Paypal Verification code on Revolut Account


#1

Hi all!

I have recently discovered Revolut and I am currently trying to add my Revolut account to paypal and all has went well so far.

However, I am at the stage where paypal has stated that a payment on 1p has been made to my Revolut account accompanied by a 4 digit code I need to complete the account setup with paypal.

I have looked on my Revolut app and checked statements but no payment has shown and no code is visible.

Can anyone offer any suggestions as to why I may be having these issues?

Thanks in advance


#2

Hello @EconomyFishfinger :slight_smile:

If i understood correctly, you want to add your IBAN / :r: bank account to PayPal, is that right? :grinning:

Did you just add the account to PayPal?


#3

Hi yeah I created my Revolut bank account and have already added it to paypal.

Now that its added paypal needs a verification 4 digit code that should appear in my revolut transactions / statement but it is not showing up


#4

I have added the account to paypal earlier today.

Is there a particularly long delay on recieving the transaction from paypal into my Revolut account?


#5

Hey there again @EconomyFishfinger :slight_smile:

PayPal says it should take about 2 hours (as said here, although on the forum they say “up to 24 working hours”), and :r: says from the usual 3 hours up to 1 working day (from a UK account, as said here) :blush:

Esentially: everything’s normal until now :sunny:


#6

Great! Thanks for taking the time to get back to me.

Ive verified via paypal on other occasions and the code showed up pretty much instantly so I wasnt sure if there was an issue this time.

Ill check back later and let you know if all has went well.

Thanks :slight_smile:


#7

Hey @EconomyFishfinger :slight_smile:

Perfect :smile:


#8

You were quite right. Just needed a bit of time. The verification payment went through and I have now recieved my paypal code.

Thanks!


#9

Wonderful, @EconomyFishfinger :smile:
Thanks for coming back to say it! :sunny:


#10

@EconomyFishfinger @Juliopp

I just want to add this to the discussion: if one connects an account (and not the card) with Paypal, the account has to support “direct debit”, right?

Paypal withdraws money from connected account via direct debit. Revolut accounts do not support direct debit (yet).

I haven’t tried it myself, but my guess is that it won’t work.


#11

If you’re talking about customers in the UK, I believe PayPal is using direct debit to withdraw money from current accounts.

Right now Revolut offers current accounts via a third-party partnership, but features like direct debit and standing orders (and FSCS) appears to be tied with ‘full’ bank accounts (as dual-regulated by the FCA/PRA.).

It may come soon, however. The average length of time from the beginning of the procedure to the granting of a banking licence appears to takes around a year and a half to two years (At least from Atom Bank, Monzo and Starling’s experience.), so it will be a while.

SEPA direct debit however, appears to be on the way.


#12

Not necessarily. Holvi for example can do direct debit. (Comparable to Revolut in how they set up their customers with EUR SEPA accounts, and also e-money-licence.)


#13

Recurring payments would be standing orders, right? (SEPA direct debits can be presented as needed by the withdrawer.)


#14

As far as I’ve seen, direct debit and standing orders appears to be tied with being a fully-regulated bank (under the national authority.) in the UK.

Holvi is Finnish.

Yes.