Accounts of many random users unexpectedly locked and under review for weeks and even months!!!

My account was locked and set under review last week and I still don’t have reasonable explanation! That’s more than 7 days without having any access to my money and nobody give or request any information! I start two times chat with their agents and they keep saying only that I should wait… How long? How can someone relay on Revolut if this is possible? What if I was abroad, counting on Revolut? This is pure absurd, coming from finance institution…

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Did your account get locked after a certain event like top-up, bank transfer to it or from it…?

These account locking and ‘under review’ - are very worrying. I hope you get it sorted.

I use my Revolut now (as it is so good) for my main banking / spending - the idea that they can just lock your money and provide no immediate response is very very scary.

Do you have any crypto currency holdings? My only thought is that every time I see someone mention they have been locked is also someone who hold crypto.

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Lately I did only 2 or 3 currency exchanges between EUR and BGN… nothing else last 2-3 weeks…

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Revolut only block accounts on incoming fund transfers, not including salary so long as you could provide evidence of that to them beforehand.

So if you were on holiday I would advise transferring money into the account beforehand.

I personally transferred 500€ a short while ago and didn’t get hit by an account lock at all, probably because my account has a pretty good track record of funds shuffling about.

For what it’s worth though - if Revolut locked your account they’re likely unable to tell you why due to UK legislation surrounding AML/KYC.

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I’ve transferred over 5,000 Euros by now and never had any problems.

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My last incoming transfer was maybe two months ago… For the last three years I also have transferred many times 500€ and more… and I used Revolut without any problem, but now from nowhere my account is locked and they even refuse to tell me why!!!

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OK, and I also use Revolut for maybe three years and I also have transferred and spend few thousand euro without any problem… and now suddenly they locked my account … no information for how long… no information why… absolutely nothing!!!

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I have contacted my friends that also use Revolut and some of them have the same problem - accounts locked for 5 and more days, without reason and explonation… Revolut even block comments from them in my topic… @AndreasK , @revolut3 why do you not approve comments from @horhekz and @divenev ? They have the same problem ! @AndreasK , @revolut3 why Revolut refuse to give proper answer to our problem? Do you think that’s normal coming from finance institution?

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I just received private message from another user with blocked comments in the topic and with the same problem - @Alex.D

@AndreasK , @revolut3 we still wait for comment and official statement!!!

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Here is one more user blocked by Revolut having the same problems:
@Chaosmaker

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All comments are held for moderation for new users. This happened even to me :slight_smile: it can take a while for approval.

Not true. My Revolut account was blocked a few months ago when I literally hadn’t used it (no transfers in or out or payments) for over 2 months.

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Perhaps a glitch in the system?

I was informed that if I transfer money in a few weeks before it would give me enough time to sort everything out with them should they ask for source of funds.

They don’t ask for anything, they just block your account and forget about you… no matter how much money you have, no matter are those money crucial to you… it’s absolutely disgusting behavior and attitude towards the customer…

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They are required to not tell you anything until police conclude their investigation, in regards to KYC/AML.

Completely irrelevant.

Definitely but it’s the same load for any bank - there’s millions of content or happy with a few hundred angry customers.

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If this is police investigation, they should request documents, source of founds etc. don’t be ridiculous nobody is allowed to block your money without warrant, legal ground or at least accusation…

It’s completely irrelevant only in case they block my money under warrant from legal authority… in which case they should provide me with information at least who is that authority, so that I be able to ask them!!!

Any bank will immediately explain why my account is locked and for how long!!! If this is not up to the bank, they will tell me which legal authority requested this block of founds…

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No, UK law actually states that they’re not allowed to talk to you about anything.

The police do all the investigation work in the background.

It could potentially compromise the case should you know about any of the ongoing investigations, so they can’t tell you for that reason.

Again, UK law has no allowance for this.

Not in the United Kingdom they won’t. Not unless they’re closing or suspending your account unilaterally.

Not. in. the. United. Kingdom.

Repeat after me. This. isn’t. how. British. law. regarding. financial. institutions. work.

cc: @NFH if you know any corresponding legislation - I just know it isn’t allowed.

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This policy is completely in contrast to any attempt from Revolut to be a replacement for a traditional bank - pan-european.

I would never depend on any financial institution which has no legal representation in my jurisdiction and acts according to laws not relevant in my country with the result that I have no legal means toward this company.

Therefore, I strongly advice, what I do to all my many colleagues which I brought to Revolut in close to two years time, to use it for what it’s meant: cheap exchange, payment out of country in other currencies but never for anything more like holding money. Just transfer the amount you need and make sure you never really depend on Revolut.

Sorry to say that, although I love the product offering by Revolut and use it as my main means of payment, even locally here in Switzerland, where I live, it not yet there to trust it as much as to have it as a bank replacement.

@AndreasK: Are there any plans to get to a point where users outside of UK can depend on Revolut with proper local jurisdiction? A first step would be banking licenses in the relevant markets.

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OK so just tell me who that law is? I am very curious to read it!!!

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