On weekends it costs between 0.5-2.0% to exchange, both on the free and the paid accounts. This Order Handling and Best Interests Policy is provided by Revolut Trading Ltd ("we" or "Revolut") and provides you with important information about how we will treat Orders submitted by you via the Revolut App. A subsequent board investigation found no regulatory requirements were breached, he said. It reset on the basis of a rolling month, based on the date you registered or changed your plan to premium/metal, not calendar month. Storonsky is getting a taste of the scrutiny that lies ahead as he tries to upend the world of banking with Revolut, his 3-1/2 year-old startup. Exchange rates are always real on Revolut, which means there’s no difference between the buy and the sell price. What are they and … what gives? “The question is, are they running so fast that certain things get overlooked?” said Tom Keatinge, the director of the Centre for Financial Crime & Security Studies at London-based think tank RUSI. But when does this monthly limit reset? ... a taste of the scrutiny that lies ahead as he tries to upend the world of banking with Revolut, his 3-1/2 year-old startup. EDIT 18 JAN 2018: Having bit the bullet and used Revolut for a while now, I have to say that it’s been great and very useful. On FAQ, it says “spot interbank exchange rate”, which is fine. Is it on the 1st of the month? The additional benefit here is that the physical card is a metallic card, instead of a standard plastic card.

Problem is, many important sources of data, such as emails, paper documents, and PDF files, aren't easily vetted by computer programs, according to Peter Norris, the founder of Obiter Consult Ltd., a British firm specializing in helping businesses combat financial crime. I haven’t found them in the app or on their website. For more details on the ins and outs of trading with Revolut, visit our dedicated Trading FAQ. Thanks, for the record €6000 is the exchange limit per month. A lot of the scrutiny comes down to a strategy at the heart of Revolut’s business model: relying mostly on machines, rather than humans, to identify suspicious transactions. Problem is, many important sources of data, such as emails, paper documents, and PDF files, aren't easily vetted by computer programs, according to Peter Norris, the founder of Obiter Consult Ltd., a British firm specializing in helping businesses combat financial crime. can continue to provide broker reviews for free. “There are signs of overaggressive expansion,” Giles Andrews, the co-founder and chairman of the digital bank Zopa Ltd., said during a panel discussion at a fintech conference in London on Monday, referring to startups that cut corners in legal compliance, without naming any. A Russian-born trained physicist and champion swimmer, he spent seven years working as an equities derivatives trader at Lehman Brothers and Credit Suisse Group AG before starting Revolut. Edit: Also, am I missing something or does the app really only require a 4 digit code to gain access? BrokerChooser.com does not provide any investment advice, we only help you to find the best broker for “It has always been like, ‘we have to be compliant.’ But how compliant? €6,000/£5,000 /month free, additional 0.5% after. That’s 0.20% more, i.e. your deposited money. For £10,000 it’s 11,267 (Revolut) versus 11,289.57 (Transferwise). Where are those stated? “It has always been like, ‘we have to be compliant.’ But how compliant? I.e. Some of the criticism I laid out in this thread still stands (not 100% upfront about fees, poor app security with only a 4 digit code, etc), but I’m fairly happy with the service and I also got better rates than Transferwise during the week; the example I showed in this thread was during the weekend. cryptotrading, disposable virtual cards), Premium subscription options with handy perks (e.g. There are 35 currencies you can use to exchange money within the app: AED, AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, IDR, ILS, INR, ISK, JPY, MAD, MXN, MYR, NOK, NZD, PHP, PLN, QAR, RON, RSD, RUB, SAR, SEK, SGD, THB, TRY, USD, ZAR. I’m now considering a Premium account as I’ll have larger cash flow.". Hey Dan, the limit reset is on a rolling month basis. A top choice for those who travel frequently. For more details on the ins and outs of trading with Revolut, visit our dedicated Trading FAQ. This is also good, but it should add some more explanation, such as “The interbank echange rate is not a mid market rate, but rather a spread of buy and sell rates closely around the mid market rate”. But when does this monthly limit reset? commission, with no additional cost to you. p.s. Rolling month: for any user who upgraded their Revolut Account from Standard to Premium or has downgraded from Premium to Standard. But that wasn’t my point. The higher tier, called Metal, costs €13.99/£12.99.

His solution: a pre-paid debit card with no foreign transaction fees. The potential risks of the rapid expansion emerged when the U.K. Financial Conduct Authority said it was looking into allegations raised on Feb. 28 by British newspaper, The Telegraph, that Revolut switched off a key compliance software for three months last summer. Or is there some other way of the monthly limit being reset? Nowhere is that risk more keenly felt than in London, which has gone out of its way to encourage financial service entrepreneurs to experiment with new business models. Making a thorough check is even harder when a potential customer's information is spread across several countries. You got my vote, well done. At Revolut… Storonsky has drawn analogies between Revolut and Uber Technologies Inc. and he’s blogged admiringly of Airbnb Inc., both known for their whatever-it-takes ethos and their willingness to bend or ignore inconvenient regulations. Analysts were urged to open accounts and then lock them later if any offences were discovered, he said, declining to be named because he signed a non-disclosure agreement. Like you get different real prices for gas at different gas stations. Several of Storonsky’s competitors worry that if the situation worsens, it could taint the entire sector in the same way a 2016 scandal at LendingClub Corp. in the U.S. cast a pall over the peer-to-peer lending industry. We combine our 10+ years finance experience with readers feedback. Several of Storonsky’s competitors worry that if the situation worsens, it could taint the entire sector in the same way a 2016 scandal at LendingClub Corp. in the U.S. cast a pall over the peer-to-peer lending industry. “There are signs of overaggressive expansion,” Giles Andrews, the co-founder and chairman of the digital bank Zopa Ltd., said during a panel discussion at a fintech conference in London on Monday, referring to startups that cut corners in legal compliance, without naming any. How can we help? A neon sign on one wall of Revolut’s office exhorts employees to “Get Shit Done!,” a reflection of Storonsky’s belief that the future of retail finance is a winner-take-all race. A whistleblower brought concerns about how the decision was made to Revolut’s board, but there were no allegations payments to sanctioned individuals had been allowed, Storonsky said. There is no “real” rate.



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