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edit: They have a banking license but current account customers now still get an e-money account only - quite confusing state. With an e-money account, the clie
by tshanmu 7y ago
edit: They have a banking license but current account customers now still get an e-money account only - quite confusing state.
With an e-money account, the client money is supposed to be in a separate account and if they go under, you still get your money. (FCA regulates all this)
They have a banking license from Lithuania (but customers are not switched to it) which might be revoked by Lithuania and they are trying for another license in Ireland.
Thanks to comment below - edited this make more sense.
- krn 7y agoRevolut received its banking license from Lithuania in December 2018, but hasn't switched its customers over yet. After the family connection with Gazprom became public, Lithuania started considering revoking the license, and Revolut applied for another one in Ireland. It's not clear now, when and which banking license Revolut will start using. It's worth pointing out, though, that Revolut already has more customers than there are tax payers in Lithuania[1]. [1] https://www.theguardian.com/money/2018/dec/22/lithuania-iceland-banking-revolut https://www.theguardian.com/money/2018/dec/22/lithuania-icel...
- tshanmu 7y agothanks, you are right, I have edited my original response (which itself is quite confusing now) - the Revolut state of regulation quiet confusing - better to stick with Monzo in UK/N26 in EU.
- secfirstmd 7y agoAs an Irish person who watched the crapshoot of our banking regulation in 2000s I can assure you that this does not fill me with confidence.