In theory, platforms such as Revolut are intended to make life easier for customers who want to use their funds when traveling abroad or shopping in international stores. In practice, access to your own funds may be suddenly blocked. And the reason may be very prosaic.
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As a reminder: Revolut is a British company operating under a Lithuanian license, providing banking services, which in EEA countries operates as a licensed European bank (Revolut Bank UAB). Revolut's offer includes, among others: multi-currency cards, debit and credit cards (VISA or MasterCard), as well as cryptocurrency services.
Got money in Revolut? You may encounter a roadblock
As PolishExpress.eu explains, many customers of the Revolut platform complain about unexpected account blockages and lack of access to accumulated funds. The problems concern both complete blocking of access and limited functions, e.g. the inability to make transfers.
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At the same time, customers complain about slow or unavailable service, which only works via chat in the application. The situation is even more serious because at the time of blocking, not everyone has the appropriate documents necessary to verify the account or access.
Why is Revolut blocking my account? Required documents and explanation
Revolut must comply with international anti-money laundering and anti-terrorist financing regulations. As such, it regularly requires users to upload documents for identity verification. It requires documents periodically, either as a result of changes in regulations or obtaining a license/changing the bank with which it cooperates.
See also: Got money in Revolut? Here's what you need to know
Customers should regularly check their email inboxes and in-app notifications, as Revolut sends notifications about missing documents, identity confirmation or other problems through these channels. Fintech explains that it always indicates the deadline for completing the formalities.
As Revolut explains, blocking of the account or some functionalities may occur, for example, if identity verification has not been completed, the source of funds has not been verified or tax data is out of date.
What documents does Revolut ask for?
Most often, Revolut asks for a photo of a passport, ID card or driving license and proof of address (e.g. utility bill, bank statement with the customer's name).
For corporate accounts, additional documents are required, such as confirmation of company registration, an extract from company registration, and even a list of shareholders.
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Revolut explains that failure to provide the required information may result in account closure, and the customer is to be informed of this possibility at least 60 days before the account is disabled.
Revolut blocks accounts. Customers have doubts
Although the procedures used by Revolut and the explanations posted on the website are clear, customers indicate that the reality differs from the model. According to the PolishExpress.eu website, communicating with consultants in the mobile application is a big problem.
See also: Is it worth opening a currency account? Revolut is not the only option
Moreover, even providing the required documents may be insufficient to, for example, confirm your identity. According to reports cited by PolishExpress.eu, even sending photos of documents several times may result in a message that the verification has not been completed.
Sometimes the reason for rejecting a document is that the photo is not very clear, so Revolut emphasizes that the photos sent are clear and the data complies with the guidelines provided in the application.
