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Revolut raises $500M at a $5.5B valuation

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Re: Revolut raises $500M at a $5.5B valuation

#21

Post by bad_user »

fauria wrote: post #11
sschueller wrote: post #4

Revolut is predatory and walking on the line of legality. I would stay as far away as I can from them. - Unfair/illegal employment practices. [1] - Dubios crypto service (you can buy and sell but there is no way to transfer in or out) [2] - Keeping a firewall between customers and company by only allowing communication via app chatbot [3] - Accusations of money laundry. [4] - Many people have had their accounts froze…

Can you provide links or any other kind of source for these statements? Customers would be mostly concerned about the fifth one, probably: Many people have had their accounts frozen or even money stolen .

Revolut started blocking accounts with transactions going over some limit, demanding proof for the source of that money, to prevent money laundering. Happened to me, their response was slow, had my account unfrozen in a week or two.

I've never heard claims of money being stolen though, might be hyperbole.

Re: Revolut raises $500M at a $5.5B valuation

#22

Post by ainiriand »

sschueller wrote: post #4

Revolut is predatory and walking on the line of legality. I would stay as far away as I can from them. - Unfair/illegal employment practices. [1] - Dubios crypto service (you can buy and sell but there is no way to transfer in or out) [2] - Keeping a firewall between customers and company by only allowing communication via app chatbot [3] - Accusations of money laundry. [4] - Many people have had their accounts froze…

- there is no way to transfer in or out

Why you say so? I had some eth and converted it back to eur to take it out. If you are referring to having an eth/btc wallet, yeah, it is not that.

So far my experience with the Metal Plan is really pleasant and I recommend it to anyone.

Re: Revolut raises $500M at a $5.5B valuation

#23

Post by tasogare »

dx034 wrote: post #10
rcMgD2BwE72F wrote: post #8

Earlier quoted context omitted.

Sources?

The lack of in-person or even phone support is practiced by quite a few banking start ups. This also means that if they block your account for any reason (e.g. suspected fraud), it can be very hard to get hold of them. N26 has had similar issues with people not being able to access their money for weeks after their account got blocked. Not sure where the rest of the accusations comes from.

Yep, N26 has utterly crappy user service that don't even know how to browse a governmental webpage when you send them the link. I was able to withdraw my money before they lock my account, be now I stay far from them.

Anyway, this is bad because the service provided by these two banks (mainly low international or inter-device fees) are really a must for anyone living in a foreign country, or moving frequently internationally.

Re: Revolut raises $500M at a $5.5B valuation

#24

Post by peteretep »

sschueller wrote: post #4

Revolut is predatory and walking on the line of legality. I would stay as far away as I can from them. - Unfair/illegal employment practices. [1] - Dubios crypto service (you can buy and sell but there is no way to transfer in or out) [2] - Keeping a firewall between customers and company by only allowing communication via app chatbot [3] - Accusations of money laundry. [4] - Many people have had their accounts froze…

What’s dubious about their crypto service? They’re offering a way to give yourself simple exposure to crypto without a wallet. As the primary use of crypto right now is speculation, seems ideal.

Re: Revolut raises $500M at a $5.5B valuation

#25

Post by bradvl »

sschueller wrote: post #4

Revolut is predatory and walking on the line of legality. I would stay as far away as I can from them. - Unfair/illegal employment practices. [1] - Dubios crypto service (you can buy and sell but there is no way to transfer in or out) [2] - Keeping a firewall between customers and company by only allowing communication via app chatbot [3] - Accusations of money laundry. [4] - Many people have had their accounts froze…

I am not an employment law expert, but there is nothing remotely illegal about those other things.

In fact, the way they do crypto is very clever - it reduces money laundering risk massively.

Re: Revolut raises $500M at a $5.5B valuation

#26

Post by committed »

rcMgD2BwE72F wrote: post #8
sschueller wrote: post #4

Revolut is predatory and walking on the line of legality. I would stay as far away as I can from them. - Unfair/illegal employment practices. [1] - Dubios crypto service (you can buy and sell but there is no way to transfer in or out) [2] - Keeping a firewall between customers and company by only allowing communication via app chatbot [3] - Accusations of money laundry. [4] - Many people have had their accounts froze…

Sources?

Revolut has quite a big customer base in Lithuania and recently many articles have been published about people having their accounts frozen without notice.

Article in Lithuanian: https://www.delfi.lt/verslas/mano-eurai/revolut-klientai-pra...

Re: Revolut raises $500M at a $5.5B valuation

#28

Post by hkjlhoiuwer »

sschueller wrote: post #4

Revolut is predatory and walking on the line of legality. I would stay as far away as I can from them. - Unfair/illegal employment practices. [1] - Dubios crypto service (you can buy and sell but there is no way to transfer in or out) [2] - Keeping a firewall between customers and company by only allowing communication via app chatbot [3] - Accusations of money laundry. [4] - Many people have had their accounts froze…

They are very convenient though. And they have the best FX rates for those who care.

I only keep a minimum amount on Revolut (<$200), and only top up as needed. This way I don't particularly care if my money gets lost.

Re: Revolut raises $500M at a $5.5B valuation

#29

Post by Kkoala »

romasato wrote: post #20
Kkoala wrote: post #13

Earlier quoted context omitted.

Yep, Transferwise Borderless is quite great. They also offer things that Revolut doesn't such as U.S. bank account, plus Revolut just feels bloated and complex with hidden fees.

Not sure what hidden fees are you referring to? As far as I can tell, all the fees are explained on their website and in the app.

On the website it just says things like "No fee ATM withdrawals up to €200 per month", but what about after 200€??

I found a help section that is vague too saying "We can provide an estimate of the potential fees...", so not very transparent. Transferwise you can see/calculate on the frontpage what the fee will be.

Re: Revolut raises $500M at a $5.5B valuation

#30

Post by kasperni »

dx034 wrote: post #14
ascari wrote: post #9

I refused to interview with them due to their poor employment practises. A quick search reveals what's going on.

I found a TechCrunch article[1], is that what you're referring to? Hadn't heard of these issues before (but also never tried to apply there). [1] https://www.wired.co.uk/article/revolut-trade-unions-labour-...

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She did a 30-minute job interview over Google Hangouts with the London-based head of business development, Andrius Biceika, and was immediately told she had passed to the next round, which would involve a small test. “The surprise came when I received the task and it asked me to get the company as many clients as possible, with each one depositing €10 into the app,” says Laura.

The instructions on the exercise said the applicants should recruit at least 200 clients in a week to have a chance at passing to the next interview phase.

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Wow.....

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