Outstanding Investment Account Custody Fees are settled by doing an unwanted EUR to USD exchange despite there being enough funds in the USD account

Revolut is not behaving as expected with regards to Investment Account custody fees settlement, when these could have been settled using USD account funds in the first instance.

Reproduction:

  • Have a primary EUR account with positive balance
  • Have a trading account with negative balance (say, -0.12 USD due to a recent custody fee applied to a USD investment account without cash, but with some investments)
  • Have a USD account with positive balance, with enough to cover the negative balance from the trading account.
  • In time, Revolut automatically exchange EUR to USD to cover the custody fees

This is NOT what I expected to happen. I expected

  • In time, Revolut automatically transfer from USD account to Investment USD account the amount needed to cover the custody fees, because there is enough USD. I expect Revolut to always pay fees in XYZ currency (USD in this case) from the XYZ currency account first. Secondary currencies should only get involved if there is not enough in the XYZ account to cover the owed fees.

Adding to this problem, the exchange rate that was applied in this automatic (unwanted) exchange transaction is not present in the CSV statement exports:

  • Not present in the USD account csv statement
  • Not present in the USD Investment account csv statement
  • Only present in the EUR PDF statement, which is not really useful for people who need to import this information in accounting software automatically.
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