Jun 16 2020

Time to give up Revolut

Category: MiscellaneousIuliana @ 14:10

When I moved to the UK Revolut saved me a lot of headaches. I was able to convert all my savings in GBP with the smallest commission and I was able to rent a place, buy a car and even receive my salary without having an UK bank account. Sure, the cost of all this was the cost of the Revolut premium service which is 72GBP per year. But it was worth it.

Emphasis on the was.

The first issue I had with Revolut was when they decided to block my salary two years ago and they demanded proof that the income was coming from a legit source and I was a legit employee and not being wired drug money or anything like that. I have no issue with that. But when the lady on the other end asked where did the money from my savings go, that’s when it clicked. Two days before I decided to move my money from Revolut to an UK bank account to start providing data for my credit score. So wait a second… when I moved that money into Revolut from my ING account you did not block me and asked me if they were coming from a legit source or if I was a legit receiver. I could have been payed for trafficking kids, but you did not care about that as long as you could get your share. But when that money went away from your system all of a sudden you were interested? Hm… that seems shady to me.

The second issue I had with them is the doubling of their exchange commission over the weekend. I probably received that email, but being a lazy and trustful person I did not read it. But a friend of mine did. And it said the following:

… For exchanges at weekend we’re slightly increasing our mark-up for major currencies from 0.5% to 1.0% to cover our risks when market moves(as it has a bitrently)

Are you fucking kidding me? Doubling in your commission is a slight increase? Also, the market moves  A BIT ??? We are in the middle of a fucking pandemic and anti-police brutality & racism riots. I think the market is crashing like a plane with a dead pilot and an auto-pilot software programmed by a Trump supporter. The market is not moving a bit, the market is crashing and so should you, you fucking blood draining corporation that treates its employees like shit. Yeah, that was in the news too a while ago.

The third issue I have with them is caused by an email I received today.

Paragon Bank, which holds your money as a deposit, has changed its interest rate from 1.05% AER to 0.80% AER. This means that starting from 16 July 2020, any GBP funds in your Savings Vaults will start earning 0.80% AER.

So, Revolut is using “fined 375,000 for failing to follow anti-money laundering procedures Paragon Bank” to invest my savings? And they’ve reduced their AER during a fucking pandemic and anti-police brutality & racism riots … Correct me if my logic is flawed here, if people are no longer saving money because of those reasons, so they are taking our money out of your system which is bad for you, the way to incentivize them to keep their money in your system is by increasing AER, not decreasing it. Am I wrong? What the hell is going on here?

And yet another weird coincidence… this happened the next day after I decided to move the money from my Revolut vault to my UK saving account. All in the name of increasing my credit score, of course. Feel free to call me paranoid, but what are the odds ?

You could say the issue is not with Revolut, but with Paragon Bank, but if your friend murders somebody and you are still friends with him, maybe you are not so innocent either.

The fourth issue I have with them is the new mobile app interface. I have a premium subscription. You would think, a premium subscription means no ads, right? Wrong.

And there is no way to close those two colorful squares. This is what invasive design looks like.

I convinced a lot of my friends to use Revolut. It is definitely still useful, but having a premium subscription is no longer worth it. I know it is tough for everybody out there and a lot of businesses are suffering. But you know who else  is suffering? People that have contributed to these businesses and they are so low on the employee hierarchy that the profit those businesses bragged about making at the end of the year never reaches them. Not even when their whole livelihood is in danger. So, you know what? Maybe these businesses deserve to suffer. More than that, they deserve to die. Because if individuals are aware that they should save for a rainy day, so should businesses. That is what that profit should be, savings for a rainy day to keep the business and thier employees afloat. Because if it is not that, it is just unpaid work. And you know who is not payed for the work they are doing?


Disclaimer: It was not my intention to attack only Revolut for their slightly unethical practices during the pandemic. Zara has also fired a lot of employees in the middle of these troubled times. Boeing, British Airways, Lufthansa have done the same. I am sure there are more.  So pay attention to the behaviour of the company you work for and their behaviour towards you during difficult times. Because if they do not support you in any way, but they were listed in Forbes most profitable companies, you might be a corporate slave.

Or maybe they just lied to Forbes. That is a valid alternative as well. Because apparently journalism these days is reduced to publish what your source tells without validating the info against other sources. We know at least one person that did the same. Yes, I am talking about Trump.

Anyway, try to keep an open mind and be careful with you finances if you still have them. Because any sloppines will be taxed by those you entrusted and pay to do that.

Stay safe, stay smart, stay happy!

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