Revolut "Open Banking" Revolution

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Forums › Finance and wealth management › Revolut "Open Banking" Revolution

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#2133035 24-Nov-2018 01:34

keepitwarm: ... im currently in line 3239 on the app, with 1220 behind me, and hasn't shifted yet.

Yippee! I jumped the queue :

Well, maybe not

but then again, only three referrals & I'll definitely be first in line.

Edit: image sizes

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freitasm

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#2258630 15-Jun-2019 10:27

They have just launched in Australia yesterday (not the en-AU in the URL).

Here is a LinkedIn post and here is an article on MSM.

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Kyanar

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#2263087 23-Jun-2019 22:06

freitasm:

They have just launched in Australia yesterday (not the en-AU in the URL).

Here is a LinkedIn post and here is an article on MSM.

They haven't really launched. It's still the same stupid queue system, just that it pretends to move now.

They've also updated the footer of their website to clarify they aren't a bank and cannot conduct banking activities.

freitasm

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#2263088 23-Jun-2019 22:10

Really?

Sounds like another crypto bro enterprise then...

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Kyanar

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#2263124 24-Jun-2019 00:52

I wouldn't go that far - they definitely have legitimate operations in Europe, they're actually quite big. But they're really half-assing their expansion - in what world is it sane to deposit any of your money with anyone other than an ADI with appropriate regulation, oversight and guarantees?

Interesting note, their website says they operate in Australia with the permission of ASIC, but that can't be right - ASIC only regulates financial advisory services (and Revolut has no AFSL, so that can't be it), actual cash is regulated by APRA, and Revolut is not on any APRA register. Basically, it's illegal.

freitasm

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#2263125 24-Jun-2019 01:15

Kyanar:
in what world is it sane to deposit any of your money with anyone other than an ADI with appropriate regulation, oversight and guarantees?

Isn't this how most crypto exchanges work?

Yes, I know they are large, but again, even large crypto exchanges exist.

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rogercruse

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#2263133 24-Jun-2019 06:45

I'm about 800 places behind you... that's if you believe it

geek4me

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#2263537 24-Jun-2019 16:40

I've been on the waiting list since October 2017 when I started this thread and am still waiting … fortunately there are only 125 ahead of me in the queue but it has been that way for a long time zzzzzzz

Oh no, not another end of the world prediction

ringbearer

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#2263572 24-Jun-2019 18:47

I think I signed up soon after they announced it here. I’d forgotten about it, but apparently I’m still in 5th place. I think the big banks here will be onto open banking before anything happens with Revolut.

cebo

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#2275538 13-Jul-2019 00:35

I notice today that there are now three less people ahead of me ... did they just give up? Or is this happening?

ANglEAUT

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#2275580 13-Jul-2019 01:27

cebo:

I notice today that there are now three less people ahead of me ... did they just give up? Or is this happening?

Two less people for me. Down to 4471 now instead of the original 4473.

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tardtasticx

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#2312305 7-Sep-2019 15:12

Anyone else had their position in the queue no longer show in the app?
I read it as if they’ve cancelled their plans but (hopefully) I’m wrong.

Edit: there is still a bump me up the queue button at the bottom.

ANglEAUT

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#2312589 8-Sep-2019 01:05

tardtasticx: Anyone else had their position in the queue no longer show in the app? ...

Nope, now 4465 in the queue.

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thelawman

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#2313036 8-Sep-2019 15:40

The waitlist disappeared for me after one of the recent app updates, and before that it seemed to be dropping by a person every day or so. I'm not feeling optimistic that the launch is going to happen any time soon, but who knows...?

Kyanar

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#2326462 28-Sep-2019 20:07

Ok, so I recently made the top of the list (Australia, not NZ). Revolut accounts are accessed entirely in the app (no web access). No phone support. Money is held in trust in Revolut's accounts with ANZ, and can only be loaded in there by transferring in using Apple Pay, Credit Card, or Debit Card (no Google Pay or Samsung Pay support) - you don't get any other account details for direct depositing cash, so it CANNOT be used as your daily driver account. Despite claims they offer Fx at the mid-market rate, they do not - the rate is inferior to the mid-market rate by about $0.003 as at this moment.

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