Revolut have lost my money in cyberspace!

Finngirl62

On 7th December I transferred £15k from my Revolut account to another account (Coinbase). On the 8th December, Coinbase bounced this back to Revolut. Revoluts automated system then bounced this back to Coinbase.  However, the money did not reappear in Coinbase, and I have been speaking to support at Revolut for the last 8 weeks.  They don't know where my money is, and their chat support is really truly awful, and frankly feels exactly like a scam. I have referred this to the Financial Ombudsman last week, and are still waiting for a response. I am so distressed about this, and dont know what else to do

eskbanker

Not sure there is anything else you can do - having complained to Revolut and then escalated to FOS, you'll just have to wait for them to follow their due process, but this isn't a swift exercise, their timescales usually entail a wait of a few months before being assigned to a case handler.  FOS also aren't forensic investigators, so they'll just assess whether Revolut have done what could reasonably have been expected of them, rather than doing any digging themselves to ascertain exactly where the money is.

If the money has been bouncing between the parties and isn't visible at either, what makes you believe that the issue is Revolut's rather than Coinbase's, i.e. have you complained to both?  Why was the transfer originally rejected?

Finngirl62

Thank you eskbanker.  The original transfer to Coinbase was rejected as I think it didn't have the correct reference.  However, it bounced back into my Revolut account, and shows on my Revolut statement.  However, Revolut say their automated system reverted this back out, "for whatever reason" (they did say at one point that my account was not fully functional, but its been open since June 23 and they accepted the money in from my bank originally).  
After dozens of texts from several different chat agents (agents change every 2 weeks, and often ask the same questions all over again), one agent finally gave me the transfer ID, method; Faster Payment, and beneficiary - Coinbase (not an intermediary bank).  So I have now given Coinbase this info and asked them to trace this transfer.  (Previously they assured me the transfer was not reverted to them, but I didnt have the FPID details at that time)

eskbanker

Finngirl62 said:

After dozens of texts from several different chat agents (agents change every 2 weeks, and often ask the same questions all over again), one agent finally gave me the transfer ID, method; Faster Payment, and beneficiary - Coinbase (not an intermediary bank).  So I have now given Coinbase this info and asked them to trace this transfer.  (Previously they assured me the transfer was not reverted to them, but I didnt have the FPID details at that time)

Are you saying that this is all a new development in the last 45 minutes or so, i.e. since starting the thread?

Alderbank

You are still in active discussions with Revolut so you should not be asking FSO to intervene.

They will not respond until you send them the 'final letter' from Revolut which will state that they and you are in deadlock and have not been able to resolve the matter.

eskbanker

Alderbank said:

You are still in active discussions with Revolut so you should not be asking FSO to intervene.

They will not respond until you send them the 'final letter' from Revolut which will state that they and you are in deadlock and have not been able to resolve the matter.

It is permissible to escalate to FOS eight weeks after initiation without a final response (otherwise institutions could stall indefinitely), but agreed that it's inappropriate if diagnostic activity is still ongoing.

la531983

Just to clarify - is this fiat currency that has been lost, or crypto?