Revolut, offshore policy and money laundering?


#1

Hi!

I’ve just started using Revolut and I find it’s potential incredible, especially for those like me who travel a lot!

Anyway I was wondering what is Revolut’s position regarding offshore accounts and money laundering frauds worldwide, especially in the case of BahamaLeaks and PanamaPapers coming around…

What I mean is, if I have money on an offshore account where I don’t pay taxes (which is perfectly legal) can I transfer a large sum (or small sum) of money to my Revolut card and then use it for, for example, buying a car? What is REVOLUT’s position about this kind of usage, how can you identify if this usage is legal or not and what is your disclosure process in case governments worldwide try to fiddle about with “our” online accounts?

Thanks!

PS: I’m not money laundering, I just thought about this and would like to know your opinion.


#2

@aesgan Wow, you go large, man! I am not sure you can transfer anything from Panama to Revolut these days as Revolut have disabled the non-EU top-ups since February. It’s also worth remembering that there is an annual £30k limit on the card.


#3

On careful examination I now realise that Revolut do not accept payments from non-EU users so if you are a EU resident, then using Panama account for top-up should be perfectly alright I’d reckon


#4

I’m not entirely sure I understand your reply. Usually if you open an offshore account I believe (and I’m not sure as I’ve never done that) that you get a debit/credit card which you can use to withdraw money or pay for company bills… so in theory you would be able to use this card on Revolut to top up without any issue, correct?

I am always considering I am a EU resident, I pay my normal taxes somewhere in Europe, but I also “own” an offshore account somewhere where I’ve deposited some money that I have not yet declared. Will Revolut disclose my information with governments or am I protected?


#5

Your Revolut registration address is all that matters. If you registered your Revolut card at the address within EU, I think you should be able to use a foreign card to top up. Revolut will be obliged to report a transaction/account to the AML authorities only if they suspect money laundering and if the AML threshold is exceeded. I can’t recall what that is for the EU but I think £30k annual limit on the Revolut card is there for a reason


#6

@aesgan
Is the offshore account in your own name?
If not you won’t be able to top-up since Revolut compares to your personal details I think.
You also have an 1k limit if you don’t verify your identity.

But you have a bigger problem than top-up and Revolut… Since I think you are Portuguese due to your name, on transactions above 1000€ you are obligated to give your identity which links you to a purchase (not sure about the rest of EU), that transaction can eventually be looked by the Government if your salary and expenses don’t make sense.

Anyway, on small values you should not worry at all as long as what you are doing is not illegal.
As a citizen and tax payer, I advise you to declare those amounts that can lead to more trouble than good most of the time.


#7

Hi Aesgan,

We do allow our users to top up their Revolut accounts with funds from outside of the UK and we have certain compliance procedures set in place to prevent and deter money laundering and terrorism financing, as per UK regulations. However, as I’m sure you can understand, these procedures cannot be disclosed externally.

Also, please be aware that if you plan to exceed the threshold of 15000€ in top ups, you must provide an adequate proof of the source of the funds to be analysed before proceeding with your transfer. Nevertheless, we reserve the right to conduct enhanced due diligence and request source of funds for any incoming funds - regardless of amount - if we believe the situation so warrants.

Lastly, Revolut will comply with any court order or any other legitimate order from a government authority or regulatory authority for disclosure of information pertaining to an investigation of funds being uploaded onto our system or of a specific account or individual.

I hope this helped to answer some of your questions. Be sure to let us know if there is anything else we can do to assist. Thank you.


Help/Advice General Discussion
#8

So I can use my bank card in Malaysia? I am currently studying in UK.


#9

Hi I’m a new user of your wonderful app.
I have a very important question.
I use
https://www.bitstamp.net/
And before to oder you a card I would like to know the duration (how much time) does it takes for the transfert.
I mean, if the revolut card is the main card in my bitstamp account.
How much time does it take to get the money back on the revolut account?
Is it the same time than a normal credit card?
Is it the same for revolut business?
What are the daily withdrauwal limit cards revolut and revolut business?
What are the fee for both account?
is that possible to make a SEPA order from the revolut account?
I’m not sur to be in the right section so appologize, for mistaken.