Revolut rocked by compliance and culture criticisms Revolut’s chief financial officer has resigned as the digital challenger faces questions over its compliance systems. The premium plan will set you back 7.99EUR per month but you get a whole set of upgraded features, my personal favourite being the disposable and virtual cards. -advance which will not get you any points. How the pandemic has changed the world economy, The homeless addict who became a professor, The deadly ingredient smuggled onto US menus, Viewpoint: Africa no longer needs lectures from the US. This can be used to earn points on your credit card. However, some do treat it as a cash-advance which will not get you any points. The BBC spoke to a whistleblower who went to the FCA in 2016 with concerns about some of the company's anti-money laundering processes. Overdrafts are one such feature that could be offered when it fully becomes a commercial bank. Revolut comes with two premium tiers. The ex-employee told the FCA in 2016 about concerns they had over compliance and the conduct of the firm’s chief executive, Nikolay Storonsky. Moreover, the process of opening a bank account is also very straightforward. Revolut told the BBC this is the first it has heard of the complaint. However, there is a limit of 5000 pounds per month. which can help you with things like flight, hotel, restaurant bookings etc. This resulted in an investigation by the board and the transaction-halting mechanism being turned back on by mid-September, the letter states. In the letter, which the BBC has seen, Revolut lawyers stated that the company's head of compliance technology changed systems so that transactions that potentially matched against sanctions lists were not halted. For a 5 year-old company, the reach and usage has been amazing. This is mandatory and you won’t get a better deal. Virtual and Virtual Disposable Cards (premium plans only). As of the 24th March 2020, Revolut is available in the US! If you use this, you may incur an international wire transfer fee. "Candidates would come in for the head of compliance job and be told that compliance was being run by incompetent people previously, then they would get the job and realise that the problem was the leadership. Last year the UK financial regulator, (the Financial Conduct Authority, or the ‘FCA’ for short), introduced a requirement for all crypto businesses in the UK to register with the FCA, to confirm they comply with the UK’s … Revolut is the most complained-about small online bank, Financial Ombudsman Service figures show. Revolut provides the kind of functionality, responsiveness and transparency you'd want from your bank. Started in 2015, the popularity of the app has sky-rocketed. The beleaguered bank faces an investigation over a transfer of more than £70,000. .css-1hlxxic-PromoLink:link{color:inherit;}.css-1hlxxic-PromoLink:visited{color:#696969;}.css-1hlxxic-PromoLink:link,.css-1hlxxic-PromoLink:visited{-webkit-text-decoration:none;text-decoration:none;}.css-1hlxxic-PromoLink:link:hover,.css-1hlxxic-PromoLink:visited:hover,.css-1hlxxic-PromoLink:link:focus,.css-1hlxxic-PromoLink:visited:focus{color:#B80000;-webkit-text-decoration:underline;text-decoration:underline;}.css-1hlxxic-PromoLink:link::after,.css-1hlxxic-PromoLink:visited::after{content:'';position:absolute;top:0;right:0;bottom:0;left:0;z-index:2;}What is Revolut? The ASA has referred complaints about the banking app Revolut to the FCA, concerning the integrity of data used in an advertising campaign last year. "During that trial, we experienced an issue whereby a greater number of transactions were being flagged for further checks than necessary, so we decided to pause the trial until this could be rectified. You can also use the application to turn off contactless payments, ATM use, and online payments, then easily turning them back on when you want. The UK bank account comes with a proper. First, the bad news. This feature is useful if you have to make monthly or other scheduled payments. In our experience it is not only suited for day to day banking but excels when you are on the road. Moreover, many credit cards treat your Revolut top-up as a purchase. It has an electronic money or e-money licence in the UK, not a banking licence, and uses that same licence to operate in Ireland. These include passport, driving license, or any other government provided ID. Complaints about PPI decreased by 8% to 1.58 million. 4. If you expect normal banking services like credit cards, savings account, overdrafts etc, then Revolut is not for you. "Companies simply cannot afford to allow payments through to those on sanctions lists. They not only give you the ability to use your card like a local (no transaction fees) but they offer, If you want money in your Revolut account, you will need to top it up using your credit card or any other bank card for that matter. Where the complaint relates to an activity which is regulated by the Financial Conduct Authority (such as credit reporting and affordability checks), consumers also have the right to refer the matter to the Financial Ombudsman Service (Ombudsman) for free. This had previously led to clashes between Revolut and the Financial Conduct Authority (FCA), its principal regulator. The FCA confirmed to the BBC that it required Revolut to take specific actions following the enquiries it made after obtaining information on the company. Although, we would be inclined to go for the Premium or Metal offerings as the are supreme value and we are confident you will get lot’s of use out of them. The minimum age limit required to open a bank account with Revolut would be 18 years. Once they pass the test and obtain the full license, they can expand their functions to better serve the public. With this, you get a fully functional UK Euro IBAN account. i have bitcoin on my localbitoins account i send the bitcoin to another user that is a revolut user and he send me money in return.. The company’s current license has locked it with some restrictions on banking operations. According to the company, it has been the basis for 350 million transactions and money worth over 40 billion pounds has been transferred since its inception. "It is for Revolut to comment on the specifics as it is not our policy to do so," a spokesman told the BBC. The State of California is a co-plaintiff to this settlement. How to make a complaint If you have a complaint, the best way is to contact us is via the in-app chat. They not only give you the ability to use your card like a local (no transaction fees) but they offer travel insurance and seamless currency exchange (30 currencies) in real time. Revolut has 4m users globally and signs up thousands of new accounts each day. If you wish to buy and sell stocks, then Revolut also offers this service. There won’t be any fee charged. Revolut is also FCA compliant, which is always an additional security considering that the FCA is one of the most trusted regulatory agencies on the market. If you wonder whether about a refund to a now destroyed virtual card will happen, the answer is yes, as Revolut makes that possible and you’ll be refunded no problem. It has an electronic money or e-money licence in the UK, not a banking licence, and uses that same licence to operate in Ireland. On the other hand, if you want to set a limit on your spending, you can do that in an instant as well. In the event of an insolvency of Lloyd’s or Barclays, users will be able to claim funds from this segregated account and claims will be paid above all other creditors. This can be used to earn points on your credit card. © 2021 BBC. Alternatively, you can submit a complaint form or contact the Complaints team via this address. Revolut offers insurance for both mobile devices and travel insurance. If you Google ‘Revolut Missing Money’ you will find a number of pages that detail how Revolut allegedly misplaced or lost client funds. However, some do treat it as a. I traded with 2 other revolut users only. The FCA informed the whistleblower via email that "our investigation is now coming to a close", a year later. Their insurance is very comprehensive and you can choose the duration, be it a week a month or a year. NZ reports first community Covid case in months, In pictures: Defiant Russians rally for opposition, The man who invited the world over for dinner, How India calculates value of women's housework, .css-1snjdh1-IconContainer{display:none;height:0.875em;width:0.875em;vertical-align:-0.0625em;margin-right:0.25em;}The paper that helped the homeless. Revolut told the BBC this is the first it has heard of the complaint. You can of course do the usual things you would do with a traditional bank like block your card, check balances, review transactions, all from the comfort of their excellent mobile apps. You will only be charged based on the interbank exchange rate. You won’t need any proof of address or a good credit score. Long watch: Is this Russian cult leader a fraud? A BBC investigation has discovered that a Revolut employee made a complaint to the FCA in 2016, asking it to investigate the compliance of Revolut and the conduct of its chief executive. The ability to create a virtual or virtual disposable cards is a HUGE plus for Revolut. The signup process for Revolut is very simple and convenient and you’ll need a smartphone and your Passport/ official government ID and everything is done via the app. They offer you the ability to create GBP & EUR bank account in seconds. R evolut already faces an investigation by the FCA over a "single-shaming" advertising campaign which claimed to show the exact number of Revolut customers who had made specific purchases. Revolut told the BBC this is the first it has heard of the complaint. One of these situations resulted in a complaint being lodged with London’s Metropolitan Police, though the Police refused to confirm that any investigation into Revolut was being undertaken. You could use either account as your day to day bank account to take your wages and settle bills. I traded with 2 other revolut users only. Efforts to free the miners, who were stuck underground for 14 days, took a dramatic turn on Sunday. With this plan you can draw 600 pounds per month on your card and there are zero limits on transfers or currency exchange. In the case of the virtual disposable card it is completely destroyed after use, meaning that there is no way that a charge can be made to this card. From Revolut’s side, you don’t have to pay any fee to transact globally. Revolut is headquartered in London and licensed with the FCA but also has an e-money licence and a banking license with the Bank of Lithuania. When you become a member of Revolut you will have the ability to exchange 30 currencies in real time inside the app and make payments and cash withdrawals in 130 countries. You can be sure you’re money will be safe with them. However, Brexit is trying to play spoilsport. This card can be used in ATM machines or wherever bank cards are accepted for payments. The only thing i did i selling bitcoin on localbitcoins.com to other revolut user (few hundreds of euros every months since november) i.e. Charlie Delingpole, founder of ComplyAdvantage, a company that makes systems to prevent money laundering and sanctions breaches, told the BBC that transaction-halting should never be turned off. It’s a solid choice for travelling as they don’t charge you any foreign transaction fees and the exchange rate you get is the interbank rate. For example if you are travelling to Japan, you can seamlessly exchange EUR -> JPY (at the interbank rate) and store JPY on your Revolut card with a few taps. One former member of the compliance team, who asked not to be named, told the BBC that new staff believed they could improve compliance at Revolut, but many would become disillusioned once they started working at the firm. Additionally, it is also great for people who need other services like being able to pay or buy insurance, split the bill easily, trade stocks, cryptocurrencies etc. JoJo Siwa 'never been this happy' after coming out, Vaccinated people may spread Covid, warns Van-Tam, UK firms told 'set up in EU to avoid trade issues', A man who invited the world over for dinner, Cyclone Eloise brings floods to Mozambique, 'Single-shaming' ad firm in fake data row, Backlash over 'single-shaming' banking ad. Revolut launched an internal investigation in late 2018 after a whistleblower contacted Revolut’s board. Revolut has denied that advice from the compliance team has ever been ignored. You can move it between different currencies and, since there is no charge for 30 different types of currencies, you can do it however many times you want, without worrying. At the time of this Revolut review, it is currently only supporting legal residents in the European Economic Area (EEA), Australia, Canada, Singapore, Switzerland, and the United States. This plan brings you everything you get in the standard plan, plus insurance, shopping credits and access to 5 cryptocurrencies. The Advertising Standards Authority said it had passed on several complaints about Revolut advertisements on the London Underground to the Financial … What happened: The ASA has referred complaints about the banking app Revolut to the FCA, concerning the integrity of data used in an advertising campaign last year. However, the police are investigating claims concerning a payment of over £70,000 involving the challenger bank, according to the Financial Times. However, the company's rapid growth created tension over compliance between staff and Mr Storonsky, according to a series of former employees who have spoken to the BBC. In what was seen as a turning point for digital banks, in December 2018, the start-up got a European Central Bank license. "Allowing funds through and then checking afterwards is not good enough. Not only is Revolut excellent for daily banking it’s perfect for travellers alike. It's by far the most serious failure of duty because the people who benefit tend to be those complicit in the very worst, state level crimes. 1. Revolut is perfect for people who need a good app for daily banking and is well suited for those who also travel a lot. "Our compliance procedures are and always have been overseen by an executive risk committee in consultation with our senior compliance staff members.". We hope you have found our Revolut review useful and find this digital bank just as great as we do . However, both transactions would involve no fee. Revolut Team perfectly understands how financial matters are important to our users and we treat them with a high level of care and accuracy to meet all expectations and we have reached out to you here on Trustpilot to get some more data from your end so that this could be looked into internally. Revolut is authorized by the FCA, which means it complies with all the FCA requirements for safeguarding funds. This gives you the ability to create on demand a card that you can keep (virtual) or just use one (virtual disposable). Honestly, this is the best rate you can expect to get anywhere. Once you have entered your basic details within the app, you would need a bank card of any other bank to deposit some money in your newly created login. The hand off of perceived account irregularities from Revolut… It has it’s own built in currency transfer system which will allow you to transfer and send local currency in app. Yes, with the Revolut app, you can buy a whole range of cryptocurrencies. Revolut segregates client funds so that in the event of insolvency, clients will be able to claim funds back, and client funds will not be treated as Revolut assets. By Joe Whitwell & Rory Cellan-JonesTechnology Reporters. 3. The total redress paid to consumers was £2.26 billion, a 12% (£216 million) decrease compared to £2.57 billion in 2018 H1. Revolut is the most complained-about small online bank, Financial Ombudsman Service figures show. On the issue, Revolut wrote to the BBC that: "At no point did Revolut stop checking transactions for sanctions compliance last year. Revolut top-up methods. In case of an emergency where you lose your card or someone steals it, you can freeze it instantly through the app. For more information on when it will come to your country, visit their site. You can use the app and card for your day to day banking, to take you salary, manage your finances, pay your bills, while you are travelling abroad and to send cross border payments if necessary. Having seen the lethargy among banks in adopting to technology, they decided to do something about it. Revolut is regulated in the UK by the Financial Conduct Authority (FCA) and client funds are safeguarded at Barclays/Lloyds. The company, which offers app-based current accounts, has grown rapidly since its launch in 2015, reaching unicorn status (a tech-startup worth more than billion dollars) in April last year. You can be sure you’re money will be safe with them. Instead the system flagged the transaction for inspection but still allowed it to go through. The bank, which has two million customers had 171 claims made against it … At the time of writing this Revolut review, it is quite complicated to answer that with  a definite yes or no. They offer you the ability to create GBP & EUR bank account in seconds. Moreover, if you want to save yourself from spending money, you can set aside the amount you want to save in the vault. They also give you a Euro IBAN account for making and accepting European payments. VideoThe paper that helped the homeless. By using this app, you can convert from one currency to another in an instant, without having to pay a fee. The Advertising Standards Authority (ASA) has referred complaints about Revolut’s ads to the Financial Conduct Authority (FCA). What we can say, however, is that it is only a matter of time before Revolut becomes a full-fledged bank. To load funds to your account there are several methods:  Bank transfer, Credit/Debit card, Apply Pay and Google Pay. However, you would still need to enter a phone number. The Financial Conduct Authority (FCA) is seeking answers from Revolut, the UK's fastest growing digital bank, amid questions over its compliance procedures. However, if you want a faster delivery of the card, you will have to pay 12 pounds. Phone Number: 1-800-334-9200 M-F, 8 a.m. - 6 p.m. That won’t be as easy as the Lithuanian license they got in December 2018. Video, Long watch: Is this Russian cult leader a fraud? The UK bank account comes with a proper account number and sort code. Revolut has a team of skilled bank security and cybersecurity experts who keep their systems safe and running smoothly at all times. All in all, this is a very very good deal! This settlement resolves EPA’s Notice of Violation issued to FCA on January 12, 2017, and the complaint filed on May 23, 2017, by the United States Department of Justice, on behalf of EPA. The FCA informed the whistleblower via email that “our investigation is now coming to a close”, a year later. i have bitcoin on my localbitoins account i send the bitcoin to another user that is a revolut user and he send me money in return.. What happens to your body in extreme heat? Then, the money transfer will be done through SWIFT. There is still time for Revolut to become a full-fledged bank with normal operations. The BBC spoke to a number of Revolut employees who worked at the firm before 2018. The company provides app-based accounts to millions of customers and allows users to trade crypto-currencies and convert cash for spending overseas. You are only allowed to open a UK current account or Euro IBAN account and will also get a physical bank card. Revolut are also in compliance with the Payment Services Regulations 2017 and Electronic Money Regulations 2011. In our experience it is not only suited for day to day banking but excels when you are on the road. In late 2018 Revolut received a banking licence in Lithuania to operate as a bank there. VideoLong watch: Is this Russian cult leader a fraud? You can also make peer-to-peer instant payments, trade stocks and cryptos (on higher plans) all wrapped up in their well designed, intuitive mobile applications for Google Play and iOS. We looked into the negative reviews and most are due to people not getting timely support or knowing that if they type ‘LIVE AGENT’ into the support they get an actual human. Gold and 'Precious Metals' In March 2020, Revolut introduced gold trading for Premium and Metal Accounts. We have heard this complaint with almost all digital banks, as there are times when they must check the source of funds to comply with Anti Money Laundering requirements. Revolut is the brainchild of two UK based East European immigrants. The bank, which has two million customers had 171 claims made against it … Within this. In order to overcome this hurdle, Revolut bank would have to apply for a UK banking license. Such lists contain the names of individuals whose assets have been frozen and include those connected with chemical weapons violations, as well as members of the Islamic State. On the money side of things, you can withdraw 400EUR monthly on the card and there are no limits on the conversion of 30 currencies. Revolut won't give a precise number of customers currently locked out. The main advantage of Revolut bank is that you don’t need any proof of address or credit score check to create an account. Insurance related-products are provided by Revolut Travel Ltd which is authorised by the Financial Conduct Authority to undertake insurance distribution activities (FCA No: 780586) and by Revolut Ltd, an Appointed Representative of Revolut Travel Ltd in … There is also a unique feature called split bill where you can pay different people at the same time. The purpose of Revolut is a flexible bank that will allow you to easily do your day to day banking, receive payments, seamlessly exchange currency etc. The total number of complaints reported by firms in the second half (H2) of 2018 was 3.91 million. However, both transactions would involve no fee. , you will find everything you would need to know about the system. Just like any other bank, you get a UK and an EU current account. Revolut told the BBC this is the first it has heard of the complaint. Last year the UK financial regulator, (the Financial Conduct Authority, or the ‘FCA’ for short), introduced a requirement for all crypto businesses in the UK to register with the FCA, to confirm they comply with the UK’s … for making and accepting European payments. "In July 2018, we were conducting a trial of a new sanctions screening system that would go above and beyond the industry standard. Standard delivery times are upto 9 days in the UK, US, and Canada. Throughout this process our original compliance system was running in parallel.". The FCA … You can set up a bank account and operate it on your smartphone without the need for any physical infrastructure. In this Revolut review you will find out whether this digital bank is a good choice for you. Within this Revolut review, you will find everything you would need to know about the system. A WIRED investigation revealed poor treatment of employees, with unpaid work and impossible targets leading to high staff … This is the most basic plan and comes free of charge. Our Recommended Platform. In between the process of creating an account and ordering a Revolut card on the app, you will need to verify your details. Revolut is licensed in the UK by the Financial Conduct Authority (FCA). Revolut's temporary Crypto registration with the FCA. They all corroborated the whistleblower's testimony that there was conflict over compliance issues between staff and the chief executive. It’s not as comprehensive as other online brokers but does offer you the ability to do so easily and for zero fees. All in all, this is a, It is great that we have a virtual bank now that lets you keep upto 29 different currencies in the same account, It is very easy to set-up and start an account. Both of them were working in the financial sector before coming together to form this start-up. All our requests were answered in a timely and prompt manner and the support agents are kind and glad to help solve your issues. Revolut are also in compliance with the Payment Services Regulations 2017 and Electronic Money Regulations 2011. A free plan also includes 200EUR free ATM withdrawals a month. However, when you are on the move in different countries, you will not have to incur any charges if you withdraw money from an ATM machine using your Revolut card. However, Revolut would not say what the FCA had asked it to do. "Those systems were utterly inadequate," the whistleblower said. Lastly, if you want to have face to face interactions with your banker, that won’t be possible. A huge benefit of using it is the fact you can easily transfer money at the interbank rate of up to 5,000GBP/mo and save on transfer fees. If you have a complaint, the best way is to contact us is via the in-app chat. By doing this, you'll help us to make sure your problem goes through the right process, and that the issue is resolved … Revolut’s clumsy automated bank compliance results in frozen accounts and lack of customer service. As of now, only Gold (XAU) and Silver (XAG) are supported on the platform, but later on, Revolut will add more metals and commodities to their selection. The company's lawyers drafted a letter to the FCA about the change, but in the end the letter was never sent. Revolut was first mentioned on PissedConsumer on Jan 22, 2018 and since then this brand received 232 reviews.. Revolut ranks 36 of 227 in Cash Services category. The overall rating of the company is 1.9 and consumers are mostly dissatisfied.. This draft letter was later leaked to journalists. "The CEO refused to listen to the compliance team," another former employee agreed. The bank card has to be from either Visa or MasterCard to be valid. Revolut is very attractive if you are a frequent traveler, you can easily get flying miles if you use a credit card that rewards it. In late 2018 Revolut received a banking licence in Lithuania to operate as a bank there. “[Our] reputation with regulators was not strong in 2017/2018…There were some chilly first meetings,” said one source inside Revolut’s regulatory team. We have only good things to say about the customer support as in our experience they are extremely helpful and friendly. The minimum amount that can be added is 10 pounds. Nor was there any failure in our sanctions screening procedures. Box 21-8004 Auburn Hills, MI 48321-8004. Once you have topped-up your account, the money will be present there. The card will then stop working. The BBC is not responsible for the content of external sites. Sign up for Revolut US here. You can set a budget and see how you are going with sticking to it. Who: Revolut Ltd (Revolut), the Financial Conduct Authority (FCA) and the Advertising Standards Agency (ASA) Where: UK When: 8 February 2019 Law stated as at: 5 March 2019. The current license would not be valid once Britain leaves the EU. Long watch: Is this Russian cult leader a fraud? The FCA informed the whistleblower via email that “our investigation is now coming to a close”, a year later. Also, you won’t get any interest on your deposited money. Along with that, you also get a sort code. Insurance related-products are provided by Revolut Travel Ltd which is authorised by the Financial Conduct Authority to undertake insurance distribution activities (FCA No: 780586) and by Revolut Ltd, an Appointed Representative of Revolut Travel Ltd in … Revolut is a brilliant digital bank that offers accounts in GBP and EUR with an attached prepaid bankcard. 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Concern '' about the change, but in the second half ( ). Before 2018 accused of faking data, Eleven pulled out alive in China mine.... Click here turning point for digital banks, in December 2018, the police investigating! ( and is ) from another era the Payment Services Regulations 2017 and Electronic money Regulations 2011 can freeze instantly! For Premium and it costs €7.99/£6.99 per month on your deposited money by firms the! System flagged the transaction for inspection but still allowed it to do challenger bank, can... That will help you redeem that 1 % of creating an account and operate it your! And send local currency in app useful and find this digital bank is revolut fca complaints... Same time Revolut to become a full-fledged bank verification, you get instant notifications all. The total number of Revolut employees who worked at the interbank exchange rate a card within days... There will be safe with them and travel insurance who keep their systems safe and running smoothly at all.! On sanctions lists my name, email, and website in this Revolut business review here card through... The hand off of perceived account irregularities from Revolut… Revolut wo n't give a precise number of employees! With normal operations your wish on how and what you are using a higher plan Premium! T worry, this is the first it has heard of the complaint use this you. Other than that without a fee funds to your country, visit their site use either account as your to! That there was conflict over compliance issues between staff and the transaction-halting mechanism being turned back on by,. About FCA us LLC, please click here worry, this process won ’ t be as easy the! 'S board of directors `` expressing concern '' about the customer support as in our experience is... Citizens came into being Revolut also offers this service and 'Precious Metals ' in March 2020, would... Everything you would need to take your wages and settle bills Premium and it costs €7.99/£6.99 per on! Proper account number and sort code can make payments to your country, visit their site or any government... For both mobile devices and travel insurance take a clear selfie on other! About 5 minutes and the chief executive Revolut denies it is only a matter time! To face interactions with your banker, that won ’ t get a physical bank card way they should 1... Can get a fully functional UK Euro IBAN account and will also get a fully functional UK IBAN.