Losses at Revolut more than triple to £106m

Re:Losses at Revolut more than triple to £106m by smnrchrds on Tuesday August 11, 2020 @12:20PM (#24122099)

Are deposits at Revolut government-insured like deposits at a regular bank are? If not, what happens if Revolut goes out of business?

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Re:Losses at Revolut more than triple to £106m by Youden on Tuesday August 11, 2020 @02:06PM (#24123587)

If you're resident in Lithuania and have switched to their bank account, yes, otherwise no.

Revolut has an EU banking license issued by Lithuania [0] but only offers accounts covered by the guarantee in Lithuania [1]. If you are resident elsewhere, you are not protected.

You should think of Revolut and Transferwise as being more like PayPal than a bank.

[0]: https://blog.revolut.com/we-got-a-banking-licence/

[1]: https://blog.revolut.com/revolut-bank-launches-in-lithuania/

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Re:Losses at Revolut more than triple to £106m by fasicle on Tuesday August 11, 2020 @12:25PM (#24122146)

"If you choose to open a full current account with Revolut Bank in the future, any funds you deposit will be protected up to €100,000 under the European Deposit Insurance Scheme (EDIS)."

https://blog.revolut.com/we-got-a-banking-licence/

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Re:Losses at Revolut more than triple to £106m by xorcist on Tuesday August 11, 2020 @12:48PM (#24122442)

Despite it being (2018) the "in the future" part still holds.

Not sure why, but since customer acquisition doesn't seem to be limited by it, it's probably not their top priority.

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Re:Losses at Revolut more than triple to £106m by codethief on Tuesday August 11, 2020 @12:43PM (#24122383)

…until the UK leaves the EU, I suppose?

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Re:Losses at Revolut more than triple to £106m by jamesfmilne on Tuesday August 11, 2020 @12:48PM (#24122450)

https://www.fscs.org.uk/what-we-cover/banks-building-societi...

You are protected up to £85k per bank.

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Re:Losses at Revolut more than triple to £106m by smnrchrds on Tuesday August 11, 2020 @12:58PM (#24122600)

Their "Protection Checker" has this to say about Revolut:

Revolut Ltd (FRN:900562)

...

None of your money is protected by FSCS

https://www.fscs.org.uk/check-your-money-is-protected/

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Re:Losses at Revolut more than triple to £106m by jamesfmilne on Tuesday August 11, 2020 @02:39PM (#24124097)

Eek, I stand corrected! I had wrongly assumed that a company with a banking licence in the UK was covered by FSCS.

And of course, on further inspection, Revolut does _not_ have a UK banking licence.

I had wrongly assumed this, given they were advertising their banking services on the London Underground for months (back when I was taking the tube to work).

https://www.bbc.co.uk/news/business-47168860

https://www.thetimes.co.uk/article/nikolay-storonskys-revolu....

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Re:Losses at Revolut more than triple to £106m by ccjnsn on Tuesday August 11, 2020 @12:55PM (#24122547)

This is incorrect see:

https://www.fscs.org.uk/check-your-money-is-protected/

Type in revolut.

The money is ring fenced usually in a too big to fail bank.

Edit:

Though they have a banking licence in Lithuania and may be insured there?

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