Question Revolut alternative recommendation? (Greece self-employed)

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chren

New member
Hi, as many of you might know Revolut is transferring to a Bank on Jul 1, 2022.
I have been using it up until now to get paid for my regular job, did not report in my - pretty expensive - jurisdiction (Greece, I am also a resident) so far because it rarely surpasses USD 4k / month, coming from the US, so I thought the amounts are not too large.
I have taken a look at the EMIs list but not sure what is safest in my case, and also I don't know if I am safe with my transactions so far with Revo.. :/ (my accountant says there is a minor risk but not sure if he is really knowledgeable about it).
I have considered making it legal in my home country but I would pay like 40% AND employers don't want to offer me a contract, making things complicated.
Does anyone have a recommendations on a new EMI? or what I should do with current acc?
 

GlowAndFlow

New member
Acc to this document DAC2 which "extended the scope of the mandatory automatic exchange of information to information on financial accounts." does not cover "electronic money institutions" as it is the working groups suggestion that it SHOULD do so in the future: "4.2: Under DAC2: Include FIs that are currently excluded within scope, e.g. electronic money institutions. 19"

I mean this is the only reason you havent been caught yet, as its a company registered in the UK and had it been a bank your tax services would have known about it immediately. (Any countries on the bottom of this list have banks that share info automatically with tax services among each other : Automatic Exchange of Information - OECD Automatic Exchange of Information - OECD)

I dont know anything about EMIs really as I haven´t had use of them. But I couldn´t imagine how you´d be caught if you just closed the account and cashed out (I guess to other EMIs?).
If it´s worked for you so far, it should work for you in the future with an other EMI as long as the authorities don´t suspect something and engage in a manual audit. And ofcs if the legislation doesn´t change.

Could you tell me how you managed so far? Were you transferring small sums now and then to your bank account? Did/Is Revolut providing some kind of debit card? Im just trying to learn about it.
 
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chren

New member
Acc to this document DAC2 which "extended the scope of the mandatory automatic exchange of information to information on financial accounts." does not cover "electronic money institutions" as it is the working groups suggestion that it SHOULD do so in the future: "4.2: Under DAC2: Include FIs that are currently excluded within scope, e.g. electronic money institutions. 19"

I mean this is the only reason you havent been caught yet, as its a company registered in the UK and had it been a bank your tax services would have known about it immediately. (Any countries on the bottom of this list have banks that share info automatically with tax services among each other : Automatic Exchange of Information - OECD Automatic Exchange of Information - OECD)

I dont know anything about EMIs really as I haven´t had use of them. But I couldn´t imagine how you´d be caught if you just closed the account and cashed out (I guess to other EMIs?).
If it´s worked for you so far, it should work for you in the future with an other EMI as long as the authorities don´t suspect something and engage in a manual audit. And ofcs if the legislation doesn´t change.

Could you tell me how you managed so far? Were you transferring small sums now and then to your bank account? Did/Is Revolut providing some kind of debit card? Im just trying to learn about it.
Thanks for the info. I have been getting the monthly payckeck directly to my Revolut accound and they have a debit card so I used that one for my own expenses and gave another card to my family so they could spend too... It's just that I still have savings there too so I guess I need to deal with that at some point.
 

GlowAndFlow

New member
Thanks for the info. I have been getting the monthly payckeck directly to my Revolut accound and they have a debit card so I used that one for my own expenses and gave another card to my family so they could spend too... It's just that I still have savings there too so I guess I need to deal with that at some point.
Ah thats crazy that these services have debit cards. I might use it then.
but its also risky as again the working group plans to "plug the hole" as per above so one would have to keep updated on laws.

What EMI are you thinking about to replace it with?
 

chren

New member
Ah thats crazy that these services have debit cards. I might use it then.
but its also risky as again the working group plans to "plug the hole" as per above so one would have to keep updated on laws.

What EMI are you thinking about to replace it with?
Ι have stumbled upon Monese but honestly it's just a wild guess at this moment! I have had 0 problems with the debit card by the way, really useful.
 

MonaLisa

New member
Have you looked at Transferwise / Wise? Usually they are the go-to for most people besides Revolut in terms of EMI. As to my current knowledge they are not forwarding any data to tax institutions. But that may change any moment. So as others have said already, the only real good advise would be to make it legal as this could backfire years from now.
 

scrawnycrewmate

New member
Also looking at an alternative to Revolut, despite being a happy customer... so far.

Revolut is already making life difficult for Cyprus individuals and companies that I know,
it's only a matter of time before I get affected as well.

Wise.com is becoming more expensive by the day. Not a good option.

You need 2 of every service that you heavily rely on. I need 4 for tranquility.

I've already left Paysera behind (crappy interface, customer service, hidden fees).

(Note: I just NOW discovered that Bunq supports every country in the EU, sweet)
 

chren

New member
Also looking at an alternative to Revolut, despite being a happy customer... so far.

Revolut is already making life difficult for Cyprus individuals and companies that I know,
it's only a matter of time before I get affected as well.

Wise.com is becoming more expensive by the day. Not a good option.

You need 2 of every service that you heavily rely on. I need 4 for tranquility.

I've already left Paysera behind (crappy interface, customer service, hidden fees).

(Note: I just NOW discovered that Bunq supports every country in the EU, sweet)
I made an account with Monese but I haven't made any transactions yet! Let's see how it goes. Thanks for your feedback on Paysera. Yeah Revolut has been surprisingly good for daily use!
 

EricG

New member
I made an account with Monese but I haven't made any transactions yet! Let's see how it goes. Thanks for your feedback on Paysera. Yeah Revolut has been surprisingly good for daily use!
Let as know, please, when you transact with Monese.
Question: what's the max that you are allowed to wire transfer to Revolut?
 

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