Revolut Megathread.

Jim2007 · 28-02-2023 03:56PM

https://www.boards.ie/discussion/comment/120295611#Comment_120295611

When I started reading this article, my first reaction was that it was an old article.... except it is actually from yesterday. Perhaps I'm wrong, but I think we've had this story before a couple of months back... of if not one very similar although I can't remember which bank or even if I heard it on boards.

ohnonotgmail · 28-02-2023 03:58PM

https://www.boards.ie/discussion/comment/120298127#Comment_120298127

I didnt realise the story was from yesterday until you mentioned it. I have definitely read something very similar on this thread not so long ago.

Yggr of Asgard · 28-02-2023 04:14PM

Giving how simple it is to suspend or even terminate a card in the App I wonder where the complication is.

If a charge shows up that is not valid, I suspend the card and if don't get a satisfactory answer, I terminate the card.

Plus, even if someone calls and claims to be my financial services provider, I don't entertain it, even if they have parts of information. Especially financial providers which usually on have a chatbot or CS via online features.

Sure the service was horrible for that person, but seriously, suspend/terminate is an easy click in the app.

hynesie08 · 28-02-2023 04:37PM

https://www.boards.ie/discussion/comment/120298127#Comment_120298127

https://www.boards.ie/discussion/comment/120298138#Comment_120298138

A poster on here willingly transferred all his money from his bank to revolut THEN Transferred it to the scammers revolut, then tried to call the banks incompetent.

ohnonotgmail · 28-02-2023 04:51PM

https://www.boards.ie/discussion/comment/120298282#Comment_120298282

that is what i was thinking of.

coylemj · 28-02-2023 05:37PM

https://www.boards.ie/discussion/comment/120298200#Comment_120298200

That's what I thought when I read that article. You can individually turn off contactless, online purchases, swipe and ATM withdrawals and you can freeze or terminate the card. But I still regard their support as weak and would never have more than €100 in my account.

Jim2007 · 28-02-2023 05:39PM

https://www.boards.ie/discussion/comment/120298282#Comment_120298282

That may well be what I'm thinking about.

-=al=- · 28-02-2023 05:45PM

There has been a lot of those fear mongering type articles as of late. It's good to have people aware of what can happen, but most of the issues come down to an external scam and user error. If you're not sure how something works don't keep 1000's in there

Gotta keep in mind there's more users than ever using Revolut and there's more features than ever that are dead easy to use, maybe too easy to use for some who aren't sure what they're doing. In that case maybe the legacy banks are for them but they will have to accept the lack of features and the monthly cost.

The legacy banks may have better customer service or fraud teams, but they have far less features available and accessible in comparison which will naturally keep fraud lower. As mentioned there's also simple ways to block cards and cancel online transactions and ATM withdrawals in the Revolut app that takes seconds.

A combination of both is the best way to use Revolut for me but if you know what's what you should be fine. If not, don't keep 10k in there

AlmightyCushion · 28-02-2023 05:59PM

You also have to remember that Revolut probably have more active customers than any other bank so they are probably more likely to be scammed as a result.

beachhead · 28-02-2023 06:51PM

https://www.boards.ie/discussion/comment/120296446#Comment_120296446

Yes.Or they stop talking/texting

Habata · 01-03-2023 01:04AM

Is there a way to top up a revolut account with a prepaid card? A relative wants to lodge a one off small amount to an account as a present, and they've no active bank card.

Just wondering if there's something like a card you can load and use like a normal bank card.

AlmightyCushion · 01-03-2023 02:35AM

https://www.boards.ie/discussion/comment/120300065#Comment_120300065

Couldn't they just do a bank transfer from their account to the Revolut account.

Saudades · 01-03-2023 06:51PM

What interest rate do Revolut currently pay on Euro idle cash balance? I can only find the rates for Pounds and Dollars.

Yggr of Asgard · 01-03-2023 06:53PM

https://www.boards.ie/discussion/comment/120302407#Comment_120302407

None

Yggr of Asgard · 01-03-2023 06:56PM

Looks like positive news for once:

Revolut, the London-based fintech firm, has posted its first annual profit after missing multiple deadlines to release its financials.

Sheep Shagger · 01-03-2023 10:05PM

If I started getting scam alerts I think the first thing I'd do is move my balance into a vault so my account has zero in it - they can't get anything then. Once the dust settles and new cards issued etc, move it back

beachhead · 03-03-2023 06:46PM

https://www.boards.ie/discussion/comment/120302423#Comment_120302423

26 million quid wasn't it

Yggr of Asgard · 03-03-2023 09:21PM

https://www.boards.ie/discussion/comment/120310399#Comment_120310399

Yes BUT there have now been several reports that "Revolut’s auditor warns 2021 revenues ‘may be materially misstated’"

Revolut auditor flags concern about $576 mln of revenue in long-delayed 2021 accounts | Reuters

Mimikyu · 03-03-2023 09:29PM

Usually I take stories I read about Revolut closing users accounts "for no reason" with a pinch of salt because I don't think they're telling the full story, but I've seen a number of posts on Reddit of people getting their accounts suspended and then closed and the thing they have in common is buying Pokémon Go coins from the Turkish Play Store.

Has anyone else heard of this happening? If that's the actual reason I'm surprised I haven't heard about it here with the amount of users getting their YouTube/Disney/Netflix subs from cheaper countries.

AlmightyCushion · 04-03-2023 04:21AM

https://www.boards.ie/discussion/comment/120310906#Comment_120310906

Not Revolut but I lost access to my Monese account for months when I installed it on a new phone. I opened the app to log into it, did the security verification stuff (look into the camera, turn your head left etc.). Then I got a notification and an email that my account was blocked for security reasons and the security team would contact me with the next steps. I replied to the email and never got a response. I kept emailing them back and after about 3 months they replied saying my account was unblocked. Do you really think that is acceptable?

Even in the scenario you are talking about do you really think it is ok for someone to be locked out of their bank account for months or it being closed because they bought something on a foreign google play store? Why is that acceptable? I have done it years ago with my KBC and PTSB accounts and it was never a problem. Why is it a problem for Revolut? Sure it looks suspicious and could be a case of the person's card details being used without their knowledge but you don't lock them out of their account for months or close it. You just block the transaction and contact them and ask them if it is legit or not.

beachhead · 04-03-2023 05:04PM

https://www.boards.ie/discussion/comment/120310887#Comment_120310887

True

beachhead · 04-03-2023 05:07PM

https://www.boards.ie/discussion/comment/120311960#Comment_120311960

I'll enjoy the to and fro when more people make it their main bank account and then start whining when something goes like blocking or app failing etc.,

Mimikyu · 04-03-2023 09:24PM

https://www.boards.ie/discussion/comment/120311960#Comment_120311960

Of course I don't think it's acceptable for them to close an account immediately and refuse to engage with the user. I know if it's to do with AML they can't discuss it but from what I read some of the users on Reddit who had their accounts closed only used it for purchasing in game purchases with their Revolut cards.

I find it kinda worrying as someone who uses Revolut to subscribe to a number of services abroad (not all to get cheaper prices, some not available in Ireland). This isn't something that would have even crossed my mind before seeing these posts.

Jim2007 · 05-03-2023 11:22AM

https://www.boards.ie/discussion/comment/120314524#Comment_120314524

I would take what people say about why their account was closed with a very large pinch of salt. You can't know what actually happened and it is extremely unlikely they will have been told either since the banks would need to break the AML rules they operate under in order to discuss it with the customer.

I spent several years working in this area, although not in Ireland and based on that experience I'd be extremely skeptical of anyone telling me their account was closed because they made a single purchase of a game from an online vendor. It is just not credible. The most likely cause I can imagine that might lead to such a claim would be that they either failed to comply with an AML request or that the source of the funds used to make the purchase was suspect.

jeffk · 06-03-2023 06:36PM

Got an email about credit cards coming, what is the difference to what we have already

I know probably a stupid question

awec · 06-03-2023 06:45PM

https://www.boards.ie/discussion/comment/120321853#Comment_120321853

You can spend money you don't have and pay it back over time.

Yggr of Asgard · 06-03-2023 06:48PM

https://www.boards.ie/discussion/comment/120321853#Comment_120321853

https://www.boards.ie/discussion/comment/120321885#Comment_120321885

30€ Stamp duty too.

Yggr of Asgard · 06-03-2023 06:52PM

And that raises a question, if you have the Pay Later feature which essentially is a credit account that you only can access via a card, should that not also attract Stamp Duty giving that Stamp duty is not on the card but on the underlying credit account?

masterboy123 · 06-03-2023 10:41PM

So my Revolut account is blocked since the last 24 hours. I can see that they require further info like payslip which I submitted yesterday. Still can't access anything and today I received a new message stating that they want to know if I lived in another country via Know Your customer (KYC) legal requirement.

Anyone gone through same?

Thank God, Revolut is not my primary bank account.

wingnut · 07-03-2023 03:07AM

Am I correct in thinking to avoid getting / sending those stamp duty letters it would be easier to wait until after April 2nd to order the credit card after cancelling the old one as that is the start of the tax year for card stamp duty?

Revolut Megathread.

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