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Revolut CFO resigns following money laundering controversy

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Re: Revolut CFO resigns following money laundering controversy

#231

Post by baby »

saiya-jin wrote: post #121
baby wrote: post #114

Earlier quoted context omitted.

App only. Everything is free. Budgetting. Security. Traveling. Splitting bill or sending money. The reasons are usually infinite.

Yeah, real blessing for travelling it seems - for last 2 years, every time we travel somewhere, we meet somebody (young, from Europe) who has some issues withdrawing money/paying with Revolut. Wasting hours running around town finding which ATM/branch would work with some obscure semi-bank account. It has its benefits, but travelling around the world currently doesn't seem like one.

I've been traveling a LOT (from San Francisco to Taiwan) with my Monzo/Revolut and the only problems I had were in Cancun were Revolut's "location-based withdrawal" was detecting the charge to be too far from my phone. I had to disable it to make it work.

Re: Revolut CFO resigns following money laundering controversy

#232

Post by baby »

jmalicki wrote: post #189
Al-Khwarizmi wrote: post #175

Earlier quoted context omitted.

I travel quite a lot and I've had a few problems paying with the Revolut card, but not more than with my traditional bank credit cards (for example a few years ago, my card from a normal bank wouldn't work in Qatar, to this day I don't know why). I have learned on my own skin that travelling with a single card is not a good idea. I always have two (plus some hard cash just in case). But Revolut has became my first ch…

Completely standard in the US... I am surprised that's legal that they're not charging you for that (since it likely means they're not paying the restaurant that money)

I have Monzo and Revolut and they do charge you later for tips last time I checked. But it would be great if they couldn't, it's a huge security fail in my opinion.

Checked Monzo again, they have this in american transactions:

> Restaurants in the USA

> Restaurants in the USA are a bit of a special case. The waiter runs your card for the meal's amount and then, after youtip, they cancel the first transaction and charge you again for the meal plus your generous tip.

> REAL TIME

> The problem is that, until the first transaction reverses (10 days later) we don't have a way to tell that the restaurant charged you once or twice.

> Legacy banks will block the initial transaction amount in your account and release it 10 days later, but only the amount + tip will appear in your statement :)

Re: Revolut CFO resigns following money laundering controversy

#233

Post by baby »

saiya-jin wrote: post #176
nullify88 wrote: post #140

Earlier quoted context omitted.

Where do you travel? The cards are on the Visa or Mastercard network so I'd expect the majority of ATMs to support Revolut.

south america, asia in these cases (bolivia, argentina, indonesia were the last ones)

Using Revolut and Monzo, I never had problems in South America and Asia (except for a few hickups with Revolut security options in Cancun). I've seen these kind of problems happening NUMEROUS times with plenty of different banks to me and my friends. It is just irresponsible to travel with a single bank card.

Re: Revolut CFO resigns following money laundering controversy

#234

Post by appsonify »

adambyrtek wrote: post #211
appsonify wrote: post #191

Revolut has offices in these locations as well: Kraków, PL 1 Stanisława Klimeckiego Moskva, RU Nizhniy Susalnyy pereulok How likely are these locations likely to cooperate to say a DOJ investigation? Especially the one in Moscow out of all places....

I'm not sure where you are from, but it sounds really ignorant to put two completely different countries in the same bag. I don't even know why DOJ would need to be involved, but if that ever happens Poland is likely to comply as a member of NATO with vested interest in maintaining a good relationship with the US [1]. [1] https://en.wikipedia.org/wiki/Poland%E2%80%93United_States_r...

Not sure where you got the idea that I confused Poland with Russia. I just copy pasted from their website LMAO

Re: Revolut CFO resigns following money laundering controversy

#235

Post by fargo »

baby wrote: post #227
fargo wrote: post #197

Earlier quoted context omitted.

What war? All banks are better than both Monzo and Revolut in almost all aspects. They only reason everyone (myself included) has Monzo and Revolut is because VC are happy to pay my FX fees until I ditch them for the next VC funded app

> All banks are better than both Monzo and Revolut in almost all aspects You probably have never used Monzo or Revolut then XD or perhaps you work for one of these banks. Hilarious comment though.

Interesting response. Why do you think that?

I am actually using both and I am pretty happy with them, mainly because of their FX rates and stylish colours. On the other hand though, I would never send my salary there and I don't trust that they are not selling my data or that they have the magnitude of security processes Santander or Barclays have in place.

Re: Revolut CFO resigns following money laundering controversy

#236

Post by Al-Khwarizmi »

sad_trombone wrote: post #217
jmalicki wrote: post #189

Earlier quoted context omitted.

Completely standard in the US... I am surprised that's legal that they're not charging you for that (since it likely means they're not paying the restaurant that money)

IMHO it doesn't seem legit that they can initiate transaction for X amount, give you a receipt where you can write amount Y, and then charge you for X+Y sometime later. I really don't want to deal with my bank if by some chance amount Y is not what I wanted. From my (European) point-of-view this seems completely ridiculous, since here I see the actual amount before I have to swipe/insert the card into the device. How…

Yes, it's very strange to me too as another European (although I did want to pay the tips and not screw the workers, of course).

Not that I like tipping systems at all, I find them an unnecessary hassle for the customer and detrimental to workers' rights, but if you have to have it I found the system in Canada (at least in Vancouver) much saner: you could key the tip amount into the POS machine when you pay, or directly select a tip percentage and the machine would add the tip for you. Compared to that, having to actually calculate the amount by hand and write it with a pen in the restaurants in New Orleans, blindly trusting that they would eventually charge that amount, looked like... last century.

Re: Revolut CFO resigns following money laundering controversy

#237

Post by jscholes »

richardknop wrote: post #205
jscholes wrote: post #149

Earlier quoted context omitted.

> Strange you trust a middleman more than an a actual first-party tier-1 bank (your Revolut UK account is a Lloyds account). No it isn't, the money is just held in a Lloyds or Barclays account. Revolut are not a fully-regulated bank, they're an Electronic Money Institution. The same as TransferWise. If you trust Revolut, you're also trusting a middleman.

They have received a bank license recently so they are in process of becoming a full fledged bank.

> They have received a bank license recently so they are in process of becoming a full fledged bank.

Sounds great, and I hope TransferWise go down that route one day too. But it still doesn't mean your Revolut account is the same as a Lloyds one.

Re: Revolut CFO resigns following money laundering controversy

#238

Post by HarryHirsch »

krn wrote: post #228
IfOnlyYouKnew wrote: post #214

Earlier quoted context omitted.

Revolut is not insured by FSCS, the standard UK deposit insurance scheme (because it's not a "bank", it's "something something digital"). They say all money is parked in a trust account at a regular bank in Lithuania. But I wouldn't want to be involved in testing how well that setup hold up in court.

Revolut has the same Electronic Money license in the UK as TransferWise, meaning that the money is parked at a regular bank in the UK, but not under your own name. However, Revolut received a banking license in Lithuania in December 2018, and should soon start operating as a normal bank with the standard 100,000€ insurance, demanded by the EU. Yet, if Revolut failed at some point in the future, it's unclear how the B…

Cats Protection has a story to tell about Kaupting.

Re: Revolut CFO resigns following money laundering controversy

#239

Post by cyberferret »

ValentineC wrote: post #105
cyberferret wrote: post #25

Hmm... I've been #6000 or so on their waitlist for a card here in Australia for the past 9 months. I've emailed them a couple of time but just been told "be patient". Apparently I can skip 5000 ahead in the the line by referring a friend to their service - however the sheer length of delay and these recent incidents have motivated me to simply cancel my wait for their service. Perhaps I should check the wait list cou…

Did they make you commit anything apart from an email address for your spot in the "waitlist"? I'm guessing that their waitlist is nothing more than a low-effort MVP to convince a regulatory body that the residents of a country want their service there.

I believe it was just name and email to register interest. Haven't filled in any additional application or financial details as far as I can remember (it was so long ago now that I applied).

Re: Revolut CFO resigns following money laundering controversy

#240

Post by cyberferret »

aussiegeek wrote: post #33
cyberferret wrote: post #25

Hmm... I've been #6000 or so on their waitlist for a card here in Australia for the past 9 months. I've emailed them a couple of time but just been told "be patient". Apparently I can skip 5000 ahead in the the line by referring a friend to their service - however the sheer length of delay and these recent incidents have motivated me to simply cancel my wait for their service. Perhaps I should check the wait list cou…

Getting a license to take deposits in Australia isn't easy. And then there was the banking royal commission which isn't going to speed things up. If you are after this sort of thing, have a look at Up

I ended up signing with Xinja. There was a wait period there too, but I think it was no more than a month for them to sort out the regulatory approval to be a 'bank' and send a card out to me. Probably easier for them being an AU based company.
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