"Who is afraid of Revolut? Not Bank of Ireland or AIB apparently."

Reddan (who is very good) makes the point that a lot of users don't know anything about:

Revolut, for example, doesn’t have a banking licence – or at least not one that covers its Irish-based users, as its Lithuanian banking licence does not at present. This means that savings with it are not covered by a deposit guarantee scheme, which typically covers up to €100,000.
Click to expand...

It's not a bank, and accounts don't have individual DGS protection.
 
Is this a suspense thriller or something?

"…..as its Lithuanian banking licence does not at present."

Is Fiona teasing us?
 
SGWidow said:
Is this a suspense thriller or something?

"…..as its Lithuanian banking licence does not at present."

Is Fiona teasing us?
Click to expand...

No - the Lithuanian banking license doesn't even cover Lithuanian users. They aren't using the license for user services, they must be using it for internal capital management purposes. If they wanted to offer banking / deposit services they could easily use the banking license across Europe.

So she may say "...at present..." but it looks to me like it is a strategic decision to only be a money services firm and not a bank
 
Revolut have an application in with the CB for Irish banking licence. I think they are planning on using this but hard to know. As mentioned in the article, it is not like Revolut and N26 don't have charges and fees. It's funny how people don't seem to have a problem paying them but once a mainstream bank charges, there are calls for rip off. Having said that, the increases from AIB and BOI are excessive considering there are cheaper options in the Irish market. People won't change though.
 
You must log in or register to reply here.
Back
Top