Revolut will report customers to tax authorities

[mkjongmill69]

if balance is less than 15000 eur it shloud not be a big problem i think

 

[Sean Restling]

I received this today. At the moment I won't be joining:​ You're invited to join Revolut Bank​

Be one of the first to join and help shape our future products​

Today, we're excited to take the next step in our journey by launching Revolut Bank in . And we'd like to invite you to be one of the first to join! Upgrading to Revolut Bank will only take a couple of minutes, and you'll get to enjoy everything we have to offer.​

So, what’s in it for you?​ Your money will be protected under the Deposit Guarantee Scheme You'll be able to help us shape, and get exclusive access to, exciting future products For more info and some FAQs head to our blog post.​

What you need to do:​ Make sure you’ve updated your app to the latest version. After that, simply log in, tap on 'Join Revolut Bank!', and follow the on-screen instructions. We’ll take care of the rest. Thanks, Team Revolut​

 

[lory]

if balance is less than 15000 eur it shloud not be a big problem i think

Why do you think so?

I received this today. At the moment I won't be joining:

It's a good choice!

 

[EuroKiss]

Why do you think so?


It's a good choice!

Got today the same notification from Revolut. Me neither will join it! First thing they ask for is the tax residence!

 

[EliasIT]

They may already have your information and report you once they are deemed to do so in a few years.

 

[EuroKiss]

They may already have your information and report you once they are deemed to do so in a few years.

No, they got just name and surname, no my tax code neither residence confirmation (just address to send the card).

 

[tacokai]

if balance is less than 15000 eur it shloud not be a big problem i think

is there any minimum that you have to reach to get reported?

 

[Thepopo]

is there any minimum that you have to reach to get reported?

No you get reported even if you have 0 euro

 

[Risehigh]

No you get reported even if you have 0 euro

I know it might have been discussed several times here, but can sombody elaborate the reporting standarts of emis in general pls?
But yes in this case since they get their bank/insurance license reporting will most likely be done at even 0$ and you normally have to declare it on your yearly tax (depending where you live)

 

[Sean Restling]

Now Revolut sends card replacement emails (my card actually expires on March 2025 but apparently still needs to be replaced), they don't really mention the reason for this replacement, will that have anything to do with the "Join Revolut Bank" process? I haven't joined yet and if they will force me to join I'll probably close the account.

Your physical cards need to be replaced​

You can now order replacement debit cards in app completely free of charge​

We’ve been working hard to improve your card payment experience and we've made some changes behind the scenes. To make sure your card benefits from these changes, you can now order a free replacement debit card for each of the cards listed: ******​

What are my options?​ This is a great opportunity to refresh your card design, and there's a bunch of options to choose from. Special edition cards Over the last year, we've launched several limited edition card designs. While stocks last, you can replace your existing cards with one of our limited edition card designs for only 5.99EUR. New card If you prefer one of our classic card designs, you can replace your card for free. The designs available to you in the app will depend on the card design you're replacing.​

What next?​ Just log into the app to order your new cards today. Once your cards are ordered, you can stay up-to-date with your card's delivery progress using our in-app tracker. Remember to add your card to Apple Pay or Google Pay to begin using it straight away.​

What about my existing cards?​ As part of the replacement process, your existing cards will stop working after a couple of months. Don't worry, we'll send you a few reminders before terminating your existing cards.​

Order a replacement card​

Note: Your Revolut account and any other Revolut cards you have will continue to work as normal. Thanks, Team Revolut​

 

[JohnLocke]

I can't see the difference from Revolut as we used to know them and Revolut Bank, reporting apply anyway!

 

[Martin Everson]

will that have anything to do with the "Join Revolut Bank" process? I haven't joined yet and if they will force me to join I'll probably close the account.

I don't think so. Any reason for not wanting to join the bank?

 

[Steve3000]

I don't think so. Any reason for not wanting to join the bank?

I've had these emails for months and ignore them. For me, there's no advantage in migrating to their bank. Of course, we all have different reasons for using EMIs like Revolut. For me, one advantage is being able to instantly transfer small amounts of money to my son at university and the other is simply one of safety - i.e. spreading funds around. I don't don't keep enough in my EMIs to worry about the 100K guarantee and given Revolut's habit of randomly freezing accounts, I would always use the traditional banks for anything major.

 

[Martin Everson]

I've had these emails for months and ignore them. For me, there's no advantage in migrating to their bank. Of course, we all have different reasons for using EMIs like Revolut. For me, one advantage is being able to instantly transfer small amounts of money to my son at university and the other is simply one of safety - i.e. spreading funds around. I don't don't keep enough in my EMIs to worry about the 100K guarantee and given Revolut's habit of randomly freezing accounts, I would always use the traditional banks for anything major.

Nothing changes operationally or financially when you move to Revolut bank so sounds odd why you don't want this. You still use Revoult the EMI when your with the bank also but your balances are swept to the bank for deposit protection.

Are you just hiding the fact you don't want any CRS reporting and you think remaining with the EMI will protect you? Better to just be straight forward about it as your argument makes no sense.

 

[Steve3000]

I believe that the CRS reporting is for both EMIs and banks, so no problem. I may reconsider in the future, but as yet, I take the view that if it ain't broken, don't fix it.
The only 'protection' I need is against new EMIs freezing accounts for no reason, impossible A.I. bots that just waste time and helpdesk messages that make no sense, all of which I've suffered recently. One message confused residency and I.D. and refused to accept what I uploaded. I finally sent them the passport info that they already had, as well as a complaint about their behaviour and potential implications about their own AML and Due diligence procedures (they had about 3 I.D. documents!), throwing in reference to OLAF for good measure. I received a grovelling apology within hours and my account reinstated. Important to realise that this AML, KYC, Due diligence business and privacy can be thrown back at them. I suggest that Due diligence by the client and KYB (Know your bank) is a slowly growing mindset, given the daily news reports of corruption within the banking world.

 

[Martin Everson]

I may reconsider in the future, but as yet, I take the view that if it ain't broken, don't fix it.

Ok fair enough

 

[EuroKiss]

They gave me till 28th of February to put my tax residence or they will shut down my EMI account. Never input any tax data (my current residency is not supported). 15th of March and still up and running!
They also insisted a lot about joining Revolut bank, I understand they can have a basket of different products to make money, but just like Steve3000, I think that if it is not broken, don’t try to fix it.