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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
#42Revolut closed my business account with them and would not give me any reason why (all documentation was OK, all my clients are lilly-white busineses). It is not clear to me if they would not tell me because they're not allowed to by law - or "just because". Anyway - then the remaining balance on my account - they simply sent that back to the last payment that had been made => They sent my remaining balance to one of…
That’s incredible, did you manage to recover the balance?
Re: Revolut raises $500M at a $5.5B valuation
#43I refused to interview with them due to their poor employment practises. A quick search reveals what's going on.
Huh, could you summarize the results of a quick search here, to save everyone else the time?
This slack message from the CEO went viral at some point and i think sums up the culture nicely:
https://wi-images.condecdn.net/image/aanw4w1b8eW/crop/1440/f...
tl;dr: "I noticed that several product owners / team leaders are significantly below targets and still do not work on weekends to catch up"
Re: Revolut raises $500M at a $5.5B valuation
#44Revolut closed my business account with them and would not give me any reason why (all documentation was OK, all my clients are lilly-white busineses). It is not clear to me if they would not tell me because they're not allowed to by law - or "just because". Anyway - then the remaining balance on my account - they simply sent that back to the last payment that had been made => They sent my remaining balance to one of…
To be fair, big banks like HSBC and Barclays also do this. Plenty of horror stories around. There needs to be a law so they could at least notify people a month or two beforehand and provide a reason...
Re: Revolut raises $500M at a $5.5B valuation
#45Earlier quoted context omitted.
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.
While those things could be true, as a N26 and Revolut free customer, I have to say that yes, they use customer service chat bots, but when you ask for humans, their assistance to me was always good, quick, and solved my issues.
I was on Premium when my account was frozen ;-)
And I did ask for humans, on 3 separate days, as I said, took about 10 days to get a reply.
Re: Revolut raises $500M at a $5.5B valuation
#46Revolut closed my business account with them and would not give me any reason why (all documentation was OK, all my clients are lilly-white busineses). It is not clear to me if they would not tell me because they're not allowed to by law - or "just because". Anyway - then the remaining balance on my account - they simply sent that back to the last payment that had been made => They sent my remaining balance to one of…
Randomly closing accounts with no explanation or recourse unfortunately seems to happen with basically every bank or payment provider these days Transferring your entire balance to an arbitrary account though....yikes
> Randomly closing accounts with no explanation or recourse unfortunately seems to happen with basically every bank or payment provider these days
I suspect aggressive anti money laundering measures getting a few false positives to be the context.
Re: Revolut raises $500M at a $5.5B valuation
#47Revolut closed my business account with them and would not give me any reason why (all documentation was OK, all my clients are lilly-white busineses). It is not clear to me if they would not tell me because they're not allowed to by law - or "just because". Anyway - then the remaining balance on my account - they simply sent that back to the last payment that had been made => They sent my remaining balance to one of…
To be fair, big banks like HSBC and Barclays also do this. Plenty of horror stories around. There needs to be a law so they could at least notify people a month or two beforehand and provide a reason...
I believe there is a law allowing them not to provide any reason.
Re: Revolut raises $500M at a $5.5B valuation
#48Revolut closed my business account with them and would not give me any reason why (all documentation was OK, all my clients are lilly-white busineses). It is not clear to me if they would not tell me because they're not allowed to by law - or "just because". Anyway - then the remaining balance on my account - they simply sent that back to the last payment that had been made => They sent my remaining balance to one of…
To be fair, big banks like HSBC and Barclays also do this. Plenty of horror stories around. There needs to be a law so they could at least notify people a month or two beforehand and provide a reason...
On the odd occasion I've had an issue with Barclays I have been able to walk into a branch and speak to a nice person who has fixed the problem on the spot.
Old style banks have their problems but this isn't one of them. I've had a revolut account that vanished overnight (thankfully there was only 1 euro in it at the time). I also have Monzo but will only use it for small everyday transactions.
Re: Revolut raises $500M at a $5.5B valuation
#49Earlier quoted context omitted.
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 also block the accounts of members of a certain political party ("PSD") in Romania, "blocking" (stealing) their money, but only if customers admit to being a socialist party member. Here's a screenshot with the questions https://universul.net/wp-content/uploads/2019/10/revolut-psd... Transcripted from the Revolut app: Have you ever held any of the following positions? Select all that apply - Member - Speciali…
PSD is a populist party of crooks, mobsters and money launderers. With knowledge of what goes on with PSD in Romania, I would probably deny doing business with them too.
Re: Revolut raises $500M at a $5.5B valuation
#50Revolut closed my business account with them and would not give me any reason why (all documentation was OK, all my clients are lilly-white busineses). It is not clear to me if they would not tell me because they're not allowed to by law - or "just because". Anyway - then the remaining balance on my account - they simply sent that back to the last payment that had been made => They sent my remaining balance to one of…
That seems very strange. Because they are licensed by the UK FCA under the "emoney regulations" I think you should be able to take the case to the financial services ombudsman if you are a UK client, have made a complaint and they haven't resolved it to your satisfaction. Most other European countries would have a similar setup.