Revolut in trouble

igCorcaigh

Yeah, I had problems topping up this morning. Errors from the app and my top up left my bank bit didn't hit the app for about an hour.

Nothing on their twitter feed or on here at the time.

Yggr of Asgard

Let's see if all of this will lead to a virtual bank run.

Twitter has the latest updates on the issues from the morning and the blog a comment about the regulatory issues and the CFO leaving.

source

https://blog.revolut.com/let-me-sec-the-record-straight/amp/#click=https://t.co/mwrTiyH68u

Suckit

This is very coincidental with Brexit approaching..
My transfer from last night went through about 20 minutes ago, but I won't be putting any decent sized amounts in it from now until Brexit and Revolut has (re)settled.

Sir Oxman

I've withdrawn all I could (a few hundred) at local ATM.
Transferred the tiny balance left to my normal bank account - it's on the way.

This has really spooked me with regards to Revolut.
And the Wired article doesn't help either - absolutely hate that work culture.

Bobeagleburger

PR disaster for them. Something like this could cause a run on the bank

fletch

Back working now for me...have a trip in South America coming up soon that I had planned to use the card for...not sure what to do now

Suckit

fletch wrote: »

Back working now for me...have a trip in South America coming up soon that I had planned to use the card for...not sure what to do now

Get N26?
At least they are backed by German banks. After Brexit I'mnot sure how Revolut are covered until they get an EU bank licence.
Will Lithuanian banks grant them one? Are they trustworthy enough themselves?

Yggr of Asgard

They have both an electronic money and bank license in Lithuania.

They also are in the process of getting an electronic money license in Luxembourg.

But they have not moved any accounts to the new bank license yet and their brexit plan is to move the accounts to the electronic money license in Luxembourg.

Genius2013

Yggr of Asgard wrote: »

Could you please point me to your source for this?

Revolut does not offer a current account yet they still are an electronic money issue and funds in your wallet are electronic money which is not covered under the FCSC scheme.

Apologies - googled Revolut FCSC and if you look at the answer for the first question in 'People also Ask'

Bob24

Amirani wrote: »

This article ain't helping things: https://www.wired.co.uk/article/revolut-trade-unions-labour-fintech-politics-storonsky

Definitly not helping indeed. I guess a company can be a bad employer and a good service provider (working for Ryanair seems to be crap yet they have a loyal customer base), but what is described in the article definitly increases the risk of dodgy things happening within the company.

TallGlass

Relax folks. They ain't gonna let this all go to ruin.

DominoDub

Other Staffing Issues

https://www.wired.co.uk/article/revolut-trade-unions-labour-fintech-politics-storonsky

Yggr of Asgard

Genius2013 wrote: »

Apologies - googled Revolut FCSC and if you look at the answer for the first question in 'People also Ask'

Well I would not trust "people ask", the info is wrong.

They are an electronic money issuer and as such dealing with them has a risk.

Suckit

This has got have had a big effect on them. I would imagine everyone in Revolut today is working overtime. First thing I would try to do is ask The Telegraph to ammend the article while it's still doing the rounds on whatsapp. But it has a paywall so that wouldn't help.

This is huge clusterf*ck it would seem to me. But I don't have a clue. I would have retired too if I disabled something that caused this

Bob24

OmegaGene wrote: »

The way I understand it is the algorithm for money laundering was switched off as it was raising too many red flags and causing delays.
Fella responsible owned up and is now gone, not like he was laundering money through Revolut.

For reference, my post was referring to the staff management and hiring culture mentioned in the post I quoted - not to the money laundering allegations.

Yggr of Asgard

OmegaGene wrote: »

The way I understand it is the algorithm for money laundering was switched off as it was raising too many red flags and causing delays.
Fella responsible owned up and is now gone, not like he was laundering money through Revolut.

If you read the blog post you will notice that this is not correct.

A NEW algrorighm was introduce which created too many false alerts so they switched the NEW one off and reverted to the old one. Fully compliant.

smurfjed

Revolut is a great company in my opinion

I loved them up to today, but now my latest payment hasen't gone through.

camz09

Is there a legitimate reason to start panicking and move my money to somewhere else now? I have N26 but barely used it since I find Revolut way easier to use. I can't even figure out how to top up my N26 on the app, it's a little confusing.


Can anyone point me to any info how it's better than Revolut (or any other alternative) I'll be abroad in a few months as well so will be using it for that for sure. Thanks!

5star02707

camz09 wrote: »

Is there a legitimate reason to start panicking and move my money to somewhere else now? I have N26 but barely used it since I find Revolut way easier to use. I can't even figure out how to top up my N26 on the app, it's a little confusing.


Can anyone point me to any info how it's better than Revolut (or any other alternative) I'll be abroad in a few months as well so will be using it for that for sure. Thanks!

You can't top up with N26 as it isn't a prepaid debit card unlike Revolut.

for N26 it's bank transfer with the usual IBAN

Bob24

camz09 wrote: »

Is there a legitimate reason to start panicking and move my money to somewhere else now? I have N26 but barely used it since I find Revolut way easier to use. I can't even figure out how to top up my N26 on the app, it's a little confusing.

N26 might not be what you’re looking for. It is a bank, and I guess the term “top-up” doesn’t really apply.

Like with any other bank you can do a SEPA transfer to lodge money to your account.

What’s better about N26 is that it is a full fledged bank and offers all standard banking services and regulatory protections. Meaning it is a better solution for use as a main bank account.

Revolut has a nicer app and more side services (for exemple crypto currency) but is not (yet) operating as a bank, which makes it more a good add-on financial app on top of another bank account.

Timberrrrrrrr

Just transferred my money out ro my monzo account, will watch with interest and if this is just a glitch will happily transfer back.

Yggr of Asgard

Revolut itself is obviously facing issues with staff management and very bad PR department.

Revolut is transitioning from an electronic money company to a bank but that is taking time and next to a regulatory change it also requires them to get ride of their current service providers and bringing stuff in house.

Please remember that revolut is just a nice app in front of 3rd party products they have sources to run their business. The wallet is provided by GPS (Global Payments Systems), the real time exchange in the app is provided by GPS too. The cards are from either Wirecard, Paysafe or Revolut. Some Transfers out are done via Curency Cloud, others by Revolut via Paysafe. Transfers in are done via account numbers provided by Paysafe. Card Transactions are processed mostly via GPS.

This is a very difficult multi vendor system they maintain and once in a while parts of it break down and GPS frequently has issues.

The plan for them was to move most of the stuff in house as part of becoming a bank (similar to what N26 did when it went from Wirecard to be it's own bank). But due to the growth and the difficulty to secure a bank license and appropiate processing and contracts this has not yet happened.

They clearly have issues and their PR was never good or open enough when issues occur.

They still offer a good service but clearly they need to move to their own systems.

coylemj

Yggr of Asgard wrote: »

Revolut itself is obviously facing issues with staff management and very bad PR department.

Considering the (considerable) size of their fan club on boards, I'm surprised they even have a PR department.

Bob24

Yggr of Asgard wrote: »

Revolut is transitioning from an electronic money company to a bank but that is taking time and next to a regulatory change it also requires them to get ride of their current service providers and bringing stuff in house.

[...]

The plan for them was to move most of the stuff in house as part of becoming a bank (similar to what N26 did when it went from Wirecard to be it's own bank). But due to the growth and the difficulty to secure a bank license and appropiate processing and contracts this has not yet happened.

Yes, I can’t find the link anymore but when Revolut was applying for a licence I remember reading a quote of the N26 CEO saying something along the line that while not easy, getting the licence had’t been the hardest part for them; and that actually migrating services to their own systems and standing on their own feet is what took the most efforts.

douglashyde

Mr.S wrote: »

Startup company + financial industry sounds like absolute hell.

Stripe. $20bn valuation & seems like a decent place to work.

Financial industry needs a good kick up the hole and tech firms leading the way.

Gooser14

OmegaGene wrote:

I’ve used Revolut today twice and topped up when I was finished, all went through fine

Same here. Transferred some sterling from Ulster Bank NI early this morning but it still hasn't been credited to Revolut. Their CS are telling me it could take up to 4 working days. Normally takes 4 to 5 hours.

bfa1509

I prefer Transferwise personally - They have a nice browser and app interface. Not to mention they were around before Revolut and their founders don't seem as shady. The fact that they refused the issue of credit cards to Greek, Portuguese and Irish citizens up until last year says a lot about how careful they are about the business.

Yggr of Asgard

bfa1509 wrote: »

I prefer Transferwise personally - They have a nice browser and app interface. Not to mention they were around before Revolut and their founders don't seem as shady. The fact that they refused the issue of credit cards to Greek, Portuguese and Irish citizens up until last year says a lot about how careful they are about the business.

But you pay for that preference because of the conversion charges, loading fees and withdrawal fees etc.

Its an option if you need local accounts in US, UK, and NZ or Aus and its an easy option but it does not beat revolut on exchange rates or fees.

Gooser14

OmegaGene wrote:

Was that bank transfer or top up on the app My top up on the app was instant

Top up by bank transfer from my Ulster Bank NI account.