Revolut (again)

maestroamado

Hi,
In the last few days there is speculation about the above Banking model.
I am wondering what the view is here as i expect people more tuned in about this than i am.


There was a previous thread but it is closed as full.
Many thanks

coylemj

Not a very subtle post. If the other thread was closed, it was more likely because it was attempting to scaremonger, just like this thread.

maestroamado

coylemj wrote: »

Not a very subtle post. If the other thread was closed, it was more likely because it was attempting to scaremonger, just like this thread.

I suggest you check for yourself before making "silly comments"
Saying scaremonger is just stupid, this is fact.



All i know is i got an email from the founder and CEO of Revolut denying the rumour, so that's my source.
The letter i got is on their website if you care to look



I was wondering if people knew what this all about and it is likely someone follows this stuff.
I doubt there be any useful information from the likes of you?

Atlantic Dawn

If anthing their business model should be more successful during this crisis.

coylemj

maestroamado wrote: »

All i know is i got an email from the founder and CEO of Revolut denying the rumour, so that's my source.
The letter i got is on their website if you care to look

I got the e-mail. He didn't deny anything, he made a statement of fact ....

The Coronavirus pandemic is causing unprecedented movement in financial markets. Naturally this can be alarming and can allow rumours and false information to spread quickly.

Denying a rumour only gives it legs. As anyone who has ever watched 'Yes, Minister' knows. And it enables newspapers to run with the headline: 'Revolut boss denies rumours....'

Yggr of Asgard

maestroamado wrote: »

There was a previous thread but it is closed as full.

There is an up to date thread here:
https://www.boards.ie/vbulletin/showthread.php?t=2058036916&page=35

maestroamado

I came across this from a few years ago.
I am very happy with it but i will be leaving less in there in the future.


Is Lithuania another Iceland banking crisis in the making ...
www.theguardian.com › money › dec › lithuania-iceland-banking-revolut

tanit

coylemj wrote: »

I got the e-mail. He didn't deny anything, he made a statement of fact ....

The Coronavirus pandemic is causing unprecedented movement in financial markets. Naturally this can be alarming and can allow rumours and false information to spread quickly.

Denying a rumour only gives it legs. As anyone who has ever watched 'Yes, Minister' knows. And it enables newspapers to run with the headline: 'Revolut boss denies rumours....'

The rumours he was talking about in that email are the rumours about Coronavirus. The company finished a big financing round right before the whole thing went crazy due to Coronavirus, he is very clearly talking about the general scaremongering and rumour spreading that is going on right now, everywhere and specifically financial markets.

London-Based Digital Bank Revolut Raises $500M To Reach $5.5B Valuation

Obviously this valuation is going to be affected by the recent events, but it means that the company is very liquid and well prepared to weather all this thanks to that money. And to add very interesting things such as trading in commodities such as gold that tends to do terrific in these times

Revolut lets you purchase gold

They continue to add new things internationally. If you were truly following news you would know this.:mad:

coylemj

tanit wrote: »

They continue to add new things internationally. If you were truly following news you would know this.:mad:

I fail to see the link. I'm well aware that they're no offering to let you deal in gold, I got a popup about it while using their app. But what has that got to do with this thread?

coylemj

maestroamado wrote: »

I came across this from a few years ago.
I am very happy with it but i will be leaving less in there in the future.

That article (I'm not posting a link to it) is from December 2018. Why did you wait until now to express your concern?

Sorry, you're not concerned, you're 'very happy' with them. All the more puzzling then why you created this thread.

tanit

coylemj wrote: »

I fail to see the link. I'm well aware that they're no offering to let you deal in gold, I got a popup about it while using their app. But what has that got to do with this thread?

They have new services that are going to bring more revenue, one of the services will be used quite a bit from the start in a moment like (investments in gold are the traditional way to weather unstable financial markets)

They are starting to add the service for premium card holders. If you are on the free version of their card, you have no access to it right now. Also they were starting in March but eventually more and more people will use those services and the fees from it will improve their accounts making them a company with better financials. Not to speak that they are bring services such as gold investment and stock market investment to the average person that in normal circumstances would not investment because of fees (the fees they are charging are much lower than the current ones in the average stock market). They are going for the model of attracting a significant amount of customers and offering them services that have not been accessible to the average person in traditional banks and making the model much more flexible and responsive to market movements. Traditional banks have moved slow and focus (and failed) with mortgages and loans that were considered to be solid investments long term up until the 2008 crisis. But if you have people not checking who is more able to pay for a mortgage or loan, low risks investments become high risk investments.

Fair or unfair, they are not taking the risk with loans/mortgages and offering other services that provide income for them with much lower risk. And they continue in that line with the gold services. Right now they are offering investment services when the markets go well (shares) and when the markets go wrong (gold). They are covering fee income for them during the whole economic cycle, not just the good times.

Fintech startup Revolut has introduced a new trading feature for premium users. Starting today, Premium and Metal users can access gold exposure from the app

That was the 12 March. And the services are being rolled over from the UK (London Bullion Market Association) so at the moment it might only be available to UK users and not IE ones.

coylemj

This thread should be renamed ‘please post positive notices about Revolut’.

maestroamado

coylemj wrote: »

That article (I'm not posting a link to it) is from December 2018. Why did you wait until now to express your concern?

Sorry, you're not concerned, you're 'very happy' with them. All the more puzzling then why you created this thread.

I think your very concerned about me but i be OK.
The reason i created the thread hoping to get the views of more informed people than myself on these matters but i had to check myself.
The reason i did not express my concerns before was i did not realize until now that Revolut Government guarantee did not cover Ireland.
I seen this article before but around the same time they got banking License, i mistakenly thought that when Revolut got the Banking license Ireland's money in the app was secure but i was wrong as has become clear to me in recent days.
The reason i am happy is apart from what i use short term i have taken most of my funds out of Revolut.
Another thing i noticed is when transferring money to UK we just need Bank sort code and account number of receiver, no IBAN etc.
From what i can gather the License is in Lithuania and Ireland's funds not guaranteed, if i am wrong someone here will know but that's how it seems

I hope its not "FOOLS GOLD"

coylemj

maestroamado wrote: »

I hope its not "FOOLS GOLD"

'Don't worry, I'm sure poster tanit is already typing up yet another paean to the most rock solid bank in Europe.