Complete loss of trust


#1

Alright, so here it goes. I had great hope in Revolut. As I travel a lot and have family all over the place I thought it’d be great for me.

However, as reports of lost transfers, blocked accounts, and no response from support staff increased, I became increasingly concerned, but wrote it off as bad experiences.

Then comes the fiasco of the new EURO personal IBANs simply not working. Granted its the sending banks responsibility to update their IBAN database, but it’s also Revolut’s responsibility to test a product before releasing it!

The straw that broke the camel’s back came today: After my German bank updated their IBAN I thought I’d try it again. But it still didn’t work. Opened my Revolut account, only to see the personal IBAN no longer there.

After the usual half-day-long wait for support, it turns out they disabled my personal IBAN because I said I was having problems with it yesterday. But without telling me and without my consent (They asked me yesterday, whether I wanted them to do this, and they seem to have interpreted the lack of objection as consent.) Additionally throughout this chat I had to ask most questions twice because the first “answer” was always unrelated to the actual question. (It’s really annoying when you first have to fight with Rita, because she doesn’t understand your question, and then with a person who doesn’t seem to understand you much better.)

I think it’s time to say farewell for me. I am sad, because I really like the idea of holding money in various currencies, but I just don’t think I can trust them with any significant sum of money any more, if they so unreliable.


#2

I completely agree. It beggers belief that they are letting new people sign up when support for the existing customers is so pitiful.

I suspect the motivation is to get the headline figure as high as possible and then sell out so it doesn’t really matter if 90% of that number are so fed up that they never use the service any more.


#3

Not 90% more like 0.009%.


#4

Sorry but if your bank cannot cope with a legitimate IBAN/BIC combination then how is that :r:"s problem? Initially I had the same problem but by complaining to my bank it was resolved.


#5

I believe I have actually answered that query in the original post: firstly, I explicitly acknowledged that this was primarily not Revolut’s responsibility, but also said that I felt that a feature that massive, ought to be properly tested before it is released. That’s what we do, in the company I work with: every feature goes through very lengthy testing phases, sometimes for many months.

Secondly, and maybe more importantly, the non working of the IBAN wasn’t my main issue (like you I took this up with my bank and had it resolved within 24 hours). It was only one issue out of many. All of which taken in isolation I can shrug off (everyone makes mistakes), but taken together undermine trust. It’s one mistake after the other after the other. This indicates unreliability. Not something anyone would want from their “bank”.


#6

This is a counter-party issue.

Legacy banks failing to update their databases on a timely basis (Possibly up to a fortnite per refresh.) is not something Revolut can control.


#8

But they can test. And if it is true that these databases are only updated fortnightly, and this is widely known, then revolut should’ve known as well, and waited a fortnight. Problem solved.


#9

How do you imagine testing all banks in EU, EEA or SEPA?


#10

Well technically Revolut could at least keep the old top-up method visible through the application.


#11

If the IBAN is not deployed, how would the new banks add this to their database?


#12

Uh, by deploying the IBAN but not releasing it to customers until ready.


#13

I don’t know. It’s also not my job to know, as I work in an entirely different field. But I also work in an industry were we have to ensure compatibility with a lot of 3rd parties, many of whom don’t always adhere to the specifications (often not even to their own documentation) and we have always found a way to ensure compatibility. That’s why we employ specialists in our field…