Revolut wants PPS number

tallpaul said:
Yes, if you want to sign up with them.
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Its more than that. Revolut are contacting existing customers looking for this information under CRS.

partnership said:
Revolut are looking for my PPS number. Do I have to give it?
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Its a bit of a mess from a customers point of view. If you are Irish tax resident, opening a non lending account with an Irish bank, it's not mandatory to provide PPS. But from Revoluts perspective, you currently have a non-resident account. They are required to collect this information.
 
Yes I am a current customer who uses it solely to send money to other people or for transferring foreign currency. I do not keep money in the account nor am I interested in their credit card etc. I suppose if I have to give it, I probably will as it is convenient but not happy about it.
 
When I got this message on my phone yesterday, I opened the app, confirmed I was tax resident in Ireland and gave them my PPSN.

Today I get an email as follows. I didn't click on the link but opened the app. and there is no prompt there.

Hi Brendan,
We need you to provide your tax details by 2023-06-26 so you can continue to have access to all of Revolut's amazing features. It won't take long — just go to your app and tap the 'Provide your tax details' tile.
If you have problems uploading this info, make sure your app is updated.

What is my Tax Identification Number​

Your Tax identification number (TIN) is a number used for tax reporting purposes. You usually receive this number if you're considered a tax resident in a country, pay taxes in a country, or are physically present in a country for at least six months of the year. Check out our FAQs for more information on how to find your Tax Identification Number.​

Why do I need to submit this information?​

According to CRS (Common Reporting Standard), Revolut is required to report information directly to tax authorities concerning financial accounts held by our customers.
Not all countries participate in CRS, so if you don't see the country in which you're a tax resident on the list when you try to submit, it means you don't need to submit your tax information for that country.
We're also required to report information about financial accounts held by U.S. taxpayers or by foreign entities (in which U.S. taxpayers hold a substantial ownership interest according to FATCA (Foreign Account Tax Compliance Act) to the United States Department of Treasury and the Internal Revenue Service (“IRS”).​
 
Brendan Burgess said:
I opened the app, confirmed I was tax resident in Ireland and gave them my PPSN.
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I can't imagine what other number you could give them. I'm not sure what they are still asking for.


They really should localise better for their 2m Irish customers and make it clear what they want.
 
NoRegretsCoyote said:
I can't imagine what other number you could give them. I'm not sure what they are still asking for.


They really should localise better for their 2m Irish customers and make it clear what they want.
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Are they still telling people that they can't accept an Irish driver's license as id because Brexit rendered them useless?
 
ClubMan said:
Are they still telling people that they can't accept an Irish driver's license as id because Brexit rendered them useless?
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I've dismissed their reminder on this for over three years. They can't on one hand say they need the information, but on the other hand allow me to consume their service without this information for years.

Just another fine example of Revolut's approach to compliance I guess?
 
Okokokoknic said:
Just another fine example of Revolut's approach to compliance I guess?
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I would imagine so. They know that they would lose X% of customers at onboarding stage if they insisted on PPSN.

With this approach they can say to their supervisor "Look, we're trying really hard to get our customers' tax identification numbers but Y% won't comply".

They are growth first, compliance a distant second.

ClubMan said:
Are they still telling people that they can't accept an Irish driver's license as id because Brexit rendered them useless?
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Not sure. But in many jurisdictions a driver's license isn't generally accepted as proof of ID.
 
NoRegretsCoyote said:
They are growth first, compliance a distant second.
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I wouldn't agree with that.
I had two Revolut accounts and Revolut contacted me to close one.
As I had stocks in both accounts it was a difficult process to close one account.
There was no way they would allow the two accounts to remain as it was non compliant. The closure process was handled in a very efficient manner by the agents in Revolut and was very complicated as I could only operate one account at a time and the other one needed to be blocked. As there was dividends due on both accounts this process lasted for two months and involved changing which account was blocked several times. Revolut agents are very helpful and when a situation is accuracy explained to them they are very good at providing a solution.
 
S class said:
I wouldn't agree with that.
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I think this just proves my point. Revolut allowed you to open two accounts in the first place and then cleaned up after the fact.

I doubt that AIB (for example) would allow you to open a second current account if you already had one with them.
 
NoRegretsCoyote said:
I think this just proves my point. Revolut allowed you to open two accounts in the first place and then cleaned up after the fact.

I doubt that AIB (for example) would allow you to open a second current account if you already had one with them.
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Ive had two current accounts with AIB. Why wouldn’t they allow it. More fees for them
 
NoRegretsCoyote said:
I would imagine so. They know that they would lose X% of customers at onboarding stage if they insisted on PPSN.
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It's more nuanced than this.

If TIN is required under CRS, its illegal to open the account without the information.

I first opened my Revolut account in 2017. The CRS legislation was already in place, but the UK (where my account was opened) didn't apply to electronic money services. Only to banks. The entity I opened account with didn't have a banking licence, so they didn't have to ask.
 
All my family have revolut but they are only looking for my pps even though I opened account years ago. I only ise it to send money to my child revolut account. Do I need to give it to them
 
Osullive said:
All my family have revolut but they are only looking for my pps even though I opened account years ago. I only ise it to send money to my child revolut account. Do I need to give it to them
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You do if you want to ensure that you can use Revolut going forward.
 
Banks have a legal obligation to keep their AML records up to date, my local CU asked me recently to re-provide proof of ID and address for example.

Having said that, first time I've seen PPS being asked for for existing account holders, but then, this is Revolut so nothing would surprise me,
 
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