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  • FIRST POST
    • Tejo789
    • By Tejo789 9th May 18, 11:50 AM
    • 6Posts
    • 0Thanks
    Tejo789
    Revolut won’t give me my money back
    • #1
    • 9th May 18, 11:50 AM
    Revolut won’t give me my money back 9th May 18 at 11:50 AM
    I transferred a Ł1000 pounds from my revolut to London Block Exchange . There was a problem so they refunded my money. Not to my revolut account but to the account it came from which by the looks of it is a Barclays account. Revolut say this is their payment processer’s account. They wanted to see the official refund receipt which LBE have provided . This has now been going on for 3 weeks. The guy on the chat help is not helping at all. The complaints form which I have filled in twice is of no use because nobody has emailed me or tried to contact me. I’m getting worried now that I have lost my Ł1000. Anybody else had a similar experience and if so how did you resolve it.
    Thanks.
Page 1
    • stevenhp1987
    • By stevenhp1987 9th May 18, 11:55 AM
    • 669 Posts
    • 533 Thanks
    stevenhp1987
    • #2
    • 9th May 18, 11:55 AM
    • #2
    • 9th May 18, 11:55 AM
    If you've got the refund receipt then you won't lose the Ł1,000.

    Strange they refunded it to a bank account rather than back to the card...

    If, after 8 weeks from your initial complaint, they don't respond, or you don't agree with their response, you can take it to the FOS.

    So long as they have refunded it, and you have a copy of the refund confirmation then you should be fine. At the very least, they can chargeback for refund not received.
    • Tejo789
    • By Tejo789 9th May 18, 11:57 AM
    • 6 Posts
    • 0 Thanks
    Tejo789
    • #3
    • 9th May 18, 11:57 AM
    • #3
    • 9th May 18, 11:57 AM
    How do I go about a chargeback? Can I go for a chargeback as it was a bank transfer from revolut to my account with LBE ?
    • PeacefulWaters
    • By PeacefulWaters 9th May 18, 12:29 PM
    • 8,318 Posts
    • 10,664 Thanks
    PeacefulWaters
    • #4
    • 9th May 18, 12:29 PM
    • #4
    • 9th May 18, 12:29 PM
    Qatar Airways took a week or so to get my refund back to the credit card I'd linked to Revolut.
    • Tejo789
    • By Tejo789 9th May 18, 12:34 PM
    • 6 Posts
    • 0 Thanks
    Tejo789
    • #5
    • 9th May 18, 12:34 PM
    • #5
    • 9th May 18, 12:34 PM
    Apperently they refunded the money back to account it came from which is Barclays . But this was 3 weeks ago. I am prepared for a refund to take a few days even 5 working days , but three weeks is a bit much. And to be honest I really need this money.
    • guesswho2000
    • By guesswho2000 9th May 18, 1:42 PM
    • 1,570 Posts
    • 736 Thanks
    guesswho2000
    • #6
    • 9th May 18, 1:42 PM
    • #6
    • 9th May 18, 1:42 PM
    Strange they refunded it to a bank account rather than back to the card...
    Originally posted by stevenhp1987
    As well as making MasterCard payments, you can use Revolut to make transfers to bank accounts, make bill payments, etc., which won't be processed as a card transaction.

    If this is the case, LBE won't have been able to refund it to the card (as a card transaction), as they wouldn't have had the details.
    • maxximus75
    • By maxximus75 9th May 18, 8:27 PM
    • 114 Posts
    • 35 Thanks
    maxximus75
    • #7
    • 9th May 18, 8:27 PM
    • #7
    • 9th May 18, 8:27 PM
    I think all they have not done for the refund is add your account number as the reference which is why it has gone back into Revoult's main account as it doesn't know where to forward it to without said reference?
    • The Urbanite
    • By The Urbanite 10th May 18, 12:23 AM
    • 126 Posts
    • 54 Thanks
    The Urbanite
    • #8
    • 10th May 18, 12:23 AM
    • #8
    • 10th May 18, 12:23 AM
    There are some things a traditional bank is better at dealing with.

    These prepaid card institutions usually have a holding account where incoming payments without your account number as a reference end up.

    The good news is, you will get your money back. At some point.

    The bad news is, this will likely take months whilst that Ł1000 pings back and forth between the parties concerned. If Customer Services aren't on the ball they will forever be trying to trace a payment and be a few trips behind it.
    • Tejo789
    • By Tejo789 17th May 18, 4:20 PM
    • 6 Posts
    • 0 Thanks
    Tejo789
    • #9
    • 17th May 18, 4:20 PM
    • #9
    • 17th May 18, 4:20 PM
    Well another week gone by , and still no money. What if this had been my wages ? No money for food no money to travel to work and no money for rent. People be very careful who you trust with your wages.
    • Tejo789
    • By Tejo789 17th May 18, 4:23 PM
    • 6 Posts
    • 0 Thanks
    Tejo789
    Oopsss sorry but I forgot , the complaints dept did send me a response , basically telling me that revolut are still working on it and as a token of good will if I want they will give me 3 months premium for free. Lol .you can!!!8217;t make this up.
    • eskbanker
    • By eskbanker 17th May 18, 5:55 PM
    • 7,497 Posts
    • 8,097 Thanks
    eskbanker
    What if this had been my wages ? No money for food no money to travel to work and no money for rent.
    Originally posted by Tejo789
    If it had been your wages and needed for essentials then I'd hazard a guess that you probably wouldn't have been sending it to London Block Exchange....
    • OceanSound
    • By OceanSound 29th Jun 18, 12:30 PM
    • 284 Posts
    • 37 Thanks
    OceanSound
    If it had been your wages and needed for essentials then I'd hazard a guess that you probably wouldn't have been sending it to London Block Exchange....
    Originally posted by eskbanker
    Some of us getting paid in Euro's use revolut. Once in Revolut we convert to pounds then transfer to UK Bank account.

    If the UK bank account has to refund the money back to our revolut account for some reason (same as what LBE had done), the scenario that OP describes is likely.

    I'd stay away from Revolut.

    BTW: the wages you deposit in to revolut isn't protected under the FSCS. They are only covered under Electronic Money Regulations 2011 and the Payment Services Regulations 2009.

    That's another good reason for not sticking your wages in Revolut, apart from the fact that they seem to lock your account under 'security' pretenses and take ages to resolve (from what I've read elsewhere).
    • nyermen
    • By nyermen 29th Jun 18, 1:19 PM
    • 181 Posts
    • 135 Thanks
    nyermen
    Okay so Revolut are using Barclays as their correspondent bank as they aren't a clearing bank themselves I guess. (in fact, I guess they're not a bank at all as OceanSound says, they're just a payment services provider).
    Something still doesn't seem right, if it's been deposited back to their vostro account, then it's down to revolut to take it from there. If it's not (its gone to a different account) it begs the question why.
    But I'm not an expert here, maybe someone else has an idea of what goes on between a bank and Revolut (who I would guess Barclays are treating as a corporate customer in their processes?)
    Peter

    Debt free - finally finished paying off Ł20k + Interest.
    • FriendlyFoe
    • By FriendlyFoe 29th Jun 18, 2:31 PM
    • 90 Posts
    • 55 Thanks
    FriendlyFoe
    The payment processor uses a Barclays suspense account when a Revolut customer makes Faster Payment out request.

    However they seem use Lloyds as a ledger and process Faster Payments into Revolut accounts themselves ( no Barclays envolvement)

    The money may have bounced back out the Barclays account shortly after it was refunded as it's not a "deposit" account.

    In short Faster Payments to Revolut accounts will show sort codes for Prepay Technologies and Faster Payments out of Revolut will show as Barclays (something something coprate).
    Last edited by FriendlyFoe; 29-06-2018 at 4:10 PM.
    • beckysheffield
    • By beckysheffield 30th Jun 18, 11:23 PM
    • 230 Posts
    • 28 Thanks
    beckysheffield
    Have you tried Facebook?
    • circuit
    • By circuit 4th Jul 18, 10:04 AM
    • 466 Posts
    • 117 Thanks
    circuit
    I would advise anyone reading this thread NOT to use Revolut as a main account. We have a business account with them, and have had nothing but bother. Wrong names on cards, features promised and not launching, and very poor support over live chat. We are trying to close this rather expensive Revolut business account and we have been asked to jump through lots of hoops.

    Transfers don't come directly to your account either which makes them very slow and cumbersome which appears to be the issue you are experiencing.

    IMO Revolut is fine for converting currency but I personally would avoid using it for anything else.
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