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All I care about is that my funds are safe. I currently have a lot in Revolut, I've had nothing but positive experiences with them but moving to another bank is

All I care about is that my funds are safe. I currently have a lot in Revolut, I've had nothing but positive experiences with them but moving to another bank is not a big deal for me.

HarryHirsch 7y ago
Without looking too far into it, it has potential to be a re-run of the Landsbanki/Kaupting affair.
megous 7y ago
Do they actually operate as a bank yet? Just having licenses doesn't mean they use them. If not, it's just another Paypal, they can lock you out anytime they want, and the "due process" to resolving it is their chat and their rules.
snodnipper 7y ago
Agreed. I've had nothing but positive experiences with Revolut. Their app is excellent and I have been using it almost exclusively for the past 6 months. I have never had an issue contacting customer support (I do pay)...and it makes me smile how I can have crypto alongside fiat currency. I would say about 20% of my contact list also use Revolut and I have only heard positive experiences from them.
- karl_schlagenfu 7y ago
  How much are Revolut paying you for that post? It almost sounds like one of their dodgy marketing practices.
wil421 7y ago
If they aren’t part of the legitimate banking system then likely your funds are not safe. In the US you are automatically insured by the FDIC for up to $250k per bank and per account type (like savings and checking). Does the EU have a similar concept? If so, will you lose insurance if their license is revoked?
- megous 7y ago
  Yes, EU has something like that for up to 100000 EUR per person per bank. Revolut is not a bank, so this doesn't apply there.
  - fastball 7y ago
    If they currently have a European banking license, how are they not a bank?
    - megous 7y ago
      Ask them. You can have a banking license and operate a grocery shop. I guess you can have a banking license, not be a bank, and do some other money related business. Edit: I just looked at their website and didn't found any mention that they are a bank. I'll violate their ToS and link to their website here: https://www.revolut.com/legal/website-terms/ https://www.revolut.com/legal/website-terms/ > We are regulated by the Financial Conduct Authority as an Electronic Money Institution under the Electronic Money Regulations 2011 for the issuing of electronic money. We are included in the FCA’s registered of electronic money institution firms (Firm Registration Number 900562) which can be found on the FCA website. "Electronic Money Institution" is not a bank. Interestingly you can't link to their website from social media without violating their ToS. Funny. Also you can't link to them if you want to criticize them.
rorykoehler 7y ago
Your funds are probably not safe in Revolut. They have a notoriously poor security culture.
baby 7y ago
Same here. Put a lot of funds there and only have good experience. I'm hopping a bank can't mtgox/btce

All I care about is that my funds are safe. I currently have a lot in Revolut, I've had nothing but positive experiences with them but moving to another bank is not a big deal for me.

HarryHirsch 7y ago

Without looking too far into it, it has potential to be a re-run of the Landsbanki/Kaupting affair.

megous 7y ago

Do they actually operate as a bank yet? Just having licenses doesn't mean they use them. If not, it's just another Paypal, they can lock you out anytime they want, and the "due process" to resolving it is their chat and their rules.

snodnipper 7y ago

Agreed. I've had nothing but positive experiences with Revolut. Their app is excellent and I have been using it almost exclusively for the past 6 months. I have never had an issue contacting customer support (I do pay)...and it makes me smile how I can have crypto alongside fiat currency. I would say about 20% of my contact list also use Revolut and I have only heard positive experiences from them.

karl_schlagenfu 7y ago
How much are Revolut paying you for that post? It almost sounds like one of their dodgy marketing practices.

wil421 7y ago

If they aren’t part of the legitimate banking system then likely your funds are not safe. In the US you are automatically insured by the FDIC for up to $250k per bank and per account type (like savings and checking). Does the EU have a similar concept? If so, will you lose insurance if their license is revoked?

megous 7y ago
Yes, EU has something like that for up to 100000 EUR per person per bank. Revolut is not a bank, so this doesn't apply there.
- fastball 7y ago
  If they currently have a European banking license, how are they not a bank?
  - megous 7y ago
    Ask them. You can have a banking license and operate a grocery shop. I guess you can have a banking license, not be a bank, and do some other money related business. Edit: I just looked at their website and didn't found any mention that they are a bank. I'll violate their ToS and link to their website here: https://www.revolut.com/legal/website-terms/ https://www.revolut.com/legal/website-terms/ > We are regulated by the Financial Conduct Authority as an Electronic Money Institution under the Electronic Money Regulations 2011 for the issuing of electronic money. We are included in the FCA’s registered of electronic money institution firms (Firm Registration Number 900562) which can be found on the FCA website. "Electronic Money Institution" is not a bank. Interestingly you can't link to their website from social media without violating their ToS. Funny. Also you can't link to them if you want to criticize them.

rorykoehler 7y ago

Your funds are probably not safe in Revolut. They have a notoriously poor security culture.

baby 7y ago

Same here. Put a lot of funds there and only have good experience. I'm hopping a bank can't mtgox/btce