Beware: Revolut is not for people wanting to transfer serious money – Revolut: Send, spend and save Review

The idea is brilliant - and it works – for some! For instance if you are a backpacker or you want to pay someone a small sum in a foreign currency in a foreign country, Revolut is for you. However, if you are dealing in bigger things: real estate, a car, a boat etc., if you want to transfer 5 or 6 figures from one bank account to another, you will immediately fall victim to Revolut’s outrageous “money laundering“ algorithms. Your whole account is frozen pending an investigation into source and destination of the money you are sending and you are told to be patient since this may take “up to 96 hours“. If you are an honest person and dealing with honestly earned money this might already seem unacceptably long to you, but unfortunately that statement is a lie. In my case I have suffered twice through more than 6 weeks of frozen funds, not being able to conduct my business, totally helpless and not knowing whether my money was lost forever. Because during that time period there is only one way to communicate with Revolut: through their in-app chat. However, whatever you put in there is ignored. They simply do not answer, there is no way to expedite the process or to talk to anyone with a semblance of a human brain. Your money is lost in space and you have no idea when, if ever, they return control over YOUR money to YOU. I have held a Revolut account for more than a year and after my wife and I experienced this desaster three times we have closed our accounts and returned to more traditional banking methods. I have no problems demonstrating to anyone the legitimacy of my funds, but unless Revolut can accomplish their “know your customer“ due diligence within say 24 hours, that bank is not for people like me.
Review by 2Vistas on Revolut: Send, spend and save.