back to article Fintech startup Revolut pulls out of several countries, promises swift return

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 …

  1. Anonymous Coward
    Anonymous Coward

    "... funds in their accounts will disappear if not transferred to a bank by November 21"

    How is that any different from Theft ?

    1. MyffyW Silver badge

      Re: "... funds in their accounts will disappear if not transferred to a bank by November 21"

      I presume there would still be some Kafka-esque process by which you could be re-united with your funds, but personally speaking I'd get the flock out of there.

    2. Warm Braw

      Re: "... funds in their accounts will disappear if not transferred to a bank by November 21"

      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.

  2. well meaning but ultimately self defeating

    Hmmmm

    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.

  3. Roq D. Kasba

    Were those countries ever formally supported?

    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?

  4. Mike Shepherd

    Tomorrow, the world!

    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".

  5. se99paj

    Great App

    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.

  6. Anonymous Coward
    Anonymous Coward

    "something of a 'fintech' darling"

    .....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

    ========================================

    .....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!

    ========================================

    .....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

  7. Anonymous Coward
    Anonymous Coward

    Sounds like

    someone was playing in someone else's back yard, and stayed a bit too long. Banks really don't like it when you screw with their "free money" (exchange rate arbitrage) schemes.

  8. david 12 Silver badge

    Cash burn

    Or it could just be that they aren't making any profit (yet??), and the transaction costs were too high in Aus.

    Waiting to see if any further information emerges.

  9. Anonymous Coward
    Anonymous Coward

    Favourite app ever

    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

POST COMMENT House rules

Not a member of The Register? Create a new account here.

  • Enter your comment

  • Add an icon

Anonymous cowards cannot choose their icon