Revolut Megathread.

McGaggs wrote: »

They aren't a bank. They operate here under a Lithuanian emoney licence.

That’s an e money licence, not a banking licence. Payment Institutions are not allowed to receive deposits or other repayable funds from the public and must use funds exclusively to provide payment services.

They do not offer bank accounts as they are not authorised to received deposits.

So the question remains - how are Revolut operating the services that they provide in Ireland without a banking licence?

Mongfinder General wrote: »

Receiving deposits. Surely that’s what is happening in practice in order to facilitate payment for goods and services? Am I missing something that enables them to operate in the way they do here?

Yes the fact that when you send them € they convert it into Revolut electronic money which is hold in their wallet.

And when you spend money with the card or cash out via transfer they convert that shiny Revolut money back onto what ever fiat currency you are spending.

Same as loads of other electronic money companies.

Which is why holding money in your Revolut wallet (not bank account) is covered by different rules and hence not guaranteed by the bank guarantee scheme but a rather complicated safe guarding process.

That is unless you are a customer in Lithuania or Poland and you have an account with Revolut Bank.

leck wrote: »

I'm in Ireland. I top up my Revolut account using a BoI debit card.

I have a Chase checking account in the US. Can I transfer funds from that to my Revolut account? When I go to Add Money->Easy bank transfer, the only options listed are AIB, BoI, PTSB, Ulster Bank.

EU customers do not get an US local bank account for transfers and ACH also does not work.

Options are
Wire transfer to the LT IBAN in $ which is expensive
Use the Chase Debit Card directly
Use the Chase Debit Card via Apple Pay

Or get a transfer wise borderless account, a local US transfer to it via ACH and than throw it over to Revolut which is both costly and time consuming.

Or using your SSN and Us address create US Revolut account, load that and transfer to your EU Revolut account

Yggr of Asgard wrote: »

Yes the fact that when you send them € they convert it into Revolut electronic money which is hold in their wallet.

And when you spend money with the card or cash out via transfer they convert that shiny Revolut money back onto what ever fiat currency you are spending.

Same as loads of other electronic money companies.

Which is why holding money in your Revolut wallet (not bank account) is covered by different rules and hence not guaranteed by the bank guarantee scheme but a rather complicated safe guarding process.

That is unless you are a customer in Lithuania or Poland and you have an account with Revolut Bank.

I don’t understand the process but your explanation would explain the absence of a banking licence.

What about trading in securities? Sure they would need a MIFID authorisation?

Yggr of Asgard wrote: »

Revolut is not always Revolut as in one entity, you might see it that way because it’s all in the same app but you are dealing with different Revolut companies who have all appropriate authority.

As an example:

Trading and investment services are provided by Revolut Trading Ltd (No. 832790). Revolut Trading Ltd is an appointed representative of Resolution Compliance Ltd (No. 574048) which is authorised and regulated by the Financial Conduct Authority. Revolut Trading Ltd is a wholly owned subsidiary of Revolut Ltd.

If you go into the app you can see the relevant information for your country.

So the trading company has an FCA licence which is now outside the EU. So that would mean they can’t passport investment services into Ireland under MIFID. They would have to get authorized under Mifid here. Maybe they could apply to be authorized as a branch of a third country with a Regulatory regime that’s equivalent to ours. Not sure if that’s a runner.

Mongfinder General wrote: »

So the trading company has an FCA licence which is now outside the EU. So that would mean they can’t passport investment services into Ireland under MIFID. They would have to get authorized under Mifid here. Maybe they could apply to be authorized as a branch of a third country with a Regulatory regime that’s equivalent to ours. Not sure if that’s a runner.

I’m sorry but I have to ask, which financial service provider or bank do you work for?

Read the terms and you know how them having a UK license is dealt with since the 1st of January:
https://www.revolut.com/en-IE/legal/trading

Mongfinder General wrote: »

I’m out of the industry a while now but I’ve been trying to figure out how and why the Fintech companies are light years ahead of the Banks here in the services they can offer customers. Thanks for the link, I’ll check it out.

Because they start off reselling 3rd party services in a nicely branded central app and they get successful enough they start slowly replacing each and every service with their own.

Revolut started with using the wallet of GPS, the outbound payments of Currency cloud, currency exchange functions of GPS, individual account numbers by if I remember this right paysafe and cards issued by wire card. They just wrote an App that got all of it into one place and under one name. Than marketed it heavy and burned through money.

The idea is Revolut was to use technology to make it easier and cheaper but they started with minimum own technology beside the integration.

Than when customer liked what they say they slowly replaced the functions with their own software, services and license.

And these days they have their own IBAN, the wallet is theirs and they issues their own cards to maximize revenue.

And once they got successful they continue to reduce what is free slowly to bring more people into fee based services.

I hope that helps.

Got some out at $315, left some in to keep it interesting

Apologies for the stupid question.

If I am looking to pay for something on Amazon in GBP for example, is this the most cost effective way to do it?

1. Add funds to my Euro account on Revolut from my debit card.
2. Sell from my Euro account on Revolut to the GPB account.
3. Place the order on Amazon in GBP.

Thanks a lot in advance

doney84 wrote: »

You can leave out the second step as Revoult will do that for you. Just add funds to your EUR account and make sure to select pay in GBP on Amazon, enter your Revolut card details and FX conversion will happen on the fly.

If you already have enough GBP held on Revolut it will use this for your purchase, if not it will convert what it needs and take the full amount from your EUR account.

Thanks so much

Drumpot wrote: »

W@nkers

I tried to trade out gains from amc stock and it’s half the value it was when I plaved order. They cancelled the order after leaving it on pending for ages

AMC is up 133 % now