Revolut bank customers

If you've read the 'Which?' article, to which I provided the link, to the end, you should be able to answer your own question.

Hi d80gs2,

Well said!  I made a similar point this week in a thread about Funeral Plans - the one we chose holds clients' funds in an irrevocable trust in the UK, so it's regulated by the FCA.  I wonder how many people make investment decisions, assuming that a product or service bought in the UK is necessarily protected as they would expect, but don't actually check the mechanism by which it's being provided.

What concerned me about the letting fraud article was that the fraudsters' bank account, Via Payments UAB, and Revolut both have their banking licences with the Bank of Lithuania, and operate under licence to the UK - the lack of support from Bank of Lithuania in pursuing the fraud is worrying, as is the discovery that it does not have to comply with voluntary UK codes of practice.

From the link to the 'Which?' article, there are some other really useful links, such as what to do if you should be the victim of bank fraud.  As I've previously advocated non-resident property owners in Spain ditching their expensive Spanish bank accounts in favour of Mobile and/or Online only banks, I felt it important to flag this up, especially as Revolut seems to be getting more than its fair share of bad press lately.

Regarding the power of the Financial Ombudsman scheme, I have experience of how even the suggestion of a report to the FCO can help.  When we had £8,500 taken out of our NatWest current account, the bank's attitude was to treat us as if we were trying to defraud them.  Having discovered the issue on a Friday evening, I visited the branch first thing the following morning and handed over our bank cards - but a further £500 was taken out of our account on each of the following 3 days.  When NatWest's Regional Director told me, "Our investigations will take as long as they take" (minimum 9 weeks), I told him, "You'll reinstate our account, including the missing funds, by Thursday of this week, or I'll report your branch manager for fraud and theft to both the police and the Financial Ombudsman".  At the time, I wasn't sure which of my 'promises' achieved the desired result, but after the paltry offer of £100 compensation, a further mention of the FOS seemed to persuade him that my demand for £1,500 compensation wasn't unreasonable afterall 😉

Kind regards, 

Kim

You are a hard woman

Can you use a Starling € account to pay your Spanish bill, are there any problems, it is regulated in the UK

Strange thing to say to someone, from whom you're asking for more information...... 🤔