Revolut Now Have 500,000 Irish Customers. Update: 1m customers now.

[RedOnion]

Hello,

While I agree with the point that your making, let's not forget that we are comparing apples and oranges here, when we compare Revolut to "land based banks".

There are lots of things that our traditional banks can learn (and copy) from the likes of Revolut, but they'll never be the same.

Comparing apples and oranges is a good point here.
The only reason you can get set up so quickly on Revolut is because you already have a bank account. They know which bank your card is with. They can piggy back on the AML compliance of that bank. For example if you've an account with UB, they know UB are compliant, so they only do a reduced AML.
If you want to compare them fully to a traditional bank, try set up Revolut without linking it to an existing current account / card.

Presumably their customer onboarding obligations in Lithuania for this are much more relaxed than they are for a full banking Ireland

An Irish customer has nothing to do with their Lithuanian banking licence. That's a separate entity.

 

[NoRegretsCoyote]

An Irish customer has nothing to do with their Lithuanian banking licence. That's a separate entity.

Indeed, I meant to write "bank in Ireland" - edited now.

The Revolut blog trumpets the fact that they have a banking license, but I don't think customers realise that they are not dealing with this entity.

 

[Redcat]

Quick question . Under revenue rules if you open an "overseas" bank account you have to tell revenue

Is this a requirement for Revolut and N26 accounts as well ?

Thanks

 

[Palerider]

You cannot piggy back AML, that is simplistic.

I have a Revolut, as do others in my family, my son opened his with two copies of his drivers license which were accepted by Revolut which really surprised me.

 

[SPC100]

Quick question . Under revenue rules if you open an "overseas" bank account you have to tell revenue

Is this a requirement for Revolut and N26 accounts as well ?

Thanks

I came to this conclusion, so I sent revenue a note via myaccount enquiry last year. Which they acknowledged.

 

[Redcat]

Returning to this topic I am unclear

N26 has a German banking licence but is regulated by the Irish central bank. As such if you open an account in Ireland do revenue really regard it as an offshore account?

Can't really see a clear answer on this...

 

[MrEarl]

Perhaps they are approved to transact in Ireland under the passporting arrangements?

 

[EmmDee]

Returning to this topic I am unclear

N26 has a German banking licence but is regulated by the Irish central bank. As such if you open an account in Ireland do revenue really regard it as an offshore account?

Can't really see a clear answer on this...

It is licensed and regulated by the German financial regulator. It operates here on the basis of cross border licensing which means the they have to comply with Irish code of conduct requirements of the central bank of Ireland. But the main regulator is Germany and your deposit is with a German bank. I don't believe their presence here is even a branch... Just a marketing presence (from a banking regulator point of view)

 

[Redcat]

Right so all of the 500000 people who have revolut or n26 in Ireland should be telling revenue?

 

[EmmDee]

Right so all of the 500000 people who have revolut or n26 in Ireland should be telling revenue?

I don't know if EU accounts are treated any differently. I thought there was data sharing across the EU but I'm not familiar with revenue requirements or expectations

 

[fidelcastro]

Right so all of the 500000 people who have revolut or n26 in Ireland should be telling revenue?

Precisely.

 

[jpd]

The sharing of information would appear to be mainly of income and tax avoidance/money laundering but it is possible that information on account opening may also be shared

see here https://ec.europa.eu/taxation_custo...strative-cooperation-field-direct-taxation_en

 

[newirishman]

N26 certainly did ask me for the PPS number at some point to clarify tax residency.
IIRC they would have closed the account if I hadn’t done so.

 

[NoRegretsCoyote]

N26 certainly did ask me for the PPS number at some point to clarify tax residency.

How does a PPSN clarify your tax residency?

Lots of non-resident people have them.

 

[jpd]

They will report to Revenue and give the PPS number

 

[NoRegretsCoyote]

They will report to Revenue and give the PPS number

Probably.

The poster had implied that supply of a PPSN to N26 proved your tax residence status. It doesn't.

 

[newirishman]

How does a PPSN clarify your tax residency?

Lots of non-resident people have them.

it doesn’t. Didn’t think my response implied as much. N26 asks which country(ies) you are tax liable, and if you select Ireland, you have to provide the PPSN.

 

[paulgreen]

I can't speak too highly of Revolut spotted a fraud a couple of days ago blocked the transaction sent me a warning through the app and I cancelled the card through the app all in less time than it takes to make a cup of tea and a new card mailed in 24 hours....

 

[Lightning]

Revolut now have signed up 1 million users in Ireland.

That's a phenomenal speed of growth.

 

[Fire away]

Revolut now have signed up 1 million users in Ireland.

That's a phenomenal speed of growth.

I would say 200k of them were friends playing online poker with each other over the last couple of months