Credit Suisse wants some of the Revolut action
Interesting the Monzo & Credit Suisse are currently both in the same building;
(EDIT: In London)
Unfortunately for revolut bad news travels fast especially when you have 3.5 million followers.
Got an email that Revolut have launched Easy bank transfers via open banking, they are using truelayer.
Think they’ve had this for a while - at least trialling - I added money to Revolut maybe last month or the one before via the HSBC app. Very simple to do.
It’s been in beta for a while. Not any quicker than faster payment, tbh
In fairness though - it can be significantly faster.
I didn’t have my Revolut account info entered into HSBC at all so I avoided all of that with a few taps and the payment was made instantly without the faff of account numbers.
Yeah, I suppose you’re right. Once you have set up a payee though, I don’t see the benefit
Story in the FT:
Tbh it was patently foreseeable that a £150k transfer would trigger compliance issues and a red flag when your regular pattern of use is orders of magnitude lower. Boggles the mind why anyone would instruct the receipt of a huge sum of money to their neobank account, unless it’s their only account and in that case you should give chat all the info ahead of the transfer imho for pre-clearance:
Just poor all round in both sides.
In the article, it said he transferred £150,000, when I joined Revolut there are strict limits in their terms the amount you can transfer to/from the Revolut account, you can raise the limit on the request with their support team.
Also, the article which you presented does not show what the resolution was, they did not ask Revolut for a response, also there is nothing is stopping the client raising the issue via the support section on the Revolut website.
The chances are the client was in breach of the terms/conditions due to the large amount being transferred and the issue with the Chat App was down to user incompetence.
In dollars and euros though? Both currencies?
That’s super unusual, probably for an account that has never seen that amount in a mix of currencies.
No wonder it raised a few red flags.
It’d help if you actually read the full article before commenting mate as I can’t post the whole thing. (Google the title and you can read it for free)
The client raised the issue with in-app chat but he was left hanging by the agent. Only after he contacted his local MP did Revolut progress toward resolution.
In this case, both Revolut and the User were both incompetent tbf.
“It’d help if you actually read the full article before commenting mate”
Very cheeky comment, may I say.
May I ask you to re-read what I wrote
" the article which you presented",
I responded to the post what YOU presented in the forum, YOU never provided a link to the news article and no I am not going to google the title.
Thank you. .
Hardly offensive to suggest someone reads an article. You can’t make statements of fact like this when you don’t bother reading.
I provided enough context as screenshot extracts in my presentation of the source. The FT is paid for so unless you have a subscription proving a link is useless and many in this forum know you can just search the title and read 1 article for free (hence title provided in first screenshot for anyone curious)
Anyhow, back on topic.
So from the added snippets,
With the client putting in £150,000, it is very likely he was in violations of the terms and conditions and the money held back for money laundry reasons. I just remind you, when you sign up to a product, you agree to the terms and conditions provided, it is the conditions that the customer agrees too.
The customer did eventually get his money back (just over a month). and the number of upheld complaints over 6 months is just 85 out of a customer base of nearly 12 million.
I think a drama is being made out of absolutely nothing, no bank is perfect and I am personally surprised at how low the number of complaints for a money provider of its size.
Revolut provides a fantastic product range, from gold investment, saving account, child account, cryptocurrency to even loans in one app. With less than 0.000692% of customers having issues upheld by the FCA could be regarded very low indeed.
So, if anyone is going to slate Revolut, then at least provide some substance rather than point to an experience of one customer.
I have dealt with the customer service team with both Revolut and Monzo, and I found the Revolut customer service experience was at least on power to Monzo.
Where’s that data coming from?
From the cited article?
Remind me? Did you even read my original post before you got offended on behalf of Revolut? I said it’s a fault on the customers behalf to send a large sum of money before pre-clearing it with Revolut as it would almost certainly trigger AML compliance issues.
I just quoted an article and pointed out BOTH the customer and Revolut customer service acted poorly, which they did. I’m a Revolut user and also happy with them for the travel money purpose I use them for. But it’s not slating them to post a relevant media article, with a balanced viewpoint, in the Revolut thread. It is precisely this type of potential ordeal why a lot of people wouldn’t use an e-money provider as their main account.
He’s citing the Financial Ombudsman data for the 2nd half of 2019. And applying that to 12m total customers, which isn’t correct as Revolut’s 12m total customers aren’t all in the UK under the FO’s remit.
It’s not a drama made out of nothing, look at the bigger picture. If you’re going to do calcs and extrapolate them, user more representative figures.
So it’s not
I was going to say this would have been quite shocking, since that would mean they managed to get one out of every 5 Brits to sign up for their card. Does any financial institution in the UK have that kind of market share?