Revolut? OK to use now

[mushumadness]

Hi is revolut ok to use now ?
I know there were some issues with that and fair fx
I just want to start changing dolars while the rates decent
thanks

[400ixl]

That issue has been resolved yes. Wirecard were a 3rd party supplier which they have moved away from.

Personally I highly recommend people do not use Revolut at all. They are a high risk of fraud (being investigated by the authorities) and a huge number of examples online, very poor customer satisfaction, lots of customers having accounts frozen for months, and ethically treat their staff very poorly, bordering on illegally in some countries.

Oh, and their losses tripled last year, before Covid had any impact.

Whilst I support the challenger banks, these are not one I would trust with someone else's money.

Fraud can happen and its the way you deal with it. They deal with it very badly. usually trying to accuse the customer.

[Duwsh]

Originally Posted by 400ixl

That issue has been resolved yes. Wirecard were a 3rd party supplier which they have moved away from.

Personally I highly recommend people do not use Revolut at all. They are a high risk of fraud (being investigated by the authorities) and a huge number of examples online, very poor customer satisfaction, lots of customers having accounts frozen for months, and ethically treat their staff very poorly, bordering on illegally in some countries.

Oh, and their losses tripled last year, before Covid had any impact.

Whilst I support the challenger banks, these are not one I would trust with someone else's money.

Fraud can happen and its the way you deal with it. They deal with it very badly. usually trying to accuse the customer.

See more...

You seem to know a lot about this. I on the other hand know nothing, are there any that you would recommend? I used to have a revolut but closed it down and got a starling instead, is Starling any better?

[400ixl]

Starling does well in the customer satisfaction reviews, coming top in the last one earlier in the year. This is against all of the challenger and established brands.

There is the odd issue you hear of as things invariably do go wrong, but there doesn't appear to be any systemic problems for customers.

Regulators appear to be happy enough with them as well.

They are of course a startup bank, so need customers to become profitable, they are still predicting this by end of 2021 and proposing to go public in 2022. So there is still some risk if you were an investor in them, but from a customer point of view, provided you stay withing the protected limits of fscs of £85k you are fine.

If I were to open a challenger bank account I would choose Starling. Monzo and Metro are others, but both are currently making loses which are increasing rather than decreasing.

I am in no way a financial advisor, so please don't take this as such.

[ERICSMUM]

Originally Posted by 400ixl

That issue has been resolved yes. Wirecard were a 3rd party supplier which they have moved away from.

Personally I highly recommend people do not use Revolut at all. They are a high risk of fraud (being investigated by the authorities) and a huge number of examples online, very poor customer satisfaction, lots of customers having accounts frozen for months, and ethically treat their staff very poorly, bordering on illegally in some countries.

Oh, and their losses tripled last year, before Covid had any impact.

Whilst I support the challenger banks, these are not one I would trust with someone else's money.

Fraud can happen and its the way you deal with it. They deal with it very badly. usually trying to accuse the customer.

See more...

I’m intrigued and off to check Google. Can you suggest a particular site for an accurate analysis of them please ?

[bronny]

We use Starling. Wouldn’t touch Revolut with someone else’s money. They’ve had so many problems.

[Stevelovesfl]

Originally Posted by bronny

We use Starling. Wouldn’t touch Revolut with someone else’s money. They’ve had so many problems.

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What problems have you had with Revolut? I know customer service is slow. We have two cards the if one doesn’t work the other hopefully will.

[Kasalic]

I use Revolut everyday and have never had a problem in the 4 years i have done so.

I am not saying that people on here are wrong in what they say they have read on the internet, but I can only give my personal experience.

[quartergill]

Originally Posted by Kasalic

I use Revolut everyday and have never had a problem in the 4 years i have done so.

I am not saying that people on here are wrong in what they say they have read on the internet, but I can only give my personal experience.

See more...

My experience also and have used it in a number of countries over the years.

[400ixl]

Originally Posted by Duwsh

You seem to know a lot about this. I on the other hand know nothing, are there any that you would recommend? I used to have a revolut but closed it down and got a starling instead, is Starling any better?

See more...

I know people who have worked there. One friend does still at the moment but they are looking to move as well having been there less than 6 months.

One article about their culture and practices google/url?sa=t&sour...=1597507135002

So many examples online if you search of them locking people out of their accounts for months with no communication. To the point there is likely to be a joint law suit against them. google/url?sa=t&sour...=1597507661848

You may be lucky in not having an issue yet, good luck getting it sorted if you do. They don't come last in customer satisfaction surveys for no reason.

They are still under FCA investigation as well for their conduct.