Sudden Notice of Business Account Closure - Change in Revolut Policy


#1

Just thought I’d share our story as a warning for those considering setting their business with Revolut. I’ve long been a promoter of Revolut and used to enjoy arguing the advantages to the sceptics that insisted it was dangerous depositing any large sums with such a new company. I was excited that we were one of the very first to sign up for the business product, waited months and then were eventually setup back in September. Everything worked okay and aside from a few rogue payments that didn’t get sent and incoming payments that didn’t arrive because of them being sent as SWIFT everything was tolerable. Overall as we were basically happy the decision was made to start using Revolut as the primary operational account which, as anybody dealing with a reasonable sized company knows, involves a lot of accounting adjustments, new payment cards for staff, explanation to clients and eventually to auditors but in the long term worth it as we’d save a lot on currency exchange.

All was well until suddenly at 16:00 on Friday last week we received an abrupt generic 8 line email stating our account would be closed within 7 days, all funds were to be removed and any incoming payments would be rejected. I was convinced this was some kind of phishing as it was such a bizarre way to communicate such a matter so contacted the chat who confirmed it was correct and that I should contact the sender who would reply on Monday as they had no more information. After a further 3 generic scripted emails over a few days this week I eventually managed to get clarification that this was happening because our type of business was no longer supported as it involves the purchase and sale of vehicles. This type of business was fine for Revolut when we signed up but the policy had been changed. Nothing more could be done and in no uncertain terms this was Revolut’s final decision. That was it.

Now while I do appreciate these things can happen my issue is with the way we’ve been treated. We had several considerable invoices out for payment when the 4pm on Friday sudden notice was given that incoming payments would be rejected. The support replies with rather generic emails and still didn’t clarify what where a missing payment (sent on Friday morning before they emailed us) from our client is. We’ve done nothing wrong and are a well established company that is in simple business of purchasing and managing a fleet of vehicles. Nothing particularly exotic or that you’d expect a bank to have a problem with but we’re now classed with businesses like “Adult Entertainment including escort services” as persona non grata in Revolut’s eyes so they just want rid of us and keep sending the same generic scripted responses.

Overall, I suppose this experience could have ended worse but it’s taught us a valuable lesson…Revolut Business is a great idea but in reality it’s not something a legitimate or serious business (ie. one that a regular bank will accept to open accounts for) should rely on for anything more than the occasional payment (ie. deposit funds from your own account, exchange and send out without delay) and under no circumstances is it an account you should give to clients or use for staff cards. It’s all nice when it’s flowing along but Revolut might suddenly pull the rug out from under you with zero notice should they change their mind on any matter or make a mistake. When this happens there’s nobody to call and you just get generic scripted replies hours or days later. As a result of this all the people I’ve recommended to Revolut business that managed to open accounts are either closing them or only using them for minimal payment purposes.

Exceptionally disappointing as I had such great hopes for Revolut business but sadly it hasn’t lived up to my expectations. Be warned!


#2

Revolut is not a bank, it is a white label front end for a payments provider, who are in control and make the decisions, likely you were onboarded then rejected when the payments provider checked.


#3

Sounds logical; just goes more to back up my thoughts that sadly at this point this isn’t a product that’s suitable for more than outward payments (ie. deposit funds from your own account, exchange and send out without delay). Things should be setup in such a way that they are certain of the rules before onboarding. The marketing would lead you to think this is a bank but this experience certainly leaves little doubt it’s just an alternate payment provider.