Revolut Blog

Please don't list things like this without making at least a 10-second effort to provide sources, it makes it very difficult to engage. > Unfair/illegal employment practices. Source? Elaboration? Best I could find is [0] which certainly looks bad but I can't find any references to court cases or employment authorities cracking down (and the UK has pretty decent worker protection). > Dubios crypto service (you can buy and sell but there is no way to transfer in or out) What you call "Dubios", I call an easy way for people to play around with crypto without figuring out all the wallets and whatnot. It also avoids a lot of the AML issues around crypto. > Keeping a firewall between customers and company by only allowing communication via app chatbot You write the word "human" in the chat and you pretty much instantly get put through to a human. There's no firewall here. > Accusations of money laundry. I think you're referring to the events leading up to [1]. Revolut wasn't accused of money laundering, it was reported that one of its systems had been disabled and this may have led to some activity going unnoticed. The CEO later claimed that the system was disabled but an older system was put in its place [2]. The newer system wasn't performing as expected so they reverted it. This is very different to say HSBC, which was found to be actively participating in money laundering. Also, "accusations" are just that, accusations. Most societies operate under a presumption of…

Revolut has those: https://blog.revolut.com/introducing-disposable-virtual-cards/

Revolut now has a web app [1], which still tries to get you to log in via the mobile app but this is not necessary. So long as you know your pass code and have alternative access to your email then you can log in and do most of the things you can do via the app. You do have to wait 10 seconds for the privilege though (before allowing access via email there is a timer before you can confirm you do not have access to the mobile app.). 1. https://blog.revolut.com/introducing-the-revolut-web-app/

Revolut is in the US https://blog.revolut.com/revolut-launch-united-states/ Monzo is launching in the US but got held up by the pandemic. https://monzo.com/usa/

The 250 GBP must be the exchange fee? If your account is in GBP and the destination is in EUR, the bank gets to charge you for the exchange. 2.5% is a typical rate. That's unfortunate, but is unrelated to the cost of transfer. Euro transfers have become instant and 24/7 thanks to the SEPA Instant Credit architecture: https://www.europeanpaymentscouncil.eu/what-we-do/sepa-instant-credit-… You can transfer up to 100k EUR in less than ten seconds; works overnight and during weekends and holidays. In the UK, at least Revolut supports this already: https://blog.revolut.com/sepa-instant-euro-transfers-now-available/

If you're resident in Lithuania and have switched to their bank account, yes, otherwise no. Revolut has an EU banking license issued by Lithuania [0] but only offers accounts covered by the guarantee in Lithuania [1]. If you are resident elsewhere, you are not protected. You should think of Revolut and Transferwise as being more like PayPal than a bank. [0]: https://blog.revolut.com/we-got-a-banking-licence/ [1]: https://blog.revolut.com/revolut-bank-launches-in-lithuania/

"If you choose to open a full current account with Revolut Bank in the future, any funds you deposit will be protected up to €100,000 under the European Deposit Insurance Scheme (EDIS)." https://blog.revolut.com/we-got-a-banking-licence/

> There is a difference, N26 is an issuing bank. Monzo and Revolut are too: https://monzo.com/blog/2018/06/07/is-monzo-a-bank/ https://blog.revolut.com/we-got-a-banking-licence/

Okay, I don't know too much about Monzo at all tbh, but Revolut got an EU banking license, which means, simularly to the N26, it will not be applicable for the UK Market. If that means they fall bank to not issuing accounts with Deposit protection in the UK, I'm not sure, or if it means they are just waiting to see what happens; sugested here : https://blog.revolut.com/how-we-protected-our-customers-from-brexit/ It's not sure. But either way, if there are not enough people in the UK market to warrant the hassle of re-investing in the UK, I don't see the issue. The EU feel betrayed by Brexit too.. :(

> - No 3DSecure, renders it useless for most online transactions. Revolut have had this since August 2019: https://blog.revolut.com/3ds-secure-payments/ > - No personal IBAN, uses some janky shared IBAN that is not tied to your name, which is required for many online depositing service like Coinbase. this, unfortunately, depends on the jurisdiction/currency :(

Are you sure they're not a bank yet? They got their banking license a while ago: https://blog.revolut.com/we-got-a-banking-licence/

No, I mean robinhood-style stock trading(Currently only some US stocks AFAIK): https://blog.revolut.com/trading-revolut/ They launched it recently for EU, US and AU IIRC.

They seem to be, as per last December: https://blog.revolut.com/we-got-a-banking-licence/

Revolut also offers this: https://blog.revolut.com/introducing-disposable-virtual-cards/

What about your traditional bank instead. Don't believe all the press. https://blog.revolut.com/weve-made-mistakes-but-were-learning/

>I ditched Revolut last year and moved to Starling, pretty much entirely because I was sick of them trying to fucking sell me stuff in a "banking app" (they weren't a registered bank at the time, AFAIK) It is a common mis-conception to assume Revolut and Starling are the same. Revolut and Monzo probably have more in common i.e. they both started out getting crowdfunded as pre-paid cards. Monzo acquired a banking licence and migrated their customers over to their banking product. Revolut only acquired the licence, at the end of last year [1]. It has yet to offer a banking product. Starling was built from the ground up as a challenger bank. [1] https://blog.revolut.com/we-got-a-banking-licence/

Revolut’s CEO response on this: https://blog.revolut.com/let-me-sec-the-record-straight/

Blog post just out stating that resignation not related. https://blog.revolut.com/let-me-sec-the-record-straight/

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/ [2] https://www.fca.org.uk/firms/electronic-money-payment-institutions

Monzo has had a banking license from the PRA and FCA in the UK since April 2017: https://monzo.com/blog/2018/06/07/is-monzo-a-bank/ Revolut has been licensed in Lithuania in December 2018: https://blog.revolut.com/we-got-a-banking-licence/ Big difference :) Disclaimer: I work for Monzo.

I've been watching Revolut who introduced something like this a while back https://blog.revolut.com/introducing-disposable-virtual-cards/

For online payments, Revolut have done something similar, I think: https://blog.revolut.com/introducing-disposable-virtual-cards/ -- I get what they're doing, it's just the stuff I'm mostly likely to get caught by is the subscription payments I don't want to have to deal with daily (domain names/netflix/spotify for instance).

>"At around 07:00 BST on Friday morning, our transaction database began to malfunction." and >"This server slowdown has never happened before" Why does this transparency not include meaningful details of what actually went wrong? A "database malfunction" and a "server slowdown" are technical gibberish. This is not dissimilar to the kind of crap a traditional bank says when there are problems. It reminds of hearing "The system is down" from a customer service representative. This apology is on the company's blog alongside a blog post titled "How to extract analytics data from your iOS application", complete with Swift code snippets[1]. So clearly they aren't worried about content being too technical. We are talking about a bank and your money, why would it not be OK to err on the side of being too technical? Or at the very least provide a link for the more technically inclined. [1] https://blog.revolut.com/how-to-extract-analytics-data-from-your-ios-a…