Revolut - A cautionary note

Can I just ask, did you not see the many comments suggesting that this is a banking industry issue, not one unique to Revolut? Chris spoke about Lloyds doing something similar to him in the UK and there are whole groups and forums on the internet dedicated to Wise, Monzo, Revolut or doing exactly the same. The regulations insist nothing can be said if there’s suspicious (to them) activity, and unfortunately this also gives banks a cover to behave the same should they want to close the account for any reason. But not reading the thread fully and making a snap judgment isn’t ideal.

Whales come in pods, sheep come in flocks, bankers come in wunches. :slightly_smiling_face:

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? I have read it!

Well it’s always worth checking the rates against a provider like Wise. A lot of people probably can’t be bothered or maybe can’t afford it but the other point about receiving ££s is that if the rate is moving in the wrong direction you can sometimes park the funds and spend existing euros until it picks up again. I’ve done that frequently. But as I say, not for everyone and if you can persuade your french bank not to charge an additional fee (DWP already applies a small one and CA, for example, wanted €15 for each of my four pensions, on top of diabolical exchange rates that would have cost me around €5,000 a year for the pleasure!) then stick with it.

I mentioned this to our son, who told me it happened to the ski company he worked for in Verbier - Revolut closed the company bank account with no appeal and little warning.

I had a similar situation of banks refusing money and have just received a letter from National Savings and Investments saying my complaint has been turned down. I had not realised that they do not accept money from online banks and had sent a fair amount after a house sale. I knew it took a while to get noted on the account, but they returned it, without telling me and my bank refused it, so it was floating around in the ether with me not having my money. I wonder who made a quick investment from that!

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