Revolut issued UK banking licence

gt94sss2

https://www.theguardian.com/business/article/2024/jul/25/revolut-receives-uk-banking-licence-after-three-year-wait

PRAISETHESUN

"With restrictions"

Still wouldn't touch them with a bargepole personally. I've had the misfortune of having to interact with their customer service before and it left a lot to be desired. 

Emmia

And "tentative approval"...

friolento

This is the email I got from them this morning, with my comment added

I had never heard of a "mobilisation period" before.

The link to the FAQs just gets me to the standard Revolt Help page. https://help.revolut.com/help/

friolento

gt94sss2 said:

https://www.theguardian.com/business/article/2024/jul/25/revolut-receives-uk-banking-licence-after-three-year-wait

I think you should update the thread title to add "with restrictions"

Travelsaver

friolento said:

This is the email I got from them this morning, with my comment added

I had never heard of a "mobilisation period" before.

The link to the FAQs just gets me to the standard Revolt Help page. https://help.revolut.com/help/

It's pretty obviously what a mobilisation period is, and I am surprised you are surprised.

To date, Revolut has used a network of banks to send funds locally and across the globe as well as hold those funds. Moving forward they will be able to create their own sort codes which means they will fully be part of the UK clearing system.

HillStreetBlues

PRAISETHESUN said:

"With restrictions"

Still wouldn't touch them with a bargepole personally. I've had the misfortune of having to interact with their customer service before and it left a lot to be desired. 

If they offer an worthwhile incentive I'll go with them. But I'm a banking slut! pay me and I'll go with anyone to get the money.

friolento

Travelsaver said:

friolento said:

This is the email I got from them this morning, with my comment added

I had never heard of a "mobilisation period" before.

The link to the FAQs just gets me to the standard Revolt Help page. https://help.revolut.com/help/

It's pretty obviously what a mobilisation period is, and I am surprised you are surprised.

Where have I said I am surprised? Am I not allowed to say I had never heard of a mobilisation period?

WillPS

Travelsaver said:

friolento said:

This is the email I got from them this morning, with my comment added

I had never heard of a "mobilisation period" before.

The link to the FAQs just gets me to the standard Revolt Help page. https://help.revolut.com/help/

It's pretty obviously what a mobilisation period is, and I am surprised you are surprised.

To date, Revolut has used a network of banks to send funds locally and across the globe as well as hold those funds. Moving forward they will be able to create their own sort codes which means they will fully be part of the UK clearing system.

Could I encourage you to share the knowledge you're so lucky to possess inertly? I too am none-the-wiser as to what this actually means in the context of an emoney provider transitioning to becoming a fully licensed bank.

wiseonesomeofthetime

I didn't know either before I clicked on the link Revolut so kindly provided in their email to inform people like me 😄

https://www.bankofengland.co.uk/prudential-regulation/new-bank-start-up-unit/new-bank-authorisation-process

Not sure I am truly clearer though 😂

DoboChopSueyBar

PRAISETHESUN said:

"With restrictions"

Still wouldn't touch them with a bargepole personally. I've had the misfortune of having to interact with their customer service before and it left a lot to be desired. 

No issues here, been using them for the last few years 99% for currency exchanges as they work out massively cheaper for me for regular AED > GBP conversions versus the likes of Wise or HSBC Global Money. Even on the few occasions i've had to contact them, they managed to resolve any issues without too much fuss (one request was for a chargeback). But i don't use my account for gambling, crypto trading, etc so maybe that makes a difference i don't know. I hold a Premium Revolut account.