Goodbye, Revolut - another swiss customer bails!

(this is gonna be a longer one - and as always: I gave my best to avoid typos; if you still find some - keep them, I got plenty more :wink: )

This lines here should explain to Revolut (if they’re still reading in here, that is) and to those, who struggle to understand people having (more and more) issues with revolut, why the service becomes almost incacceptable - if you live outside the Euro-zone:

I’m a swiss user. One of the few left. I signed up in 2017 for the free account, because the multi-currency-account and the FX-rates were GREAT. I loved using the account for both SEPA-payments in- and outbound in EUR, using the good FX-rates to exchange to USD and GBP, and using that money ordering stuff. Also, using revoluts Mastercard was very convenient, especially abroad knowing “no surprises with exchange-rates”, the only thing i had to take care off: avoid the DCC (which, reading the terminals output, is easy enough).

I willingly overlooked the “startup-issues” like:

  • the back and forth with credit-card-topup for swiss users (fee, no fee, fee again, aso)
  • no CH-IBAN, which makes the :r: -account essentially useless for use in CH
  • no tax-receipt for IRS
    …hey the service was new, they were working on it, and promised to work on solutions and offer a workaround; right? (think of the famous “CH-IBAN is around the corner”).

THEN THINGS WENT SOUTH.

…card-based topup became a pain in the a…rearbodysection
…CH-IBAN seemed to be hidden behind the corner so good, revolut still haven’t found it to this date.
…still no tax-receipt
AND:
…several changes of T&C increasing fees, worsen the service
…the payed features who could fix some of the issues are not worth it, as we swiss would pay the same fees but could only use half of the services in the payed package
…support got harder and harder to reach (and only available in english - it was plain obvious “german support” was “real-time-translation”)
…features working for years even disappeard over night in certain markets (remember when they first changed the topup-terms, and swiss users had NO way to topup without (extensive) fees without advanced warning, and we swiss users had to find workarounds like using Transferwise as there was no solution provided by Revolut?)

Also, the big advantage of Revolut - the interaction with the users in the community - broke away (…when have you last seen a moderator in here?)

The decline was ongoing. Heavy debates in this community about “why paying for a service is important” vs “they promise things and never kept it”.

But I somewhat still believed in revolut; i hoped they gonna work on the issues, fix the problems; the shared account for CH-topup was a workaround, we all hoped “now the CH-IBAN is coming”, but nothing.

Meanwhile, we had fintechs AND BANKS (!!!) stepping into the present, modernising their portfolios, making new products. A few months ago, two “startups” from banks dropped the FX-fee on their cards. we now have mastercard-FX-rates when using their cards abroad. YES, no multicurrency-accounts, but still: the biggest issue of most swiss revolut-customers has been solved: high fees using the cards abroad.

Also, Revoluts biggest competitor, N26, is now available in Switzerland. Offering an account in EUR to receive and send money without being charged extra for a service that actually should be without fees anyway (SEPA-payments; you pay for them in switzerland!). As many swiss customers here, I’ve been using transferwise for a while; it was needed to top up the revolut-account; getting to know their transparent fees, and good service (also, the TW-Debit-Mastercard made it possible to use it without the known “prepaids are not accepted”-issues).

Last year or so, the big issue with the privacy- and dataforwarding came up. That was the first time I considered canceling the account.

Hello?? Having to opt-OUT of a financial institute forwarding my data for marketing-issues?! App-translations that made it impossible to know if I, the customer, opted out or in, even support not knowing what to do?! Since then, I didn’t top up my account anymore.

Cue T&C-Change for August 2020.

Now, the fees get even higher, especially on weekends; and still no improvement for “issues swiss customers are having with revolut”, including the “why pay in full for a service, when I can’t use half of teh things included in that package”.

No CH-IBAN, card-topups still “maybe fee, maybe not”, still no “solution” for the payed services, no nothing. Just worsening conditions. THIS is truly beyond banking, revolut!

I emptied my account a few weeks ago, and tried to find a decission on wheter to keep the account as empty as it is, hoping for future improvements, or to outright cancel the account - accepting the “maybe we will not allow you to reopen an account with us again”.

I finally came to a conclusion.

Sorry revolut, I was waiting 3 years for ANY improvement and gotten a degradating service. It felt like having an account with UBS Switzerland. For those who don’t know that feeling: the more money you have on your account, the more welcomed you are by UBS. Small clients? “GTFO”.

Competitors of revolut were happy to accept me, offer everything I need and want, and have been proofen more reliable and “reachable” than revolut.
tl;dr: nope, not accepting the new T&C, :r: - I’m out! As with a destructive relationship: i enjoyed the time we had together Revolut, but I think it’s the best for me if i leave!

If my (Edit)communty- account here remains open, I might try to help finding solutions for (swiss) issues in here; if not:
GOODBYE TO EVERYONE I INTERACTED WITH! I KNOW WE DIDN’T ALWAYS HAD THE MOST CIVILISED DEBATES (meaculpa), BUT I STILL ENJOYED THEM! HAVE FUN USING REVOLUT - while this is still possible…

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I understand you! And feel similar feeling about lost interaction with team thru this forum.

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You will come back soon… unless you like the traditional banks that were born one century like UBS 1862 (lol) and send letters to your house by mail because the law says that and asking the “secret” stupid questions to verify your account when you interact with them…

Every time I talked with HSBC I hate everything they do or say this “ customer support” my aSS

I have some concerns with the UI of Revolut … it used to be much better indeed … but for the new charges… I am ok… everyone has to remember that Revolut is not a social security governmental organization… the more money we give them the more they innovate… like apple and tesla…

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Well, as written, in Switzerland, Banks (not UBS :wink: stepped into the present.
Just have a look at Neon or Zak, or Yapee (?) (that new thing that specifically aims at yapees - nothing for me, but they have some interesting ideas)

Competitors didn’t sleep! That’s the whole point here - :r: didn’t improve (for swiss users), but made it worse (for swiss users), while others improved their products/offers/accounts…

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Customer support gets worsen and worsen. It was not like the beginning. Pls concentrate on the exchange service other than investment!

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Seriously? Adding another point to the list of what’s gotten wors IN MY OWN THREAD explaining why things gotten worse and why I’m leaving gets flagged?!

THIS IS ON TOPIC, and if flaggers don’t believe it: read the reason for this thread. It’s about “why people might start leaving by showing why I am leaving”.

But well, add this to it:
community-posts being flagged by anonymous people who can’t tolerate something else than their own opinion, making an open exchange of ideas AND FEEDBACK impossible.

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As I said … I agree with most of things you are saying but still Revolut is 8-10 years ahead of the game…

I have tried different banks claiming that have a different thinking such as Starling, monzo, n26, monese etc but … nah…

The main reason is that they hire people from the banking sector… their HR department sucks

Watch this video again … it explains a lot about the culture of Revolut “ we were all non bankers” https://youtu.be/Sj05mYf2sS0
(Introduction of Revolut values)

They increase the cost of having the Revolut because they need to move on for the next big things and they need … petrol … “meat on the table”!

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So I wouldnt close the account…

You are saying Goodbye … I am saying See you soon…

Its like the iphone everyone comes back one or another way :slight_smile:

Enjoy the ride my friend

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And there’s the flaw in your theory:
you compare Revolut to british and german banks.
…I told you I’m swiss, and that swiss banks and fintechs went par with Revolut.

Compare Revolut’s Offers to an eg. german bank - obviously Revolut is DECADES ahead. Compare it to a swiss bank “of the old age”, and same hypothesis is valid. But compare it to one who’s modernised its offers - or to the fintechs; AND compare Revoluts offer “for swiss market” with that (we pay the same fees if, but only get 25% of what Revolut’s offering in the UK) - and Revolut is as bad as the “traditional banks”.

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Well… this is what I am saying… you are talking about british, germans and swiss and all this kind of old fashion way of thinking…

I am British or I am European how can I open an account since I am not swiss???

Revolut everyone can open at least in the countries with civilization…

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I’m with the-mike.
from a swiss point of view, there are no longer many reasons for revolut.

I’ve been with revolut since mid-2017 and I’ve had a lot of patience.

because of the good products from Neon & Zak, I no longer need to use revolut.
Swiss advantage:

  • Swiss IBAN
  • pension account 3a
  • e-bill
  • scanning of payment slips
  • privacy
  • free credit card
  • also free Mastercard / Visa without foreign currency fee (zak with applepay)
  • super trustworthy customer service (fast, uncomplicated)
  • prices (weekend) even better.
  • partnership TW
  • Deposit protection 100,000
  • 2x up to 1000.- free cash withdrawal with neon
  • Cler ATMs always free with ZAK
  • Partner offers (ZAK deals)
    etc.

Money also has a lot to do with trust, and I missed that (and friends of mine too).
i used revolut because of the advantages, because these are gone, it will be difficult for revolut in switzerland … and this moment has come.

@ChrisinLondon:
“Revolut everyone can open at least in the countries with civilization …”

  • and what does that mean for countries without revolut? no civilization?
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Unfortunately you have absolutely right.
For the first time after so many years as a user/investor/tester i’m very near to follow your path even i’m in EU.

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My little contribution as a swiss user too, but instead of making a list of what is better or equal with Neon/Zak/N26/TW… I will make a list of why I still need Revolut and can’t stop using it, so here is a list of my personnal needs:

  • Having multi currency accounts + free exchange
    I have some friends and family in EU (but not having euro as money), they also have a Revolut account so we can send to each other money with instant friends payments, for free. It is so easy!
  • Instant payment to friends (just said why)
  • Free ATM withdrawals up to 200chf monthly
  • Virtual card is good for online shopping

And…that’s it! I could live without the ATM free withdrawals as fees are not that expensive with swiss options, but I don’t want to loose the option of converting CHF to other currencies + sending to somebody in seconds, and without fees. Virtual card is a bonus.

So what are all my needs eventually? I’m not a big user and I don’t need all functionality Revolut offers. I’m a standard user of Revolut.

I need:

  • Free shopping abroad
  • Instant payments to friends + free exchange (lower limit soon so a bit annoying…)
  • Some free cash withdrawals really appreciated…
  • …virtual card as well

And again, that’s it! But can’t leave Revolut because of that, I mean there are options for swiss users but then you pay more. My goal when I subscribed to Revolut? Avoid fees with my bank…

So what do I do? I use the best of all options I have.
Cheers

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I regularly use disposable cards. That’s a realy cool feature.

…deactivating the account is another pain in the a…:
6 x “close the account”
authenticate by e-mail,
and then, you’re automatically lead to the “open a new account”-process and you don’t know that until you receive the sms-code…

the icing on the cake, so to speak :wink: