This week I received a message from Revolut that from the 13th February next year they will no longer allow cash deposits. I think this has to do with using the other banks ATM infrastructure and maybe they are either being denied this as a service or the costs for this particular service are going to be raised.
From reading between the lines it looks as though the legacy banks being the ones we have known for years are tightening their grip protecting what they have against any new outsiders like Revolut. There is definitely a threat to their business as I know there was a meet up in Europe last month with regard to the threat of Revolut as I met someone travelling to this particular meeting.
The hassles that I have had over the last year with a conventional bank has put me off dealing with any others in Europe. The banking laws and regulations can change almost instantly and with the talk of Digital ID's surfacing regularly I want nothing to do with this. We all know this at some point is all going to be linked in the not so distant future.
I am so happy to be involved in crypto already and being ahead of the masses being nearly 8 years building a portfolio. Crypto is the saving grace once cash is banned and this will happen within the next 10 years. I see no difference between crypto and cash as they both offer freedom away from the controls.
Governments are trying to do away with cash because cash removes any controls they might have. I am generally a cash type person because yes you can get better deals with no invoices being written. All my home improvements are done via cash because with cash there are no questions about source of funds which are asked if you make any large deposits with a bank.
Facing Dubai's intense heat for another short trip is a small price to pay for what it offers.
The topic of Dubai came up this evening as the business will be paying out bonuses and this will be transferred directly to Revolut for now. There are some cash payments also coming from other businesses and this will have to be done via another route which my family had no idea I had in place. The cash can also go via another source and turned into an EFT directly into Revolut which is not ideal.
The Dubai bank account would not be asking for source of funds and are just too happy to have your business. Banking has become so regulated and controlled over the last 10 years at some point they will be telling you what you can do with your money. Dubai banking just gives you the freedom to do whatever suits your needs and that is going to be the big difference between Europe and Dubai.
A few days ago I mentioned a close friend of mine was having issues with Revolut X the banking platform crypto app. Yes he did some stupid things which triggered some security questions which included having to supply tax certificates showing he is compliant. The problem with banks in order to stay regulated and compliant is they have to make sure all their clients abide by the rules and those new rules being introduced and those still coming is what worries myself. For this reason I am going to proceed and open a Dubai Bank account in the New Year now that SA is off the international grey list.