Would it not only be the case that the funds are at risk if there is a fraud i.e. Revolut doesn't put your money in the client account? I thought under E-money regulation the institution is required to place client money with a 3rd party bank? So your true exposure/counterparty risk is with the bank?
I 100% agree, holding large sums of money in Revolut is not the same as with a high street bank.
So, the exact same as with wirecard?it not only be the case that the funds are at risk if there is a fraud i.e. Revolut doesn't put your money in the client account? I thought under E-money regulation the institution is required to place client money with a 3rd party bank? So your true exposure/counterparty risk is with the bank?
I am shocked by the people who are using it as a bank account. As I say, the risk is small, but the consequences for the person are huge. Imagine if someone had the deposit for their home in their Revolut account and it went bust!
So, the exact same as with wirecard?
Why should anyone take the risk?
It's easy to load your Revolut card.
Put in €500 or whatever you are comfortable with losing.
I am shocked by the people who are using it as a bank account. As I say, the risk is small, but the consequences for the person are huge. Imagine if someone had the deposit for their home in their Revolut account and it went bust!
Brendan
Yes, fraud was the issue.The risk is the same but they are idiosyncratic events. Fraud at WireCard does not mean there is fraud in Revolut. This was the original question.
Yes, fraud was the issue.
However it was you that originally incorrectly suggested that the licencing & regulation were different between Revolut & Wirecard.
If fraud was the issue, then why confuse things by incorrectly stating that Revolut is a bank?
If fraud was the issue, then why confuse things by incorrectly stating that Revolut is a bank?
I use Revolut for my day to day spending and load the card with my budget once a month.
I am willing to accept the risk for the better product experience.
I agree fully with the principle. I really like my Revolut card and am prepared to take the risk that I will lose whatever cash I have in it if there is a problem.
But I don't see why you would load a whole month's budget?
One of the advantages is that it is so easy to top up. Why not split your budget in 4 and top it up every Monday?
Brendan
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