Transfer/transaction transparency


#1

After spending a little time digging through the forum, a common complaint seems to be that transfers are occasionally stuck in limbo, with people wondering where exactly their funds are, or what stage the transfer is it.

Specifically, I’ve noted the following:

  • Inbound transfers often take a few hours. See Money not turning up for example. I assume before money makes its way into an account, there’s some kind of interim holding period? If that’s the case, it’d be useful to see the charge show up as ‘pending’ first, with an ETA when it might clear, to give assurance to the end-user that payments are acknowledged - they just haven’t landed yet.

  • Outbound transfers take a while. I sent a small payment to myself, and noted that it did have a “pending” label in that instance, but quickly disappeared. Despite the label being removed, the money still wasn’t in the UK bank account (a Faster Payment recipient.) That leads me to believe there’s actually a third state - sent, but pending transfer. Maybe a colour coded/traffic light scheme or some other label system would be useful to see at-a-glance the status of a transaction.

  • When money goes missing for days. This is perhaps the most troubling for a user, and especially a new one like myself that is trawling these boards, and assessing whether Revolut is production-ready for their use case. Examples include Increase limits (where an amount was sent that exceeded a limit, but it wasn’t clear what was happening), to the more common Missing Money!!!!!! where a payment was simply sent but didn’t arrive, even several days later. Again, having some way to track a payment’s path through the system - even if it’s not yet payable - would be very useful.

Even if the status us “on hold”, or “manual check required” or “suspected fraudulent” or something that might otherwise be intrinsically ‘internal’, there’s no reason not to let the end-user know about this, perhaps even allowing users to upload documentation in times when the source of funds needs proving, or some other requirement.

I bet this would cut down significantly on support traffic, too.