211–220 of 365 posts
Maybe I'm just old but I would never put my money in an institution where I can't go to their branch/office and talk to a human. Typically this is hardly needed with all the digital convenience but when things go wrong, it is truly worth it.
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Unfortunately chargebacks aren't as simple in the EU, in addition to country-specific rules that make them hard to use in some countries.
In France any transaction involving you PIN code is really hard to contest (so if you get your card copied by a skimmer it's tough). Same with online transactions using 3-D secure (2-factor, usually involving a confirmation code sent by SMS). For other online transactions however, you just have to ask your bank and they're chargeback the merchant.
Revolut's CFO recently 'resigned' from the company in light of claims that Revolut switched off an anti-money laundering system that flags suspect transactions. Revolut cited 'personal and health reasons' for the CFO's resignation. Whatever those personal and health reasons really were, they clearly passed quite quickly as within the space of a few weeks, said CFO has joined another FinTech company as their new CFO.…
> The company quite literally has the words "get sh*t done" in giant neon letters on their office wall. That has become one of my red flag. I want to deal with people and companies focused on the quality of their products and businesses, not on doing "shit" (taking their motto literally).
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Out of interest don't you get any penalties for all those declined/failed payments?
No, the card is canceled so it's not even the user's problem any more.
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Revolut seems overkill for that, maybe try Splitwise?
Venmo seems to be the standard here in the US. Is it not as common overseas?
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No, the card is canceled so it's not even the user's problem any more.
He means in the ordinary case, where you regularly hit the limit before, just through legitimate transactions.
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Why does being regulated by Lithuania make it look it like a money-laundering scheme?
> Why does being regulated by Lithuania make it look it like a money-laundering scheme? It doesn't raise issues per se . But Lithuania has a sizable Russian population [1]. It's also a small country. The latter means it has less experience supervising novel and complex financial systems. It also makes its regulators easier to unduly influence, either through bribery or threats ( e.g. Revolut failing would probably de…
> But Lithuania has a sizable Russian population [1]. It's also a small country.
The Russian population (5%) is a tiny minority here, not represented by any political party in the parlament. It's much bigger (25%) in Latvia and Estonia, as Russians tend to live in the cities near the Russian border[1].
> The latter means it has less experience supervising novel and complex financial systems. It also makes its regulators easier to unduly influence, either through bribery or threats
In this case, there is a common view in Lithuania, that as a tiny economy we should focus on IT sector and follow Estonia's example, trying to be the most modern and innovative state in the EU.
Therefore, there is an entire goverment program for attracting and supporting fintech companies[2], hoping that they will open offices in Lithuania and employ recent graduates, preventing them from fleeing to Western Europe for better job opportunities.
Of course, it makes no financial sense to give a banking license to a foreign startup for such a small economy, but Revolut is extremely popular in Lithuania and the general population sees it as an alternative to Scandinavian banks which have occupied the local market.
As a result, those policitians who have tried to oppose giving the license to Revolut were publicly attacked from all sides as "working on behalf of Scandinavian banks".
[1] https://en.wikipedia.org/wiki/Russians_in_the_Baltic_states
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I saw that but it wasn't clear as far as I remember who did this - it may be the CFO took responsibility for some one else's actions.
> it may be the CFO took responsibility for some one else's actions CFOs of financial services companies are typically senior AML officers. All AML actions are their actions, and AML liability for AML officers is almost strict liability. If something happens and if best practice wasn’t followed, the AML officer(s) are personally and criminally liable. If someone could turn off the entire AML scanning system with the…
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Because Revolut dones't want to have to manage FACTA and other US extraterritorial laws. Here is Switzerland having a US passport is a good reason to be banished from your physical bank very quickly. US passport holders are seen as a liability and not as a customer. That's also one of the reason that make renouncement of US citizenship quite popular in Switzerland if you have dual citizenship.
>Because Revolut dones't want to have to manage FACTA and other US extraterritorial laws. So this is a competitive advantage of N26 over Revolut?