Revolut, maybe potential for Wise issue

[scubascuba3]

Worth a read this, probably could happen to Wise also

 

BBC News - Fraud victims 'devastated' by Revolut's response

https://www.bbc.co.uk/news/business-63796738

[Boomer6969]

Simple, I don't gear near Bitcoin and hardly know what Wise and Revolut are. IMO the world could live, possibly better, without them. I use UBS, Bangkok Bank, Credit Agricole, they do everything I need, but I no one is totally safe in this effed up world.

Edited December 5, 2022 by Boomer6969

[CharlieH]

MOVED to Banking forum

[MJCM]

49 minutes ago, Boomer6969 said:

Simple, I don't gear near Bitcoin and hardly know what Wise and Revolut are. IMO the world could live, possibly better, without them. I use UBS, Bangkok Bank, Credit Agricole, they do everything I need, but I no one is totally safe in this effed up world.

Revolut and Wise are internet “banks” so nothing to do with Bitcoin. 

[KhunBENQ]

I stopped reading through the story halfway.

How much more stupid can a person act and then expect that a bank or fintech to compensate.

 

Read the story before throwing accusations to Revolut.

And adding unrelated WISE to the title is just arbitrary.

In Thailand it would cost you a big fat defamation charge.

 

Naive uneducated people should keep away from internet banking and enjoy cat videos on YouTube. Dog videos in her case. 

Edited December 5, 2022 by KhunBENQ

[Lacessit]

The possibility of fraud with WISE IMO is very unlikely. I don't deposit money with them, only use them to transfer money to Thailand.

The transfer is made via an Australian subsidiary company. The regulators would be all over WISE like a cheap suit if they failed to make refunds to customers as the result of fraud.

As another poster has said, linking WISE with Revolut is drawing a very long bow.

[Boomer6969]

1 hour ago, MJCM said:

Revolut and Wise are internet “banks” so nothing to do with Bitcoin. 

Isn't money and moving it around something that links them? But yes I have no other interest in or knowledge of money in money matters, than getting enough of it to keep my family happy. So you should understand my aversion of anything that reeks of "get rich quick". My attitude to life has always been: "get useful skills and sell them as high as possible".

 

But thanks anyway. ????

Edited December 5, 2022 by Boomer6969

[MRToMRT]

1 hour ago, KhunBENQ said:

And adding unrelated WISE to the title is just arbitrary

I think Revolut as well a number of other UK small internet banks use wise to facilitate overseas transfers, I know mine does. You are right the article should have mentioned it.

[MRToMRT]

I was just in the UK for a few weeks staying with my son and when answering the house phone he would just slam the phone down without replaying the caller. I asked why .... scam calls ..... at least 3 a day. Its an epidemic (possibly a pandemic).

[KhunBENQ]

2 minutes ago, MRToMRT said:

at least 3 a day. Its an epidemic (possibly a pandemic)

Not that many here but still a plague.

I push the green button on unknown numbers but don't speak. Wait what happens and then drop. Rarely a Thai guy who dialled the wrong number 

[KhunBENQ]

9 minutes ago, MRToMRT said:

I think Revolut as well a number of other UK small internet banks use wise to facilitate overseas transfers, I know mine does. You are right the article should have mentioned it.

I don't hold more than one months pension on the WISE account for some days hoping to hit a rate peak.

And there would also be options to transfer without using a WISE account.

 

[scubascuba3]

2 hours ago, KhunBENQ said:

I stopped reading through the story halfway.

How much more stupid can a person act and then expect that a bank or fintech to compensate.

 

Read the story before throwing accusations to Revolut.

And adding unrelated WISE to the title is just arbitrary.

In Thailand it would cost you a big fat defamation charge.

 

Naive uneducated people should keep away from internet banking and enjoy cat videos on YouTube. Dog videos in her case. 

Revolut is similar to Wise and doesn't have the protection that banks do plus those 10 banks in the code have even better protection, so keeping money at Wise is more risky than a conventional bank, people fall for stupid scams all the time

[lkn]

TL;DR Stupid man gives scammer access to his bank account, scammer then transfers £56,000. Revolut takes pity on the man and gives him £30,000.

 

Yes, there was also a lady who wasn’t compensated, the argument from Revolut was that she actively transferred the money herself, and she did this despite in-app warnings, because the scammer told her to just ignore the warnings.

 

This is just so stupid! Nothing about Revolut not being a bank (which it actually is, in the rest of Europe), and people can steal your money from anywhere, when you voluntarily hand them over, not sure a bank will reimburse you for doing this.

[Stocky]

Revolut is an e-money company that offers digital banking services, but not a UK bank, though it has applied for a UK banking licence. Consequently it presently isn't part of the UK Financial Services Compensation Scheme (FSCS) which would guarantee savings up to £85,000 nor has it signed up to the UK Contingent Reimbursement Model Scheme (CRM) which reimburses victims of authorized push payment fraud.

 

Both Monzo and Starling are registered UK banks, so unlike Revolut, covered by both the FSCS and the CRM.

 

Wise is not a bank and doesn't claim to be, it is a simply a peer to peer money transfer company.

[Caldera]

No idea why people would keep their life savings with a poorly regulated fintech company. They might be useful for transactional banking, but I'd never leave a substantial amount in any accounts with them.

 

As for Revolut in particular, just watch an interview with the founder and try not to get the impression that he's quite shady. I tried and failed, enough said.

[scubascuba3]

5 minutes ago, Caldera said:

No idea why people would keep their life savings with a poorly regulated fintech company. They might be useful for transactional banking, but I'd never leave a substantial amount in any accounts with them.

 

As for Revolut in particular, just watch an interview with the founder and try not to get the impression that he's quite shady. I tried and failed, enough said.

Talking of Shady, i had a Revolut card a few years ago, initially their Thai conversions were very competitive then i found out they added in a hidden charge at weekend, also hidden in the small print no one was aware, i closed the account soon after

[Gottfrid]

How about using real landbased banks, folks! It´s actually not so bad and has been working long before Internet. Still works! Take my workd for it. ???? 

[Stocky]

1 hour ago, Gottfrid said:

How about using real landbased banks, folks! It´s actually not so bad and has been working long before Internet. Still works! Take my workd for it. ???? 

You can also get defrauded from a 'landbased' bank too, always best to not to have all your eggs in one basket, I use both conventional and online banks.

[Phnom Penh Trader]

On 12/5/2022 at 1:37 AM, KhunBENQ said:

I stopped reading through the story halfway.

How much more stupid can a person act and then expect that a bank or fintech to compensate.

 

Read the story before throwing accusations to Revolut.

And adding unrelated WISE to the title is just arbitrary.

In Thailand it would cost you a big fat defamation charge.

 

Naive uneducated people should keep away from internet banking and enjoy cat videos on YouTube. Dog videos in her case. 

Exactly if you download software enabling a random stranger on the phone to take control of your personal computer,then ignore all scam warnings from your bank you deserve everything that you get?

Forget the sad face pictures and pleading you just paid a tax on your stupidity!

[DezLez]

1 hour ago, Stocky said:

I use both conventional and online banks.

Most "conventional" banks are online.

 

[Phnom Penh Trader]

4 hours ago, Stocky said:

Revolut is an e-money company that offers digital banking services, but not a UK bank, though it has applied for a UK banking licence. Consequently it presently isn't part of the UK Financial Services Compensation Scheme (FSCS) which would guarantee savings up to £85,000 nor has it signed up to the UK Contingent Reimbursement Model Scheme (CRM) which reimburses victims of authorized push payment fraud.

 

Both Monzo and Starling are registered UK banks, so unlike Revolut, covered by both the FSCS and the CRM.

 

Wise is not a bank and doesn't claim to be, it is a simply a peer to peer money transfer company.

Revolut IS a bank they are called ‘Challenger Banks’ and alongside Starling plus Monzo they are the UK’s powerful triumvirate of Challenger Banks.

You can buy gold,cryptocurrency and stocks with Revolut try doing that with your stuffy old high street branch of massive numpties?

[Stocky]

1 hour ago, Phnom Penh Trader said:

Revolut IS a bank they are called ‘Challenger Banks’ and alongside Starling plus Monzo they are the UK’s powerful triumvirate of Challenger Banks.

Revolut is most certainly NOT a bank in the UK, it has applied to register as a bank but that status has thus far NOT been granted.

[Stocky]

1 hour ago, DezLez said:

Most "conventional" banks are online.

 

You know what I meant, conventional as in having a high street presence, as well as being online.

[Phnom Penh Trader]

10 minutes ago, Stocky said:

Revolut is most certainly NOT a bank in the UK, it has applied to register as a bank but that status has thus far NOT been granted.

Ergo it is a Challenger Bank and not a bank!

[Stocky]

1 minute ago, Phnom Penh Trader said:

Ergo it is a Challenger Bank and not a bank!

Both Monzo and Starling are challenger banks too, but are registered with UK financial services and have UK banking licences; savers are covered by the FSCS compensation scheme.

 

Revolut is NOT registered as a bank, so it's just a challenge in the UK.

[Lacessit]

5 hours ago, Gottfrid said:

How about using real landbased banks, folks! It´s actually not so bad and has been working long before Internet. Still works! Take my workd for it. ???? 

Those land-based banks just love charging excessive fees and applying wide spreads on all currencies. WISE and XE would not exist if it was not for those facts.

[Phnom Penh Trader]

1 hour ago, Stocky said:

Both Monzo and Starling are challenger banks too, but are registered with UK financial services and have UK banking licences; savers are covered by the FSCS compensation scheme.

 

Revolut is NOT registered as a bank, so it's just a challenge in the UK.

It is politically motivated to do with the war in Ukraine,maybe do your research a little better?

[Stocky]

1 minute ago, Phnom Penh Trader said:

It is politically motivated to do with the war in Ukraine,maybe do your research a little better?

Whatever, but you accept it isn't registered as a bank in the UK.

[Phnom Penh Trader]

1 minute ago, Stocky said:

Whatever, but you accept it isn't registered as a bank in the UK.

I didn’t say it had a banking licence it has an application for one,therefore it is a Challenger Bank and not a fully fledged bank!

[Phnom Penh Trader]

3 minutes ago, Stocky said:

Whatever, but you accept it isn't registered as a bank in the UK.

I would take them over any Thai bank any day of the week,are you with the Farmer’s Bank over there or what?

Do you get free tractor servicing like Somchai?