"... funds in their accounts will disappear if not transferred to a bank by November 21"
How is that any different from Theft ?
Payment service Revolut has contacted users in several countries to warn them that funds in their accounts will disappear if not transferred to a bank by November 21. Revolut offers its customers a MasterCard to which they can load their own funds. The company's schtick is automatic payment in foreign currencies, at excellent …
How is that any different from Theft ?
Because it's "fintech", not a bank, and so doesn't have to be bound by all of those tedious rules that govern traditional financial businesses. Just like Uber isn't a taxi firm, but a technology firm and therefore free to make up its own rules.
To shut down that quickly my guess is someone has not been doing their homework on local regulatory requirements. inclined towards either a breach of Regulation E or an AML linked issue for the US. Seriously folks - if you want to build a business in this space invest in understanding compliance and regulation. It may be as boring as Big Bertha but you gotta know the rules if you wanna play the game.
It's actually a really good app/prepaid card, good enough to apply from overseas (no fees, interbank rates, security by proximity to device, or you can turn off e-commerce, or block the card altogether, etc., for free, in real time, on your mobile). High top up limit, too. Really is the current best of breed in the UK.
I didn't think they'd launched formally worldwide though, so maybe that's the issue, falling foul of international money laundering regs?
The internet seems to encourage those who think they can easily take over the world. As Clive James put it, "...it’s seldom wise to say that you’re going to set new standards of know-how and then prove that you haven’t got a clue".
Just returned from a 2 week holiday using their card/app, thought it was really good and never had any problems. I was quite impressed how easy it was to use and how well the app was designed.
Although, even though I'm in the UK I might transfer the last £100 back into a bank account.
.....We need 'Revolut' like disrupters to shake up the global banking system because hiding Indian rupees under the mattress sure isn't the answer either:
http://www.bbc.co.uk/news/world-asia-india-37933231
http://www.bbc.com/news/business-37938925
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.....But c'mon... Every start-up operates in the same bubble of Mushrooming-Users: 'keep-em-in the-dark-and-feed-em-shit'... And this is no exception!
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.....Trivia question for 50 points: Is Kaleil-Isaza-Tuzman's name on the bottom of the move-your-money-by-Monday message?
https://en.wikipedia.org/wiki/Startup.com
https://en.wikipedia.org/wiki/Kaleil_Isaza_Tuzman
Recently went on a business trip in Europe, I estimate this app saved me 5-10% on my total costs for the trip. Not a single thieving money changer in site
There are downsides to using a pre-paid debit, as you can't get into debt (so transport systems typically charge the maximum daily amount, before giving you a refund 48 hours later). Also never use them for paying hotel deposits - as the only way they can approve the deposit is to physically take it all, to be returned later by the hotel. Use standard debit cards for that