I just had over a thousand Euros stolen and Revolut is siding with the thief • Hacker News Board

Re: I just had over a thousand Euros stolen and Revolut is siding with the thief

#81

Post by StavrosK » Mon, Jun 24, 2019, 11:44 AM UTC

krn wrote: post #30

stavros wrote: post #10

Earlier quoted context omitted.

It's even more insane because I set the limit to 200ish, so bill payments routinely give me that error message, so I didn't really think anything of it. Also, apparently the declined transaction shows up, but it takes a while. It didn't show up on my list even though I got the notification, so I thought it just doesn't show and I went to the limits to raise them.

> Also, apparently the declined transaction shows up, but it takes a while. I have had multiple times when the most recent transaction showed up only after restarting the Revolut app.

Yeah, same. Sometimes I needed to force-close, sometimes it wouldn't even show my balance, etc. It doesn't do this too often, but often enough.

Re: I just had over a thousand Euros stolen and Revolut is siding with the thief

#82

Post by AdrianB1 » Mon, Jun 24, 2019, 11:45 AM UTC

anilakar wrote: post #65

I was under the impression that banks were required to know their customers, which at least until this point has basically required you to visit a physical office with a passport and answer the standard anti-laundering questionnaire. This pretty much has meant that these online-only banks have been illegal to operate. Apparently the "FinTech" boom has resulted in a new low...

They require a passport photo. The anti-laundering part is in the requirements for proof of income, but only for significant amounts in the account or transactioned. For a couple of hundred euro per month they don't ask that.

Re: I just had over a thousand Euros stolen and Revolut is siding with the thief

#83

Post by greatpatton » Mon, Jun 24, 2019, 11:45 AM UTC

s_dev wrote: post #55

I'm with N26 -- tried signing up with Revolut as I heard they had some cool features I didn't have with N26 e.g virtualized cards and crypto currency support. Signed up with my Passport and transferred €50 to the newly created Revolut account. I wait a week still no money in the Revolut account -- contact support. They explain I'm not registered and that I have to register first -- I'm at a loss as they could issue m…

Because Revolut dones't want to have to manage FACTA and other US extraterritorial laws. Here is Switzerland having a US passport is a good reason to be banished from your physical bank very quickly. US passport holders are seen as a liability and not as a customer. That's also one of the reason that make renouncement of US citizenship quite popular in Switzerland if you have dual citizenship.

Re: I just had over a thousand Euros stolen and Revolut is siding with the thief

#84

Post by ninjin » Mon, Jun 24, 2019, 11:45 AM UTC

sschueller wrote: post #32

AdrianB1 wrote: post #15

Before I signed up for Revolut I did a bit of research and found some incidents that made me more cautious than usual. Unfortunately at the end of my analysis I found no better option, so I signed up. But knowing what I do, I have 2 rules: - don't keep a significant sum there; not more than what I can afford to loose if things go wrong - keep unused features disabled at all times, activate and deactivate features or…

I had good luck with tranferwise.

Same here, but I have recently changed to Revolut for transfers abroad since even for very large transfers the TransferWise “fee” (exchange rate plus transfer fee) is at about 1.4%, while Revolut is at about 0.4% if you withdraw cash from an ATM. This is if your end goal is to get cash on the other end, rather than services where Revolut would have an even sharper edge. If someone has another viable alternative I am all ears as I am hardly enamoured by Revolut’s app and behaviour.

Re: I just had over a thousand Euros stolen and Revolut is siding with the thief

#85

Post by matthewmacleod » Mon, Jun 24, 2019, 11:45 AM UTC

anilakar wrote: post #65

I was under the impression that banks were required to know their customers, which at least until this point has basically required you to visit a physical office with a passport and answer the standard anti-laundering questionnaire. This pretty much has meant that these online-only banks have been illegal to operate. Apparently the "FinTech" boom has resulted in a new low...

No physical presence is required to meet those standards; online-only banks have existed for absolutely ages. The Monzo process for example involved a picture of your passport and a short video.

Re: I just had over a thousand Euros stolen and Revolut is siding with the thief

#86

Post by blunte » Mon, Jun 24, 2019, 11:46 AM UTC

sschueller wrote: post #32

AdrianB1 wrote: post #15

Before I signed up for Revolut I did a bit of research and found some incidents that made me more cautious than usual. Unfortunately at the end of my analysis I found no better option, so I signed up. But knowing what I do, I have 2 rules: - don't keep a significant sum there; not more than what I can afford to loose if things go wrong - keep unused features disabled at all times, activate and deactivate features or…

I had good luck with tranferwise.

I’ve been happy with TransferWise for years as well. Their support is decent, and their products/services are some of the best available.

Re: I just had over a thousand Euros stolen and Revolut is siding with the thief

#87

Post by StavrosK » Mon, Jun 24, 2019, 11:46 AM UTC

s_dev wrote: post #55

I'm with N26 -- tried signing up with Revolut as I heard they had some cool features I didn't have with N26 e.g virtualized cards and crypto currency support. Signed up with my Passport and transferred €50 to the newly created Revolut account. I wait a week still no money in the Revolut account -- contact support. They explain I'm not registered and that I have to register first -- I'm at a loss as they could issue m…

N26 have been pretty solid for me and they have a number I can call if I need something. N26 is where I keep my money and Revolut is what I use for day-to-day stuff, but I still had enough money that the fraudster managed to steal 1k :/

I have switched to N26 now.

Re: I just had over a thousand Euros stolen and Revolut is siding with the thief

#88

Post by ipython » Mon, Jun 24, 2019, 11:46 AM UTC

I find it weird they accused you of lying, considering every time I purchase airline tickets the bank receives the full ticket information including the PNR (name information and ticket number) for the issued ticket.

For fraudsters wouldn’t that be a huge risk ordering tickets in your own name? Or is there another dimension I’m missing here?

Re: I just had over a thousand Euros stolen and Revolut is siding with the thief

#89

Post by chx » Mon, Jun 24, 2019, 11:46 AM UTC

There is a simple yardstick that made me stay far, far away from Revolut: they deal with bitcoin. I will never trust a single cent of my money on such a company. So far the conduct of Bitcoin exchanges didn't impart the impression of responsible companies. Oftentimes you have downright conmen running them. This is not to say Revolut is cooking the books but touching bitcoin by a fiscal company carries a stench, one that I don't want close to my money.

Re: I just had over a thousand Euros stolen and Revolut is siding with the thief

#90

Post by tshanmu » Mon, Jun 24, 2019, 11:46 AM UTC

krn wrote: post #75

tshanmu wrote: post #67

Earlier quoted context omitted.

edit: They have a banking license but current account customers now still get an e-money account only - quite confusing state. With an e-money account, the client money is supposed to be in a separate account and if they go under, you still get your money. (FCA regulates all this) They have a banking license from Lithuania (but customers are not switched to it) which might be revoked by Lithuania and they are trying…

Revolut received its banking license from Lithuania in December 2018, but hasn't switched its customers over yet. After the family connection with Gazprom became public, Lithuania started considering revoking the license, and Revolut applied for another one in Ireland. It's not clear now, when and which banking license Revolut will start using. It's worth pointing out, though, that Revolut already has more customers…

thanks, you are right, I have edited my original response (which itself is quite confusing now) - the Revolut state of regulation quiet confusing - better to stick with Monzo in UK/N26 in EU.