Revolut disaster

Anthorn

obay wrote: »

I use revolut a lot.. it's a very good bank.. I'd recommend, them very good for trading currency and spending abroad, which I did.

Revolut is not a bank, it's a prepaid card which is regulated by the FCA under the electronic money regulations. As such there is no guarantee that your money is safe!

OceanSound

chattychappy wrote: »

In this country, at least, it's a "Driving Licence"

It could be that boopig is from Canada (or has a lot of Canadian friends).

chattychappy wrote: »

Indeed. Pedantry rules OK!

Clearly not! when it comes to your periods (or full stops as you call it). e.g. ...it's a "Driving Licence". Can you see it?

chattychappy

OceanSound wrote: »

Clearly not! when it comes to your periods (or full stops as you call it). e.g. ...it's a "Driving Licence". Can you see it?

Indeed, I stand corrected. Talking of corrections:

OceanSound wrote: »

Clearly not! When it comes to your periods (or full stops as you call it).

Or:

OceanSound wrote: »

Clearly not, when it comes to your periods (or full stops as you call it)!

which avoids a sentence without a main verb...

T-G-C

You cannot blame them, in a sense. There are criminals out there who thrive on services which have a low verification barrier and as such, companies like Monzo and Revolut have introduced more enhanced algorithms on their checks, some of which means sending photo or video.

Even Metro have done this with me, which is a bank. It is the more modern version of filtering out criminals, who produce fake documents, some of which can pass standard digital document validation checks.

There is no concern over sending a facial picture alongside ID, it will not be used other than for the purposes of crime prevention.

You come across as thinking it was a "cheek" for them to ask for ID, aside from the further checks. All companies handling monies are required, under numerous laws, to ensure that the customer is confirmed and appropriate checks have been carried out. The ID check is the most basic, the photo / video are enhanced to cover them further, if in doubt, whereas some do it on a permanent basis, like Monzo.

One example is Know Your Customer (referred to as KYC) which means PayPal, Monzo, Revolut, Sterling and thousands of other financial institutions are legally obliged to conduct checks, under both the enforced framework and additional decided by the individual business.

Some companies like PayPal will have a grace period for people to use their service instantly without waiting for documents to be processed, however there is a set point that they are required to do so. This "point" is set out under EU law and are known as Sending and Receiving limits, among other things like suspicious activities etc.

As for the funds, if the business are in doubt about the existing checks and you have not provided the additional, it is understandable for them to hold it, whether it be £1 or £1000.

I am not making a comment on the customer service side, however on a black and white level, Revolut have done nothing wrong in their KYC process and these sorts of enhanced checks are only going to become more widespread with time. Either wait for a response or complete their additional checks and continue using them without a problem. If refusing to do so, then it be at your leisure.

guesswho2000

Revolut have been invaluable for me, as I travel a lot and transfer money between countries (UK and Australia) very regularly.

My account had been suspended for source of funds checks twice now, most recently last weekend, but they’ve reactivated it literally within a few hours. I don’t really see the checks as unreasonable to be honest, given the sums involved, which are well into five figures.

It’s a bit tedious having to get the documentation together, but ultimately, if you can prove where you’re getting the money from (and that it’s legal obviously!) then it should be resolved fairly simply.

Never heard of the video or voice verification though. I have had to do the selfie with my ID thing, which I hated because I don’t like my photo being taken at the best of times!

T-G-C

guesswho2000 wrote: »

Revolut have been invaluable for me, as I travel a lot and transfer money between countries (UK and Australia) very regularly.

My account had been suspended for source of funds checks twice now, most recently last weekend, but they’ve reactivated it literally within a few hours. I don’t really see the checks as unreasonable to be honest, given the sums involved, which are well into five figures.

It’s a bit tedious having to get the documentation together, but ultimately, if you can prove where you’re getting the money from (and that it’s legal obviously!) then it should be resolved fairly simply.

Never heard of the video or voice verification though. I have had to do the selfie with my ID thing, which I hated because I don’t like my photo being taken at the best of times!

The financial institution isn't bothered about where the funds have come from, it is the legal requirements placed on them which enforce these random source of funds checks.

The most common trigger is an unusual inflation in account balance, for example consistently having between £100 and £1000 but then suddenly increase to having £3000 to £4000.

Other triggers include mismatch names on bank transfers, large transfers from personal bank accounts, transferring funds between your own multiple bank accounts with consistency and much more.

forgotmyname

I had the sam issue with them, they did the credit check which would have been all good. Accounts held for many years, Address for a long time also.

They wanted photo ID. Contacted them saying i don't have any photo ID. No problem they said send us a copy of your passport or photo driving licence.
Contacted again and said no passport and my driving licence does not have a photo. No problem send us a copy of your citizenship ID card.
!!!!!! is a citizenship card?? This went on for a while with them not understanding that i dont have any photo ID and them asking for photo ID that they have in other countries.

Eventually they said OK topup £10 via your bank, this failed as it would not let me send £10 as it was over my limit. They said OK upped your limit yet it still failed with over limit errors.

After lots of messages back and forwards they finally said to uninstall the app and re-download it and it finally worked. Seems the limit was somehow linked to the app.

Good rates when buying items in euro's though, so it did take a while to sort not helped by them asking for photo ID after being repeatedly told i dont have photo ID and the UK does not use Citizen ID cards or whatever else they asked for.

NickZurich

I opened a Revolut account last week. The verification 'delay' was all of 3 minutes. All I had to do was authorise the app to use my phone camera and hold the phone over my driving licence. I thought it was a very slick process and not in the least unreasonable, given how useful a prepay account is for money laundering.

vacheron

I had a Monzo account who "upgraded" me by default and then started asking me to jump through all sorts of similar selfies, speaking my name and defined sentences and sending videos to them in order to verifying my identity to their satisfaction.

While I understood that they had to do this having no bricks and mortar stores, their "new" account was no longer were of sufficient benefit to make it worth my while complying so I just closed the account.

At least with them however, withdrawing the funds was a very easy process.

jonnygee2

then it started asking for me to verfiy who i was. Wasnt happy about photographing drivers licence and sending that but did it any way, that wasnt enough they then wanted video and voice files sending, which is complete overkill on the verification process so decided not to do it.

The video obviously verifies that you are the same person as is in the driving licence, otherwise you could just pick up any old wallet off the street and set an account up. Not sure why these simple measures are 'overkill' or what alternative online verification system you would prefer.

If you want online / app only bank accounts then it's pretty obvious you'll need to verify your identity online somehow. If you don't want to verify online then just use high street banks with bricks and mortar stores.

As for Revolut's customer service though - yes it is absolutely terrible and the main reason I don't use them. I had several substandard interactiopns with them before closing my account. And I do agree with you that if they are going to take £10 in advance they should have a simple way to refund this to you if the account doesn't get set up, for whatever reason.