Is the Revolut safe?

[Leeqap]

Hello,

What do you think, the Revolut will report my private account and my transactions automatically to the tax office in my country? Its not so clear for me. Im living in EU.

 

[Artemis Eleutheria]

Not your transactions ... but your account and year end balance most certainly

 

[Marie Manila]

I think Revolut will not report your private account.
As far as I have heard they use Virtual IBANs and it is not compulsory for them.

They also do not ask for your TIN.

Unfortunately they do not give any details on their website about CRS information exchange.

 

[Btraveler]

I think Revolut will not report your private account.
As far as I have heard they use Virtual IBANs and it is not compulsory for them.

They also do not ask for your TIN.

Unfortunately they do not give any details on their website about CRS information exchange.

So they are not still a bank. As an EMI they are not required to report that. I'm right?

 

[Marie Manila]

Revolut is also a bank nowadays (registered in Lithuania), but the accounts are opened under the EMI licence (registered in UK).
Paypal is doing the same. They have a bank licence from Luxembourg, but they open all the accounts under their EMI licence.

Also some EMIs are reporting, like Leupay/Leopay (and I think also the succeeder iCard).

Maybe you should also have a look at this thread: Credit cards and CRS

But yes, usually EMIs do not report and are not required to. But if they suspect some money laundry, they still have to report this.

 

[Btraveler]

Revolut is also a bank nowadays (registered in Lithuania), but the accounts are opened under the EMI licence (registered in UK).
Paypal is doing the same. They have a bank licence from Luxembourg, but they open all the accounts under their EMI licence.

Also some EMIs are reporting, like Leupay/Leopay (and I think also the succeeder iCard).

Maybe you should also have a look at this thread: Credit cards and CRS

But yes, usually EMIs do not report and are not required to. But if they suspect some money laundry, they still have to report this.

Thank you @Marie Manila Do you think that ICard is sharing details?

On the other hand, what do you think about reporting of:

- ADVCASH
- PERFECT MONEY

I think these two platforms are not really reporting...

 

[JohnLocke]

Revolut will report you, don't relay on anything else.

Thank you @Marie Manila Do you think that ICard is sharing details?

is it the same as I - Account EMI - just asking?

 

[Btraveler]

Revolut will report you, don't relay on anything else.


is it the same as I - Account EMI - just asking?

Yes. But Advcash and Perfect Money? I think they are russian or similar and not interested in reporting

 

[NEOZ]

Revolut will report you, don't relay on anything else.


is it the same as I - Account EMI - just asking?

Hi, icard is same as mypos not I - Acount

 

[Marie Manila]

The co-founder of iCard and myPOS is Christo Georgiev. He also ran Leupay as co-founder before it got shut down, if I remember right.

As far as I know it is not related to I-Account.

 

[Marie Manila]

Sorry for double post. I cannot edit my old one any more.

Revolut will report you, don't relay on anything else.

How do you know Revolut will do reporting?
I could not find anything on the website.

E.g. Transferwise states on their website they are not reporting at the moment: Borderless accounts and tax | TransferWise Help Centre

 

[Artemis Eleutheria]

Sorry for double post. I cannot edit my old one any more.



How do you know Revolut will do reporting?
I could not find anything on the website.

E.g. Transferwise states on their website they are not reporting at the moment: Borderless accounts and tax | TransferWise Help Centre

"Will you report my transfers to the tax authorities?
...
At this time we are not reporting this information to HMRC or any other tax authority. "

They do not report your transfers ... however it is wishful thinking to believe that they will not report your account just from reading this statement.

 

[Tax Cow]

Payments are not reportable under CRS AEOI but some year-end balances held with Revolut are.

Detailed answer here: Transferewise and AEOI ?

 

[neweraoffshore]

Lol... of course will Revolut report everything what needs to be reported under CRS. If virtual IBAN or not, IBAN is IBAN. As they are a UK company and have a EU bank license they have to report.
There were a lot of topics in the Revolut Community Forum about this.

 

[Sols]

Revolut is not yet operating under their banking license in Lithuania. Right now, everything is under the EMI license. There is pressure in the Lithuanian parliament to review the application and license, although Revolut seem confident they can launch with that license in the near future.

 

[Zumken]

Not your transactions ... but your account and year end balance most certainly

And if my year end balance is zero, but flow during the year was 250k eur - there will be no questions from tax office?

 

[Artemis Eleutheria]

And if my year end balance is zero, but flow during the year was 250k eur - there will be no questions from tax office?

Impossible to predict.

 

[neweraoffshore]

https://www.cnbc.com/2018/12/13/revolut-secures-european-banking-license.html

 

[Sols]

https://www.cnbc.com/2018/12/13/revolut-secures-european-banking-license.html

Being granted a (special/restricted) banking license is one thing. Operating under said license is another.

They are still offering all their services under their EMI license.

 

[Marie Manila]

Being granted a (special/restricted) banking license is one thing. Operating under said license is another.

They are still offering all their services under their EMI license.

Exactly like PayPal do.
They have a banking licence, but are offering all services under their EMI license.

If they transfer the accounts to the bank license, many things may change.
They will be able to give loans, pay interests and so on. And they will have to report under CRS.

At the moment, Revolut is not asking for a prove of address.
If they really have to report under CRS, how would they know for sure, to whom they have to report?
You could use your driving licence or your passport for verification. Both documents do not contain an address.
The credit card could be ordered to any address you gave them.

For me it is clear, at the moment, they are not reporting. But this may chance in near future.