I’ve receive payments instantly from some banks, but when I received an email with a link from a revolut user yesterday, representing a bank transfer via account number and sort code, was told I’d receive payment in 1-5 working days and sure enough, I’ve not received any money yet. I’m 99.999999999999% sure this is a revolut thing and not monzo but i’m wondering if anyone knows why it takes so long. Do revolut post cheques to monzo? Every thursday? Why aren’t all (non-commercial, uk -> uk) bank transfers more or less instant?
I believe (but may be outdated) that as they’re not an actual bank in the UK, they’re not directly on the faster payments network. They’ll use a third party service which runs regularly. It’s a bit annoying - I did the same thing, sent a payment back from Revolut to Monzo and worried when it didn’t show up for a few hours. It should show up before too long, but contact Revolut if you’re concerned and they can follow it up.
Well they said 1-5 working days and I’m not a revolut customer (i’m the receiver) so I’d hope they’d not go into any details about it with me so all I’d expect would be “wait 1-5 working days then ask to sender to ask us to investigate”.
I think Revolut are an actual bank now because I had an email the other day saying there a full fledged bank so I took that as literal lol
Faster payments not sure if they are on there, never normally had issues with transfers to / from Revolut maybe ask Monzo and Revolut if any issues ?
Well they told me in the email the sender sent me (where I entered my bank account number/sort code) that it would take 1-5 working days, so it’s not like an issue has arisen since. Perhaps if there’s an issue it’s that they think monzo can’t handle payments more quickly. On the revolut site there’s this:
“…it can take up to 1-2 working days. If your UK bank does not use faster payments…it will take 3-5 working days…”
To be honest, I’m not going to contact 2 banks to investigate this - i’ll just get the sender to give me cash in future. It’s quicker and more convenient.
Yes that makes sense, I’ve just checked and Revolut are down as faster payment and of course as we know Monzo are so shouldn’t be a delay really.
Don’t blame you no point chasing it up with 2 banks to much time
That link continues to explain the sender can pay extra to get it done faster! Perhaps that’s their business model. “That’s a nice bank transfer you got there. Would be a shame if anything happened to it. 5 working days, and of course there’s a bank holiday on on monday. Of course, if you were to pay £6.99 or £12.99 per month, we’ll just transfer it instantly. You know, like other banks do for free”.
Oh that’s a cheek! Total standardised banking hidden terms and extra charges time to unbank and join a new revolution we shouldn’t have to pay extra to get our money crazy!
Good news! This evening - over 24 hours later - I received an email saying the transfer has been “executed” and that the money is “expected by” tomorrow! It’s a banking revolution!
They have a Lithuanian banking licence which they are passporting. Which, when you break it down, doesn’t amount to much. On the one hand, yes, it is a banking licence. On the other hand, Lithuania have been criticised for making it too easy for banking licences to be obtained - I recall comparisons have been made to Iceland.
tl;dr, they (allegedly) exploited a loophole to get their licence, so one can’t read too much into the fact they have one.