Account Limits - Crypto -> Fiat

[essexboyracer]

Say for arguments sake someone had 2k XRP in a Revolut crypto account, the XRP price rose significantly to 100GBP/XRP and wanted to cash out to a Revolut GBP account.

As I understand it account limits are 75k GBP per account, so how would one exchange the 200,000GBP XRP into a GBP Revolut account?

I’m not particularly interested in moving money away from Revolut, as I quite like it over and above a regular high street bank account (although it’s missing some key crypto features such as limit orders/wallet support)

[mirron]

It will be denied and you’ll keep your XPR

[Frank]

Update: found it. Sorry, the link in the FAQs was broken. I found the correct link with a different language version of the FAQs.

[alessandro]

Why do you think so?

I’d think the conversion would go through and IMHO the account should not even get blocked as the increase in money is solely due to exchange rate. But I am sure Revolut can(not ) shed light on this. Though in case of doubt, consider the account blocked

£75k limit

[Frank]

Since the Fiat part is regulated and has a max. of 75k GBP per account and then crypto side isn’t regulated and outside of the scope of the T&Cs for the Fiat account offer, I can see that bringing crypto over to the Fiat side is indeed affected by this limit.

From the T&Cs, the logical conclusion seems to be that the Fiat account can’t have a balance higher than 75k GBP with no exceptions.

[alessandro]

has a max. of 75k GBP per account

I am not familiar with that bit, could you elaborate on that? Would this mean - regardless of any account specific limits - no Revolut account can hold more than 75,000 pounds at any given point?

[alessandro]

no Revolut account can hold more than 75,000 pounds at any given point

Apparently
https://www.revolut.com/retail-supplements#account-limits

I have to admit I was not aware of that limit. Which raises another question - will this be dropped once there is a banking licence

[Frank]

It seems to be a limit related to the third party provider Mudulr. But I can’t see a “wealth” or “investment” offer with this limit in place.

[alessandro]

Isnt Transferwise under the same regulations? They do not seem to have a limit in place.

Revolut should really step up their game in terms of becoming a proper bank, but I do realise that plea will be in vain

[alessandro]

Though I wonder what happened if you had EUR 97,000 in June 2016 in your Revolut account. This was about GBP 74,000 back then - hence below the limit - and turned by now into about 86,000, which exceeds the limit.

[Frank]

That’s right. It is a third party service provider limit instead. I will update the post.

[Frank]

Good question. After checking FAQs again, I now believe this is only relevant for GBP. So there might not be a limit for EUR balances like this at all. It seems like Modulr is their “GBP account service provider” for personal accounts and they are already using other additional providers to circumvent some of Modulrs limitations.

[alessandro]

Thanks, I dont even bother to tag AndreasK, there wont be clarification anyhow

[Frank]

I asked support. They confirmed it is GBP only. Makes sense, the T&C section literally says the scope is the GBP e-money balance.

[alessandro]

So @essexboyracer should be fine as long as he converts his XRP to something else than GBP.

Then covert that amount batchwise to GBP and withdraw.

[alessandro]

I asked support. They confirmed it is GBP only.

Just talked to support and was told the amount-in-account limit applies to euro as well. EUR 85,000 (roughly the sterling amount in euro) is the maximum one can keep in his account.