New user here wanted to share my experience at trying to raise my limit.
I have a UK address, UK bank account, UK phone number on my account
Initially setup the account and saw a 500GBP annual limit
Verified my personal details with passport (was a little concerned to do this!) and limit increased from 500->4K GBP. Given I’m going to be in Europe for several months 4k isn’t a realistic limit. I’d need at least closer to the 15k or 30k that other people have reported.
I verified my bank card
I made transfers to and from Revolut with both bank card and checking account
My annual limit has remained fixed at 4k and there is no option to submit supporting documentation to raise it.
I messaged Andreas but got a canned response as well as information from the FAQ which I’ve already read. “Let me clarify that the annual top up limit varies from account to account. Unfortunately for security reasons we cannot provide the specific details around how your top-up limits are calculated.”
My question is whether other people have had similar experiences with a raise of limit from 500->4,000 AFTER verification of personal information or whether it was much more and if they subsequently submitted savings account data what the annual limit was raised to?
I’d hate to have to go through the process of sending them further bank statements to simply find they raised my account from 4k-5k!
I’m getting frustrated with Revolut. The idea seems great but giving them my personal data without any transparency from their end seems more than a little one sided.
As far as the identity verification is concerned, you shouldn’t be suprised Revolut asks for a scan/copy of your ID document. Revolut being a financial institution, it has both the right and the legal obligation to require such identity proofs. All other banks and financial institutions will ask you for your ID, won’t they?
Regarding annual top up limits I really don’t know how these are calculated. As soon as I verified my account in Sep 2016, I instantly got 30k EUR of annual limit.
I guess your limit will automoatically increase with time, as soon as Revolut system alghoritms understand your business.
@expatier - thanks for the reply. I don’t mind them asking to verify my identity but it’s frustrating that there’s no transparency in terms of what they do with the information to calculate the annual limit.
In terms of the information I’ve provided with a UK address, UK phone, UK bank account AND a verified UK passport and bank card, there’s little to “differentiate” so I wonder anyone from Revolut team, if you don’t want to specify what criteria are being used, can you at least look at my account and see if there’s a problem that I could address?
I totally understand this. I mean, of course you’d do everything you could to make sure you get higher limit.
@bennydanny, I guess my higher limit only has to do with the fact that I joined Revolut in September 2016, which is probably the period when the company allocated higher limits.
I had to submit a number of payslips, plus a copy of the current account I was paid into showing my address and account number.
Once Revolut had this, they adjusted my limit to the total value of the supporting documents I had sent them.
I believe you have to verify both identity, plus total value and source of funds in order to have the limit substantially increased.