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> 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 hel
by 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 agoThey have received a bank license recently so they are in process of becoming a full fledged bank.
- ValentineC 8y agoThey 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 agoYes. 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.