Money gone!


#1

Hi everyone,

I never complain about Revolut and I actually love their product but I made a $3700 transfer last week from Revolut to my bank account. I didnt recieve it although usually it only takes 2 days so I contacted revolut heldpesk.
Now all they told me is they processed the transfer and that I should check with my beneficiary bank…
Of course the beneficiary bank (which i actually work for) didnt receive anything, I check in the system myself.

Just posting this here to get Revolut attention as I’m not getting support since I raised this with the chat on Tuesday.

Thank you
Arnaud


USD Dollar transfers to Honk Kong for business
#2

Did you probably activate the Euro account with LT IBANs? (I know that sending from the LT IBAN could cause similiar issues like the problems we currently have with sending to the LT IBAN, that’s why I ask. And as soon as you activate them, Revolut is not using Currency Cloud anymore but the actual LT IBAN as the sender - as far as I know, at least).


#3

Thanks, indeed you are right, LT IBAN is activated, might be the reason. But I dont recall activating it last week.

That said, the MT103 that Revolut sent me to trace the transfer on my end still shows Barclays GB details though. So I’m a bit confused. Plus the transfer never reached my bank, we did not reject this transfer, I checked.

Anyways, problem not solve. Money still gone. 1 week now.


#4

Hmm, Barclays is managing Revolut’s LT IBANs as well, as far as I know. At least if transactions to the LT IBANs don’t go through, they’re coming back from Barclay’s, probably transactions from Revolut is also coming from them. Otherwise, they use Currency Cloud with a FI IBAN, if I recall correctly.

I know of other persons where it did take over a week (compared to just 2-3 days for before the LT IBAN days) but it reached them at the end, so probably you’re in luck. At least you already have a MT103, that’s more what most customers with such problems get from Revolut.


#5

I’m now waiting for them to trace the transfer.

Initally they said they raised a request with the Processor, but yesterday they said a request cannot be raised before 7 business days. A bit confusing!

I’m actually ok to wait a couple more days (although I need that money), the furstration on my end is more due to their communication…

I’ll post again to update on the case.


#6

Oh, and in another case, one transaction coming from Revolut via Barcley’s was -according to the beneficiary’s Austrian bank who investigated- not sent SEPA compliant (it was actually sent as a foreign currency transfer, not a SEPA transfer) which also took the transaction to arrive later (and with fees on the beneficiary’s end). I’m not too sure whether the beneficiary’s bank is correct here with their investigation, but they even publicly confirmed this via their facebook page… so probably, this is still an issue as well and it could be a reason for your problem.

If you ask me: Everything is heavily Beta here.


#7

I completely agree with you:

I could live with all of these problems if Revolut would communicate beforehand that their integration of the Lithuanian IBAN system might still be buggy and you should not use it with money you urgently need.

But they didn’t and pretty much suggested the system to be ready and up and running. And such issues really pisses me of, because it’s people’s money Revolut is now doing their beta tests with. And even more so: Revolut is not openly responding for 2 weeks now, not here, nor on Twitter. Their only response is: The fault lies with the other “old” banks and “we’re working on it” (which is not really addressing the many issues people currently face since the new IBANs arrived).

Well, Revolut, I tell you: At least SEPA transaction with these old banks work!


#8

Aha I actually always considered it as a beta, so no real frustration on my end regarding the defects. I work in IT within the financial industry so I imagine their difficulties.

My frustration is more about their communication which I think they should invest in, else it will seriously start damaging image/reputation. Just look at how this forum changed between now and 2 years ago…

support is always the last thing startups invest in. They first want to deliver innovation as fast as posible and then invest in support. But between this understaffing and the summer holidays, there is prob not many people left in the support team. Although summer time is when people travel, hence more likely to use Revolut services… so higher amount of requests to handle.


#9

Couldn’t agree more, that’s why I also never use Revolut with high top-ups or anything necessary. I just play with it because banking IT interests me as well.

They’re obviously busy with crowdfinancing and venture capital right now (and of course, for this to work, they need to deliver as fast as possible). This is normal for startups. However, I just don’t think they anticipate how important it is to not take your customer’s money light-hearted. At least not with a disclaimer. You’re right, this heavily damages the reputation. However, Revolut is very good in keeping the issues out of press, so as long as there is no shitstorm, it might still work for them to focus on capital rather then their customers for the time being. :frowning:


#10

The “fault” is not of “old” banks as even things like transferwise and others had troubles with it and had to be manually fixed, the issue is the iban is not standards compliant due to the different country BIC, some banks can manually override it, some will allow transfer anyway and it fail to be returned as it ends up in a clearing house that doesn’t understand it or maybe target2 decides it doesn’t like it.

Either way, I don’t understand why they thought having this non standard solution was going to work any good.


#11

Ok, I just found trace of the MT103. Barclays did send the remittance but didnt send the money! So obviously my bank rejected the transfer…

And in the meantime, still no money back on my account, and no answer from Revolut…


#12

Yes, we know all that.

Actually, SWIFT deliberately allows different country codes (it’s necessary for France or Great Britain anyway, as they have colonies and thus accounts somewhere else, like Saint Martin etc.) - but standard procedures just doesn’t see them as an option within an LT IBAN, as Lithuania is not a colony of GB, of course.


#13

Thanks for letting us know. Barclays not sending the money at all is new to me. Problems don’t stop here… facepalm


#14

Revolut support seems on it this time. Let’s see.


#15

Got the money back. Hope they fixed the pb coz I just tried again to transfer out of Revolut.

Big thank to Karina from support. After talking to 5 persons over the past 10 days who all seemed to be clueless regarding what to do, she solved it in 1h.