Usage with Degiro

Hello, I recently made a Revolut account and topped it up seeking to use with the in title mentioned online broker platform Degiro, but Degiro seems to reject Revolut in general, however as I went searching through community it seemed like a few people, managed to actually get their funds on Degiro, I hope perhaps someone could explain how one could manage that?
Thank you!

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Hello, did you try to contact Degiro support? it seems that since the issue is on their side they are better placed to help you.
Also, did you try searching Degiro in the forum?

Well, I am still waiting for several hundred £ which DeGiro confirmed were returned and Revolut just does not credit. It’s been a full 3 weeks now.

Did your try to contact in-app support chat?

I contacted DeGiro beginning of May.
And I contacted Revolut beginning of May, too. In-App support.

Problem is that Revolut does not send the funds from “your” account number but from an omnibus account because at DeGiro my account number never showed up but some weird other Revolut account number.
I recommend you contact DeGiro what they need to process the return since in my case they requested more documents and verification.
Even though I did all of this, still no funds on my £ Revolut.

Once they return the funds, they will return to the same account - the weird Revolut A/C number which is not mine…

I will now contact both again, DeGiro to submit proof they returned.
And chasing In-App support so that their “specialist” finds out where the funds are.
Good luck and patience is needed.

I know, this does not help you right now, but maybe next time: after you’ve activated your personal EUR IBAN or the local UK GBP account details, funds (EUR and GBP) are sent from an account in your name with Revolut.

Unfortunately this is wrong advice.
Revolut does not wire with your “local” or “personal” account number, even if you have one (and I do).
I did exactly what you said, I have a personal IBAN in € and a local UK £ GBP account
I wired the 600£ from my local UK £ Revolut account.
But that account number is not showing up at the recipients end (DeGiro).
What showed up is some weird Revolut internal or omnibus account or whatever it is, starting with 73xxxxxx.
But my GBP £ Revolut account starts with 05 and not 73.

Call DeGiro and mention Revolut and you’ll hear “we have a lot of problems with Revolut payments”.
So Revolut must get their act together, the easiest would be to block DeGiro account numbers knowing that they cannot be processed anyway, and obviously swiftly credit the lost funds and not let people wait for weeks (it’s been 3 weeks now in my case).

DO NOT FUND YOUR DEGIRO ACCOUNT WITH REVOLUT - NEVER EVER.
(unfortunately when you read this, you are likey to have messed it up as I did).

That issue must be exclusive to GBP. I have funded Degiro with my revolut EUR account without issue.

It’s not fair to assume Degiro doesnt have any fault here as they have some issues. Just recently I found out they were charging me a tax that doesn’t even exist. Thankfully they acknowledged the issue and refunded me

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Transaction fee or an actual tax?

Actual tax. And they even said they were not keeping the money and gave it all to my country’s (Portugal) tax authorities. So they’re not even trying to make a profit, it’s just silliness

Basically in Portuguese tax code, if you keep a share for more than a year and sell it after that period you don’t pay capital gains tax. They were charging it anyway

In fairness to DeGiro they do mention not accepting third party accounts and specifically Revolut in their FAQs and their registration page.

DeGiro : FAQ Money Transfer

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YES, you are are quite right MSMX5. They do they write that.

However:
On DeGiro it is mentioned somewhere apart. What you read now on webpage is not necessarily the same as 1 month or 6 months ago. Pages do get updated. At least I did not see it when I tried to open the account with them. It simply was not obvious and could have been writting more explicitedly. And Revolut could block those DeGiro funding accounts at source. Would save hassle for Revolut, too.
DeGiro mentions primarily “funds must come from the account which you authorised” or sth like that. True, it was my fault, like of hundreds of others who fell into the trap.
Phone DeGiro UK and ask about Revolut and if they get many wires in and which they cannot attribute. At least they confirmed this to me over the phone and the guy kept saying “we are very sorry”, but please, don’t be sorry, just sort things out and return the funds or reply to emails.

Even if a client makes a mistake, there is no reason to keep the funds for such a long time and not reply to emails (still waiting on email chase up sent 18th and today we are 24th and no reply).
We are not talking about 1£ wire…
And regarding Revolut - if you have a UK local GBP £ account - why don’t they wire the funds from the clients account?
Why is my account number not showing up? That might be the reason why many others complain that wires often go astray (either wires in or wires out).

So even if clients make mistakes - and we all do - both companies who heavily rely on social media - really need to get their act together and fix these issues, on both sides.

To cut a long story short: We get what we pay for.
We pay little commission and obviously we get the service we “deserve”.
So the question is, those “savings” on both sides, are they worth the hassle and risk.
I leave this up to the user’s individual opinion.

Megamaster - you might be right. Maybe it is a local GBP £ account issue. We don’t know.

  • Did you “open” your DeGiro account with your “Revolut” account number (as a reference) or did you add / top-up your DeGiro account with Revolut after you had your DeGiro open and working?
    You wrote you have “funded” so I assume you had your a/c open. Well, I tried to open the DeGiro-UK account with £ Revolut local account, and that certainly does not work. Reason being, as they say, that Revolut is not a bank and DeGiro uses a “real” bank account to verify ownership (even though later on they ask for a copy of your passport or national ID card, at least they did with all of my German friends).

  • By all means, just to be safe. I would try to revert 1€ from DeGiro to Revolut € IBAN to see if the money acutally arrives, before you need to do a larger sum and you’re stuck like me. We can lose 1€ or 1£ and we just forget about it, and with larger amounts it’s all very much different. I would certainly do that test pretty fast. Better safe and than sorry.

Hm, my experience is different. I just did a small 10 GBP transfer from my Revolut account to another GBP account. The receiving account does show my name as the sender, nothing else.

Yes Frank, quite correct. It does show the SENDER’s NAME.
On DeGiro is also shows the sender’s name (my name) but a different Account NUMBER which is not mine.
See above I wrote “the account number is not showing up”, which can be a problem.
Imagine you do a typo error and you enter a wrong account number which actually is a different person’s account you wanted to credit the funds. And imagine the recipient is an honest guy and tells his bank to revert the payment since it’s not for him.
How would that bank know your correct Revolut a/c if it’s not showing up and if a different (omnibus) account n° shows?
It is unlikely, but typos do occur and humans do make mistakes.

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1OTH JULY - MY 600£ ARE STILL NOWHERE.
Just be warned, using Revolut with DeGiro.
Also check out the “lost transfer” section here, there are other users with much larger transfers.
Errors can occur but then Revolut must address the issue and provide the resources to solve problems - and that is the main problem. 16 hours or longer to get support and then it’s a reply like “we pass you on to the transfer department” and then we wait, and wait, and wait.

Did you get a proof from DeGiro?

From: DEGIRO - Clients <degiro.co.uk>
Subject: Payment from Revolut returned
Dear Sir,
This email is regarding your previous money transfer to DEGIRO using Revolut.
These funds had been received from an account 200353-73152596 which appears to be an omnibus holding account used by Revolut. As you were unable to provide sufficient proof of the originating account, we have been unable to make a transfer back to your account.
After establishing a communication with Revolut, it was determined that payments returned to this holding account could then be matched back to your individual account and that we could proceed with the transfer to the general account.
This payment has been returned on 07/06/2018. If it has not yet been received on your account, it is likely still in the holding account of Revolut. In order to help with retrieving this refund, please find attached the SWIFT message for this transfer which shows the account and payment details as well as reference codes. This should be sufficient to trace the payment back to you.
Kind regards,
DeGiro.co.uk
T +44 (0)20 369 578 34 / +353 (0)1513 4951
E @degiro.co.uk /@degiro.ie

YES, THE SWIFT MESSAGE FROM DEGIRO CLEARLY SHOWS THE TRANSACTION DETAILS THAT THEY RETURNED THE FUNDS, INCL. REFERENCE PAYMENT NUMBER WHICH EVEN SHOWS MY NAME !!

(ps names have been deleted on purpose above) - as per 12th July the funds still have not been credited on my £ Revolut account - I don’t want to hear any further " we are looking at it" or “we contact our payment processor” because this is the only replies we receive. Count the weeks!

What really starts bugging me is the lack of email support where I cannot even forward the Swift transfer confirmation. Having to take a pic like a school kid with a mobile phone and pass it on in a barely readable fashion is childish and highly unprofessional for any institution that aims to be a bank one day.

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Update, today, 25th July, I finally got the money.
Good that they finally sorted it out - THANK YOU.

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