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Revolut/Wise etc. make it quite clear they are not "bank accounts", and therefore their accounts don't come with the normal protections associated with bank acc
by richrichardsson 1y ago
Revolut/Wise etc. make it quite clear they are not "bank accounts", and therefore their accounts don't come with the normal protections associated with bank accounts. I think there is some form of regulatory protection, but it's much less than for banks.
- notpushkin 1y agoRevolut is an actual bank if you’re in the EU! https://help.revolut.com/en-EE/help/accounts/what-does-uk-banking-licence-with-restrictions-mean-to-my-account/is-revolut-considered-a-bank/ https://help.revolut.com/en-EE/help/accounts/what-does-uk-ba... Edit: and apparently they’re now setting up a bank in the UK as well: https://help.revolut.com/help/more/legal-topics/is-revolut-a-bank/ https://help.revolut.com/help/more/legal-topics/is-revolut-a... Wise is not, and it might be more difficult to get the money out if they are insolvent. For the customers in the EU, they’re a Payment Institution in Belgium: https://wise.com/help/articles/2932693/how-is-wise-regulated-in-each-country-and-region https://wise.com/help/articles/2932693/how-is-wise-regulated...
- Tijdreiziger 1y agoPerhaps surprisingly, PayPal is a bank too.