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Revolut issued UK banking licence

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Comments

  • PRAISETHESUN
    PRAISETHESUN Posts: 4,521 Forumite
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    "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
    Emmia Posts: 4,633 Forumite
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    And "tentative approval"...
  • friolento
    friolento Posts: 1,890 Forumite
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    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
    friolento Posts: 1,890 Forumite
    1,000 Posts First Anniversary Name Dropper Photogenic
  • 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
    HillStreetBlues Posts: 5,068 Forumite
    1,000 Posts Second Anniversary Homepage Hero Photogenic
    edited 25 July 2024 am31 9:42AM
    "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 !!!!!!! pay me and I'll go with anyone to get the money.
    Let's Be Careful Out There
  • friolento
    friolento Posts: 1,890 Forumite
    1,000 Posts First Anniversary Name Dropper Photogenic
    edited 25 July 2024 am31 9:46AM
    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
    WillPS Posts: 4,710 Forumite
    Part of the Furniture 1,000 Posts Newshound! Name Dropper
    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
    wiseonesomeofthetime Posts: 2,398 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    edited 25 July 2024 am31 10:59AM
    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 😂
  • "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.
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