Revolut establishing a business in Ireland, applying for Irish license

T

TheJackal

Registered User
Messages
362
Got this by email today from Revolut

On 31st December, 2020 the Brexit transition period with the EU is due to end, so we’re taking action to make sure our Irish customers are not affected when the UK leaves the EU.

In two months, we will be moving our European customers to the electronic money licence held by Revolut in Lithuania. This will ensure that your Revolut service will continue smoothly when the Brexit process is concluded. It means you’ll still be able to use all of the services and features that you love. You don’t need to do anything and we will contact you again when we have made the switch.

The great news is that we are also establishing a business in Ireland which is applying for an electronic money institution licence. Our aim is that once this business is authorised by the Central Bank of Ireland we will then migrate you to our Irish licence.

​
European terms and conditions
You can read the Terms & Conditions of the Lithuanian entity that you will be transferred to here. These T&Cs are largely the same as your existing ones, with a few changes to comply with local laws. Here is a brief summary of the key changes:​
  • The Revolut entity providing your services will be Revolut Payments UAB, an electronic money institution authorised by the Bank of Lithuania. This is the same type of licence as our UK entity (Revolut Ltd).
  • If you ever need to make a complaint about our Lithuanian entity’s service, you can do so through the Bank of Lithuania - a member of the European System of Central Banks - which investigates disputes between consumers and financial services companies impartially and free of charge.
  • The T&Cs of your account will be governed by Lithuanian law, and the Lithuanian courts will have jurisdiction to hear claims in conformity with all applicable EU laws and respecting your fundamental rights as an EU citizen. In some circumstances, as an EU citizen you may have the right to make a court claim in your own country under the laws of that country.

These Terms & Conditions will automatically apply to you once we transfer you to our Lithuanian entity.​

​
New account details
After we've transferred you to our European entity, the International Bank Account Number (IBAN) that you currently use to receive both Euro and non-Euro currency payments will change. We’ll provide further details and support in relation to this change closer to the time.​

​
Unhappy for any reason?
We’re confident that the migration process will result in no, or minimal, disruption to your services. However, if you'd like more information about the migration, here's a link to a helpful FAQ.
If you'd like to speak with a customer support agent or make a complaint, please get in touch with us through our in-app customer support chat. If you're still not happy with these changes, you may close your Revolut account for free by selecting your Profile icon in the Revolut app, tapping on the Settings icon, scrolling to the bottom of the page, and choosing “Close account”. You can do this at any time before the transfer, or after we transfer you to our Lithuanian entity.

Thanks for your understanding.
Team Revolut​
 
Last edited:
As Revolut will be establishing a business in Ireland, will Revenue ask them for a list of all account holders, like they do for credit card companies and other Irish bank accounts?

I know a lot of people who would be uncomfortable at that prospect
 
TheJackal said:
As Revolut will be establishing a business in Ireland, will Revenue ask them for a list of all account holders, like they do for credit card companies and other Irish bank accounts?

I know a lot of people who would be uncomfortable at that prospect
Click to expand...
Bizarre!
 
They seems pretty confident. This is the email I got today:

We intend that this will be a temporary move and that when our license in Ireland is authorised by the Central Bank of Ireland we will migrate you to our Irish licence.
Click to expand...
 
TheJackal said:
As Revolut will be establishing a business in Ireland, will Revenue ask them for a list of all account holders, like they do for credit card companies and other Irish bank accounts?

I know a lot of people who would be uncomfortable at that prospect
Click to expand...

Hate to break this to you - there is already data sharing across the EU
 
EmmDee said:
Hate to break this to you - there is already data sharing across the EU
Click to expand...

Yes, but at the moment Revenue would have to first exchange information with the Lithuanian tax authority, who would have requested the data from Revolut's Lithuanian entity.

But if all Irish customers are transferred to the Revolut's Irish entity then Revenue will presumably be able to request information directly from it, which is one less step.
 
NoRegretsCoyote said:
Yes, but at the moment Revenue would have to first exchange information with the Lithuanian tax authority, who would have requested the data from Revolut's Lithuanian entity.

But if all Irish customers are transferred to the Revolut's Irish entity then Revenue will presumably be able to request information directly from it, which is one less step.
Click to expand...
It's still only one step for Revenue.
 
I get the need to move to the EU for Revolut, I have had an account with them for years, which I never disclosed to Revenue, but there's nothing dodgy in my dealings with them, I transfer money back and forth between my registered accounts. What seems odd to me is the shift to Lit. and then to IRL. I imagine people using Revolut as a main account might have problems with DD's and the like? Maybe not, I stand to be corrected, but IBAN's will be different in these two jurisdictions. Given the lead in time of BREXIT, could they not have moved sooner and done one switch to IRL?
 
MrEarl said:
I wonder when they actually applied to the Central Bank?
Click to expand...
Maybe the same time FRANK did who were going to solve all our mortgage woes!

Separately with regard to the DD, bizarrely Greyhound Waste Disposal seem to have been banking in the UK as we got a letter from our Bank to state that we'd need to contact Greyhound to give full address details to enable them to change following Brexit. Greyhound subsequently contacted us to state it had all been done by them directly but found it odd.
 
dereko1969 said:
Maybe the same time FRANK did who were going to solve all our mortgage woes!

Separately with regard to the DD, bizarrely Greyhound Waste Disposal seem to have been banking in the UK as we got a letter from our Bank to state that we'd need to contact Greyhound to give full address details to enable them to change following Brexit. Greyhound subsequently contacted us to state it had all been done by them directly but found it odd.
Click to expand...

Probably has to do with these waste companies transferring the ownership abroad to hide their accounts. From the independent:
"Greyhound, owned by brothers Brian and Michael Buckley, re-registered as an unlimited company and moved its shares to an Isle of Man company in 2010. "
 
dereko1969 said:
Separately with regard to the DD, bizarrely Greyhound Waste Disposal seem to have been banking in the UK
Click to expand...
Bilbo1 said:
Probably has to do with these waste companies transferring the ownership abroad to hide their accounts.
Click to expand...
Nothing really unusual about it. Lots of companies outsource their payment processing. In the case of Greyhound, their outsource partner operates under a UK payment processor license.

[broken link removed]
 
You must log in or register to reply here.
Back
Top