Verifying Coinbase as Source of Funds for Top-Up Limit Raising


#1

I invested some money in cryptocurrencies through Coinbase some time ago, and they’ve been doing rather well this year - to the point where I’m taking some profit.

Now, at the moment I’m not anywhere near the annual ‘top-up’ limit after which I’d have to verify the source of my funds - but it’s not impossible I’ll hit it in the future, so I’m looking to get ahead of the problem.

The source of my funds is Coinbase via its GDAX exchange. As a result, I can’t provide any of the proofs Revolut requests in the app: P45/P60 (I’m self-employed and have neither, and the funds aren’t related to salary anyway), three months of bank statements (the funds have been in cryptocurrencies since purchase, not in a bank account, and the whole reason I’m using Revolut is to avoid the fees associated with receipt of Euros into my primary bank account), or bill of sale for a property (I haven’t sold any property.)

Can someone tell me what I can provide to have the limit lifted ahead of possible further transfers from Coinbase, to avoid the funds being frozen? Would images of my cryptocurrency wallets with the Pound Sterling equivalents clearly displayed suffice? Transaction logs from GDAX/Coinbase? Something else?

@AndreasK, are you the man to talk to about this?

Oh, and Happy Nearly New Year, everyone!


#2

Have you contacted support?

Any way I’ll mention some staff @AndreasK @neil
@jessicaszabla .
Andreas is the go to guy for the entire community, extermely helpful and polite and responds fast. (There are holiday days so do take that into account but usually he is fast at replying!) :slight_smile:

Happy new year!


#3

I think they need some documents that justify your income, I’m not sure they have to be directly related to the reason you are (or will be) exceeding the limits. That’s to make sure your source of incomes is legit and not doing any money laundering.

Anyway, I’ll be waiting for the answer too, I’m curious :slight_smile:


#4

No, I’m only a lowly freeloader so I have no out-of-hours support - and it’s not a massively urgent request, so figured I’d try this route instead. It’s not a problem I have now, but a problem I’d like to have in the future if all goes well!

Therein lies the rub, though: someone can prove they spent £X,XXX on cryptocurrencies a year or so ago using bank statements, that’s not a challenge, but is that proof enough of the legitimacy of the funds for receiving £XXX,XXX? I’d guess not, because the two figures are so vastly different.


#5

True, it’s just my thoughts though. People from support and/or compliance team will give you all the details and explain what they need. Just drop them a message on the support, even if it’s not urgent they’ll get back to you and you’ll know what they need from you :slight_smile:


#6

Hi there. Could you please get in touch with our support team?


#7

Hi, @AndreasK - is there a way of doing that via email rather than through the app, as that’d be a lot quicker for me than trying to type out an in-depth explanation of what I need on my smartphone’s screen!


#8

I advice you to use the in-app chat :slight_smile:


#9

I raised the question through the in-app chat, and was told there’s a specific team for dealing with cryptocurrency-related enquiries - yay!

Unfortunately, having been told “I’ll transfer you through and they will be in touch with you shortly,” I’ve heard nothing since - boo!


#10

same for me.
i make arbitrage, i need quick sepa transfert, and after some test, revolut is faster than my good old bank account.
i want to unlock the limits transaction on my revolut account, and i don’t have time for money blocked by limits on my revolut account.
is there a way to contact support by email ?


#11

You could email yourself the message and then copy and paste into the app, but I agree it’s pretty poor to not have a email or web form. Especially with the bot driven (well before it’s ready for prime) initial interface.


#12

We are working on having a web interface, but currently there is no time frame in place. Our email address is feedback@revolut.com however, I was suggesting to get in touch with our support team as it’s faster.


#13

Well, you say that, but so far no joy. The initial “oh, we have a team for that” response arrived in three minutes, but I’m still getting radio silence since then.


#14

Well, someone did try to talk to me at 1140 today - but the app didn’t bother to alert me to that fact, so they gave up and I’m now waiting in a queue again.

This is precisely why I wanted to do this via email or this forum, @AndreasK - app-based messaging is a total pain!


#15

Currently part-way through a very piecemeal 45-minute(!) chat on the in-app support system which, helpfully, doesn’t always scroll to show that a new message has arrived, and I’m told that a screenshot of Coinbase showing the balance prior to transfer would constitute proof and allow for an increase in top-up limit.

Which, if so, is nice and easy!


#16

Final, official, response for anyone looking to do the same: cash out at Coinbase or the exchange of your choice, execute a SEPA transaction from Coinbase, take a screenshot, and send it to Support via in-app chat to have your limits raised ahead of the deposit hitting your account.

Nice and easy!


Account limits
Limits raise with crypto-exchanges documentations
#17

Wow, interesting, i literally have this problem at the moment and noone is replying to my support messages. I thought support was down and i came to look for a web support option.

Anyway i uploaded screenshots of my exchange transfers - let’s see how it goes

Thanks @ghalfacree

Is someone on the helpdesk @AndreasK ?


#18

Hi @createSoftware, I can seen that a member of our compliance team has responded to your in-app messages.


#19

Hi, having the same problem, my transfer from coinbase has been frozen, I have sent screenshots of the transfer on coinbase but no response in the app,

Please help!


#20

I got a response from someone on the chat but it was useless, now they have forward me to someone else, anyone had any experience with this