Revolut in trouble

hmmm

I had no idea about the working conditions, I'm gobsmacked by that slack channel post. No way I'm going to continue to support them.

douglashyde

Mr.S wrote: »

Is Stripe still considered a startup?

No, they're not

My point is; Stripe was a startup in this position challenging status quo of financial service and it wasn't hell from a people or operations perspective (relatively speaking)

Patrick Collison has a recent interview with Tim Ferris and he addresses this exact question

Bobeagleburger

OmegaGene wrote: »

It’s quicker topping up on the app, it’s always instant for me

Yep, app is immediate.

Gooser14

Gooser14 wrote:

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.

Money just arrived now. Obviously delayed due to system problems they experienced this morning.

Fann Linn

Same here. Asked to verify email and now workinf grand.

Timberrrrrrrr

Just to clarify, transferred from revolute to my monzo account earlier. Within 30 minutes the cash hit my monzo account. Keeping an eye on things but at the moment the way things are I'll be happy to transfer £500 back on to revolute as its handy for when i have to go abroad at short notice.

smurfjed

Also got asked this morning to verify email and things appear to be back to normal.

listermint

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.

Why exactly.

Not issuing cards in Ireland is carefully why.

smurfjed

Had two €150 top-ups rejected and one payment rejected last night.

Falling out of love.

Newtown90

smurfjed wrote: »

Had two €150 top-ups rejected and one payment rejected last night.

Falling out of love.

I had 3 payments rejected on Sunday..

I've moved my money out now and moved on.....

Disappointing.

Cape Clear

Was looking to use this for an up coming holiday to Brexit land is it still reliable to use? Had no issues with it last year when using it for stg.

5star02707

Cape Clear wrote: »

Was looking to use this for an up coming holiday to Brexit land is it still reliable to use? Had no issues with it last year when using it for stg.

No issues been using it for about a year now and works great

Squiggle

Revolut in news again today for the wrong reason. Article in Financial Times saying Police have launched a fraud investigation over a £70k transfer made by a Revolut customer that has gone missing ! Regardless of the outcome it's not what you want to hear and some of the bad stuff will always stick.

I only put on my Revolut card what I'M about to spend imminently and that gives me some piece of mind.

Wheety

Squiggle wrote: »

Revolut in news again today for the wrong reason. Article in Financial Times saying Police have launched a fraud investigation over a £70k transfer made by a Revolut customer that has gone missing ! Regardless of the outcome it's not what you want to hear and some of the bad stuff will always stick.

I only put on my Revolut card what I'M about to spend imminently and that gives me some piece of mind.

Did you read the story? Revolut never received the money. The person sending put in the details wrong.

It wasn't a Revolut customer who sent it. Revolut were to be the receiving account.

Yggr of Asgard

Squiggle wrote: »

Revolut in news again today for the wrong reason. Article in Financial Times saying Police have launched a fraud investigation over a £70k transfer made by a Revolut customer that has gone missing ! Regardless of the outcome it's not what you want to hear and some of the bad stuff will always stick.

I only put on my Revolut card what I'M about to spend imminently and that gives me some piece of mind.

Some other news media with less of a klick bait headline have reported that the person making that claim is actually an ex currency trader and this was his wife's money and revolut did not want to talk to him about the error she did by providing wrong account details in the transfer.

Plus when revolut investigated this with help of paysafe which is the provider they use for transactions they became concerned about the transactions on the account and closed the account.

So the question is was this really an error or where is the money gone? For sure revolut did itself no favors by having lousy customer support there but there is more to this story than the FT suggest.

davetherave

https://www.belfasttelegraph.co.uk/business/uk-world/police-assessing-revolut-over-money-transfer-complaint-37881420.html

In a statement to the Press Association, a Revolut spokesman stressed that there is no fraud investigation being undertaken by the police concerning the company.
He said: “To be clear, this is not a fraud case. There is no investigation into fraud at Revolut.
“One of our customers registered a complaint after funds did not reach their account because incorrect details were entered during the payment stage.
“Our team have proactively engaged with both the customer and our payments partners to resolve the case and to ensure that the funds were located.

https://www.bankingtech.com/2019/03/uk-police-probe-revolut-over-fraud-claims/

A spokesperson says: “This article relates to a payment of £73,515 from a non-Revolut customer to a Revolut customer. In this case the payment instructions that the non-Revolut customer provided were incorrect and so the funds never reached Revolut.

“On behalf of the customer, Revolut worked with its partners to investigate the misdirected payments to ensure the funds were returned, however, Revolut was never in control of the funds.

“We have spoken with the Met Police and they have confirmed that they are not investigating Revolut in any way and to say so is misleading and damaging to us.”

If what Revolut are claiming is indeed true, then what Squiggles is saying is nothing more than scaremongering and manipulation of words, aside from the fact that the transfer was initiated by a non-revolut customer which is not what they you are saying.

Tomhammer

They're looking for a picture of me holding my driving licence to unlock my account

I thought I had topped up before buying

Yggr of Asgard

The FT article is clickbait in it's purest form. Plus it is leaving out several factors that should be known to put this into context, but once again mainstream media just does not provide the full picture.

I find this whole story very suspicious, the former foreign exchange trader (who once claimed he got fired for being a whistleblower at Lloyds) whose wife was expecting funds in her account is complaining that Revolut would not talk to him (which is in line with banking regulations) and then when it transpires that the sender did an error continues to blame Revolut.

Once Revolut found it too risky to do business with both his wife and him and closed their accounts he complaints that they won't give him a reason (which they don't need to). Giving his current employment status post-Lloyds that amount of money into revolut would make me as a compliance officer very nervous too.

The only thing that is a typical fault for revolut here is that Revolut did not acknowledge the complaint and that their customer service department was not speedy or able to communicate correctly.

Some journalist should have dug a little bit deeper into this (simple google/linkedin search) instead of just jumping onto the let's bash revolut bandwagon.

Yggr of Asgard

Tomhammer wrote: »

They're looking for a picture of me holding my driving licence to unlock my account

I thought I had topped up before buying

You have to top up before buying but as an electronic money issuer, they still have to do the due diligence of identifying you.

You are lucky that they take your driver license, usually, it's going to have to be a passport etc.

The holding part is so that they can compare your face to your ID and also see if it's a real piece of paper/plastic or just someone you created online.

Henry Ford III

Closed my account.

jakdublin

OmegaGene wrote: »

have you a reason to be so cautious of revolut ? i always have money in my account in several currencies too
the clickbait and scare mongering lately is getting silly

I'm a bit concerned about all the negativity at the moment, but in fairness I haven't seen anything that would make me quit using it. I think they're having a bad run of PR luck at the moment, and the media loves to have a go at anybody down on their luck, especially if they've been successful. There's been so much bad press and negative comments on the likes of Redditt recently You'd almost be forgiven for thinking there was a concerted campaign against Revolut.

However, I'd be cautious with any of the fintech banks so I don't keep large amount of funds in my account as it's a relatively new phenomenon. I just use it for day-to-day budgeting (have almost given up using cash at this stage) as it's incredibly handy and for the great exchange rates when buying online or using abroad. I've not had my card that long, and you have to earn my trust

Tomhammer

OmegaGene wrote: »

it takes two minutes to verify your account and it is only a security measure

I've been with them a long time

jakdublin

OmegaGene wrote: »

If you look for negative press on any company you will find it, woman in my local credit union stole €150k from people accounts but that didn’t hit the headlines, similar to a manager at aib was arrested for fraud and the story was surpassed.
Big banks have a downer on Revolut and they have influence in the media, just look at the Financial Times story today it was complete nonsense, last week someone left the company and his leaving was linked to another story for no apparent reason other than selling a story.
Or had my account for a while now and between online shopping and holidays I’ve saved a fortune, it’s also good to send money to family abroad.
Revolut isn’t going anywhere, not like the Irish banks that loads their stones and needed tax payers bail out.

Totally agree with you, but I still have doubts, not just about Revolut but all fintechs. Think a lot of what you said is actually the reason for my concern. Traditional banks are powerful (as well as being total w**kers with little regard for regular customers) and would love fintechs to fail. I'm probably being overly conservative too. I fear change, but so far my personal experience with Revolut has been nothing short of excellent. Have recommended it to loads, just personally wouldn't be lumping large sums on the card for now. I'll probably learn to trust it more as time goes on.

Sir Oxman

Damn, had a post lined up and it got wiped out by my own hand.

I'm going from 72k since 2015 put through Revolut to the very minimal bare essentials like Turkish Netflix until I find an alternative.

I understand the conincidence of the news stories and yep, it may not be innocent.

The clincher was the expose of their work practices - have they commented?
This is the reason I cut out Amazon at end of 2018.
I absolutely hate that shít.
Both have a fantastic idea/service - both are unacceptable to me in their internal practices.
Maybe it's related (shítty b*stards with employees/great service) but I couldn't care less - I don't want any part of it.

SteelyDanJalapeno

If your moral compass is that well tuned I'm presuming all your food and clothes are coming from fair trade sources too

Sir Oxman

SteelyDanJalapeno wrote: »

If your moral compass is that well tuned I'm presuming all your food and clothes are coming from fair trade sources too

I expected this type of comment.
Firstly, I'm not trying to enforce my opinion on Revolut onto you or anyone else here.
Secondly, I do take action within my means to vote with my feet when I come across shítty practices.
That's about it.

SteelyDanJalapeno

Sir Oxman wrote: »

I expected this type of comment.
Firstly, I'm not trying to enforce my opinion on Revolut onto you or anyone else here.
Secondly, I do take action within my means to vote with my feet when I come across shítty practices.
That's about it.

Sure, I just mean relatively speaking, asking someone to try raise awareness of a start up by getting new customers, it's hardly genocide like.

But they are your feet, so more power to you, viva la revolution

Squiggle

Squiggle wrote: »

Revolut in news again today for the wrong reason. Article in Financial Times saying Police have launched a fraud investigation over a £70k transfer made by a Revolut customer that has gone missing ! Regardless of the outcome it's not what you want to hear and some of the bad stuff will always stick.

I only put on my Revolut card what I'M about to spend imminently and that gives me some piece of mind.

Wheety wrote: »

Did you read the story? Revolut never received the money. The person sending put in the details wrong.

It wasn't a Revolut customer who sent it. Revolut were to be the receiving account.

Squiggle wrote: »

Revolut in news again today for the wrong reason. Article in Financial Times saying Police have launched a fraud investigation over a £70k transfer made by a Revolut customer that has gone missing ! Regardless of the outcome it's not what you want to hear and some of the bad stuff will always stick.

I only put on my Revolut card what I'M about to spend imminently and that gives me some piece of mind.

Wheety wrote: »

Did you read the story? Revolut never received the money. The person sending put in the details wrong.

It wasn't a Revolut customer who sent it. Revolut were to be the receiving account.

Yes. Two typos in my post, "by a Revolut customer" should have been "to a Revolut customer" and "piece of mind" should have been " peace of mind".

Basic research will throw up plenty of recent bad press about Revolut, some of which has been referred to in this thread. Great if it's all without foundation.

I'll continue using Revolut mainly because of their favourable FX rates . However because of :

1 Bad Press
2 Occasional Technical issues
3 Woeful on line chat support

I will proceed with caution and only put on my Revolut card what I intend to spend imminently and I will always carry an alternative card.

theteal

Sorry folks, I've not been following this since initial the news broke. What's the current status?

I'm travelling next week and had planned on using the Revolut account as normal. I only ever tended to top it up by relatively small amounts (£100-200 at a time maybe). Should I continue as usual?

Might be a bit late to look at alternatives

basill

I top it up as I need it and its working fine. I would never keep a large balance on it.