Topup limits revisited - pensioners beware


#1

Revolut’s annual topup limits are likely to be a major stumbling block for the development of this otherwise excellent service. At present the limits can be increased on application based on current earnings, or other clear evidence of funds. My situation is that I have a couple of pensions which we use to live on and a fair amount in savings and investments over the years, which I use to fund our foreign forays, etc. Unfortunately I have been told by the compliance team that only the pension figures are taken into account when considering the topup limits; a lifetime of savings and investments are out of bounds. @AndreasK


#2

Hi there. Savings and investments aren’t out of bounds. Please check this link to see what documents you need to provide to increase your limits:


#3

My interpretation of the situation is that the limits are based off of a flow view, rather than a stock view.

e.g. If you have $1m in assets, your top-up limit will not be $1m. If you have dividends or share sales, which appear on an account statement, that can be used to increase your top-up limit.

Similarly, if you own a house worth $10m, your top-up limit will not be $10m unless you’ve sold your house (in which case, you can show the contract and the TR1).


#4

Thanks Jessica

Below is the message I received. I was not asked for details of my savings & investments over a range of accounts, even though I provided a comprehensive overview:

“We can only increase the limit based on liquid funds.

We cannot take into consideration the whole amount of investments”

As I pointed out, being on a pension I use my savings & investments to supplement my pensions. But to no avail.


#5

Well, savings should be liquid funds. You can access them at any time, cant you? Investments on the other hand, most likely are not.


#6

I agree. But, it seems, ‘computer says no’. And no further discussion.

Also, not all investments are tied up for long periods. Cryptocurrency, for example, is an investment (at least it’s not a savings at present) but can be liquidated at any time.


#7

I wouldnt be surprised by that. There are more Carol Beers out their in support centres than we might know :wink:

Anyhow, I guess they cant take into account what is a liquid and non-liquid investment. As far as the savings are concerned, I’d assume you should be able to use them as proof.


#8

You’re right - on all counts - though it’s no less galling. And, from other comments here, it seems to be a growing problem. As I said originally it’s letting down what is otherwise a great service. But let’s wait and see what happens if/when I and others get nearer the limit, unless things develop in the meantime, of course :wink:


#9

I understand that it might be a problem for you, but I guess Revolut has to follow certain regulations - especially considering it is not on a banking licence yet. If your savings are liquid assets that should be enough to raise the limit. The investments probably wont help though. What most people complain about is that they have to provide proof in the first place or the response times. Non-liquid assets are not so much a problem.

I’d pursue the savings route :).


#10

I pursued it for the best part of a week’s worth of negotiations. Hit a brick wall_


#11

If you liquidate some of your savings into a current account would that work? In a similar boat as my monthly salary is low and I supplement that from my savings and company dividends.