Annual top-up limit: How much transparency is enough?


#1

I have provided extensive documents for several bank accounts where I receive payments, dividends, salary or where I have savings and investments. Also I have proofed the flow of funds/transfers from one account to another and to Revolut.

Although I have been granted a limit raise from 30K to 50K (which has not been applied yet in the app) I am wondering why there is still a limit and if I will ever be able to use the Revolut bank as my default bank (I sure have a turnover of more than 50K p.a.)?

I’ve been told by Aleksandra that I need to provide more documents if I want a higher limit. What more could I possibly make available?


#2

I would lean back and wait until Revolut got a EU banking license. Shouldn’t be far off. This might change then.


#3

The concern driving the need to collect this information (The process is called ‘KYC’: ‘Know Your Customer’.) is not due to :r: being nosy, but because the source of funds need to be verified (In order to ensure that the funds are legitimate and not from illicit origins.).

Therefore the limit should theoretically be unlimited as long as it is supported by supporting evidence (e.g. Sale of property/assets, …).