Unfortunately this doesn’t address the root of the issue at all.
Revolut’s arrogance is just unbelievable. The “FAQ” can change anytime, without any notice, and no revision history is available. Now that the AUD markup is gone it’s as if it were never there in the first place.
I spent USD 700+ via Revolut in Australia in April and if it were not for this thread I wouldn’t even know I was possibly charged this extra undisclosed fee. It does not seem to show in the app as well, of course.
Nothing stops Revolut from editing the FAQ through automated means to add markup to AUD (or any other currency) every time a customer makes a transaction in this particular currency, and removing it immediately afterwards. This way everyone could be charged a fee while not even being aware of it. It is a trivial task to program and ethically this thread leaves little doubt it would not be beneath Revolut to do so.
(2) Is there the way to see the amount of these additional fees via the app or otherwise?
(3) Are there going to be any changes to the way the “FAQ” is amended from now on?
(4) Is there a way to receive notifications about any changes to the FAQ the moment they are made or in advance?
(5) Is there a way to see the complete revision history of the “FAQ”, “Fair Usage Policy” and other documents that determine Revolut’s terms and conditions?
I agree with all your points. Especially on the need for more transparency and consistency. Indeed it was a point in my online complaint to customer support. I was pleased that Revolut had responded to my complaint within 1 hour of my online comment to them.
What’s still unclear to me is whether, as Revolut implied, this was just a mistake in their FAQS, or whether there was indeed a markup applied to their rate for AUD. If the latter, then this is a more serious matter, and I would think you should be entitled to claim the extra markup back from Revolut.
But again this is not clear, and hence I would be insistent that Revolut owes its customers a high level of transparency and openness. After all this is what predicates it’s business model, and its whole raison d’etre.
Just FYI, I’ve reviewed a number of transactions I made in AUD that completed on 26th April. Most showed a Revolut rate of 1.6935 but I did have a single one showing 1.7098.
I also had one transaction complete on my Halifax Clarity card on the same day in AUD, this showed a rate of 1.7045.
Looks like no significant differences here so perhaps this was an error in the FAQ’s rather than a markup actually being applied
If this is indeed the case (although I doubt it), then it should be even easier for Revolut to put an end to all this speculation and just say so, officially.
Still, an all-week markup was introduced for other currencies (RUB, THB, UAH) for the first time, and this was also not announced.
I made a request for clarification via the “live” chat but so far it appears to have been completely ignored.
Firstly, we’re really sorry for the removal of your initial comment. This was a completely unintentional error on our side and your original post has since been restored. We are really sorry this happened. Routinely posts are removed when support issues have been resolved and this one was flagged as resolved by a mistake. We are reviewing our processes to make sure this never happens again
Regarding your AUD query, we strive to provide the best available rate wherever possible, with nearly all active currencies live at the inter-bank rate. However, due to some operational infrequencies, small markups for certain currencies would have traditionally applied. We have since resolved these issues and can confirm that AUD is now available at the inter-bank rate.
Revolut is growing at an incredibly fast rate. Please bear with us as we are committed to providing a world-class service that will help keep more money in your pocket.
We always value customer feedback and really appreciate you taking the time to raise this issue with us.
The lack of an answer to all the questions above speaks for itself. Fair enough, I’ll leave it at that.
At the same time, Revolut is also refusing to tell me how much they charged me when the AUD markup was in place, or in fact even reveal the date when it was introduced, which I’ve been trying to find out since May 9 via the so-called “live” chat:
The first answer looked promising, someone would get back to me and update me:
Everyone can make up their own mind what to think of it.
And by the way, “extended inactivity” at 3 am is called “sleep.”
Note: I edited out the names and avatars of support agents, as well as all the messages that failed to send, the “live agent” instruction, support bot answers, and my repeated asking of the question (which was the same as on the first screenshot).
What drives me particularly crazy is that some support agents don’t even bother to read your question or what’s been written and instead provide completely useless and automated rubbish answers. This makes me lose it instantly.
Revolut is uncontactable by design, not by accident.
The agents just copy and paste instead of providing actual support but it’s not the agents who set their incentives this way for themselves. If this were deemed against the interest of the company, it would have been overhauled long time ago.
Apparently they just see no value in customer retention and/or expect people to have short attention span. Ethics aside, this might even work out for them. However, it has never been attempted in the area of finance before, so Revolut is indeed a bit revolutionary here. Leaving the customer unable to answer in practice is also quite an innovation.
When you contact them via their “live” chat (what a travesty of a name by the way), you have to wait, possibly more than a day. Yet when they start writing back to you, and you’re not around to type back immediately, then it’s “extended inactivity” and you’re “archived” before you know it. It certainly helps that there isn’t even a chat notification outside the app.
It’s common sense that the customer should be asked to confirm an inquiry was resolved before it can be “archived.” Whoever set things up the way they currently are must have realized the consequences.
I have simple question for @revolut and @anon33247966
Do Revolut refund mark up fee if market goes in your favor on Monday after trading starts again or you keep it as an extra profits? We all know the answer, but it would be fair to emphasize those fees, not to keep it as real hidden fees
