1. Educate

    Educate Member Entrepreneur

    Why do you assume this? Can anyone specify this for sure? A tax lawyer said that they send end of year balances. PayPal sends end of year balance. A law has to specify this.
  2. footlocker

    footlocker New Member

    Revolut is not yet a bank, they will become a real bank soon and may then report you as per the end of year requirement.
  3. dtses14

    dtses14 New Member

    because what is the point in sending end of year balance?! From my understanding CRS is smth to make everyone in EU "transparent" or similar crap :))
    in case they would have sent only end of year balanced it will leave some room for tricks and manipulations.

    the question is more to the bank which works with Revolut, do they report?! This must be UK physical bank since they provide ibans to Revolut. If the former one doe snot have even a license or does not care about all CRS stuff, but the real bank must be covered by CRS, right?!
  4. Educate

    Educate Member Entrepreneur

    That logic isn't sound. First of all, if all countries and institutions send then money will be held somewhere so information will be received. Sending annual turnover is an extra hassle and complication. Also, us assuming things is improper way to go around this. There is a low which specifies EXACTLY which information is sent. Someone has to know this law and respective paragraph.

    The bank is LLoyds Bank and this bank should report if Revolut opens an actual account for every user (which I'm not sure of) instead of holding a single Revolut account and then crediting the respective users in their digital platform. The new account registration is so quick, that I'm 99% sure a fresh new account is not opened for each Revolut user, but instead there is some sort of Revolut account where money is sent and later credited only in digital app. The fiat currency exchange is also rapid in the app and it would never be like that with Lloyd's Bank system.

    You are right that if they don't have their own banking license, they must be using someone elses. And they are. I must note that payment processors like PayPal DO REPORT according to CRS and FACTA:
    >>>>>> PayPal Reporting Rules

    Note that they report:

    • your name;
    • your address;
    • your country (or countries) of (deemed) tax residence;
    • your Tax Identification Number(s) issued by your country or countries of tax residence, and, where applicable, your U.S. Tax Identification Number (U.S. TIN);
    • your place and date of birth;
    • your account number (or substitute account number, identifying your funds held);
    • your account balance or value as at 31 December of any year during which the account is held;
    Pay attention to last line. It is clear that PayPal as an EMI is reporting only the account balance and not the turnover. So as long as you have 0$ at end of year or a little sum, the respective authority will see that sum is little and not bother. I believe this logic also applies to Revolut and other EMIs.

    This is the CRS EU directive that PayPal is basing the exchange on:
    EUR-Lex - 32014L0107 - EN - EUR-Lex

    Scroll down to

    This is the big one. It says balance or value and they also notify if the account was closed. So there is no use opening and closing accounts, they will still get reported.

    Not totally sure which accounts this applies to? It says Custodial Accounts. The law says: "The term “Custodial Account” means an account (other than an Insurance Contract or Annuity Contract) which holds one or more Financial Assets for the benefit of another person.". So...maybe this would be stuff like Revolut? I'm not totally sure. Anyone?

    EMIs and Payment processors like PayPal do not fit the "depository account" definition, do they?

    So if you are not a custodial account, then this gets reported pretty much? So what is this gross amount? Is that the leftover balance at end of 31 of December?

    Putting 2 and 2 together it seems that PayPal does NOT report annual turnover, but reports EVERYTHING else as requested by law. PayPal won't do anything incorrectly, so would it be safe to assume THIS INFO is exactly what other EMIs like PayPal would report? Think Paysera, N26, Revolut, etc... So...the strategy of emptying accounts before the end of year would still work?
    Admin likes this.
  5. dtses14

    dtses14 New Member

    thanks for elaborating this! hopefully we see some real life examples here who could verify your assumptions...
  6. sllalow

    sllalow New Member

    How can I open an account on Revolut if I don't have a UK address and non european citizenship?
  7. diablo

    diablo Banned Users Mentor Group Business Angel BANNED MEMBER

    You do that with darks. If an service provider don't support your country you need deep pockets and open the account with other docs ;)
  8. Juoffshore

    Juoffshore New Member

    They have frozen the business account of one of my customer without any reason, he put 300K on it. He has a legit online business, and he has opened the account with real docs.
    Hard to communicate with them as they have no phone number and emails, only chat.
    After few weeks, they realease the money and close the account.
  9. diablo

    diablo Banned Users Mentor Group Business Angel BANNED MEMBER

    at least he got his money it seems.
  10. dtses14

    dtses14 New Member

    has anybody heard about 10-15k for annual inbound transaction below which EMIs or banks are not reporting anything at all? Is that valid for Revolut or Paysera, for instance or any other pure EMI providers?!
  11. extremedox101

    extremedox101 Trusted Member Business Angel

  12. tosseca

    tosseca New Member

    Could be interesting to know what information is exactly collected. About the 15000 euro limit it seems to be a regulation about that. This is what Webmoney sais about WME(euro account)

    Up to 2500 WME incoming transactions per calendar year: It is not required to submit identity documents if the total deposits during one calendar year to all WME purses registered to one WebMoney Passport do not exceed 2500 WME.

    Over 2500 WME incoming transactions per calendar year:
    If the total deposits during one calendar year to all WME purses registered to one WebMoney Passport exceed 2500 WME, it is necessary to submit the following documents:
    - A valid national passport or other ID document.
    - Proof of residential address, e.g. bank statement or utility bill, no older than 3 months. (mobile telephone bills will not be accepted)

    Over 15000 WME incoming transactions per calendar year: If the total deposits during one calendar year to all WME purses registered to one WebMoney Passport exceed 15000 WME, it is necessary to submit a bank statement or other documents confirming the source of funds.
  13. blizz

    blizz Trusted Member Mentor Group Business Angel

    So far I have not seen to knock my head against the limits. I have been using Revolut (verified) for 7 months and didn't hit their limits even though I have moved aprox 20K euro already with them.
  14. Mihail

    Mihail New Member

    We have the same issue now. Regular business, 100k USD inside and they froze the account. Communication is NULL.

    Any advice what we should do? Chat and Email support is not responding and our money stuck there for 2 months now.
  15. blizz

    blizz Trusted Member Mentor Group Business Angel

    still stuck there?
  16. Mihail

    Mihail New Member

    yes, money still there and account is still blocked. 2 months and a half now.
  17. blizz

    blizz Trusted Member Mentor Group Business Angel

    damn that's a long time, have you been in touch with them?
  18. buenosdias

    buenosdias New Member

    Seems like a silly question. But can I open an account if I'm not a EU/EEA citizen/resident?
  19. Admin

    Admin Forum Moderator The Forum Cleaner

    Ask their support that's the most reliable and direct source.
  20. MrTony

    MrTony Member Entrepreneur

    I got next answer: "Please note we are only able to onboard customers in the EEA for now, but will be expanding globally soon."