Revolut in trouble

caff

I see that revolut have been in trouble for money laundering and now their CFO has resigned and people are saying on twitter that transfers to and from the app aren't working. Checked myself and I get an error when trying to transfer money out it won't let me. ATM withdrawals working though so taking it out just to be safe.
https://www.telegraph.co.uk/technology/2019/02/28/revolut-cfo-resigns-company-faces-compliance-questions/

fletch

Yeh it's not working for me this morning. Typical, I was hoping to avail of the better exchange rate but can't now :-(

Sabre0001

https://twitter.com/RevolutApp/status/1101429124608991232

Hopefully just a blip

caff

Bit worrying

SmallTeapot

Well this doesn’t look good. I’ve been with them since day one (when they first launched in Ireland around August 2015) - I hope this is not the beginning of the end......

Wheety

Can't transfer money out or even withdraw from my vault.

They trying to stop a run?

wallpapers123

Anybody able to withdraw from ATM?

caff

Wheety wrote: »

Can't transfer money out or even withdraw from my vault.

They trying to stop a run?

They say its to do with scheduled maintenance but ye optics look terrible with CFO resigning and the money laundering investigation

caff

wallpapers123 wrote: »

Anybody able to withdraw from ATM?

Just did now

ASOT

wallpapers123 wrote: »

Anybody able to withdraw from ATM?

ATM withdrawals are fine for now I just took my money out there.

theteal

Urgh, was just about to transfer a lump in prep for a trip next week. Only a few quid currently in the account so no panic on that front.

SmartinMartin

Oh sh1t. How much can you take out of an ATM per day?

wallpapers123

caff wrote: »

Just did now

How much did you withdraw?
I have about a grand..
Is there any limit?

wallpapers123

Tried transferring a small amount through the app.. seems to be working now.. but it takes a 1-5 business days so will have to wait..
Better to withdraw from ATM to be on the safe side..

uck51js9zml2yt

Just transferred the few quid I had left on it back to myself.

Genius2013

Revolut current account balances are protected by the FCSC so as long as you don't have greater than £85k you should be ok - may have to wait a while to get it back though if the worst comes to the worst!

ezra_

Working for me now.

caff

wallpapers123 wrote: »

How much did you withdraw?
I have about a grand..
Is there any limit?

200 not sure of what the limit is

Wheety

Just transferred over 500 out to my N26. It had been building up in my vault and was planning on transferring it soon anyway. Will start again next week.

wallpapers123

Wheety wrote: »

Just transferred over 500 out to my N26. It had been building up in my vault and was planning on transferring it soon anyway. Will start again next week.

Are you able to see the amount in your bank account?

caff

They are saying the problems are fixed now on twitter

Sabre0001

Genius2013 wrote: »

Revolut current account balances are protected by the FCSC so as long as you don't have greater than £85k you should be ok - may have to wait a while to get it back though if the worst comes to the worst!

https://www.revolut.com/help/more/security/is-my-money-safe
"Client funds are stored under a segregated trust account at Barclays/Lloyd's. Your money is not covered by the Financial Services Compensation Scheme. As an FCA authorised institution, Revolut safeguards your funds as per FCA requirements, the Electronic Money Regulations 2011, and the Payment Services Regulations 2017. In the event of an insolvency of Revolut, you will be able to claim your funds from this segregated account and your claim will be paid above all other creditors.

All your card transactions are processed by the Mastercard, Maestro, or Visa network and are protected by Mastercard, Maestro, or Visa rules."

irelandrover

i just managed to transfer out my balance. It should be in my account monday.
hopefully this was just a glitch.

bad_robot

i would say the app going down alongside with the twitter report was just bad timing for the company.

Wheety

Genius2013 wrote: »

Revolut current account balances are protected by the FCSC so as long as you don't have greater than £85k you should be ok - may have to wait a while to get it back though if the worst comes to the worst!

They're not actually. The Llyods (I think) account where the funds are 'ringfenced' is covered. That's if Llyods go down.

If Revolut goes down, you can claim against the ringfenced account.

They don't yet have their European banking licence which would cover our funds.

Amirani

Mr.S wrote: »

I think today’s outage is just bad timing and unrelated to the press that’s also come out at the same time.


Keep in mind your money is still protected to some degree if they go belly up.

Is the news really that bad? By banking standards it’s nothing!

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

Their public image is certainly taking a battering. Seems to be a pretty toxic working culture. One of their key appeals is differentiating themselves from pillar banks is through this clean, progressive image. This doesn't appear to reflect reality.

Wheety

wallpapers123 wrote: »

Are you able to see the amount in your bank account?

It's not an instant transfer.

Problems settin up new beneficiarys today too. Too many issues with Revolut to store too much cash with.

I'd certainly be wary for now.

ezra_

Update from Revolut (about the CFO and the reg issues, not the app issues)

https://blog.revolut.com/let-me-sec-the-record-straight/

Yggr of Asgard

Genius2013 wrote: »

Revolut current account balances are protected by the FCSC so as long as you don't have greater than £85k you should be ok - may have to wait a while to get it back though if the worst comes to the worst!

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.

Suckit

My transfer from last night just went through.

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.

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