Hi - let me start this by saying I know exactly what is going on at Revolut. You must be getting inundated with new applications, support queries, account opening, KYC checks, AML checks etc etc etc on the back of not only offering crypto, but also having one of the only places which easily offers SEPA Euro transfers for free, and near spot EURGBP FX conversion which most of the global crypto brokers exclusively accept. It really must be slowing down EVERYTHING … however, surely there should be priority to not only the paying premium members, but also those who have actual funds (which could be significant) being held up due to verification requirements or sign off. Maybe not a short term priority, but it must be for longevity of a business.
I have three pending deposits to Revolut (I assume waiting on compliance sign off or similar) which has been there for nearly two days because they have gone over my limit. I knew that the transfer into Revolut would cause this and there was a regulatory requirement to validate the source of funds, but I was assured that this would be a simple and quick process.
Unfortunately despite having the premium account type and using the services a lot last week, this has ground to a halt. What use is paying for 24/7 support if it still takes days to hear a reply from a customer support rep? Further more, I dont know if this is just me, but even though I get all notifications from Revolut as Push to my iPhone, when someone speaks via the Support section I am not informed - so if I miss a conversation or reply from one of your agents I seem to go to the back of the queue once more.
I trade a lot between alternative exchanges and need to have cash as liquid as possible. If this is taking nearly two days to sign off (and no end in sight) for each payment into my Revolut, and I’m already at the end of my limits which have already been raised significantly, then the whole account is basically unusable?
What started out as a relatively smooth and useful account has turned into an incredibly painful (and for me, extremely expensive) experience.
I would therefore like two things
- For my funds which have submitted support docs to be verified.
- For a long term solution which doesn’t require days between verification so that I can simply and quickly move my own money between my verified bank account, and the verified exchanges on which I trade.
I would also like to make sure I have understood the following… If your limit with Revolut was for arguments sake £10k, and you funded the full amount on day one, then used those funds to send to a stock broker, made money, then withdraw say £11k … would all these funds then need to be verified? I get the requirement to ‘verify the source of funds’ but that seems mental and a totally unusable account?
Looking forward to a quick reply and resolution