Blocking your early user from further use just to make him pay premium


#1

Hello again Revolut.
I see that you blocked your community from posting new messages on Facebook, left only the ability to comment on YOUR posts. (Too many unhappy clients? I know I’m one).

Your customer service waiting times, your ‘Rita’ are all legendary, but what’s you’re doing now is beyond my mind.
I was your avid customer, I loved the idea of multi-currency accounts and that’s why I went with you, not Monzo or other great startups (despite my friends telling me to do so sooner). I even bear the fact that you blocked my card numerous times in the worst possible times (I was abroad, trying to pay in the restaurant etc.) Of course I couldn’t get access back to my account immediately as your amazing service staff was asking me for bank statements which takes time to produce. Nevermind.

You were a fresh breeze in the whole banking system. Your users understand that you need to make money and start repaying all those $$m of investment rounds, but the way you conduct your business now is dreadful.

I was one of your first customers.
And now you blocked my card stating that I did not use your service as T&C just because I used my card once to pay back to my contracting partner and once to buy goods.
You were happy though to suggest me business account… and put me as 3114 customer in waiting list.

Great appreciation to your early users. Well done.

Hello Monzo.


#2

Can you elaborate on the alleged terms and conditions breach? How would it violate them when you send two transfers? What did they say?


#3

I got first yellow card when I used revolut to purchase few orders in a foreign currency which I wanted to resell (needed to buy and see samples) - they blocked my card and asked for explanation - I was honest and told them what was the intend. Second time (few days ago) was when I reached Revolut yearly spend limit and in order to lift it I needed to send some docs for verification etc. They questioned one of my transfer - one transfer to my colleague whom I did a software contracting project - and Revolut considered it to be a breach. I find it funny that they were nice to suggest that they are happy for me to use their Business account, but while I decided to go for it, they didn’t even prioritise my account (and I’m one of the early early users) and put me on the waiting list with lucky number >3100.

Nasty play.


#4

Did they say how you breached it? The first transaction sounds as if there was some stock trading involved, though I am not sure of what exact nature it was. As for the second it is also a bit unclear as you apparently sent money (spending limit) for a service you provided (for which you should usually receive money).

I guess it is important to know what exactly they accuse of and what that alleged breach was. So far it does sound like regular account transactions, but its difficult to tell without details.


#5

Hi Kamila.

We’re really sorry to hear that! However, let us clarify that here at Revolut we believe in a world where transparency and free speech are key factors.

We’d like to make it clear that we do not block or disable accounts on our community forum. However, if any of your comments have been reported by other members of the community then the system would automatically restrict your access. In this case you will need to get in touch with our community team or me.

Regarding your query for increasing your limits, unfortunately, you’ve reached your annual top up limits and based on the documents provided we’re not able to increase your limits this time. In accordance with the agreement we have place with you, you warrant that you are an individual acting solely on your own behalf and are acting for a purpose other than a trade, business or profession.


#6

@AndreasK Personal question, what happens when the limit is reached but the money already sent? Your support told me one would have to send the amount before asking for a limit increase - which per se is risky IMHO.


#7

We will need to return the transfer back to the original source of top up.


#8

Alright, thanks a lot. May I just ask one more question (and apologies to the OP for hijacking his thread :slight_smile: ), is there a particular reason why you need the transfer before the limit is increased? Thats the bit that makes it more risky IMHO … what if the limit then still cant be increased? If it was increased before the transfer that could be avoided.

Your support referred to the transaction details, but I wouldnt assume that is necessary for it to go actually through, or is it? After all, you require documents where the money originated and then that should be it, right?


#9

Advice given in the app says one should start the verification process when coming close to the limit. When an incoming payment is over the limit, it will be frozen until it is verified. If one decides not to verify funds, they will be sent back to the source.Y ou can avoid frozen funds and waiting time by starting verification before you’re going over this limit.


#10

Thanks Frank, but the question was not why the verification but why one needs to transfer the money before applying for an increase in limit. That only screams for more potential issues (not only but also because the amount will be definitely temporarily frozen).


#11

I do not think it is true nor is it a good idea to hit the limit knowingly before starting the process. That’s why I posted what’s explained In the app on the page where one starts the process. It says one should verify when coming close to the limit. (And not once one has hit it.) when doing it beforehand, it can be done without the stress of frozen money that isn’t available for the period of time the verification takes.

One has to top up some money, though. Actually, a couple of app versions earlier, the button for starting the process wasn’t active until one came close to the limit. Since many new users startet to transfer large sums in one batch, often crypto investors, they might have made it possible to tap the button without this. It’s now active by default.


#12

Verify what though? The account or the amount of the transaction?

I’d usually also assume that one first contacts Revolut about a transaction with a higher value, provides the required documents, has the limit increased to the amount in question and only then starts the transfer, but Revolut’s support was quite clear that one first needs to transfer the money and only then can ask for the limit to be increased - and that is the risky bit IMHO.


#13

No, it’s not needed. I increased my top up limit only yesterday by providing documentation to support. And had reached less than half my annual verification limit. They agreed within minutes of me uploading the documents and increased my limit there and then. By quite a substantial amount.


#14

Thanks a gazillion! Thats what I would have assumed if support hadnt told me the exact opposite.

@AndreasK, could you provide some quick feedback as to the official policy? Thanks.


#15

How can I increase my annual top up limits? Your annual top-up limit in Revolut is based on your estimated annual income and/or generated wealth. Check below what documents you need to upload depending on the source (please make sure that your name, date and all information on the documents are visible):

Source of funds: Salary
If your top up was generated from your salary, you’ll need to send us copies of your pay slips from the previous 3 months or P60/tax receipts.

Source of funds: Savings
In order to increase your limit based on your savings, we need to know how were they generated. Please upload a bank statement showing the current balance of your savings account and relevant documents showing how the savings were generated.

Source of funds: Sale of Property
If you’ve sold a property and used the proceeds to top up your Revolut account, you’ll need to send us a copy of the sale agreement for the property; a bank statement showing the proceeds of the sale being credited to your bank account; and a statement showing the funds being transferred to your Revolut account. ( unless the funds are to be deposited directly on the Revolut account)

Source of funds: Cryptocurrency
In order to increase your limit based on your cryptocurrency, we need to know how you earned the money that you invested in cryptocurrency. Please provide us with the relevant documents and statement showing your current cryptocurrency balance and any deposits/ trades/ withdrawals from the last 3 months.

Source of funds: Loan
If the source of your top-ups is a loan - please upload a loan agreement and a bank statement showing the received funds along with your current balance.

Source of funds: Self-employment
If you are self-employed - please upload your latest tax return statement or invoices from last 3 months corresponding to your desired limit.

Source of funds: Inheritance
If you have inherited wealth - please upload the inheritance will and a bank statement showing the received funds along with your current balance.


#16

@AndreasK Thanks, but my question was rather if one has to transfer the money before applying for a limit increase (as emphasised by your support) or whether it will work just fine to first apply for the increase and only then transfer the money (as mentioned by @Doppjunat).

A related question, how is salary and savings different? The former will automatically turn into the latter.


#17

Like it says: if the savings are from salary, you need to show this. It’s about the source of funds, not the amount of funds. It’s about money laundering.


#18

I was wondering what the difference of savings and salary is. Savings always have a source different from “savings”, so the “savings” opion wouldnt make much sense in this case in general.


#19

There is no general answer. But I believe the examples given in the FAQs cover many scenarios, don’t they?

Source is income: show your pay slips. Easy.

Source is from savings account: show how you got the money. Like regular transactions from your current account, selling a house, and so on. Quote: “relevant documents showing how the savings were generated” – that could mean again pay slips and documents that show the transactions into your savings account.


#20

Thats what I was “afraid” of :slight_smile: but then it was rather curiousity than concern. My actual concern is whether the transfer needs to be done before the limit is increased and there are contradicting statements now. Could you quickly address this from an official perspective please @AndreasK? Thank you