The need for revolut to give everyone limits on how much they can transfer seems to be a huge weakness. No other bank does this. It means if you transfer in more than your annual limit (which isn’t so high) then they need to approve your application and this can take many days. It means that moving savings into revolut creates a huge pain point. When can this be resolved.
There you said it. “No other bank”. Revolut is not a bank. It is an e-money company. Different regulation. It won’t be an issue anymore once Revolut got their banking license.
That maybe the case, but it needs to do a much better job of warning about when limits are to be breached and then speeding up the process of getting them approved. In my case my savings have been transferred in from another UK bank and so be easily verified and checked and still it takes 3-4 days and still not sorted out.
In many ways I love how easy it is to use. And I’m sure regulators have been strict with Revolut on their money laundering controls because they are a new player. However there is clearly a process in place for giving higher limits and yet it is not working very smoothly. Hence my feedback.