Revolut Receives UK Banking Licence: What Does It Mean?

[@mattyanderson1938]

Been waiting for them to get a UK banking licence, just signed up now.

[@rishiyanvarsha]

I quite like revolut as it is. I've noticed any bank that goes ahead and gets licenses then become very tightened in terms of regulation and checks. They then impose restrictions, blocks on your account suddenly with no prior warning which in some case can be temporary or permanent.

[@Monitodotcom]

That's an interesting take, and true of so many banks, just look at the debacle with NatWest and Coutts closing accounts. Stricter rules and regulations could mean they've got to tighten up on their customer account behaviours which could lead to more inaccurate or unjustified account closures.

[@rishiyanvarsha]

I've just had startling temporarily restricted me out of 8 of my accounts for over 4 weeks. 6 Business account, 1 Joint with my wife and 1 personal account. They have decided to close it down but haven't given a reason. I'm a tax payer and my businesses pay tax and vat registered. Got over 4 weeks we struggle to open another account pay out bills, staff or even mortgage. It was extremely stressful being contact daily but I account worth of direct debit failures for various companies and creditors. We also received a few late payment marks on or credit file for the first time. We found it really unfair, all this for no reason or explanation. We was really stressed, for over 6-7 weeks we didn't have access to our own money, I was stressed depressed, fallen out with some staff over late payday it really affected us. We couldn't even put fuel in or cars. It's our money we worked hard for. We really loved starling and their app and etc. Now we no longer can bank with them and we don't even know why. It's all these algorithms they have in place to pick up certain things to comply with regulations which sometimes picks innocent accounts and ruins their life. I fear Revolut might go down that lane. I really love Revolut as it is at the moment.

[@daveprior2829]

I have had an account for few years. Mainly use it as a travel account as easy to transfer money into local currency. Then use card as normal.

[@firebladejohnny]

Would this Mobilisation period involve complying with government departments issuing Liability Orders or instruction to 'Freeze' accounts like a bank with fully approved licence?

[@ramboormark]

I already get my salary paid in to revolut, direct debits, liquid savings in the FSCS protected 4% interest, metal account for travel insurance for all family travelling with me, free vpn, free FT subscription. I’ll move my mortgage and credit card when I can. Few weeks ago My wife tried to switch to metro bank and had to actually go in to the branch… in 2024. It took an hour to fill in a form by hand… the old banks don’t deserve our business.

[@Monitodotcom]

It's ridiculous that in 2024 you have to go to a physical branch to open an account, why do Metro insist on that? It surely hampers their new customer numbers, I think it took me less than 20 minutes to open a Chase UK account. With that interest rate, I'm guessing you're a Metal customer? It's crazy how much value you're getting and for just £15/month. ^Jonny

[@peterazlac1739]

The question is whether they can meet the EU MiCA law since Starrmer has now decided that the UK will follow EU law and be subject to the European Court.?

[@joshfromsmosh3352d]

great video! Question though: Will you guys resume the monthly news recaps here or are there simply so little in news in the banking space that it's not really worth it?

[@Monitodotcom]

Thanks Josh.. Yeah I'm sorry I totally stopped doing those, I let other videos get in the way but let's bring them back for August, at least I know you'll be watching 😂

[@georgeharalambous261]

Is the revolut flexible account safe? The interest rate has been dropping

[@eSharkUK]

I wonder, how technically Revolut will improve. Eg, my main GBP IBAN is not made of my sort code & account number. Will it all change into new details? 🤯

[@Monitodotcom]

Hey mate, I suspect our account details will eventually change, which could be tricky for some people, especially business banking customers with multiple standing orders/direct debits etc. Interesting thought! ^Jonny

[@npris]

Will this affect revolut account outside UK like EU countries?

[@Monitodotcom]

Good questions, I don't see how this would directly impact other countries, at least not for now, and especially not the EU because they already have their licence. The US, Australia, and New Zealand could be their next target for banking licence and this may help, IMO that would be a positive. ^Jonny

[@davidporter9131]

Do they tolerate crypto purchases?

[@johnpowell2047]

Yes

[@geehammer1511]

Never heard of this Revolut before.

[@SpeedyDocDOCARMY]

Get that cough fixed mate, Elon won't be happy to see you sick xD I expect more money services after this and hopefully better rates for our accounts fingers crossed.

[@Monitodotcom]

Until they fix their insane FX mark-ups I don't see it improving! Better interest rates could be overly optimistic, I think by the time they're fully approved the BOE will have begun reducing interest rates so savings rates will start to dwindle. But I'd love to see better rates on the lower-tier accounts. ^J