Revolut Shock Horror

[Brighton Belle]

You hear stories about Revolut and their arbitrary behaviour.

Shock Horror. I sent €25 to my granddaughter for her Easter eggs via her Mum’s Spanish bank account we’ve used on Revolut for years.

Revolut blocked the transfer and wanted to know the recipients full name and home address for “regulatory reasons”.

I just don’t believe they can ask for that private third party information from me as it her bank that has the responsibility for identity diligence.

Is Revolut a serious business? Can they really ask you to disclose someone’s home address and claim it’s a regulatory requirement. Any bankers here?

Doesn’t matter as I’ll stop using them. They can’t be trusted with such arbitrary behaviour for €25. If this is how they treat pocket money I wouldn’t give them anything larger.

[ChrisBCN]

Why do you pay their fees? Switch to Wise!

[Aston100]

They are the worst of the worst.
I posted on here how they froze a transfer of under £150 because I wrote “for Dave”. This apparently triggered some alert on their end.
Took endless chases and escalations for nine days through their crappy in-app ‘customer services’ before they apologised and unfroze it.

Bunch of cowboys.

[NorthernLass]

Just paid to have our alarm serviced, by the company which did it last year, so the details are already in Revolut but for some reason they insisted on the name of the company being input in full again and a description of what they do added! Alarm companies don’t do that much, apart from fitting and servicing alarms, I thought.

[Rui N.]

Shock, horror, the apocalypse!

Lloyds did exactly the same to me many years ago when I sent £50 to my then-landlady as a trial paynent.

[John]

Apparently common things like “for Dave” are often used as codes for drugs etc. I tell people sending me money to leave the ref blank.

[Brighton Belle]

“Why do you pay their fees? Switch to Wise!”

Yes , I’ve had an account for eons. Revolut knows how to drive business away. I live in a simpler Universe where it wouldn’t occur to me that €25 was drug money to an IBAN Revolut has had in their system for years… though I can see Easter Eggs are a chocolate addiction for a 10 year old.

Fools

[Lady London]

It’s a pity there isn’t “stop and search”regulation of enquiries made by financial operators. Ot at least what used to be sensible, only query over ML limit – was £5k now £10k on a transction or cumulative value of transctions over a very short period.

I really don’t see what law is enabling them to seek information without cause unless the transaction is outside pre-specified limits. If it’s just their contract enabling this sort of unreasonable search G*d knows what other stupidities that operator would do so why engage with them.

[SBIre]

This is absolutely normal, correct and will be done by any financial institution of any size. It may not have been Revolut that stopped the payment – it may have been the receiving bank (or a correspondent bank in the chain) and Revolut could just be executing the query. Those are normal data points to ask for too. It sounds like you hit a payment screening condition, possibly because you may have used some terms in the reference that are drug related (there are a few egg and chocolate related terms for example), or perhaps it looked like a money mule type of transaction. It is less likely this was flagged by any transaction monitoring solution unless you made a series of unusual transactions. For most (though not all) potential offences (such as terrorist financing) the amount does not matter, and in many cases, the financial institution is legally bound to keep you in the dark as “tipping off”, even accidently, is also an offence.

[Rui N.]

It could also be the case that this transaction made the OP pass certain threseholds of activity in the account that triggered additional checks.