Revolut Bank Feedback
- Thread starter lonizzita
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They are good and stable so far. I have read a lot of horror stories on OCT and other places but never had an issue with them.
I created my account 6 years ago but never really used it with big money.
I created my account 6 years ago but never really used it with big money.
I am curious about the same thing. I have so far ignored the request as I fear they will have stronger compliance as a bank but this is purely speculative on my side.
I have used both Wise and Revolut for a while now. Actually switched over to Revolut since Wise was not able to deliver the currency accounts I need (with currency speficif iban/bic). Wise is easy to get an account, but once in a while they will "bother you" with documentation. Nothing to worry about, just send all the stuff to them and the online support works great as well.
Revolut can be more cumbersome (more docs for EU-company, less for US-company) to get an account but I got a personal contact directly which was able to help me all the way and update me on︀ any issues. So, for business Revolut is a better option for me, since Wise just︁ doesn't have the currency accounts I need. I still have both and will keep both.︂
I have Wise personally as well, works great with the card, although uncertain when it︃ comes to cryptocurrency and sending it to some crypto broker could get your account closed︄ (since you cannot use it for this according to their rules), so depending on your︅ usage it might or might not be a good fit. Just for traveling and using︆ the card for sending money to family/friends it works great and has good fees.
No personal experience regarding Revolut but very happy with their business offerings, although they seem to︇ be higher on fees then Wise.
Revolut can be more cumbersome (more docs for EU-company, less for US-company) to get an account but I got a personal contact directly which was able to help me all the way and update me on︀ any issues. So, for business Revolut is a better option for me, since Wise just︁ doesn't have the currency accounts I need. I still have both and will keep both.︂
I have Wise personally as well, works great with the card, although uncertain when it︃ comes to cryptocurrency and sending it to some crypto broker could get your account closed︄ (since you cannot use it for this according to their rules), so depending on your︅ usage it might or might not be a good fit. Just for traveling and using︆ the card for sending money to family/friends it works great and has good fees.
No personal experience regarding Revolut but very happy with their business offerings, although they seem to︇ be higher on fees then Wise.
It's a good thing that they ask you to "opt in", but still give you the choice not to join, but I just wonder how long for, I think they will make this switch mandatory soon.
Hello, in order not to create an extra topic I will write here.
A have an account Revolut Business for EU company being EU resident. For several months of using the account, there were mostly small amounts and expenses for the company with a card.
Now under the contract we received an amount of 80k USD,l from Asia, everything is clear, brokerage commission for sale of the equipment. 11 days ago they asked for documentation, I've sent them the contract and invoice and than... silence. The payment is still has a status "pending".
How do you think, for how long will this mess last?
And for the future, what is the alternative to the Revolut for dollar payments?
A have an account Revolut Business for EU company being EU resident. For several months of using the account, there were mostly small amounts and expenses for the company with a card.
Now under the contract we received an amount of 80k USD,l from Asia, everything is clear, brokerage commission for sale of the equipment. 11 days ago they asked for documentation, I've sent them the contract and invoice and than... silence. The payment is still has a status "pending".
How do you think, for how long will this mess last?
And for the future, what is the alternative to the Revolut for dollar payments?
My opinion: It should last for a couple of days as︁ maximum – in theory. In reality, it can take weeks and your account even can︂ be frozen. Get ready for it. (80k USD from Asia – BTW, could you disclose︃ what country and what financial institution? – after only some small transactions is a good︄ trigger for an alert, especially with Revolut.)
1) Nowadays, try to︆ avoid USD as much as possible. Feds are going really crazy. Any other major currency︇ is better (and even some minor ones).
2) If you must use USD, IMO in︈ fact any reasonable bank or EMI is better than Revolut (or Wise). As you are︉ trading with Asia, my first idea is Currenxie; but it is just a first idea︊ (they do not offer you a card, for example). It depends a lot on what︋ is your business about...could you elaborate more?
1) Nowadays, try to︆ avoid USD as much as possible. Feds are going really crazy. Any other major currency︇ is better (and even some minor ones).
2) If you must use USD, IMO in︈ fact any reasonable bank or EMI is better than Revolut (or Wise). As you are︉ trading with Asia, my first idea is Currenxie; but it is just a first idea︊ (they do not offer you a card, for example). It depends a lot on what︋ is your business about...could you elaborate more?
Revolut works well only if you have a very dull and small business. Still, it seems to be better than Wise (not a difficult task)
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It was a big company from Malaysia, they use I think︄ government owned bank for it. It was a payment like brokerage commission for sale of︅ the floating crane. This is something that is not interesting in this forum no crypto,︆ no consulting etc... but still the same problems. 🙁
Well, really: 80k USD from Malaysia, even from a brick and mortar bank, as a first transfer after only some small transactions is a good trigger for an investigation as Revolut is concerned. Malaysia is still neither Japan nor SG.
I am convinced that in many︀ cases (apparently, including yours), the roots of the problem are not related to the character︁ of the business but to the parameters of the transaction and to the quality of︂ the financial institution.
Now an attempt to advise:
You said that you had an EU︃ company being EU resident, your nationality (passport) I presume to be Ukrainian (from your profile);︄ you are trading (industrial) goods with Asia. You need a corporate card, too; and I︅ conclude that you do not want to go with a multinational bank like SC or︆ Citi etc. (it could be a solution, too; but expensive). In such a case I︇ consider better to open an account with an Asian institution; european EMIs are, in many︈ cases, not well accustomed to transfers from Asia (for example, my favorite Intergiro does not︉ accept wires from Malaysia at all). A list to consider:
1) Neat (Neat |︊ Business account | Visa Corporate card | Hong Kong). It is not clear to︋ me whether it now incorporates EU companies, the information at various places differs (does someone know?), but you can easily ask. If not, then in any case, they︌ offer establishing a HK company with an account, 1 year service included, for USD 650︍ – IMO not bad.
2) Currenxie (Currenxie | Online Virtual Business Account), combined︎ with Soldo card(s) (Prepaid Company Cards & Automated Expenses | Soldo).
3) Aspire️ (All-in-one Finance For Growing Businesses | Aspire). It is another way to go, but to have a SG company with no-fees banking for ~USD 2000 I consider to be a good deal...
Disclaimer 😉 : I do not consider myself to be a specialist for Asia; they may be some better solutions, perhaps someone other will also help.
I am convinced that in many︀ cases (apparently, including yours), the roots of the problem are not related to the character︁ of the business but to the parameters of the transaction and to the quality of︂ the financial institution.
Now an attempt to advise:
You said that you had an EU︃ company being EU resident, your nationality (passport) I presume to be Ukrainian (from your profile);︄ you are trading (industrial) goods with Asia. You need a corporate card, too; and I︅ conclude that you do not want to go with a multinational bank like SC or︆ Citi etc. (it could be a solution, too; but expensive). In such a case I︇ consider better to open an account with an Asian institution; european EMIs are, in many︈ cases, not well accustomed to transfers from Asia (for example, my favorite Intergiro does not︉ accept wires from Malaysia at all). A list to consider:
1) Neat (Neat |︊ Business account | Visa Corporate card | Hong Kong). It is not clear to︋ me whether it now incorporates EU companies, the information at various places differs (does someone know?), but you can easily ask. If not, then in any case, they︌ offer establishing a HK company with an account, 1 year service included, for USD 650︍ – IMO not bad.
2) Currenxie (Currenxie | Online Virtual Business Account), combined︎ with Soldo card(s) (Prepaid Company Cards & Automated Expenses | Soldo).
3) Aspire️ (All-in-one Finance For Growing Businesses | Aspire). It is another way to go, but to have a SG company with no-fees banking for ~USD 2000 I consider to be a good deal...
Disclaimer 😉 : I do not consider myself to be a specialist for Asia; they may be some better solutions, perhaps someone other will also help.
It's been a month since the payment was sent to us. The business account in Revolut is working properly, but the incoming payment in USD is still blocked.
Technical support, as expected, answers like trained dogs the same things in circle.
It is strange for me because I have a European company, VAT payer, EU citizen, contract, invoice, what else do they need?
Based on your experience, how long can this go on?
If they closed our account and returned the money to the sender, I would only be happy. I just won’t get involved with EMIs anymore.
Technical support, as expected, answers like trained dogs the same things in circle.
It is strange for me because I have a European company, VAT payer, EU citizen, contract, invoice, what else do they need?
Based on your experience, how long can this go on?
If they closed our account and returned the money to the sender, I would only be happy. I just won’t get involved with EMIs anymore.
I can only guess that they are performing Enhanced Due Diligence at you and/or your customer (in a not very competent way, as it is usual there).
There is a lot of (true) stories about many weeks.︁ ~11-15 is no problem for them, even more 🙁
Fully understandable 🙂
Of course, it is your business and your option – just my remark:
- please︅ note that Revolut is a bank (since some time), it holds standard banking licence;
- the EMI's, in general, really differ;
- my favourite mantra re: Revolut (and Wise, another︆ big and known EMI – that is still an EMI) sounds: Revolut (as well as︇ Wise) is known to have one pitfall: Closing the (especially business) accounts without any warning︈ or notice, without any reasonable explanation and freezing the cash for undefined time (evt. search︉ here at forums). AFAIK, nobody lost the money, finally they return it to the owner︊ but even freezing your cash for some months can ruin your issues perfectly. Of course,︋ it can happen with another EMI, too; but at Revolut/Wise it is AFAIK quite frequent.︌ Perhaps, they are too big to handle all the related agenda effectively and too known︍ not to attract very different people, sometimes definitely with really shady intentions (I do not︎ mean you 🙂 )...
There is a lot of (true) stories about many weeks.︁ ~11-15 is no problem for them, even more 🙁
Fully understandable 🙂
Of course, it is your business and your option – just my remark:
- please︅ note that Revolut is a bank (since some time), it holds standard banking licence;
- the EMI's, in general, really differ;
- my favourite mantra re: Revolut (and Wise, another︆ big and known EMI – that is still an EMI) sounds: Revolut (as well as︇ Wise) is known to have one pitfall: Closing the (especially business) accounts without any warning︈ or notice, without any reasonable explanation and freezing the cash for undefined time (evt. search︉ here at forums). AFAIK, nobody lost the money, finally they return it to the owner︊ but even freezing your cash for some months can ruin your issues perfectly. Of course,︋ it can happen with another EMI, too; but at Revolut/Wise it is AFAIK quite frequent.︌ Perhaps, they are too big to handle all the related agenda effectively and too known︍ not to attract very different people, sometimes definitely with really shady intentions (I do not︎ mean you 🙂 )...
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