How can we make Premium/Metal 10x better?

This is not 100% true, there are many banks in europe that don’t freeze money, if they need to freeze your account they will tell you before so that you can transfer your money, they only freeze your money if something really really bad happens but not for regular automatic flags.
Maybe it’s not legal in the uk but i am in europe and soon they should switch to the lithuanian iban version and they also have a banking license in lithuania (which I hope they start using for everyone). As a result, I think that as a bank they would have far fewer problems identifying a real crime from a false positive. But if more information is needed to make the freezing hypothesis even more remote, I think they should ask for them. For example, information to identify you in order to make it clear that you are not a criminal.
I have other bank accounts and none of them have ever blocked current accounts with money on them (there is no precedent even when looking online) while for revolut there are many feedbacks of this type which leads me to not trust revolut with a large amount of money (even if I love revolut).
At least have a precise timing of how long an account can be blocked at most and a usable phone number in case the account is blocked to talk to someone who knows your situation I think it should be a must if the situation goes beyond 48 hours.
They are normal requests for those who entrust their money to someone. Because fighting crime doesn’t mean leaving your customers without access to their money indefinitely.
I think those who have had been freezed of this type (not for a good reason) are a noisy minority, but they are enough to put some shadow on the way of revolut.

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Other banks in Europe sound like they don’t take their AML obligations seriously - imagine saying to someone suspected of money laundering that they were about to have their account frozen so take it all out

No, in reality court orders are granted behind the scenes and it’s just more transparent than it is in the U.K. (where the bank can’t tell you why it’s frozen at all) so people know why it’s frozen and don’t go trying to hassle their banks on social media

If they don’t lock an account after it’s flagged they have fell short of legal obligations, as they at that point have reasonable suspicion.

I’m not going to say it’s not bad, but they simply don’t have the 20+ years of data that large banks do (when not much AML regulation existed compared to today) so of course no one ran into problems before it existed, and by the time it existed banks had years of data to use to work out suspicious behaviour.

Accounts can potentially be locked for as long as it takes the police to conduct an investigation, Revolut can’t disclose or even guess to begin with, that time. How do you want them to tell a user an estimate or give a maximum?

It’s ludicrous.

Also, if it is locked for legal reasons then they can’t tell you the reason anyways so there’s nothing to talk to you about

Unfortunately it does, if you trigger the system and end up being subject to an investigation (especially in a country like the U.K. where the banks are under legal obligation not to disclose information to anyone under investigation)

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Recchan I disagree with you.
First because in 99% of cases an account is freezed by a simple automatic flag which is almost always a false positive.
Secondly, because legally speaking, there must be a time limit for investigations as well.
One cannot be found guilty before being judged as such in trial and he/she must be informed about this.
By applying the law as you say one could find himself/herself unable to pay bills and rent.
For these reasons, luckily the ALM does not apply in this way in almost any country.
And fortunately Revolut has a banking license (which it is not yet using) in Lithuania.
Having said that, it does not seem to me that the other banks in the UK are making blockages of this kind precisely because thanks to the banking license they know who to hit and who not and they are able to obtain information in very short timings in order to avoid situations in which the user must separate from their money for times greater than a few hours.
In any case, I don’t care if the law obliges them, as long as I have an alternative that will allow me to have my money always available and to sleep in peaceful dreams I don’t care.
I will simply keep very low amount of money on revolut.
I just like revolut and I want to use it for large amount of money, but I will not until they can offer this service.

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It’s irrelevant, they have to trust their system, if it flags someone the account must be locked. Yes, I agree that it should be manually reviewed within an hour maximum to be honest, but flags have to result in a frozen account.

Otherwise they’re potentially allowing a fraudster to transfer funds wherever - you can’t recover transferred funds!

There isn’t AFAIK, police unilaterally decide when investigations stop or when they cease to pursue them. Or the statute of limitations runs out (on some crimes) which is many years

Yes, but you’re missing a key difference.

If you inform them when the account is frozen that they’re under investigation they have time to make themselves look as legitimate as possible to avoid evidence collection. A trial happens after all the evidence is collected, not impeding the police’s ability to do their job

I know, I personally think the government should have the financial firms pay bills in cases of locked funds and then the money can be taken out of the locked funds

Nah, other banks have 20 years+ of data to help them. It’s literally simple as that, software improves as time goes on

What service? Not locking your account?

This is really subjective tbh, I currently have 2600£ in Revolut and I’ve never had my account locked (that was a singular transfer of 2600£ too

Just transferred over 200€ as well actually, and still no lock

It’s fine, most people don’t get false positive’d

If you consider that in 2019 the UK’s FCA fined Standard Chartered Bank £102,163,200 for having inadequate AML checks you can understand why :r: is ultra cautious.

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Standard Chartered don’t even have a retail bank here so Revolut would probably be looking at a larger fine

HI, Install fingerprint sensors on your card to increase the security level, like many other card company do today

When you say that “many card companies does this today”. Are you refer to card companies such as VISA, MasterCard and American Express or banks such as Revolut, Chase, Bank of America etc? Either way, I have never seen anyone actually do it, but if you have a long list of banks currently doing it I would love to take a look at it.

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Royal Bank of Scotland is here but its a few hundred people trial

Hi. I’m new here. I’m just going through peoples’ ideas. You know there’s a nice way to give your suggestions. Remember what you signed up for when you downloaded the app. Or maybe you didn’t read? Yes they got a banking license but as far as I’m aware they are only trialling it in Lithuania for the time being. That’s not a bank in the majority of the geographic regions it is covering. It’s an e-Money institution. There’s a difference. And remember these are not bankers - they are people who don’t like the way we bank and trying to make a difference.

“Elite Status.” Jeez. What would you ask from Amex? A throne?

Revolut team - it would be nice (if not already available) to have the ability to reassign transactions from the Transfer category to the actual category the translation belongs to. I can’t figure out how to do it.

Thanks
Nicolas

I didnt knew that N26 had a lounge key benefits

N26 is offering that right now

Where? I can’t find it

Maybe you didn’t read the thread title. Metal / Premium improvements, not general requests

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It’s in name only, you don’t get any of the benefits

Yeah. Either way it’s a total crap product to offer in Norway specifically as we have medical insurance through states in all of Europe, and travel insurance is by standard covered with way cheaper credit cards…

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This product is for sure a waste of time for you then (: So cool travel insurance is provided as standard by credit cards in Norway.

I want to save the time by not having to complete insurance applications each time I travel. I thought Revolut solved that. Now will have to look elsewhere.

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Idea: community sourced icon packs for merchants. Similar to how you can get themed icons on Android.

One use case would by localized icons for a specific country or city.

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Do you mean like… for example, McDonald’s Logo being crowdsourced? Could you explain in a bit more detail; I don’t get it

1Password would be fantastic!

But yeah other subscription models would be sweet as long as its a full product subscription and not half baked…

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