financial institution, passporting services in another EU member state, Ireland. They are required to obtain the PPSNs of their customers in Ireland. They are also required to record your tax residence, and whether or not you are a US citizen.

Dodge

McGaggs wrote: »

They are a Lithuanian financial institution, passporting services in another EU member state, Ireland. They are required to obtain the PPSNs of their customers in Ireland. They are also required to record your tax residence, and whether or not you are a US citizen.

To be fair, for “everyday” banking (ie not investments or crypto dealings) they aren’t required to obtain the PPSN

It’s marked as optional on their form too

abff

I received a message this morning from Revolut asking me to fill in my tax details. My first thought was that this is probably a scam, but it appears to be genuine.

Any idea why they would need this?

newuser99999

abff wrote: »

I received a message this morning from Revolut asking me to fill in my tax details. My first thought was that this is probably a scam, but it appears to be genuine.

Any idea why they would need this?

They’re like a bank, they are required by law to collect and report information on your tax residencies.