3rd party top-ups


#1

Due to some kind of (possibly EU) regulations, 3rd party top-ups are not allowed.

What confuses me is this; when Revolut came out, this was allowed. I even asked support at the time if my company can just transfer my salary straight to Revolut without even having the need for a local bank account.
Few months after launch this was blocked and message started popping up, that 3rd party top-ups are no longer allowed.
I also have a local prepaid Visa card (in Slovenia) and they allow 3rd party top-ups, so I am quite sure, that the “regulations” don’t exactly ban this, but possibly create a lot of hassle or paperwork.

I think Revolut should look into this and re-introduce this option, because I think there are people out there (including me), that would consider using Revolut as primary payment source.
I do realize that there are considerable money laundering issues here, that need to be overcomed, but hey. You guys figure out everything, I am sure you could find a way for this to work.


#2

This could be a marketing move coupled with the intention to ease AML hassle. Just invite your payors to join Revolut and then they can freely send money to you within the app:)


#3

Well they cannot join, because business accounts are not available yet. When they are, it would certainly be a nice alternative.
But 3rd part top ups should be available at least for companies, because I could use this right away.


#4

I agree, we should start a Revolution against the AML bullshit! After a quick verification Paysera offers this feature (they give IBAN account too), so it’s definitely possible.
I have somewhere else a savings account where I’m the only one supposed to top up, yet they allowed me receiving income.
Bitcoin allows money laundering right now so IMHO making bullshit regulations only hurt honest people. Let’s change this attitude!


#5

Being an FCA regulated entity in the UK, a non-compliance with the AML rules will be excruciatingly painful for Revolut so the regs need changing first; otherwise, there is a huge risk of financial penalties or losing FCA license if the AML controls are slack.

IBAN account may require a banking license for Revolut which adds even more compliance requirements. I am not sure this is the right way for Revolut


#6

I share travel with friends who are old and do not have mobile phones or computers to operate a Revolut account. I pay for a lot of the bookings and foreign expenses but they cannot repay me to top-up my Revolut account by bank transfer from their personal Euro or USD bank accounts. That restriction should be got around somehow. I realise the restriction may have something to do with money laundering. However, having started a GBP Revolut account, I want to build up my holdings in other currencies. It looks as though I will have to open bank accounts in Euros and US Dollars to receive payments and top-up my Revolut card from them. That means more expense and management. The Revolut card is not as useful as I thought.