Came back for another try, now regretting it

I tried Revolut out when I found out you could buy cryptocurrency. Only to find out you couldn’t send it anywhere.

Just recently I thought I’d give Revolut another try. This time I made an important international transfer that I really needed to arrive when it was due to arrive. I also paid for turbo same day transfer.

Four days later I contact Revolut, only to be told the transaction has failed. No notification. I had to contact them. And then all the support person could tell me was that there wasn’t enough info about the beneficiary. But I entered all the details requested.

He told me the chat was being escalated to the relevant team, only for the chat to go quiet. Nobody’s responding to my messages.

It was really important that I make this transfer so I’m super annoyed now. I should have stuck with Nationwide.

So now I’ve just received a message from a new support person telling me “the beneficiary is not supported by our third party payment processor and making a transfer to them will not be possible.”

What a joke. Bye bye Revolut.

May I ask what kind of beneficiary younwanted to send money to? Was kt a person or a company? Located in which Country?

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Revolut support tell me that Uphold is not “supported” by their third party payment processor (which I believe is Currencycloud). Apparently Uphold is “out of their payment processor’s risk appetite”.

To which my question is, who the hell are they to decide who I send my money to. The sooner banks are superseded by cryptocurrencies the better.

Oh, I see. That is bad luck for you ut I hope that you have another account as well that will support your demand.

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When you activate your personal EUR account, you should be able to send EUR via standard SEPA transfer to Uphold. I believe the personal SEPA account does not have any limitations like this.

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Also, doesn’t Uphold require to send money only from accounts in ones name? For Revolut, this would only be the case for the personal GBP and EUR accounts.

Thanks Frank, that’s very tempting, but I’m not sure I want to risk another week. This has already cost me hundreds of pounds in lost returns.

In my mind Revolut shouldn’t be offering this service in the first place if they can’t warn me ahead of time that the transfer can’t be made and can’t notify me as soon as it fails.

I understand now why Monzo has held off providing international payments so far.

Also, doesn’t Uphold require to send money only from accounts in ones name? For Revolut, this would only be the case for the personal GBP and EUR accounts.

Yes, that’s correct. But an international transfer would be from my personal account, no?

I don’t think so. All transfers from pooled accounts via currencycloud do not appear as sent in ones name, I believe.

Okay, so it probably would have failed anyway. Another reason they shouldn’t be offering the service.

Tech support also confirmed your thought that a Euro SEPA transfer would work, so maybe I’ll give that a go. Thanks again.

As I can see you sent this EUR transfer via our old account & payment processor which does not support this beneficiary. Can you please try to activate your personal EUR IBAN and do the transfer again?

Yes Euro worked Andreas, thanks. When will you be updating your payment processor for GBP?