Revolut Business Account - Locked for 2 months now

Discussion in 'Offshore Bank Accounts & EMI Accounts' started by Mihail, Jun 24, 2018.

  1. Mihail

    Mihail New Member

    Topic says it all.

    We have a Revolut Business Account which is now locked for 2 months with over 100k USD in there.

    They asked for invoices for the incoming payments which we provide. Then they asked for information about clients and beneficiaries, which we also provided. It was 20 days ago and since then there is no communication from their end.

    Some advice you can give me? Their chat support is not responding , neither their email support.
    Admin likes this.
  2. ontherun

    ontherun New Member

    they're probably still really investigating everything. they are a normal, legitimate office operation and people in there tend to behave as such... it will be slow but they will respond eventually
  3. W4rhol

    W4rhol Building Trust Entrepreneur

    The first problem is why you let more than 100k$ on the same account ?
  4. Mihail

    Mihail New Member

    Well, it is a business account and I have incoming payments from clients.
  5. Admin

    Admin Forum Moderator The Forum Cleaner

    Don't you have other options than Revolut and why are the invoices you provide to them are not sufficient?
  6. Mihail

    Mihail New Member

    At that time I did not have. They asked me for Nature of the Business of my clients. I have replied 10 days ago and the account is still locked.

    Now, I have opened TransferWise and WorldFirst accounts. Verifications and Account openings were smooth and easy, hopefully transfers will be also that way.
  7. ontherun

    ontherun New Member

    still, be careful. it hasn't happened to me, but i have read on other forums that TW will freeze/lock/begin to ask impossible questions if you receive too many deposits from individual people (so not companies), for "services" (so not remittance)
  8. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    Did you really hold over $100k in US Dollars in Revoult????

    You no doubt have caused Revolut problems if this is true. If it is taking so long then it is probably Lloyds Bank (I believe) that have initiated the investigation and not Revolut. Banks in UK do not joke around with USD wire transfers. A single bad USD wire can lose them their USD correspondence banking ability or at the very least get them a fine. For education purposes - any global bank that looses its USD ability will have to close down. This is because the bank can no longer participate in international trade finance, settle securities market transactions or even refinance its operations. So for example when UBS was threatened with having its US license withdrawn if it did not hand over details of 4000 clients, it had two choices - cooperate or go out of business the next day.

    Good luck anyway and I hope it gets unfrozen soon.
  9. Uillians

    Uillians Member

    Based on your comment, we can calculate that accounts in other currencies have fewer problems, I have accounts in some offshore banks and indicated to me at opening time to avoid USD account, but they indicated accounts in AUD, GBP, CHF and EUR I did what they recommended and I've never had problems
    Martin Everson likes this.
  10. Banker89

    Banker89 Building Trust Entrepreneur

    Revolut only have a skeleton staff in UK. If you check their registered office address in UK 9th Floor, 107 Cheapside, London, United Kingdom, EC2V 6DN it is the address of a law firm, same address as Stripe UK and Coinbase.

    Most of their staff is in Poland and Russia. These people are not trained on compliance matters at all, they really do not know what they are doing.

    My point is they are legitimate but they are definitely not a normal office based kind of bank.
  11. ffbkdavid

    ffbkdavid Offshore Agent

    ... well, but their promises and PUBLICITY ACTIVITIES - including interviews with the ultimate financial expert this universe ever had "produced" - are as they were residing at MAYFAIR...

    ... poor from A to Z - starts with putting any inquiry on a waiting list with some hundred "applicants"... but offering taking care of your needs immediately if you provide e-mail-coordinates of some "interested new clients"... really reputable and credible?
  12. atze

    atze Member did it end up?
    Did you eventually get your money back?
    Do you other guys think this would have happened too if the money came in the name of his own company and not from some clients?