Revolut issued UK banking licence

penners324

The restrictions being the FSCS limit is £50k until the mobilisation period has successfully completed 

wmb194

penners324 said:

The restrictions being the FSCS limit is £50k until the mobilisation period has successfully completed 

Is there a maximum £50k deposit limit as well? IIRC this is what initially applied to one of the tiny new banks that was launched a few years ago.

friolento

penners324 said:

The restrictions being the FSCS limit is £50k until the mobilisation period has successfully completed 

Why did Revolut not mention this in the email they sent to account holders? They specifically mention that deposits will be safeguarded, which has a very specific meaning and is very different to FSCS protection 

Futuristic

Always used Revolut for small purchases, one time card is very handy! We also use them for business for many years but have never kept funds there for long (don't intend to change after this). Never really had any issues. 

But it's great to hear they are on the right track, they are one of the biggest UK based fintech firms. 

gravel_2

friolento said:

penners324 said:

The restrictions being the FSCS limit is £50k until the mobilisation period has successfully completed 

Why did Revolut not mention this in the email they sent to account holders? They specifically mention that deposits will be safeguarded, which has a very specific meaning and is very different to FSCS protection 

I think you're looking for an issue where there isn't one. Safeguarding is terminology applicable to e-money providers, which Revolut currently is.

It's worth looking at the footnotes at the official announcement. https://www.revolut.com/news/revolut_receives_uk_banking_licence/

If you are a customer of Revolut then your relationship is with Revolut Limited. The banking licence has been applied for and secured by a new subsidiary in the Revolut group call Revolut NewCo Limited. Until mobilisation phase is complete, your relationship will not be moved to NewCo and you will not have any FSCS protection anyway.

EDIT: Also the 50k does not appear to be a restricted FSCS protection, rather it's the max NewCo can hold per customer while it's under restrictions. In any event - irrelevant until your customer relationship is moved from Revolut Limited to NewCo.

eDicky

DoboChopSueyBar said:

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. 

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.

I believe your having the Premium account is the reason for receiving decent customer service, which is not available for free account holders.

If your usage for unlimited free currency conversion (weekdays), etc, justifies the £8 monthly fee, fine.

M25

So, they have a banking licence in:

Mexico

Lithuania

...and now the UK.

That's an interesting list.

slenderkitten

i'm considering this for a back up account for crypto

gt94sss2

Revolut had finally had its UK banking licence approved

https://www.standard.co.uk/business/business-news/prudential-regulation-authority-nik-storonsky-revolut-b1274442.html