Revolut Salary

Accies1985

Hi,

Looking for some advice on the above. I am getting my salary paid into Revolut for the first time and I have got to say I am nervous. My salary is due on Friday. I have received my payslip from my employer. Should it be showing on my revolut statement as pending? Nothing is showing. Also it seems to indicate on the Revolut website I will receive this a day early. Does this happen automatically or will I need to do anything. I have had a lot of hassle with mainstream banks because of previous credit issues so really want this to run smoothly

WillPS

No, the payment won't be visible until the late afternoon before (at the earliest) - I've never had my salary paid in to Revolut (seems dicey since they're not a licensed bank, and therefore if they went bust just as one got paid, one would be out luck!) but when I did have my salary dropped in Monzo who do the same thing a notification arrived at 4pm the day before payday, and you could either grab your salary then or ignore it and let it pay in overnight.

https://help.revolut.com/help/adding-money/getting-paid-earlier/all-about-early-salary/

Accies1985

I dont have many options unfortunately. I may get a Starling account. Monzo closed my account without reason. Im hoping this salary payment will drop without issue but I am nervous about it

WillPS

Accies1985 said:

I dont have many options unfortunately. I may get a Starling account. Monzo closed my account without reason. Im hoping this salary payment will drop without issue but I am nervous about it

I can relate, I remember back when I got my first job I was on the phone to Natwest at 2 in the morning because I was so anxious about it. As long as you've been careful to check your details are correct there's nothing at all to worry about, and even if there is a screw up, these days with faster payments HR departments have levers to get your money to you quickly.

PRAISETHESUN

There's usually no notice for incoming payments. In the unlikely event that the money hasn't arrived by the end of the day your employer has said it should arrive, that's when I'd start to complain. But other then that there shouldn't be any issues.

And I echo the point above about getting an account with a FSCS protected bank - Monzo, Starling, Metro, or any of the brick and mortar high street banks will do. Revolut also have a well known history of poor customer service, which is the last thing you want when you have a problems and are stressed about getting them sorted!

eskbanker

Accies1985 said:

Monzo closed my account without reason.

They won't have closed your account without reason, but may have done so without telling you the reason.  Did they do so instantaneously or did they give you notice?

Have you checked your credit files, CIFAS, National Hunter, etc, to ascertain if there's anything negative recorded about you, above and beyond what you already know from "a lot of hassle with mainstream banks because of previous credit issues"?

Accies1985

eskbanker said:

Accies1985 said:

Monzo closed my account without reason.

They won't have closed your account without reason, but may have done so without telling you the reason.  Did they do so instantaneously or did they give you notice?

Have you checked your credit files, CIFAS, National Hunter, etc, to ascertain if there's anything negative recorded about you, above and beyond what you already know from "a lot of hassle with mainstream banks because of previous credit issues"?

They gave me 60 or 90 days notice which is when I got the Revolut account. Some of their reviews aren't the best but my options were limited

I have checked my credit files and there is nothing on there that shouldn't be. I am not sure what CIFAS (appears from Google to relate to fraudulent activity - how would i check this ?) or National Hunter are.

why would they open the account in that case? which i operated fine for well over a year            

PRAISETHESUN

Accies1985 said:

eskbanker said:

Accies1985 said:

Monzo closed my account without reason.

They won't have closed your account without reason, but may have done so without telling you the reason.  Did they do so instantaneously or did they give you notice?

Have you checked your credit files, CIFAS, National Hunter, etc, to ascertain if there's anything negative recorded about you, above and beyond what you already know from "a lot of hassle with mainstream banks because of previous credit issues"?

They gave me 60 or 90 days notice which is when I got the Revolut account. Some of their reviews aren't the best but my options were limited

I have checked my credit files and there is nothing on there that shouldn't be. I am not sure what CIFAS (appears from Google to relate to fraudulent activity - how would i check this ?) or National Hunter are.

why would they open the account in that case? which i operated fine for well over a year            

https://nhunter.co.uk/subject-access-request/
https://www.cifas.org.uk/dsar

These are organisations which provide data used by lenders for anti-fraud checks. The data they provide isn't usually visible on your credit files, but is also checked by lenders. Useful to have a copy if you've been rejected as it might contain an insight into why.

eskbanker

Accies1985 said:

eskbanker said:

Accies1985 said:

Monzo closed my account without reason.

They won't have closed your account without reason, but may have done so without telling you the reason.  Did they do so instantaneously or did they give you notice?

Have you checked your credit files, CIFAS, National Hunter, etc, to ascertain if there's anything negative recorded about you, above and beyond what you already know from "a lot of hassle with mainstream banks because of previous credit issues"?

They gave me 60 or 90 days notice which is when I got the Revolut account. Some of their reviews aren't the best but my options were limited

I have checked my credit files and there is nothing on there that shouldn't be. I am not sure what CIFAS (appears from Google to relate to fraudulent activity - how would i check this ?) or National Hunter are.

why would they open the account in that case? which i operated fine for well over a year            

If they gave you notice then that would typically rule out suspicion of fraud, so reduces the likelihood of CIFAS markers, etc, but they'll still have done so because something about how you ran the account wasn't to their liking, so worth considering what that might have been, e.g. unusual transactions, crypto, etc.

prettyandfluffy

Accies1985 said:

Hi,

Looking for some advice on the above. I am getting my salary paid into Revolut for the first time and I have got to say I am nervous. My salary is due on Friday. I have received my payslip from my employer. Should it be showing on my revolut statement as pending? Nothing is showing. Also it seems to indicate on the Revolut website I will receive this a day early. Does this happen automatically or will I need to do anything. I have had a lot of hassle with mainstream banks because of previous credit issues so really want this to run smoothly

I've had an account with Revolut for a long time although it's not my main account; I've never had a problem with them.  You will get a text notification when your salary goes in (make sure you're signed up for this).  I would use this account as an interim until you can sort something else out so you have appropriate protection in the event of any problems; you could move your money to a savings account and shuffle it across to Revolut as you need it whilst you're doing this?

Finngirl62

Revolut have lost a £15k transfer of my money in cyberspace for the last 8 weeks. Their customer service is truly appalling.  I now am pinning my hopes on the Financial Ombudsman, but Revolut are not a licensed UK bank as mentioned in another comment, so I'm really worried.  Please BE SO CAREFUL OF REVOLUT with your money. I now know that they have huge ongoing problems with electronic transfers, and several large lawsuits against them