Revolut don’t use Faster Payments. Transfers to and from Revolut are super slow.
Barclays must be the bank that hold their £ in a ring fenced account.
It is actually Lloyds
Strange I’d have expected the FPS to come via Lloyds
I had an account a few years ago when I went to NYC for a few days. After I came back I closed the account. I found the app clunky, the extra steps of loading it up on £ and then converting it before you spent it a pain.
The only reason I have a Revolut account is because I can top it up with a credit card with no fee if I really needed to Obviously that would then get transferred to Monzo straight away…
Does that get picked up as a cash advance by your credit card company?
Nope. It’s an online transaction.
Well the choice they have is either Faster Payments or BACS. As BACS takes days, l suspect they are using Faster Payments. The two hour timescale is only once the transaction is in the FP system. Revolut don’t release payments immediately, hence why there’s the pending/committed emails for a transfer. And if Revolut is using a third party processor they may also not release to FP immediately.
Either way it’s super slow. The above is a bit guess work as they aren’t the most transparent…
One thing for certain. They are incompetent in responding to their chat.
Got an answer within a day? You are lucky.
Maybe they put more roadblocks around registering for their forum (kinda like Starling’s requirement to have social media to be able to login on their community)?
You can create profile and even post but guess what? Nothing shows up on the forum afterwards
Oh wow, what was the point of even opening a “community”? This is even worse than legacy banks. Legacy doesn’t care about your opinion but at least they have the courage to own up to it and let you know right away by not having a community forum.
Does anyone know how Revolut’s UK account works? It states you can get your salary paid in but how is this possible without a Sort Code & Account Number? I thought you had to have a banking licence for these. It also states direct debits are coming soon?
Revolut do give you a sort code and account number, I just checked. Not entirely sure how though. Also states that it can take a few hours to hit your account.
Strange, are they all unique or do you have to use the reference to specify your account?
As far as I can tell it’s unique as it says I can get my salary oaid in and I am the beneficiary.
I found the answer:
Seems like some company is forwarding the payments onto their ringfenced accounts.
I wonder if users will keep the same sort code and account number once Revolut get a U.K. banking licence
Revolut officially licensed in Singapore!
…posts on his LinkedIn profile Revolut’s General Manager for Asia-Pacific region. He doesn’t specify what licence they obtained so it is safe to say it is most likely the e-money licence, similar to Revolut’s licence in the UK.
The conquest continues…