Revolut and HMRC tax return repayment

julian_arg

I have been using Revolut since the beginning, usually to keep small amounts and transfer with friends, family etc.
Last year, I have started to use it to receive my UK salary. I am UK employee, but living abroad for a few years.
All good, no issues with salary for 1 year.
Then this month I have submitted my hmrc self assessment and chose Revolut account for repayment. 
HMRC were really fast and money was transferred to Revolut account on 11/05.
And that's when the nightmare begun. Revolut restricted my account, requesting for source of funds documents. I have immediately sent them my self assessment. They then limited my account, with access only to in-app chat. No information whatsoever from them on how long it will take. I have raised an official complaint with them and after 15 days will raise with ombudsman.
Beware depositing large amounts in Revolut. They might lock you out of your money for months with no explanation given. 

born_again

They have 8 weeks to deal with the complaint before you can go to FOS, unless they issue a deadlock letter 1st.
But given what they have done. I think you will not get a resolution to the complaint till they finish the investigation. Which FOS will back them on.

colsten

It's heartbreaking to have to read those dreadful experiences with Revolut CS. The pattern is always the same - Revolut works well for as long as you do not have a reason to contact their CS. At which point, everything goes into a black hole.

You could try and leave them a stinking report on TrustPilot. Sometimes they react to that in a positive manner. No promises though.

Revolut does not have FSCS protection, anyway, so I would never keep more than a few quid in there, and I would never use them for larger currency transfers. If your foreign currency is Euro, you are better off with Starling Bank, or may be the HSBC Currency account, or Fineco Bank UK, all of whom offer either FSCS or the Italian equivalent. Wise (formerly Transferwise) is also a potential alternative, but again without FSCS cover.

julian_arg

colsten said:

It's heartbreaking to have to read those dreadful experiences with Revolut CS. The pattern is always the same - Revolut works well for as long as you do not have a reason to contact their CS. At which point, everything goes into a black hole.

You could try and leave them a stinking report on TrustPilot. Sometimes they react to that in a positive manner. No promises though.

Revolut does not have FSCS protection, anyway, so I would never keep more than a few quid in there, and I would never use them for larger currency transfers. If your foreign currency is Euro, you are better off with Starling Bank, or may be the HSBC Currency account, or Fineco Bank UK, all of whom offer either FSCS or the Italian equivalent. Wise (formerly Transferwise) is also a potential alternative, but again without FSCS cover.

Yes, I have l already added a negative review on trustpilot. They have responded with the same copy-paste message. I was using Barclays until last year for salary tand tax return and Transferwise to move the money to my eur account. It was perfect, big mistake to switch to Revolut for an all-in-one. 

colsten

@julian_arg Starling will give you an all-in one, if you still want one after your recent experience.

I hope the FOS steps onto Revolut hard, and also reports their findings to the FCA and PRA, who are currently considering Revolut's application to become a UK bank.

julian_arg

born_again said:

They have 8 weeks to deal with the complaint before you can go to FOS, unless they issue a deadlock letter 1st.
But given what they have done. I think you will not get a resolution to the complaint till they finish the investigation. Which FOS will back them on.

In their acknowledgement email they mention 15 days max for a response.
On the ombudsman website I see 8 weeks indeed.
Not sure if they will consider it if I raise after 15 days. 
I want to raise it ASAP, this is very stressful and want to get it sorted as fast as possible. 

eskbanker

julian_arg said:

born_again said:

They have 8 weeks to deal with the complaint before you can go to FOS, unless they issue a deadlock letter 1st.
But given what they have done. I think you will not get a resolution to the complaint till they finish the investigation. Which FOS will back them on.

In their acknowledgement email they mention 15 days max for a response.
On the ombudsman website I see 8 weeks indeed.
Not sure if they will consider it if I raise after 15 days. 
I want to raise it ASAP, this is very stressful and want to get it sorted as fast as possible. 

The difference between the 15 days and the 8 weeks is explained at https://www.financial-ombudsman.org.uk/consumers/expect/time-limits

Time limits for a business to reply

A business has 15 days to consider complaints about:

• payment services – such as bank transfers or direct debits
• electronic money – for example, online money transfers, Apple Pay or travel money cards

For most other complaints, a business has eight weeks to consider a complaint.

After these time limits have passed, they should send you their final response.