Here are my 3 main idea which I would like to see in revolut :
-1 - One IBAN per person from where we can easily receive money but also send money.
-2 - The refund system with the card is currently not clear at all. One line should appear with the amount we have been refund (currently money is magically add to our account without seeing it).
-3 - The IBAN should be from the nationality of the country where the person want to top up. Like this, any fee would be possible from the person who want to send it.
For other user, would you like to see the same improvements ?
Well, providing country specific IBANs is tricky. Revolut would have to work with banks everywhere or become a bank with branches in all these countries. I don’t see this coming.
But I also think it’s not necessary: Banks are not allowed to charge different fees for domestic or international SEPA transfers. So it doesn’t matter if you send money abroad, as long it’s in EUR and via SEPA. There is a reason why it’s called Single Euro Payments Area.
So you’re fine if you send EUR from a French IBAN to a GB IBAN. But be careful not to choose “international transfer” or something similar, use the regular “SEPA transfer”. Otherwise you might be charged fees for a non-SEPA international transfer.
1 - Individual IBANs are coming for sure in the next 6 moths as announced to investors. :nada:
2 - Well, when I got a refund once by Revolut next to a canceled bank transfer and I got a line “Refund” (with a specific arrow icon). I never got refund on a purchase so, I believe if you said that its that it doesn’t works the same… so they should implement the same type of “second line” with a “Refund” label instead of refund the balance with no message.
3 - This might be very difficult to implement but not impossible. Revolt will have to open bank accounts in GB, EUR, USA to do this ; relying on different banks and systems.
I found the refund/cancel/decline transaction system obscure as well.
When a payment is pending, the total balance of the account decreases and then when it’s finally declined, the balance of the account comes back magically without notification or whatever.
I found myself once adding up every payments since inception to figure out if the latest declined payment was back on my balance or not
Maybe the balance available after each payment could help to understand what is going on.
