Direct debits and standing orders?


#1

We’re interested in using Revolut as our main account, assuming it ties in OK with FreeAgent via the CSV export. We have an account opened already, but there could be a stumbling block over direct debits/ standing orders. We only have a few of each, but it’s going to be inconvenient if we can’t transfer them from our Barclays business account.

Is there a timeline by which DDs/SOs might be supported?


#2

Hi @rockets thanks for this and happy to hear you’re thinking to switching your business banking to Revolut for Business. At the same time I’m sad to hear DDs/SOs are of a crucial importance for you. Unfortunately, we can’t really confirm an exact timeline of when we’re gonna launch those. Most likely 3-6 months but could be faster. Would you be able to wait?


#3

Yes, we could wait if

– Card acceptance is improved; we can’t use the virtual Revolut card with Adobe or Uniregistry
– Transfers into the account are faster; the first one took 5 hours during a working day
– We get a real IBAN/BIC for e.g. USD transfers; our invoicing software cannot display the extra fields that Revolut requires, and it’s unrealistic to expect clients to remember to use them
– Text alerts or easier login is introduced; insisting on 2FA via email for every login is cumbersome, and it would be good to whitelist the device for e.g. 7 days at a time so we didn’t have to do this all the time.

We would really like to ditch Barclays, but those IMO are fundamentals that are currently missing from Revolut.


#4

Hey,

Just though I’d mention I’m using my revolut business virtual card just fine with Adobe - probably worth trying it again.

James


#5

Hi Revolut team,

Are there any progress about the direct debits and standing orders?

I am thinking to create a business account.

Thank you.


#6

Hi @dani29400

Still on the roadmap, realise this is important to a lot of businesses, hope to be able to update you soon.

Best
James


#7

Hi James,
Same need here. It would be very great if you could share some timeline for this. As well as the Xero integration. A must for sme like us.

Regards,
Davide


#8

It’s been almost three months since this thread was opened; I think we deserve something firmer than “it’s on the roadmap” now?


#9

Just adding another voice to this. I had taken for granted that direct debits / standing orders would be supported (banking must be a little different in Australia).

I’ve already opened my business account (super easy, thank you) and set up a couple of direct debits. I’ve been told about one failing, which prompted my net search. I’ll see if I can set up a payment to them but it’s a bit of a hassle that they can’t debit my account themselves.

Any updates on timeline would be appreciated.

Cheers,

Tom


#10

1 day short of 4 months, and still no update from Revolut…

I’m just in the process of putting a workplace pension in place, to conform with the new auto-enrolment regulations, and my chosen provider requires that I set up a direct debit…

Unfortunately, basic account functions like that are VITAL to businesses.

An update would be appreciated. An announcement that this functionality has been added would be celebrated! XD

P.S. Couldn’t agree more with @rockets on the need for improved transfer speeds and real IBANs (without the long-winded application process). Haven’t run into any issues with card acceptance yet, but being able to see money that’s been sent via Faster Payments right away is vital, and I have clients overseas who are required to use the reference field for other things, which means they presently can’t pay me via bank transfer (which is the default batch system for some of them). Asking them to pay via card or PayPal because my bank can’t handle a direct payment REALLY makes me look and feel unprofessional/small-time.


#11

To be honest, we’re thinking about closing our account because the features promised just haven’t materialised. £25 per month is far too much for a service that is (IMO) incomplete and lacking in functionality, like direct debits, US payment details, and Faster Payments. I understand these things take time, but we’ve been waiting a while now without any updates. We also paid £12 each for debit cards which both have incorrectly formatted names, and I’ve not had any response to that enquiry either.

IMO, as a basic bank account, Revolut for Business would serve any company well. But at this price, you’d be better off paying for a high street bank account. I take no pleasure in saying that, but I fail to see the point of paying a monthly subscription any longer.


#12

I hated my Barclays account, and it did cost more to run, but you’re not wrong. It’s almost worth paying the extra, and suffering dealing with a high-street bank, just to have those really basic account features in place (and, I dread to say it…even better customer support, in some cases - which I didn’t think was even possible!). Dealing with them was a nightmare, but dealing with Revolut isn’t proving to be much less so. All actual banking requests have to go to their “banking partner” for approval, which can take up to two weeks, and the customer support via chat seem even less willing to provide information on timelines and feature implementation than in these forums.

I’ll likely carry on using my account for the minute, and cross my fingers and hope that direct debits are added in the next month or two, as promised.

But I’ve got my eye on switching to Starling the second their limited company business accounts are available: https://www.starlingbank.com/business-account/

I have a personal account with them and love it. WAY better than the Revolut personal account I tried. And they’re already a proper, registered, banking institution. I have an overdraft with them and everything, as well as custom a custom IBAN number as standard. I’m expecting good things when their business accounts finally launch this year.


#13

Response from Revolut via support chat:

“This option should be available once we will receive a banking license. There is no timeframe I am afraid.”

However, Revolut only applied for a banking license in November (a month and a half after this thread was started)…

According to the Financial Times: Nikolay Storonsky, founder and chief executive of Revolut, said: “We delayed applying for a banking licence because we wanted to focus all of our resources on product innovation from day one."

Yes… an innovative banking product that lacks basic banking functions like Direct Debit, preferred by “more than half of UK bill payers”, according to Revolut’s own announcement

Looks like I’ll have to see if another arrangement can be made with my pension provider.

But if it comes to an either/or, do I dump my pension provider, because they don’t offer alternate collection methods, or my bank, because they can’t offer basic account functions right now?

Tough one…


#14

No timeframe? Then surely we should be getting a discount on the monthly fee until all the features are available??

And yes – we are also on the Starling waiting list. I already have a personal account with them. It’s amazing!


#16

Good Morning,

I was wondering weather DD/Standing orders are still on the cards?
I have set up the Business account, but for the Business to function properly I would need this feature.

Hence it would be good to know if you are anywhere close to releasing these features?

Thank you.


#17

Hello everyone,

I have been using a Revolut business account since January and I had a good experience so far. However direct debits and standing orders features are really needed asap. I thought Revolut received banking licence in UK and the features should be possible to implement now.

Is there any timeframe yet on the implementation?

Hope you can help on this

Best,
Stefano


#18

combining revolut with starling seems like a very effective solution to me. unfortunately I haven’t got the advanced onboarding finished here yet


#19

I also really need to be able to set up DD and standing orders. If this doesn’t work then i guess one has to do it manually??? Any updates welcome please.

There are a few things that, with very little business banking experience, I see as shortfalls. These are;

high charges for card delivery (unable to deliver to where I am at the moment…)
only one online accounting package integratable
very complex reference number system for international income
no mobile app

So having been lucky enough to get an account, I’m finding it baffling that there are so many difficulties. Any thoughts on how to deal with these things?


#20

We’ve decided to close the account. I’m not really sure what we’re paying for, but it’s not what was originally promised


#21

Hello @gileshg :wave: We appreciate your feedback! Can you please drop us a message confirming the country to which you need to have your business card delivered including your company name so we can discuss both the card delivery and direct debits? Thank you in advance!

The reference number system (otherwise known as your ‘wallet reference’) is used for incoming payments via SWIFT for companies (and freelancers) who successfully completed the standard on-boarding process. You may be eligible for unique IBAN accounts for incoming SWIFT transfers and it’s possible to apply directly in Account Settings. You’ll need to be prepared to confirm more information about your company.

Mobile app and Xero integration are features which are on our big product roadmap and should be live very soon! In the meantime, please check FreeAgent integration, and please stay tuned for some exciting news about mobile notifications! :iphone:

Kind regards,

Olga