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Revolut started blocking accounts with transactions going over some limit, demanding proof for the source of that money, to prevent money laundering. Happened t

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.

wh1t3n01s3 7y ago
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.
- bad_user 7y ago
  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.
  - KptMarchewa 7y ago
    You're not talking to support when your account gets locked, you're talking to compliance. And it takes time due to same reason Monzo has talked about: https://monzo.com/blog/2019/10/18/watchdog-response https://monzo.com/blog/2019/10/18/watchdog-response
luckylion 7y ago
Did they give any explanation as to why they think that's legal, freezing accounts and blocking payments on a whim, without some court's decision?
- khweroii 7y ago
  AML/KYC laws require you to freeze accounts if you suspect anything. Traditional banks blocked my transfers a few times and required proof of source.
  - luckylion 7y ago
    Did you do anything "weird" or was it just during your average months that they suddenly went ballistic? I know they're supposed to alert the authorities on suspicious activity, but I believe(d) freezing an account unilaterally is the ultima ratio for extreme cases and wouldn't be done easily, as it will leave the bank open for damages claims, and really makes banks somewhat useless if it happens frequently.
  - ValentineC 7y ago
    When Revolut first launched in Singapore, it was almost common knowledge that depositing more than $5,000 SGD (approximately $3,500 USD) would more or less cause one's account to be limited for weeks (until one tweets at them to hurry up), because they've triggered the Source of Funds check.
rcruzeiro 7y ago
I had the "please tell us where your money comes from" message and my app continued working just fine (I use Revolut for all my personal transactions). Once I sent them a copy of my bank statement and some invoices between my company and me, they restored full access to my account super quickly.

wh1t3n01s3 7y ago

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.

bad_user 7y ago
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.
- KptMarchewa 7y ago
  You're not talking to support when your account gets locked, you're talking to compliance. And it takes time due to same reason Monzo has talked about: https://monzo.com/blog/2019/10/18/watchdog-response https://monzo.com/blog/2019/10/18/watchdog-response

luckylion 7y ago

Did they give any explanation as to why they think that's legal, freezing accounts and blocking payments on a whim, without some court's decision?

khweroii 7y ago
AML/KYC laws require you to freeze accounts if you suspect anything. Traditional banks blocked my transfers a few times and required proof of source.
- luckylion 7y ago
  Did you do anything "weird" or was it just during your average months that they suddenly went ballistic? I know they're supposed to alert the authorities on suspicious activity, but I believe(d) freezing an account unilaterally is the ultima ratio for extreme cases and wouldn't be done easily, as it will leave the bank open for damages claims, and really makes banks somewhat useless if it happens frequently.
- ValentineC 7y ago
  When Revolut first launched in Singapore, it was almost common knowledge that depositing more than $5,000 SGD (approximately $3,500 USD) would more or less cause one's account to be limited for weeks (until one tweets at them to hurry up), because they've triggered the Source of Funds check.

rcruzeiro 7y ago

I had the "please tell us where your money comes from" message and my app continued working just fine (I use Revolut for all my personal transactions). Once I sent them a copy of my bank statement and some invoices between my company and me, they restored full access to my account super quickly.