After evaluating lots of neobanks, I decided to give Metal a try again.
As this post is tagged Feedback, I actually have one major thing I would like to request and that I don’t fully understand why it’s not possible:
SEPA transfers have a minimum amount of 1 EUR per transfer
Why? lol. It makes no sense whatsoever. It’s a fringe case anyway, but sometimes you need to send someone a transfer of less, especially for example when verifying your bank account (PAYBACK PAY comes to mind), this is simply not possible with Revolut now. Please fix that.
Is that a real question? Because SEPA is a legally guaranteed money transfer scheme that any bank account should support, and not just “from 1 EUR onwards”. I want to verify my bank account, not my Mastercard or VISA. Those are completely separate things.
but, that’s the point - your card supplied with the account is associated with the account so it does indeed verify your account and that you are a real person not a bot (which is generally the intention).
There are services out there who require you to do SEPA direct debits. Some of them require you to sent an amount like 0.01 EUR in order to verify the account, something that is not possible with Revolut right now because you need to send at least 1 EUR, which makes no sense.
Sure, some services also offer payment via Mastercard or Visa Debit, but not all do. Revolut offers a SEPA-capable checking account and it should be usable like a SEPA-capable checking account. There is no reason or cost associated with sending a 0.01 EUR transaction vs a 1 EUR transaction, so I’m just trying to understand why this limit is in place. And to notify Revolut that this arbitrary limit has real-world implications for users.
I agree with you @Carl_1460
Isn’t perhaps the problem with the organisation requiring such a low validation amount - and to whom one should address the question - rather than a problem?
Given that the amount is generally refunded very smartly, it wouldn’t matter if the amount was 10€ - always provided of course that you trust the organisation concerned…
In all my (considerable number) of years experience of using banking facilities, I’ve never had an occasion where SEPA was requested or indeed required to validate an account. A bank card has always sufficed to verify an account.