Posts by vividstag0

Joseph Martin10 said:Under European Union law, financial institutions registered as banks are required to insure every account up to €100,000. At Chime, accounts are insured through the FDIC (https://docs.n26.com/legal/bank-acco...cherung-de.pdf)

https://support.n26.com/en-de/securi...otect-my-money

And yes, since Revolut doesn't hold a banking license everywhere yet, they aren't obligated—nor are they able—to insure user funds in the same way. They currently use a Lithuanian license specifically for certain users for this exact reason: if Revolut were to fail, the Lithuanian central bank would be stuck footing the bill to reimburse everyone. If Revolut moved all 10 million users under that single license, it would trigger a massive crisis for a country with a population of only 5 million.

Well, everything is perfectly clear now—thanks for such an incredibly thorough explanation!👍

Joseph Martin10 said:The money is insured in the sense that if the bank fails, you are guaranteed to get back up to $100,000, whereas if Revolut goes under, your money could vanish and you'd be...

Thanks, I wasn't actually aware of that. It makes me wonder, though—if that's the case, why would Chime offer that kind of protection while Revolut might not? I suspect it comes down to the fact that Chime holds actual banking status, whereas Revolut probably hasn't quite reached that level yet.

Joseph Martin10 said:Out of all those options, SoFi is the only one that's an real bank, meaning your deposits are insured up to $250,000. Chime is just an e-money service; there's no actual protection for your funds.

SoFi is way more practical than, say, a foreign exchange account at a traditional big bank. Once things fully stabilize here in the US, SoFi will be the only true alternative to a standard checking account among the
Stripe
players.

Thanks for the input. I'm aware that Chime is a bank, but I’d argue Revolut is well on its way to becoming one too.
First off—why even bother mentioning foreign currency accounts if you have Revolut (or Chime) in your pocket? Also, I'm struggling to follow your logic here; you're saying Chime protects you up to $100,000—fine, that's true—but who's to say that the same amount of cash isn't perfectly safe in a Revolut account? This isn't some shady outfit run by Joe from Lower Maglajan that he registered in Burundi; we're talking about a massive, respectable corporation. Plus, they fall under the jurisdiction of the British Financial regulatory body, so—unless I'm missing something huge—there shouldn't be any funny business or sudden disappearances of funds, whether you're holding a single cent or a million dollars in your Revolut account.
Given all that, I still don't see why Chime would have any real edge over Revolut.

I'm having a hard time seeing any real advantages here over Revolut, even though I notice plenty of people are carrying both—and apparently Curve, too. To my mind, it just feels like unnecessary cluttering up your digital wallet. Correct me if I'm wrong, of course, but I don't quite get the appeal.

vividstag0 said:Hmm, well... what about Braand then? 🙂

Braand works. Just reach out to Nice. 🙂

Thanks again. 😉

vividstag0 said:Hey there, any chance I could change my username to brand?
Thanks! 🙂

Unfortunately not—that one's already taken.

Hmm, well... what about Braand then? 🙂

Braand works. Just reach out to Nice. 🙂

Hey there, any chance I could change my username to brand?
Thanks! 🙂

Unfortunately not—that one's already taken.