5 ms·

i use transferwise which i trust more to be around in 10 years and not doing anything idiotic with my money and bank account details any company with roots/tie

i use transferwise which i trust more to be around in 10 years and not doing anything idiotic with my money and bank account details any company with roots/ties in the cryptocurrency scene is waving a giant red flag to users, as confirmed by the latest money laundering mess revolut is going through

orf 8y ago
Strange you trust a middleman more than an a actual first-party tier-1 bank (your Revolut UK account is a Lloyds account).
- jscholes 8y ago
  > Strange you trust a middleman more than an a actual first-party tier-1 bank (your Revolut UK account is a Lloyds account). No it isn't, the money is just held in a Lloyds or Barclays account. Revolut are not a fully-regulated bank, they're an Electronic Money Institution. The same as TransferWise. If you trust Revolut, you're also trusting a middleman.
  - richardknop 8y ago
    They have received a bank license recently so they are in process of becoming a full fledged bank.
    - ValentineC 8y ago
      They have a European banking licence, but from what I understand, they operate as an "electronic money institution" [1][2] in the UK. [1] https://blog.revolut.com/how-emoney-companies-are-growing-up/ https://blog.revolut.com/how-emoney-companies-are-growing-up... [2] https://www.fca.org.uk/firms/electronic-money-payment-institutions https://www.fca.org.uk/firms/electronic-money-payment-instit...
      - richardknop 8y ago
        Yes. They only got the EU banking license in December. It will take at least 1-2 years before they become a bank. They will start in Estonia and then passport their banking license to other countries, eventually to UK, too. For now they are still using LLoyds bank account to hold all customer money in UK and are electronic money institution.
    - jscholes 8y ago
      > They have received a bank license recently so they are in process of becoming a full fledged bank. Sounds great, and I hope TransferWise go down that route one day too. But it still doesn't mean your Revolut account is the same as a Lloyds one.
- baby 8y ago
  Monzo is a real bank
- roymurdock 8y ago
  of course i use a real bank for a long term savings and checkings account i use transferwise for converting money quickly at the market rate plus a small markup rather than the higher fees and longer wait times to wire money across "real" bank accounts, the same thing you can do with revolut. i don't want or need either to replace lloyds, chase, barclays, BOA, etc.

orf 8y ago

Strange you trust a middleman more than an a actual first-party tier-1 bank (your Revolut UK account is a Lloyds account).

jscholes 8y ago
> Strange you trust a middleman more than an a actual first-party tier-1 bank (your Revolut UK account is a Lloyds account). No it isn't, the money is just held in a Lloyds or Barclays account. Revolut are not a fully-regulated bank, they're an Electronic Money Institution. The same as TransferWise. If you trust Revolut, you're also trusting a middleman.
- richardknop 8y ago
  They have received a bank license recently so they are in process of becoming a full fledged bank.
  - ValentineC 8y ago
    They have a European banking licence, but from what I understand, they operate as an "electronic money institution" [1][2] in the UK. [1] https://blog.revolut.com/how-emoney-companies-are-growing-up/ https://blog.revolut.com/how-emoney-companies-are-growing-up... [2] https://www.fca.org.uk/firms/electronic-money-payment-institutions https://www.fca.org.uk/firms/electronic-money-payment-instit...
    - richardknop 8y ago
      Yes. They only got the EU banking license in December. It will take at least 1-2 years before they become a bank. They will start in Estonia and then passport their banking license to other countries, eventually to UK, too. For now they are still using LLoyds bank account to hold all customer money in UK and are electronic money institution.
  - jscholes 8y ago
    > They have received a bank license recently so they are in process of becoming a full fledged bank. Sounds great, and I hope TransferWise go down that route one day too. But it still doesn't mean your Revolut account is the same as a Lloyds one.
baby 8y ago
Monzo is a real bank
roymurdock 8y ago
of course i use a real bank for a long term savings and checkings account i use transferwise for converting money quickly at the market rate plus a small markup rather than the higher fees and longer wait times to wire money across "real" bank accounts, the same thing you can do with revolut. i don't want or need either to replace lloyds, chase, barclays, BOA, etc.