Is the Revolut safe?
- Thread starter Leeqap
- Start date
- Status
According to Revolut, they report to the following countries: https://www.oecd.org/tax/transparency/AEOI-commitments.pdf
Ref: Revolut and Common Reporting Standard (CRS) - AEOI
Ref: Revolut and Common Reporting Standard (CRS) - AEOI
The question will be, where di you read that? Anything that can back that statement up would be appreciated!
If you live in the EU you can request them by law to give you information on CRS/AEOI they share of your account, will probably take a while though. Correct me if I am wrong but i remember clearly this written on the CRS form i had to file with my bank.
Pretty sure revolut don't do CRS reporting at the moment but one could ask to be 100% certain.
That said they are still bound by others laws on AML and such, this is only for automated reporting.
Pretty sure revolut don't do CRS reporting at the moment but one could ask to be 100% certain.
That said they are still bound by others laws on AML and such, this is only for automated reporting.
I guess no reason to create another thread. Just try to ask here. I got registered in revolut payments uab in the beginning of the year. And topped up the balance with 3k euros or something. Then, i suddenly realized that somewhere in july it became a revolut bank. From that moment I did no any top-ups for this account. I went through KYC procedure during my registration in february. Also, what I can see in my statement: there are two separated statemens - one from february to july (revolut payments), and second is from july to december (revolut bank), with two different IBANs (both︀ LT). And now I wonder what exactly will be reported by CRS - both accounts,︁ or only second account? if both, then how income will be reported? I went through︂ different sources about crs format and xml schema, technically they can report any sort of︃ income (not only interest or money generated in respect of what is in the account).︄ But if you go to details - for depository account only the interest is reported.︅ Also, in their FAQ it is said that they report year-end balance only. I saw︆ a real CRS report from N26 for example, so it really contains a year-end balance︇ only and interest (no any other incomes if you did a top-up for example). I︈ tried to ask them via chat, seems they did not want to give the detailed︉ answer what they will send. Very formal response like ' we send only your tin︊ address name dob etc' when i asked 'will you send any type of income?' they︋ replied super unclearly something like 'we report any gross in/out if we are requested by︌ the tax authority'. I also asked what and how you are going to report after︍ this 'account merge' they replied in 3 days something like 'nothing will be changed for︎ your account everything remains the same'. I think it makes no sense to ask them️ they will never give you the unambiguous answer to your question.
I do not really remember if it was there before that they report CRS in the beginning of this year before the merge. And how they are going to report it now, since i see i technically had one IBAN and in july I have another iban, how they are going to report it. only the second, or both. If both then how income will be reported.. per account or, once per first account then second income is when they transferred the funds from one account to another?
What I think with this CRS,︀ if i have two accounts in Revolut, and if they report any income--per-account, what I︁ can do I can simply transfer 1k eur from one my account to another my︂ account (and then back) within the same bank, 365 times a year, and a end-year︃ income per each account will be 365k eur, however, end-year balance is still 1k eur...︄ and next year the taxman sees that I technically received 730k EUR / year?? is︅ it really the way it works????
I do not really remember if it was there before that they report CRS in the beginning of this year before the merge. And how they are going to report it now, since i see i technically had one IBAN and in july I have another iban, how they are going to report it. only the second, or both. If both then how income will be reported.. per account or, once per first account then second income is when they transferred the funds from one account to another?
What I think with this CRS,︀ if i have two accounts in Revolut, and if they report any income--per-account, what I︁ can do I can simply transfer 1k eur from one my account to another my︂ account (and then back) within the same bank, 365 times a year, and a end-year︃ income per each account will be 365k eur, however, end-year balance is still 1k eur...︄ and next year the taxman sees that I technically received 730k EUR / year?? is︅ it really the way it works????
I do not have 730k eur in my account. I just gave an example how you can manipulate with crs reports if they report any sort of 'income' to your account. Again, you have two ibans and two accounts in your Revolut. You have 1k eur in one account, you just start transferring this 1k eur from account A to account B, then back. then you repeat it 1 time a day. then, next year crs reports 730k euro income. however, you still have 1k eur in your accounts︀ as end-year balance. and you NEVER had these 730k eur with you.
- Status