Faster payments


#1

Can you please sort out your “Faster Payments”. Several occasions now when I have transferred money from Revolut to TSB, it has taken upwards of 4 hours. What’s going on? Why is it that Monzo, Starling and almost every other UK bank transfers money instantly or at least we’ll within the 2 hour window and Revolut is still light years away. I thought this is a revolutionary Fintech company


#2

Faster payment work perfectly fine. Ive done 3 transfers so far and all have been less then an hour… . Maybe something is wrong with ur bank?


#3

Nope, my bank is fine. It’s Revoluts system that is the problem here. Ive also done a search on this community to see if this issue has been flagged up by other members, and I’ve seen at least a dozen posts about this issue.

Blockquote [quote=“Zack, post:1, topic:28410”]
Why is it that Monzo, Starling and almost every other UK bank transfers money instantly or at least we’ll within the 2 hour window
[/quote]


#4

Oh i see… . If that is the case, i hope they will fix it :confused: .


#5

It’s not an “issue” it’s Revolut’s policy as transfers are handled by a third party.

Incoming transfers generally take between 4 and 24 hours but with out going transfers, it can be 30 minutes up to a few hours.

If you don’t like it, use Monzo or Starling.


#6

It is an issue as they claim to be better than a bank. If it’s better than a bank then why are these payments handled by a third party and why do they take hours to go through? Also, where’s the policy you talk about. If you must know yes I am a user of both monzo and starling and I’m loving it. Proper fintech company there that IS better than a bank. I don’t know who you are but don’t get edgy with me.

this part of the terms talks about instant transfers. Nope no instant transfers with revolut

Also, Paying £6.99 to get “turbo” transfer isn’t really ideal as there’s nothing turbo about the process


#7

Well, you can do instant transfers between Revolut users.


#8

With “instant transfers”, they are referring to P2P payments between users.


#9

I agree with Zack.
All other UK banks subscribe to the Faster Payment Service, which I’ve always found to work within 30 minutes, and frequently with 10 minutes. Revolut “turbo” transfers have taken between 1 and 6 hours bank to bank, which is really frustrating when you are used to using the FPS - there is nothing “turbo” about it.

There needs to be big improvements in the “instant” transfers, just to be equal to other banks!

But I must say, there are many features I do like in Revolut - it is revolutionary!
Keep up the good work!


#10

Revolut isn’t a bank - don’t put them on the same scale.

Their payments are processed by a 3rd party and most of their payments are indeed ‘turbo’. SEPA transfers are regularly same day for me and SWIFT are just one day which is insane.

Faster Payments rules are:

As a minimum, all financial institutions in the UK must abide by the Payment Services Directive (PSD) - this states that any payments made by mobile, internet or phone banking (including standing orders) must arrive by the end of the following business day at the latest.

Revolut will improve, I’m sure, once it gets its banking license. In the meantime, hopefully it can dump it’s entire ‘customer service’ team.


#11

Revolut claims to be a member of Faster Payments, but I can confirm that transfers to Revolut from a FP bank never reached my Revolut account in 2h (once took more than 1 day). In addition, the Revolut support via live agents int he app is laughable … cited the FAQ about 1-2 days and 3-5 days, and showed no willingness to investigate any further, passing the blame on “our partners”, then just left the chat saying they’ll pass on the conversation to a transfer related team who would contact me during working hours, but who hasn’t.

I’m also a premium member - for which Revolut claims exclusive 24/7 priority support (and for which the FAQ claims to get accelerate UK transfers up to 5x) …

I was at least expecting some more willingness from the live agents.

Use debit cards to top up whenever you can … or wait for N26 to finally launch in the UK like I am.


#12

Really hope revolut can improve this.

If transfers on Revolut were as fast as other platforms like Monzo (or even my normal bank…) then I’d probably be using it exclusively.

But having to wait hours to send/recieve money isn’t really an option for many :frowning: