Revolut.com - Reviews - Discussion and personal experience!
- Thread starter JohnLocke
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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.
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 more︁ to the bank which works with Revolut, do they report?! This must be UK physical︂ bank since they provide ibans to Revolut. If the former one doe snot have even︃ a license or does not care about all CRS stuff, but the real bank must︄ be covered by CRS, right?!
in case they would have sent only end of year balanced it will leave some room for tricks and manipulations.
the question is more︁ to the bank which works with Revolut, do they report?! This must be UK physical︂ bank since they provide ibans to Revolut. If the former one doe snot have even︃ a license or does not care about all CRS stuff, but the real bank must︄ be covered by CRS, right?!
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 should︅ 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 their︇ digital platform. The new account registration is so quick, that I'm 99% sure a fresh︈ new account is not opened for each Revolut user, but instead there is some sort︉ of Revolut account where money is sent and later credited only in digital app. The︊ fiat currency exchange is also rapid in the app and it would never be like︋ that with Lloyd's Bank system.
You are right that if they don't have their own︌ banking license, they must be using someone elses. And they are. I must note that︍ payment processors like PayPal DO REPORT according to CRS and FACTA:
>>>>>> PayPal Reporting Rules︎
Note that they report:
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 Custodial︃ Accounts. The law says: "The term “Custodial Account” means an account (other than an Insurance︄ Contract or Annuity Contract) which holds one or more Financial Assets for the benefit of︅ 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 "depository︈ account" definition, do they?
So if you are not a custodial account, then︎ this gets reported pretty much? So what is this gross amount? Is that the leftover️ 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?
The bank is LLoyds Bank and this bank should︅ 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 their︇ digital platform. The new account registration is so quick, that I'm 99% sure a fresh︈ new account is not opened for each Revolut user, but instead there is some sort︉ of Revolut account where money is sent and later credited only in digital app. The︊ fiat currency exchange is also rapid in the app and it would never be like︋ that with Lloyd's Bank system.
You are right that if they don't have their own︌ banking license, they must be using someone elses. And they are. I must note that︍ payment processors like PayPal DO REPORT according to CRS and FACTA:
>>>>>> PayPal Reporting Rules︎
Note that they report:
- your name;
- your address;
- your country (or countries) of (deemed) tax️ 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;
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 Custodial︃ Accounts. The law says: "The term “Custodial Account” means an account (other than an Insurance︄ Contract or Annuity Contract) which holds one or more Financial Assets for the benefit of︅ 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 "depository︈ account" definition, do they?
So if you are not a custodial account, then︎ this gets reported pretty much? So what is this gross amount? Is that the leftover️ 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?
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.
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.
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 following︀ 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 will︂ not be accepted)
Over 15000 WME incoming transactions per calendar year: If the total deposits︃ during one calendar year to all WME purses registered to one WebMoney Passport exceed 15000︄ WME, it is necessary to submit a bank statement or other documents confirming the source︅ of funds.
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 following︀ 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 will︂ not be accepted)
Over 15000 WME incoming transactions per calendar year: If the total deposits︃ during one calendar year to all WME purses registered to one WebMoney Passport exceed 15000︄ WME, it is necessary to submit a bank statement or other documents confirming the source︅ of funds.
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