FWIW, based on a sample of 2, Revolut shouldn’t get a banking licence in the UK.
First, they booted me off the platform about 2.5 years ago because I made 3 legitimate US to UK transfers from a US Schwab trading account to the UK, in order to fund a house purchase. All came through but then they started asking for more and more documents to substantiate I wasn’t (presumably) money laundering. I refused to give them my tax returns (as those were none of their business and I had no confidence that they would stay secure within Revolut). I was thrown off.
Now, my wife transferred $2500 to the UK on April 25th 2023 via Revolut. She’s still waiting for the money. Initially they denied ever receiving it, then told her the sending bank had to reclaim it, after we showed the wire paper trail straight to Revolut, then refused to interact with the sending bank, then admitted they had made a mistake, yet still refuse to let us interact with a human except their maddening customer service agents on the bot who have no authority to blow their own noses, let alone take accountability to sort out a customer problem they have caused. Still waiting to get the money back.
I know you’ll be taking your usual macro view of things in your analysis (and I’ll only get to see the summary) but happy to give you more details if it helps, and hope you will make the point that their customer service sucks big time, and 30m account holders would be withdrawing large sums if they knew how bad the service would be when they have to get something fixed…
Hi guys
Great articles and analysis.
FWIW, based on a sample of 2, Revolut shouldn’t get a banking licence in the UK.
First, they booted me off the platform about 2.5 years ago because I made 3 legitimate US to UK transfers from a US Schwab trading account to the UK, in order to fund a house purchase. All came through but then they started asking for more and more documents to substantiate I wasn’t (presumably) money laundering. I refused to give them my tax returns (as those were none of their business and I had no confidence that they would stay secure within Revolut). I was thrown off.
Now, my wife transferred $2500 to the UK on April 25th 2023 via Revolut. She’s still waiting for the money. Initially they denied ever receiving it, then told her the sending bank had to reclaim it, after we showed the wire paper trail straight to Revolut, then refused to interact with the sending bank, then admitted they had made a mistake, yet still refuse to let us interact with a human except their maddening customer service agents on the bot who have no authority to blow their own noses, let alone take accountability to sort out a customer problem they have caused. Still waiting to get the money back.
I know you’ll be taking your usual macro view of things in your analysis (and I’ll only get to see the summary) but happy to give you more details if it helps, and hope you will make the point that their customer service sucks big time, and 30m account holders would be withdrawing large sums if they knew how bad the service would be when they have to get something fixed…
Cheers
David
Thanks for sharing this view, that sounds like an awful experience.