Revolut will report customers to tax authorities
- Thread starter anotherone
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Got today the same notification from Revolut. Me neither will join it! First thing they ask for is the tax residence! fin4774"
They may already have your information and report you once they are deemed to do so in a few years.
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If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.
No, they got just name and surname, no my tax code neither residence confirmation (just address to send the card).
is there any minimum that you have to reach to get reported?
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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)
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.
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I can't see the difference from Revolut as we used to know them and Revolut Bank, reporting apply anyway!
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I don't think so. Any reason for not wanting to join the bank?
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
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.
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
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.
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.
Ok fair enough old)(#
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
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.
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.
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