Revolut does not support AEOI / CRS

[Benzouser]

Had a discussion with Revolut today . .
They told me they dont do any CRS reporting , it was up to me to handle my tax obligations.
Hope its true!.

 

[NicolasMaduro]

I think it´s true. However, its never good to rely hope ;-)

 

[Sols]

It's probably true for now since they operate under an EMI license and reporting requirements aren't being enforced much for EMIs. However, keep in mind that Revolut's goal is to transition their customers unto their banking license (in Lithuania and working on a few more jurisdictions), in which case they will start reporting and may do so retroactively.

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This is the probably the answer to your question.

 

[Martin Everson]

Sols said:
However, keep in mind that Revolut's goal is to transition their customers unto their banking license (in Lithuania and working on a few more jurisdictions), in which case they will start reporting and may do so retroactively.
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Slightly off topic but Revolut should just buy Bunq and get access to a Dutch banking license to add to their LT one. No offence to bunq but its a failing bank and needs to be bought out. Revolut offers Precious Metals, Stocks, Crypto, travel insurance ,multi currency accounts etc with no banking license for no monthly fee. While Bunq offers absolutely nothing but a euro currency account for 7.99 a month 😕.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Paper Chaser]

Martin Everson said:
Slightly off topic but Revolut should just buy Bunq and get access to a Dutch banking license to add to their LT one. No offence to bunq but its a failing bank and needs to be bought out. Revolut offers Precious Metals, Stocks, Crypto, travel insurance ,multi currency accounts etc with no banking license for no monthly fee. While Bunq offers absolutely nothing but a euro currency account for 7.99 a month 😕.
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Daily unloading of frustrations about bunq? Check. 😛

 

[Martin Everson]

CuriousUser said:
Daily unloading of frustrations about bunq? Check. 😛
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Without a doubt. At least I didn't mention EPB..oops 😉

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[BlueMist]

How to understand Revolut EEA residency requirements? There are quite a lot of comments suggesting that EEA passport is sufficient for Revolut, especially if you have a legal address in EEA, however this legal address doesn't have to mean that you are a full time EEA resident...

It is hard to beat Revolut FX rates it seems...

 

[sonato]

How can Revolut do all this without a license? are they owned by a bank or how do they do it?

 

[Sols]

sonato said:
How can Revolut do all this without a license? are they owned by a bank or how do they do it?
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Revolut have licenses in UK and Lithuania for provision of various financial services.

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This is the probably the answer to your question.

 

[Ryanab]

Martin Everson said:
Slightly off topic but Revolut should just buy Bunq and get access to a Dutch banking license to add to their LT one. No offence to bunq but its a failing bank and needs to be bought out. Revolut offers Precious Metals, Stocks, Crypto, travel insurance ,multi currency accounts etc with no banking license for no monthly fee. While Bunq offers absolutely nothing but a euro currency account for 7.99 a month 😕.
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The Bunq app is one of the worst fintech bank app I've seen, I've stopped using them for that reason...Many customers complain for the same reason, no one care about their save the trees and ecological campaigns

 

[myomyo]

Benzouser said:
Had a discussion with Revolut today . .
They told me they dont do any CRS reporting , it was up to me to handle my tax obligations.
Hope its true!.
Click to expand...

Was trying to figure out this last week. But the Revolut CS representative wasn't able to provide me with a plain answer. @Benzouser would you mind to share more info with me? PM me please, I'd like to see the exact answer from Revolut.