Source of funds provided but now need to prove I have a job to make a transfer


#1

I have uploaded 9 different bank and investment statements proving my source of funds from long term savings and investments but Revolut are now asking for my last year’s tax return to prove my employment. I have asked why I need to prove I have a job to make a transfer but they won’t answer. There is no logic to the request.

The money laundering rules they have in place are far in excess of any of their competitors and mean that the usefulness of the app is completely negated


#2

You dont need to prove you have a job, you need to prove you have a certainy salary that justifies an increase of the top-up limit. Investments and illiquid savings do not count towards that AFAIK.

We can now argue all you want whether that is stricter or not than other, but Revolut is not governed under a banking licence at the moment and probably has to follow different and stricter regulations than classic banks.


#3

I was told very specifically that I needed to prove my employment, not my income.
In any case, I was transferring a large sum of money form long term savings and investments which is not related to my current income. I sent full proof of the source of these funds,
The lack of a banking licence is irrelevant. Many non-bank competitors do not impose such onerous conditions in the name of compliance. It seems Revoluts back-office processes have not kept pace with the technology for the App


#4

Well, if you are actually transferring them to Revolut their origin should be sufficient for Revolut as to my understanding.

No, as different regulations may apply.

What others do is not always the best argument :wink:

Anyhow, if these are actually liquid funds and you can provide documents as to their origin Revolut should be able to handle that. I’d hope @AndreasK can provide some clarification here.


#5

Your understanding is wrong. They would not accept the proof of liquid funds and insisted I send tax returns and P60 to prove my employment. I challenged this many times but they said their rules do not allow it. I asked repeatedly to explain the link between income and liquid savings and they would not answer.

The FCA covers both bank and non-banks so they are regulated in the same way.

I was at a “Rev rally” in Bristol last night and raised this issue. The answer seemed to be that they are so busy launching new products and services and to new countries that they don’t have the time or resource to ensure existing practices are fit for purpose.


#6

Well, not according to https://www.revolut.com/help/profile/i-want-to-increase-my-top-up-limit

That would be in contradiction to their own statement, but that is something you will need to sort out with them.


#7

I have asked for an explanation several times but they simply do not reply