Revolut does not share your information on an automated basis or directly with tax authorities of other countries, it is the Lithuanian tax authority that's responsible for collecting and sending this to other local authorities under the Standard for Automatic Exchange of Financial Account Information, developed by the ...
Our appetite is to firmly and responsibly discharge, and not to breach, our worldwide tax obligations. Revolut endeavours to comply with both the spirit and the letter of tax law in those jurisdictions in which we operate. Revolut has no appetite to allow customers to use our services to evade tax.
We also share your personal data with other financial institutions, financial services companies, insurance providers, government authorities, law enforcement authorities, tax authorities, companies and fraud prevention agencies to check your identity, investigate, or protect against suspected fraud, keep to tax laws, ...
You need to declare it on Form 11 if (1) you actually earn deposit interest and (2) you are required to complete a Form 11. At a guess I'd suggest only a very small fraction of Irish Taxpaying Revolut users fall into this category.
If you don't want to be identified as a Revolut customer at all (either by mobile number or by Revtag), you can switch off 'Payments with friends' in 'Security & Privacy'.
We use secure data centers with restricted access to store and process your data. Data transmissions between our mobile apps, servers, and third parties are encrypted.
Revolut Business is a bank in some regions we operate in, including the EEA (European Economic Area). Revolut Bank UAB holds a full banking license in Lithuania, allowing us to offer cross-border banking services to our business customers in the EEA.
There are no limits for adding money to your Revolut account by bank transfers. Additionally, your account has an annual deposit limit, which includes all methods, including internal transfers cards and Apple/Google Pay methods.
You've broken our terms and conditions in a serious or persistent way. We think that if you continue to use your account, it could damage our reputation or goodwill. We've asked you to repay money and you haven't done so. We have to do so under any law, regulation, court order, or other instructions.
Some of our services perform a specific function within someone else's service. HMRC has a shared service to check bank account details are correct. Other government departments and local authorities could collect your bank details from you, then check them with our shared service.
Banks do not notify HMRC of large deposits. However, HMRC can access our financial information by issuing a financial institution notice without our consent. They can see large deposits and other financial data like interest earned, crypto, dividends, pension contributions, Gift Aid payments, and more.
So, for example, if you earned £1,100 but spent £100 or more on allowable expenses for the business, such as goods you bought purely for re-sale, you may not have to pay any tax. Since September 2016, HMRC has had access to sites such as PayPal and can request extensive information from them.
Deposit Protection is Limited: Unlike traditional banks, Revolut's deposit protection is limited. Although savings in a Revolut account are protected up to a specific amount, they are not covered by government-backed deposit insurance programmes. This may be of concern to those looking for increased deposit security.
If you are after an easy account to manage your self-employment or side hustle finances alongside your Personal account, then Revolut Pro is probably right for you. If your business grows, or if you need more features, you may need to set up a Revolut Business account instead.
Cash withdrawals from ATMs are limited to £3,000 or currency equivalent per 24 hours. Depending on your plan, you'll have the following Fair usage limits: Standard: £200 (or 5 withdrawals, whichever comes first)
Can I transfer money from my Revolut to a bank account?
Here's how to transfer money to external bank accounts or other Revolut accounts: Go to Payments' or Home. Click Send. Choose the recipient ('counterparty') from the list*, or click the +New button to add a new one.
Standard: Exchange limit of £1,000 per month. Fair usage fee of 1% applies to any additional exchange. Plus: Exchange limit of £3,000 per month. Fair usage fee of 0.5% applies to any additional exchange. Premium, Metal and Ultra: No exchange limit.
If you want to have your salary paid into your Revolut account, you'll need your account details, you can find them by following these steps: Go to the Home Screen. Press '+ Add Money' Select the currency in which you want to receive money by pressing the arrow pointing down.
Revolut has a slightly higher score of 4.3 out of 5, compared to 4.1 for Monzo. Consumers praise the Revolut app for being simple to use and having very low costs for money transfers and exchange. For Monzo, customers said the app is flexible and reliable and that customer support is excellent.
Recurring payments allow you to make regular transfers to Revolut users, as well as to other bank accounts. Whether it's your regular TV subscription, payments to family members or your monthly rent, we've got you covered!
If an e-money institution (like Revolut) fails, the customers' claims will be paid from the safeguarding account. This is because the e-money institution cannot lend the money it has received from one person to another, so it should have enough money in its safeguarding accounts to cover its debts to its customers.
But it's nearly Christmas 2023 and Revolut still hasn't secured the right to take deposits from the UK customers – the main benefit to the company of getting a UK license. Revolut has been offering e-money services such as currency exchange and transfers (which do not require a UK banking licence) in the UK since 2015.
