I’ve had the product for about two months, and am actually quite happy with it. Working in the UK on a commuting basis, getting paid in EUR, and living home in mainland EU with a non-EUR base currency.
There had been info/ad emails some time ago, advising to start sending salary to Revolut directly, and heck I thought why eventually not. As I went PREMIUM just recently to try the cryptocurrencies, I did exactly that.
But there was the 15000 EUR yearly cap. Fair, some cap needs to be in place.
FEEDBACK 1) free-service
The 15k is inconsistent with other limits. The 6k monthly turnover limit could work like this e.g.:
- receive 2000 EUR funds equivalent
- exchange 2000 EUR
- send 2000 EUR equivalent
(correct?)
Thus annual top-up limit of 12x 2000 EUR = 24 k EUR would make more sense.
Or else: the minimum wage 7,5 GBP/hr * 8 hr * 5 days * 52 weeks = 15600 GBP = 17700 EUR <–> why is the current limit set at less than minimum wage earnings?
FEEDBACK 2) premium account
Use case
- withdrawing 400 GBP monthly
- paying rent and essentials 1600 GBP monthly
= funds in 2000 GBP/m = 27.200 EUR/y <—> why is the annual PREMIUM limit not set as a default to a value which reflects the expected combined deposits?
Suggestion:
a) change annual FREE top-up limit to 25k EUR
b) change annual initial PREMIUM limit to 40k EUR (around average household income in the UK)
Increasing to the above values would significantly reduce the back-office workload, because with the current limits virtually EVERYONE who sends in their earnings to Revolut will hit the cap sooner or later.