Revolut to SEPA transfer failed - nightmare scenario


#1

Hi, my nightmare started when I initiated an EUR transfer from my Revolut account to a Spanish account in January 2018. This was for servicing an education loan, however, the money never reached the Spanish beneficiary. I am based in the UK, btw.

So, I contacted Revolut and all they could provide me was a confirmation that from their side that the transfer was successful. The support team, when requested, informed me that they cant trace the funds as it is a SEPA transfer.

After around three weeks of investigation and frustrating to and fro with support, their tech team asked to recall the funds. They never told me what happened and why the money never reached my beneficiary.

It has been three months since then, the the recall has not arrived yet. Apparently, Revolut’s payment processor has requested a response multiple times. The support team keeps telling me that Citibank Spain is not responding. Whenever I ask Revolut about it, I keep hearing the same old line of how hard they are trying. They also keep telling me to contact Citibank Madrid, which I have no way of contacting.

As an end customer, the entire process of transferring through payment processors, and middle men should be transparent to me. Is it not Revolut’s responsibility to make sure that my funds are not lost?

To the community members. Has anyone ever faced a similar situation before? Any idea what I can do to get the funds back? Will it help if I get the financial ombudsman involved?


#2

Hey @iccotdis :slight_smile:

Never experienced this! :frowning:
All my transfers to Spain were seamless

I’m afraid Citibank España was bought by Banco Popular and turned into Bancopopular-E. Then, it was reconverted into WiZink Bank right before Banco Santander bought Banco Popular.

Long story short, Citibank España -> Bancopopular-E -> WiZink

Citibank España is long gone, and so is Bancopopular-E, but however, luckily, the staff is well prepared to deal with old accounts.
They should be able to inform you (or point you to the right number) over any of these two phones:

  • +34 917874747
  • +34 911750869

Calling these numbers you’ll be calling WiZink Bank (Gold Card and Accounts&Deposits services respectively) regarding an old Citibank account which you credited from the UK blah blah blah. They’re the ones that are most likely to know how to help you.

You’ll first need to submit a formal complaint (ask for the complaints form) and have a final answer or wait for 8 weeks, whichever happens first. :r: usually answers fast to these.
It might be useful, but involving them without doing this beforehand might not work (I’m not completely sure) :wink:


#3

Hi Sid,

My story is almost word for word the same as yours except the beneficiary is Standard Chartered Tanazania. Over 3 months since the transfer was made and looks like the money won’t ever be returned.
Have you had any luck with your transfer?


#4

Thanks Juliopp for the contact details of the bank. I will try calling the bank. I was also thinking about visiting one of the Citibank branches here in London. Not sure whether that would help or not, but now I am ready to try almost anything.


#5

Hi Jodie, no luck for me yet. I chat with Revolut support on a daily basis though. They are, I think, trying their best, but the traditional banks, with their inefficiencies, are still involved in this entire process.

My issue with Revolut is that as a customer, this entire process should be transparent to me. I should just be concerned with sending and receiving the money and they should take care of the intermediaries. This is already the case when the transfers go through smoothly, but this should also be the case even when they don’t. I shouldn’t be calling bank branches to figure out where my money is.

Good luck with the transfer, btw. I hope our we get our returns back soon.


#6

I couln’t agree more Sid. I’ve been on the phone to a bank in Tanzania repeatedly. You expect when you transfer monies from point A to B that your bank is responsible for the process. Revolut are taking no responsibility and telling me to chase the people in the middle! An expensive life lesson I guess. Revolut is fine for paying bills and taking money out of an ATM, but if transferring large amounts of money - use a real bank!

Good luck to you too. I’m not hopeful at this stage with so much time gone by. I just complained to the Ombudsman and it seems like they may be able to help. I recommend you do the same if you haven’t already.
https://help.financial-ombudsman.org.uk/help


#7

Thank you for the link Jodie. I am going to complaint today. Revolut is doing the same with my transfer. They want me to contact Citibank directly and sort it out with them.

You are right. This is ok for travel and all, not for transfers. Dedicated services such as TransferWise seem to be much better. I was a very loyal and regular user of Revolut. Doesn’t matter whose fault this is, Revolut has just lost a loyal customer.

The hype is there now, so they are doing very well in terms of publicity and funding. But unless customer service is top notch, it might be difficult to hold on to all these customers.


#8

I think what people should understand is, if you are using a free service with better rates and you can use a card for free (with some limits), you should be aware, that somewhere you need to save money and thats with staff.

revolut is designed that the customer has full controll over nearly everthing. you know, if you see pending payments, this stuff happens in your normal bank account aswell, but your bank provides you with a cleaner more easier to handle interface and it processes much of it behind scenes.

the same goes with chargebacks. if this happens with your bank, the bank has to do exactly this stuff you have to do with revolut. but you will not notice it.

so you can choose, use a banks service and pay for it or use a free service with banklike products and keep in mind that you as customer have more responsibilities with it!