Deceitful sign up process

I signed up as a new customer yesterday. I found it very hard to get clear information about the product from the pre-sales channel - they just told me to install the app.

They insisted on me depositing money before I could order a card. Only after that did they reveal that the “free” card has a minimum cost of £5 - you have to pay to be able to use the service.

When I tried to withdraw my money they insisted that I had to send them some sensitive identity documents, and they will now not confirm that they have destroyed these.

These guys are awful. I am invoking my right under the distance selling regulations to cancel the card order, will try to get all my money back. I just don’t trust Revolut.

As a regulated e-mony company, they have to follow KNC regulations. They are bound by law to keep records that identify their customers. Even after closing accounts, they have to store all related informations for a certain time. Revolut is not different than any other e-money company or bank here.

No idea what KNC might be - never heard of it, and I imagine most customers haven’t.
Yes, they are bound by regulations, but they choose to conceal their processes until you have no choice. Funny they don’t care who you are when you are giving them money, and it’s only when you actually want to access it they come over all “oh, we have to do this”.

Right, my fault. It should have been KYC and means know your customer.

Due to money laundering prevention, customers need to be fully verified before money could be moved out of an account.

The app allows to transfer in a small amount before verification, because topping up with a UK bank card for example can be used to verify identity in the UK faster. Also, it speeds up the process of ordering a card.

If you want to close your account without verification, they can send the money back to where it came from.

I have never had to go through such a process for a bank account before. I realise that rules may have changed in recent years, but they should make the process clear before you are committed.
The current practice is deceitful, and relies on getting people to a point where they have already made emotional (and financial!) investment before realling the extra steps and extra costs.