Don't add received money from other users to yearly limit!


#1

Hi,

When extended, the top-up limit is based on my income, proved by pay slips or income papers. I don’t think that money that I receive from friends should be added to overall yearly limit. That limit should only work with income from own sources, like personal debit / credit cards or bank transfers.
Why external transfers are added to the top-up limit?
Please Don’t add received money from other users to yearly limit!


#2

Hey @taviro :slight_smile:

Because you could go around giving money to people in cash in order for them to transfer it into your account.

It’s like telling your bank that the yearly cash limits before further validating you should only take into account money you deposit in the branch but not incoming transfers… :confused:


#3

Just because someone can do something, doesn’t mean it is actually doing it!


#4

Then go buy a gun and tell the person selling it that you need no background check, as just because someone can do something, doesn’t mean it is actually doing it
(I don’t intend to sound offensive not compare you to anything bad. I just believe this is a clear example)

:r: is complying with the law when asking you to provide a source of income, as any other financial entity would do. There would be no point in setting up a whole validation process just for them to create a loophole that would allow you to skip it altogether.


#5

I pay the bill at the restaurant and after that I split it. It’s actually not normal for the requested split to be added to my yearly limit. Right? I mean, it lacks logic.


#6

What kind of argument is that? :wink: This policy is in place to prevent money laundering. And a policy that would allow the exception you are suggesting would be kind of pointless.

Also, keep in mind that some of these policies are forced upon Revolut by partners they are working with. And this limit will be liftet once the baking license is granted. I don’t see them working on a problem that will not be anymore in the near future.

Cheers!


#7

Hi @Frank, please see my use case:


#8

Anyway, I’m talking about other Revolut users transfers through the app. I think it’s only fair to consider that the source of that money are already “verified” by Revolut. What do you mean with “money laundering”?


#9

It doesn’t. This is how money laundering works: spending in a way that looks lawfully and simple, but funded by “dirty” money, usually with relatively small amounts. You mention restaurants, but what about shared vacation expenses like Airbnb … – imagine the Airbnb host being part of the gang.

(Not all income is verified. The yearly limit might be around 30.000 in some markets for many customers.)


#10

@Frank , I’m talking about Revolut users. Already verified. :wink:


#11

Sorry, I added this too late.