Revolut - another low fee FX provider launches in Australia

[vetrade]

Just been flagged to "Verify Source of Income"... anyone else had this? I've read a few other DPs where they have had their accounts frozen whilst going through the verification process. So I immediately transferred out all available funds as to not have it locked in.

I didn't come across that myself. Verification for me just involved scanning my passport to verify ID and that was it. I'd sure balk at any request to show details of income or how it is derived. Before I signed up I did read some reviews & news reports where people complained about having funds frozen for months for trivial matters which triggered Revolut's automatic freeze. A major complaint is that their process of subsequent manual investigation of such instances is ridiculously slow. I read of one guy from France who actually went to Revolut's offices in London to sort out why his $15,000 Euro account was frozen but he still didn't get anywhere. It's just a reminder of how little accountability there seems to be with a lot of these global outfits to investigate consumer complaints in a timely manner. I make it a point of only transferring amounts into Revolut to cover my immediate or short term needs, just in case and, thankfully, it has worked seamlessly for me so far.

 

[yojohnny]

^ I wonder if this issue extends to Australia.

For me, the value in Revolut is in the disposable virtual credit cards for sign-ups to services where I might be charged later on.