Revolut Transferwise N26. How safe are they?

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neopas
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neopas

Revolut Transferwise N26. How safe are they?
« on: September 26, 2019, 10:50:46 AM »

Would you keep a large amount of money with them? Do you feel safe? I believe they are all e-money institutions and no guarantee scheme is covering clients if something happens. Any opinion appreciated.
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apoel81
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Re: Revolut Transferwise N26. How safe are they?
« Reply #1 on: September 26, 2019, 06:28:18 PM »

If not mistaken, revolut has bank lincense
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mr_lucky
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Re: Revolut Transferwise N26. How safe are they?
« Reply #2 on: September 26, 2019, 07:04:11 PM »

I've been using Transferwise for quite some time, not a single issue with them. Seems like a stable company providing great value for their customers, especially if you need to convert currency often.
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arbusers
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Re: Revolut Transferwise N26. How safe are they?
« Reply #3 on: September 27, 2019, 10:21:38 AM »

Indeed they are all e-money institutions and there is no guarantee like a normal bank account. Normal bank accounts in the UK are only covered up to £85,000. In Europe, this amount should be 100.000 Euros, but I m not quite sure if this is a flat amount for all countries.
E-wallets like Skrill, Neteller, and ecoPayz are also e-money institutions and they are not offering any coverage at all.

If not mistaken, revolut has bank lincense

Funds in Revolut are safeguarded at Barclays/Lloyd's. This money is not covered by the Financial Services Compensation Scheme. Revolut safeguards funds as per regulatory requirements but this is not the same coverage as having a normal bank account.

It is my firm belief, that a massive systemic danger will make all guarantees to collapse.
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geetz
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Re: Revolut Transferwise N26. How safe are they?
« Reply #4 on: September 28, 2019, 10:18:01 AM »

be extra careful with revolut 4 or more digits transfers to third parties, they are followed by a lot of questions, requirements and suspections.
out of these 3 mentioned I would list them by safety like this:
1. N26 (some EU countries residents are not accepted and verification is not that easy)
2. Transferwise
3. Revolut
« Last Edit: September 28, 2019, 10:20:26 AM by geetz » Logged
mayertom
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Re: Revolut Transferwise N26. How safe are they?
« Reply #5 on: November 07, 2019, 10:24:38 AM »

I absolutely agree with everything - I wouldn't trust them with big amounts. They have some sort of license but are not a proper e-wallet or bank for sure. Supports is not the easierst to reach live, I can tell you, and I also know a first hand information from a friend that once he received a withdrawal from a bookeis on a Revolut account, they reached him and started asking questions where he got his money from and he was forced to change to Neteller.
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kapetan1122
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Re: Revolut Transferwise N26. How safe are they?
« Reply #6 on: November 07, 2019, 04:45:59 PM »

Is it possible to send money from your skrill/NT account to Revoult?
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Re: Revolut Transferwise N26. How safe are they?
« Reply #7 on: November 08, 2019, 02:19:29 AM »

I have used Revolut and Transferwise and I never had issues with them with amounts smaller than 2k. However, Revolut does not allow any gambling activity so do not try to use it on any bookie.

Is it possible to send money from your skrill/NT account to Revoult?

Not from account but you can deposit to Revolut using Skrill/NT cards.
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chrisgr1984
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Re: Revolut Transferwise N26. How safe are they?
« Reply #8 on: November 08, 2019, 12:13:11 PM »

+1

Revolut doesnt like gambling money,  unless the money is coming from crypto currencies. They dont have it included in their terms and conditions like transferwise does - so its quite risky to use transferwise aswell for such transfers as above mentioned, because having it in their T&C I assume that they can even hold your money for violating the rules.
About revolut from my personal experience with them, using them only for receiving money from BETFAIR , they suspended my account under investigation twice and they asked for SOW 3 times until they suspend it. In the mean time, I spoke ontheir live chat with the compliance team and they told me straight away that we dont want gambling money because you are damaging our reputation this way...I can upload a screenshot if anyone wish
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arctrading
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Re: Revolut Transferwise N26. How safe are they?
« Reply #9 on: January 04, 2020, 11:58:01 AM »

I use N26 and its very nice bank. Easy to use, no fees for transfers etc and it has a german deposit protection on. Also when problems arise their chat is really supportive. Had a problem with a bookmaker from UK who did not liked N26 so i asked N26 for stamped and signed document that im their customer and that this address is correct. They sent me the document next day and all good.

"German deposit protection(new tab) insures all deposits up to €100.000 held in the member states of the European Union. Customers with an account in the UK are protected up to the equivalent amount in GBP based on the exchange rate of the respective day. As the holder of a banking license, N26 Bank must comply with the rules of the German financial regulatory authority."
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arbusers
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Re: Revolut Transferwise N26. How safe are they?
« Reply #10 on: April 18, 2020, 06:58:01 AM »

Revolut has confirmed that it has suspended all payments to and from UK gambling sites, transacted through its app.
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Blackoutt777
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Re: Revolut Transferwise N26. How safe are they?
« Reply #11 on: April 18, 2020, 12:31:46 PM »

Revolut has confirmed that it has suspended all payments to and from UK gambling sites, transacted through its app.

Basically, they are considering a Revolut account as a credit card. Terrible news for Revolut users betting on UK sites  :(

If a country where betting is so popular made such a decision I wonder what's going to happen with N26... In march they introduced a 3% fee on gambling (it is not clear whether on deposit or withdrawal transactions).
Of course, Germany it is all another thing when it comes to keep making money and probably will let people keep using their N26 accounts for gambling even though on non licensed sites.
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Camma23
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Re: Revolut Transferwise N26. How safe are they?
« Reply #12 on: April 20, 2020, 10:56:34 PM »

Revolut has confirmed that it has suspended all payments to and from UK gambling sites, transacted through its app.

wasn't this expected only for credit cards? I read this news some time ago
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arbusers
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arbusers

Re: Revolut Transferwise N26. How safe are they?
« Reply #13 on: April 21, 2020, 08:46:53 AM »

That is the point here. Revolut is offering debit cards (not credit) plus an App.
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ArberPro
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Re: Revolut Transferwise N26. How safe are they?
« Reply #14 on: April 21, 2020, 08:54:42 AM »

Revolut has confirmed that it has suspended all payments to and from UK gambling sites, transacted through its app.

wasn't this expected only for credit cards? I read this news some time ago

You can top up revolut with a credit card, that's the reason
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