I’m trying to send EUR via SEPA from revolut to crypto exchanges. Coinbase, Kraken, and BitStamp all fail with “beneficiary not allowed”. Is there any exchange that’s supported?
Unfortunately, these merchants are not supported at the moment. Hopefully further down the line, once Cryptocurrencies are live!
I just spoke with the Revolut Live Support on the app, they also confirmed that SEPA to exchanges is now disabled pending the release of their Crypto platform at the end of November.
Whilst it is great that Revolut will handle BTC natively, it seems like a massive slap in the face to your customers to disable SEPA transfers to exchanges for at least a month.
Very poor customer experience!!
Why has this service been removed? It makes no sense? Why do you want to corner people into using your exchange? From what I’ve read your exchange is going to be completely sealed off. You wont be able to send your coins from/too any other wallets?
Worrying that a company who wants to be your “bank” can stop and take features away like this without any warning or notification?
I sent a first time deposit to Bitstamp via Revolut at 10.00 on 30th Oct. In the app it says “completed” so I’m guessing I was able to send just before your cutoff but are you able to confirm as the funds have not appeared in my Bitstamp account yet? Or please let me know where I need to go to find out that info.
Wow, this is actually despicable behaviour. To disable sending money to would-be competitors is something I wouldn’t even expect of the evilest of evil banks, let alone a startup pretending to be trying to disrupt the industry.
I’ve sent money to coinbase via Revolut before and was considering using revoluts crypto features when they arrived. Not any more.
Next up, Revolut launches travel insurance, and disallows card payments to other travel insurance providers?
Banks and financial institutions (Whether legacy or fintech.) have always shied away from transacting with crypto exchanges and cryptocurrency-related businesses due to heightened AML/KYC risk.
has always of a policy of not supporting debit card transactions with crypto businesses and this can naturally extend to bank transfers.
The fact that this sort of accusatory and condescending tone is often used in the Monzo forums is possibly how it was quite a shock to the Community when Starling raced ahead both in terms of its CA roll-out and functionality (Marketplace launched, ahead of schedule, and saving pots released.).
Revolut has always allowed transfers to Crypro exchanges? Mine has always worked.
This has literally changed over the last 2 days.
In Fact if you already had the beneficiary installed i think it STILL actually works. You just can’t create a new one.
The fact that the “only” reason they’ve stopped sending SEPA payments is because “we are launching our own crypto exchange”
And if you think normal banks shield away from sending to Crypto exchanges? What? how are all the users sending their money to them then? My HSBC, Lloyds accounts have zero issue with this.
Yeah if they banned it overall, fine. Totally ok with that. But the fact that they’ve banned it just as they’re starting their own crypto service is very suspicious.
Yeah sorry about that. I don’t like anticompetitive behaviour, and I was surprised that Revolut, a company I quite liked, would engage in it so blatantly. But I should probably just close my account instead of ranting on a forum.
On further investigation and based on conversations with other revolut users, revolut are only preventing people from adding exchanges as new beneficiaries.
If you have an exchange already setup, they’re not preventing you from transferring to those accounts.
Also, you can use your Revolut card to buy bitcoin on sites like BitStamp, it’s not the end of the world.
This is ^ no true. Unfortunately, some merchants are not supported by our third party payment processors.
Fair enough. But I’ve made payments to coinbase before (and apparently still can if they’re already a payee in my account), so what has changed such that your third party payment processors no longer support payments to Coinbase?
Was the reason given by this support rep incorrect?
Why is it then that people with existing beneficiaries configured in Revolut are still able to transfer funds via SEPA to bitstamp and coinbase, but people are unable to add new these as new beneficiaries??
If your third party payment processors were unwilling to deal with these recipients, ALL transfers would be failing.
If you’ve activated your personal EUR IBAN you should be able to make transfers to those merchants, since the provider is a different one.
So to be clear, Revolut users are still able to transfer payments via SEPA to any crypto exchange? So the issue brought up by @ashic and @Sam_M does not in fact exist, and @Sam_M was given incorrect information by Revolut support?
If that is the case, I apologise for overreacting before clarifying. I try to be constructive, but I’m sure you would agree that if Revolut blocked payments to a competitor in a space that Revolut was entering, that would be seriously anticompetitive behaviour.
If Revolut blocked bank transfers to an insurance company (Revolut Device Insurance) or top-ups from a competitor (Circle, for example.), sure. Perhaps your claim would be more legitimate.
If Revolut blocks bank transfers to a cryptocurrency exchange or an crypto-related business? I’d say not.
Cryptocurrencies both as an asset class and a method of payment contains higher risk, in terms of the concern over illicit funds entering the global financial system (For KYC/AML purposes.).
has decided to take a proportionate approach towards cryptocurrencies.
It is looking to implement it in its app, but at the same time, is doing it in a phased approach (e.g. No direct wallet–to–wallet transfers.) due to regulatory and legal concerns. This includes not supporting transactions and transfers to cryptocurrency exchanges and crypto-businesses.
Given how much and how many legacy banks and financial institutions have been fined over the last decade due to a lax/light-touch approach towards KYC, it really is no surprise that is taking a considered approach towards this area.
Even the loyalist @Graham has decided to move to Starling. He even spends significant time in the welcome threads welcoming newcomers!
As I said, if they blocked it in general, I wouldn’t have a problem. If they blocked it at the time of setting up their own crypto product having previously been ok with it, however, that smells bad.
@AndreasK now says that they are not doing any blocking, however, and the original two posters were therefore mistaken. If that is the case, my criticism was based on incorrect information and I apologise. If you say they are blocking such transfers and are right to do so, @AndreasK appears to be contradicting you. I will wait for his clarification before commenting further on this.
I’m not sure why you keep bringing up the Starling and Monzo forums. I am a member of all three, and have in fact posted to all three today. I don’t have any particular affinity with any of them, but recently I’ve been mostly using Starling and Revolut - I haven’t used my Monzo card for a month. I mostly post in the Monzo community because the Starling community is far less active and the Revolut community seems to mostly be people complaining about not getting a reply from support. Still, I personally think Monzo has the weakest product offering. I accept that my first post in this thread was overly aggressive, and yet again, I apologise for that.
Regardless, none of this is relevant to whether Revolut has engaged in anticompetitive behaviour - if they haven’t and the facts were wrong I have already apologised for my criticism. If they have, then my criticism was valid, if overly aggressive.
I just noticed my Euro account was indeed not “activated”. I’d already set up a fire.com, and went revolut>fire>kraken; took an extra day. I’ll see if it works directly next time I’m trying to transfer.