WARNING! I Don't Use Revolut For Crypto And Never Will
Вставка
- Опубліковано 8 лип 2024
- Revolut might not be as crypto-friendly in the UK as you think. Watch this before you use Revolut for Crypto.
I have found Revolut to be not crypto-friendly at all in the UK and wouldn't touch them with a barge pole.
The idea that you have to prove to Revolut that you earn over £100k a year to get full access to the Revolut Crypto services, is ridiculous.
Watch this video about Revolut to the end to see everything I have to say about Revolut and why Revolut is not the crypto-friendly bank for me. But they might be for you.
** Buy Me A Coffee or even a couple if you would like to... www.buymeacoffee.com/btcbiker **
Get a multi-currency Wise Account. This is a handy account to have: bit.ly/3Ucu3qv
MONZO
Get A Monzo Bank Account: join.monzo.com/c/jflfq6m
VPN
Referral Link: www.privateinternetaccess.com...
MY MERCH
Get a Hodl Bitcoin T-Shirt here: my-store-f33126.creator-sprin...
Reddit link: / revolut_is_not_crypto_...
00:00 Hello from Will.
00:31 I am learning from you.
01:34 Why I don't use Revolut.
02:00 You would be surprised about how much Revolut spend on Google advertising.
02:28 My experience with Revolut.
06:46 Have a look at the Reddit post about Revolut.
10:40 Revolut don't care about you.
11:18 Let's put all this into perspective.
11:40 Revolut might be the right bank for you?
13:15 Revolut questionnaire goes too far.
14:31 As they say on Dragons Den.
#revolut
#cryptobanking
#crypto
#cryptocurrency
#cryptouk
#banks
#bitcoin
#btc
#revolutcrypto
Disclaimer.
This Video is for informational, discussion purposes and the opinion of BTC Biker only. BTC Biker has made every effort to ensure that the information contained in this video is correct, clearly expressed and accurate to the best of our knowledge. The financial data included in this video is based upon information derived from published or unpublished sources that are believed to be reliable. Still, BTC Biker and any of its affiliates do not guarantee its accuracy or completeness and accept no liability for any direct or consequential losses arising from its use. The advice and content described herein are not guaranteed by BTC Biker and its affiliates. BTC Biker and any of its affiliates do not undertake to update this video, or comments discussed may change without notice. The information and analyses contained herein are not intended and should not be construed as investment, financial, tax or legal advice. - Навчання та стиль
Any bank or institution who messes with the funds you give them to look after, should be avoided like the plague. This bank seems to only be interested in what it wants, not what the customer( who's money it is) wants. AVOID.
lol 😂
All banks do things with the money they hold for you.
Thank you for the video which I found useful especially as I have not sold any Crypto via Revolut so far... I was considering it as an off Ramp in 2025. I thought I would share my experience with them. I am in the UK and I used to use Binance to buy my Crypto, however their on and off ramps for the UK are not available anymore, which was disappointing. I bought some BTC via Revolut last year and transferred it to my cold storage this year and experienced no issues. They have some limitations to your cold storage which is £2000 per day and £10000 per month which I would imagine is within most peoples thresholds. Hopefully over time the on and off ramps become more straightforward.
Revolut has never been a problem for me, and I have found them very useful for foreign exchange and crypto.
Thanks for sharing
how much crypto have you moved on revolut?
Disagree!!! They shut my account because of P2P. Revolut is ******
@@MarkyHasBeenTaken about a grand. To other wallets with ease.
I have personally never had any problems. I've moved crypto off the site and on to an external wallet, as well as finding no issues buying as much crypto as I want and further selling it for fiat. That being said , there's a reason I have the majority of my crypto in my cold storage wallet. Be safe.
Same here
Ditto. I've not moved huge amounts but up to £1000 to Solana wallet, no problem. The constant problem I have is withdrawing Euros in France as well as paying for gas at the pump etc etc. Revolut tell me how to achieve this but it never works.
they are very unprofessional revolut are now the worst , i to looked at the internet at them and put money into them and they have stopped my transactions to my ledger and coinbase do not use Revolut they with captured you i now have 8 k in there account , they will not let me transfer , and there customer service is terrible , there are rude and tell you rubbish to keep you happy 😡😡😡
Revolut are tell you lie s , and are definitely not crypto friendly
i wished i saw this before i put money in to Revolut
I think a lot of the problems here in the UK are the regulators. The FCA are casusing problems where the banks and exchanges are having to jump through hoops. I do use Revolut as I get the misses to by her day to day stuff and have setup a vault to accumulate BTC as part of the change. The FCA are the biggest problem at the moment.
Totally agree. They are corrupt - they want us poor!
I agree. There is another video in planning about this. It's taking a bit of work, but I am keen to get it out ASAP.
Thanks for taking the time to comment.
Cheers, Will - 😎
Sorry sir for the inconvenience I’ll love to let you know that they are better options to do crypto with where when you deposit money you get 50% and they charge less in transaction when making transactions
I use Revolut Daily and I’m based on the UK and I think it’s great! Does everything you need it to do very easily and I have about 20k crypto
Same too
Me too....no problems .
You mightnt have issues yet but the main problem with Revolut is that its not your crypto - theyre just using your money to get cryptocurrency through a 3rd party organisation that have the key to your crypto. Ive had an issue recently where they sent out an email saying they were delisting one of my coins (meaning i cant buy or sell it after february 6th and forcing me to sell as they wont let me transfer it elsewhere). This has forced me to take a loss of 1000 euro essentially
Mate, really like your channel and you are providing a good service as your content is basically every question i asked myself in the past. Unfortunately i love revolut, i have been with them since the beginning and traveled globally without any issues. I use revolute as a on ramp to a fca approved exchange but have never bought crypto with them. I think the main problem is regulation trying to keep up with innovation. This being with crypto and the services revolut offer. I do think it is wise not to hold too much funds in any account tho.
It's a lot more sinister than regulators trying to keep up friend. This is corruption at play, nothing less. And there are lots of reasons for that. They hide behind 'protecting you' as a means to control you. They are fine with allowing people to deposit into a betting site, losing their money. Because they get a piece of that. They don't want citizens coming to the realisation that with this technology, the financial system as we know it is pretty much rendered obsolete. The middle man doesn't get his big slice of fat pie anymore. All the banks are getting involved with crypto behind the scenes, whilst they poo poo on it to the public. Why because they want to be the ones to control it, wrap it up and stick a big price tag on it at the end, where they are the only ones that actually benefit from it. You know... Like every single other concept in the world... I want legitimacy as much as the next person in this industry but all they are going to try to do with regulation is the above. People need to wake up to that.
If I have crypto but didn't keep records of my purchase how do I cash out? What should I expect in terms of information I need to provide if any? I've heard Monzo is crypto friendly.
Any recommendations would be appreciated.
never had any problems natonwide whats that about ? withdrew funds .used uphold ?50k in cryptot ?
This is becoming a minefield in the UK. Everyone you speak to has a story to tell about different banks. One person will tell you that one is good but to stay clear of another, and somebody will say the opposite. The amount of banks/building societies that I’ve heard about being both good and bad is mind boggling, like most of them. What are we to do 🤷🏻♂️ I’m sure the HMRC would love to take your money off you but it’s being made impossible to even do that, let alone take any profits. Hopefully this will get better but I can’t help feeling it’s going to get a lot worse yet. I mean we can’t even sell our crypto because at that point you’re liable to pay tax. Wouldn’t be quite so bad if they’d except payment in crypto lol
I 100% agree with you.
I don't know about everyone else, but when I got into this space, one of the reasons was to become my own bank and not have to deal with these awful bankers and stupid UK rules.
I am working on another possible solution with a mate of mine and we are planning on posting a video or perhaps doing a live stream very soon, we just have a bit more research to do first.
If you haven't done already, please would you subscribe. You can always change your mind later. Cheers, Will - 😎
@@btcbiker I already have, to you and Martyn at altspot. I’m looking forward to seeing what you’ve both come up with. It’s getting a bit disheartening, all we want to do is make life a little more comfortable and your all treat like money laundering criminals, and in the first instance! Crypto hub of the world my arse. 🤯
In the U.S., Revolut discontinued crypto holdings (which were actually held by a third party). Before then I held a little in XLM. They also discontinued certain fiat currencies like Rubles and Hryvnia. Otherwise it’s been very good.
This is why we need decentralisation..
The banks and other major capitalists won’t stop till they have it all.
Thank you 👍
You just saved me from going down your unfortunate route, forever grateful sir.
Glad I could help.
If you haven't done already, please would you subscribe. You can always change your mind later. Cheers, Will - 😎
Been subbed for a while my friend@@btcbiker
Never listen to a man with less than a grand in crypto
Sorry sir for the inconvenience I’ll love to let you know that they are better options to do crypto with where when you deposit money you get 50% and they charge less in transaction when making transactions
So glad I watched this I’m all set up on my exchange with revolute ready for 2025
All great points here..Question...Has anybody tried to off ramp a large amounts ie over 50-100k plus amd had nonissues? or has it been just much smaller amounts?
Obviously with a bull run around the corner it would be nice to know if we can off ramp 6 figures plus? Sounds almost impossible in the uk!
I haven't but hope I do in the coming months. If anyone else here has, I'd very much like to hear about it too?
The app itself says the daily limit for sending crypto to an external wallet is £2000. There is also a monthly limit of £10000.
@@iancastleton9052 Hi is revolut a bank where you can use it to spend your crypto? So you can move crypto on to the wallet and transfer to fiat?? I may take a look..but obviously i dont want my account frozen if i put any significant sum on there.
Revolut is a bank. My advice would be to be cautious. If you read some of the comments here of people who have had problems, especially with larger amounts of money going in and out. Do let us all know how you get on though.
Monzo it is then , thanks for the info
Any luck with Monzo I have an account but haven’t tried withdrawing crypto gains to it yet
So revolut did sorta fix it? The thing I have found is if I need to send via sepa I need to use them. I have monzo too & of I cashout il probs spread between the 2. They have to be somewhat friendly to crypto to get the rep I suspect who knows. Limiting options to more mainstream banks otherwise
I'm in Switzerland and I use Revolut here. But it depends on what contract you have, I use the Metal Contract, because I use it primary for Cryptos. The conditions and the Fees are the best I found so far.
Thanks for sharing.
My video specifically applies to people in the UK. You are not subject to the same rules in Switzerland.
I used Revolut Spain as I get paid in GBP and have metal plan to convert to euro, but I never use Revolut for crypto anymore as it gives you less than the selling or buying price, I worked out it takes about 4% of the value each way. I used Nexo mainly for buying and selling, plus I get 2% cashback on purchases and very good rates on crypto. I just had €745 in ICP and when I withdrew it I only got €729. With Nexo you get back exactly what the value of the crypto is when you sell,so €745 in Crypto is €745.
As i think you are saying the problem is buying crypto today but finding a place to sell/off ramp it, you can send it from cold storage to an exchange, but then if you bank it you stand a chance of your funds being frozen as illegal earnings, yet the UK government wants to tax us on profits, its the dots are not joined up as yet at the minute there is no clear way to do it, even sending funds abroad means they will be frozen on return.
You are 100% right, the dots are not joining up and I have more videos in planning about this.
If you haven't done already, please would you subscribe. You can always change your mind later. Cheers, Will - 😎
My only issue thus far has been the fees are not very competitive.
I hope I don't have to deal with this shit when I cash out.
its insane these fee's.. dont use it for trading. just holding,but even when you have to cash out eventually they just stupidly take 2% everytime you transfer from your wallet
Living abroad (Slovakia) I have simply bought crypto assets like BTC, ETH, SOL etc. via Revolut (as well as other crypto-related assets such as MicroStrategy, Riot, Cleanspark etc. on their shares platform.) I think the problem highlighted here is P2P and transfers from wallets etc. So far, my experience has been fine. However, I've been prudent enough to split holdings among Revolut, Kraken, Etoro and ii. I also use Monzo (registered while in UK), but it's difficult to transfer funds to an intermediary to purchase crypto via an exchange.
Regarding Monzo, do you mean they do not allow Fiat deposits from a centralised exchange and Fiat sent to a centralised exchange?
@@ijustwanttoaskaquestion106 I can transfer funds to an intermediary - Payward - which is linked with Kraken exchange.
However, when trying to make a smallish transfer to Coinbase directly - Coinbase informed me that the bank had cancelled the transfer.
Santander and legacy banks cannot even get your own money sent to any offshore broker Crypto or not. I actually send to REV and immediately onto Crypto broker. I’ve had no troubles REV. And I have lots problems. Generally..
Not used Revolut, but the 10% spending "limit" is not a real one; it is just a number the FCA insists is a "safe" amount.
The tyrannical KYC/AML they asked for is allegedly compliant with FCA behaviour regulations: Revolut can choose to interpret the requirements in whatever way they feel is line with FCA.
Santander pulled that $h!t with me: I told them where to go in no uncertain terms. They closed my account (60 days notice). No surprise there.
I'm in the UK, I fully understood this before signing up with revolut, I knew there crypto services( which i do not use at all), did not allow any transfers via the bitcoin or other crypto networks , I signed up so I have a bank account not regulated by the UK, make bank transfers to crypto exchanges and Xumm labs( which convert your deposits direct into XRP on your own self custody wallet(s) but only accept euros) and to get decent exchange rates between GBP and Euro's.
They do look like numptys with what they did to you. I don't think it is wise to use there crypto services.
I do worry for any banks UK or otherwise using the UK's Faster payments system.
I do the same. I use Revolut for transferring GBP onto crypto exchanges but not for buying crypto. Revolut isn’t an exchange but in common with PayPal the crypto services they offer are extremely limited and - by the sound of it - fraught with difficulty.
Thank you for your videos, you're doing an amazing job! I've got a bit of a problem, I need to withdraw money to pay for my taxes and it's really a pain because I don't know where to withdraw money to, without having issues. I've got both Revolut and Monzo, but never cashed out until now. I used many years ago Revolut to fund my Coinbase account and that's it. Even the sequence of actions seems to be important. So what do I do first, withdraw money to account and make sure they arrive safe there, after that submit the tax return and pay? What happens if I first submit the tax report and money gets blocked in either Revolut or Monzo... Is a tax return from HMRC a strong proof to unlock a frozen bank account immediately?
If it was me I’d definitely have the money ready first. The last thing you want to do is put a tax return in and then not have the money to pay it.
Hi btc biker you have answered my question on Revolute...the same happened to me....l have a custodian who tried to sell my btc through Revolute ac. They blocked me. Like you they kept asking the source of my funds, my ID...l have repeatedly given them all my details but without success. I don't know whether it's because l have transactions coming from a third party or not that is the problem. Revolute want 10% transfer fees but l find l cannot meet their costs. Can anyone advise. I"m sure glad l came upon your videos btc biker it helps me understand a lot.
@@DDSlKightsX Hmmm... interesting. Thanks for the advice! I wonder now, how I will cash out at some point all my portfolio... I was hoping having the tax return in my hand, will serve as the strongest possible proof of income, so any bank should be happy about it. I mean, just paying the tax and still having problems after that, without being able to enjoy your share of profit is not cool at all.
@@georgem1132 no it certainly wouldn’t be cool at all, though I have a feeling that this is going to be the case. Unless the government changes their stance in the next 2 years for the better. I hope they do chill out in order to become the crypto hub of the world but I fear they won’t do it in time, but we’ll see.
I agree with @DDSlKightsX - I'd also have the money ready first. That's your safety net. I also used my tax return form as part of the process I had to go through to prove my self employed income.
I have just sold all bitcoin on revolut to cash in some profit . None of the £500 profit appears in my account now. I'll contact support but am I missing something obvious here? Since I don't have bitcoin keys maybe they were always going to keep that profit??
I'm very sorry to hear this. I have had similar problems with Revolut and others and that's why I stopped using them. I hope you manage to get it sorted out.
I use them not a problem but tbh my crypto is in my self custody wallet like it should be only use as a on/off ramp
5:15 She couldn’t get that into her head …
Yep 👍🏻. People who work in call centres can be like that.
How did you work out how much they spend on google ads?
My partner works in digital advertising and she has access to platforms that spit out ad spends by brands.
Revolut has been fine for me, made plenty of large transfers to and from Coinbase. Not sure why some people have had issues, maybe they give preference to those on the metal plans
I was on a metal plan and it didn't make any difference.
@@btcbiker Good that you eventually got sorted though, having any account frozen and accused of money laundering is a nightmare
Informed me my account was being closed within x days. No reason but I suspect it was transfers to Coinbase/Binance that they weren't happy about. Same thing with Monzo.
UPDATE: Just this morning I got an email from them asking for proof of source of funds... maybe its my turn for a bad experience! @@btcbiker
Are you using Revolut in the UK?
Has anyone used Zumo to on/off ramp?
I haven't, but I'll take a look at it today. Have you used it?
I have created an account with Zumo now & passed their KYC.
You have to wait 24 hours after applying before you can trade.
You also need to create an Infinite Wallet which is Decentralised-but all buying/selling is done via the Trade Wallet.
The fees are pretty low & they claim there are no limits for off ramp but transactions are subject to compliance checks.
Well for me, I've had £44277 go through there in total last year and no loss beside some stock that just sits there under volatility.
from spain if you register with transferwise you get a belgium account... but i got register from uk and i think that my account is actually with an uk iban... i had being trying lots of banks like plutus, kroo, wirex... and all got the uk iban. the next one i am trying is pulse... which is base in gibraltar... but somehow i cant get register with them...
@chaxiracing You have to check you hold Euro currency in your WISE account. I hold pounds and euros...And when my friend from the Eurozone transfer Euros to my WISE, I have an European IBAN from Belgium as well. So, I guess that, if you have an WISE account in the UK, automatically you get an UK bank details and an European bank details. I even believe if you have another currency, you may get a bank details in the country that currency belongs to.
@@GloriAteus you are right. i pass from gbp to euros to see if i could see the iban... and it was from belgium... which is giving me lots of ideas... lets see if this works or not... im not gonna be rich from my investments... not at the moment... as i dont have much money to invest... to loose it on taxes
@@chaxiracing Ok. Go to your Wise account details and you will see all other countries details you have. In mine it shows: UK's Eurozone's(Belgium), USA's and New Zealand. So, definetly , there are all these options with WISE.
Oh, I hate taxes! Who doesn't?
Used revolut in portugal with ease and trade crypto and send it to cold storage with ease, no issues. Never had an issue with crashing at high price times unlike coinbase...
The only problem i had with them is they sold my crypto at higher price than what was actually reached and my sell orders sold at a much higher price than i originally set when i asked them about this we came to the conclusion that it should not of happened but i had may 3 times more money then i was expecting (low market cap alt).
i can go and rack up a load of credit to the point that the interest would kill me but i cant deposit a decent amount of £££ to buy crypto, have it 100x be a crypto millionaire and not be able to with draw it. The gov want you in debt and to stay in your lane.
Completely agree with you!
also wanted to add i know of a friend who is a high net worth individual who sent $80k from his lexicon bank account in the US to his revolut account, and its been over 2 weeks and its no where to be found. will update when i find out if he gets his money
Oh Wow! That's ridiculous! Please do keep up updated.
Thanks for taking the time to comment.
Cheers, Will - 😎
Hi I'm in UK so I might be wrong but didn't you say in a previous video you had a friend who had ideas about alternative European banks ? Thanks and best wishes
You are not wrong, it just didn't pan out unfortunately. However, I am working on two alternatives and busy researching them right now, so stay tuned.
If you haven't done already, please would you subscribe. You can always change your mind later. Cheers, Will - 😎
@btcbiker I subscribed a while ago my friend I am 59 late to crypto self taught over the last 18 months so gearing up for bull run. Gaming coins are hot making good gains and memes rocketing. God bless Myro the dod lol. Keep up the good work
Best wishes
Mark
Have recently bought and sold ETH on limit orders with revolut and moved money to Santander without any problems, any financial institutions dealing within the UK are now heavily regulated, I would suspect eventually all will catch up whatever bank you use😢 and follow the same draconion rules, none of them are crypto friendly in the UK
I use revolut for some banking and smallish amount ofcrypro no problems over many years...
Thanks for the Headsup. I'm looking for a bank that I can pay euros into regularly from an exchange where I convert bitcoin into euros. I hope I don't get blocked by my bank. It's crazy.
Which bank are you using?
@@tcirc2456 I'm using ING. Funder Pro ( the prop firm ) have just announced that they will now pay out in EUR so the issue has disappeared for me, thankfully.
Did Revolut once and never again with respect to crypto. Fees were silly. Now it’s Uphold, Bittrue and cold wallet swaps. Having plenty of different on/off ramps is good given how much more restrictive it is now since regulation came in.
What do you use now?
Thanks for taking the time to comment.
Funny enough, I was going to do a video on UpHold, but then they stopped new clients in the UK so I scrapped the idea.
@@btcbiker i use Uphold for a few years now no problems but just a few weeks ago they have stopped staking rewards for UK citizens until regulations are in place and I have had to update my ID twice recently too.
Can Revolut be used to transfer fiat onto and off an exchange?
I believe can now, but I wouldn't You would also have to prove you earn over 100k a year.
@@btcbiker Sounds like I’m not going anywhere near them. This will all flip eventually when the rest of the world rockets ahead and the UK falls even further behind.
Sorry but I'm not earning over 100k py and send payments through revolut to my exchange without any issues, also payments from coinbase to revolut don't seem to be a problem either
@@Robbie-fn4djCan I ask if you bank with them or do you just use them to move money back and forth?
TSB is on the list of friendly ones but they blocked me from buying crypto.
TSB couldn't be any less crypto friendly
no sense to buy btc in revolut , high fee and spread! you can move btc outside now. not fault of revolut it is uk regulation and revolut got banking licence as well !
Don't use Revolut for crypto services, only fiat rump on and off in small quantity or daily up to £10,000 then increase late . Use exchange to purchase crypto then move to cold strage.
I just go Advanced Trade CB like CB Pro of old. Trade. Withdraw and credit from REV. It’s ok. I hold money on Rev and exchanges for around 1 min to 1 hour. That’s how much I trust these crypto exchanges and banks that aren’t actually banks. You cannot even bank cheques with REV.
Used Revolut for years, Specifically for Crypto and never had an issue.
Hello mate, have you tried Wirex?
HiYa,
I have had a Wirex account a few years and stopped using it, I can't remember why, but I'll have a look at it. Thanks for the tip.
Cheers, Will - 😎
Got a Revolut account for daughter and I due to no exchange accepting Halifax. Everywhere is shutting down on/off ramps. Coinbase still accepts PayPal for me. Looks like off ramp for me will be USDT in cold storage in 2026. I only hold a 1% allocation in Revoult and can transfer to my daughter. We know we can't transfer to other wallets and will only try to off ramp when suits so I haven't tried yet. The UK socks and is falling behind the rest of the world
I completely agree with you. There might be another way to off-ramp, @altspot Crypto and I are investigating something and will have news for you all soon. Keep a look-out for a notification from me 😎
I too have been looking at USDT to either Ledger or Trezor. But the worry is having enough GBP to pay the CGT.
@ijustwanttoaskaquestion106 I haven't looked into tax in detail yet but after April 2024 CGT is £3000 per person plus spouse so £6000 if married, so up until then it's £6000 per person so cash out before if you wish or wait for full bull run and cash out what you want at full CGT but as my old man used to say, son I wish my tax bill was six figures because I'd be a millionaire. My problem is off ramp to GBP into my bank but I'm hoping this nonsense is fixed by Easter 2025
@@Clover2018 I am happy to pay CGT, the problems is will I be able to get the GBP off the exchange or not.
@ijustwanttoaskaquestion106 I'm guessing that it will depend on what exchange you use and who your bank is at your specific time. My friend can still on/off ramp with his bank but I can't and I'm not switching current accounts around 50 banks just to find one. The UK needs to get its act together and force banks to allow it. Banks are afraid for their jobs. The UK seems to be the most unfriendly towards us at the moment but hopefully things will improve. And 1 more point on revolut, I haven't used it for weeks but last time I on ramped £200 and was able to buy BTC and SOL using all of the GBP, leaving zero GBP balance in my account. I haven't tried off ramp yet, but it's such a small amount I'm happy enough for it to ride up and if I can't convert back then so be it, I'll take that fight next year. We all need to keep in touch to find best ways as it's so quick to change. I opened a Jupiter aggregator, phantom wallet and Mexc exchange and none of them said they were allowed for my location so unless you want to use a VPN we're restricted badly.
Hopefully someone with clout in Revolut will watch this and do something about their poorly trained staff. I use Revolut for crypto and have had no issues so far. Your experience is concerning. Hopefully an exception rather than the norm!
You don't even need to use a uk bank . You open an offshore account
Do tell us all how you did that please?
I use revolut by sending money from my TSB account (not crypto friendly) to my revolut account. I then send to my exchange from revolut to buy crypto. I do not use revolut crypto facilities, only for a ramp on and off which works perfectly.
People that work in customer service are not your clued up in investing dont waste your time explaining it to them and ask for a expert on there team that will get back to you with the correct expertise. Revolut is great to use for the portion of crypto you like to trade and can have liquid with in seconds ready to spend on your contactless card. Save your larger amounts of crypto on chain with a better provider for the long term.
I don't know about the extra obstacles placed in the way of the ordinary Brit by the "caring" financial regulators, but I understand Revolut only allow you to buy and sell crypto in Revolut. They make a whopping 1.5% conversion charge in either direction, and you can't transfer the crypto to an external wallet.
But they are fine for fiat stuff.
@@spirittravels. I never understood why anyone would use a credit card to buy crypto, given that 2% charge.
I've used revolut to on and off board, with no problems
How recently have you used them?
@@btcbiker 5 days ago I transferred a large sum of cash from one bank to revolut then used it to send to an exchange by card. I used it back in April to sell an even bigger position on an exchange and cash out to revolut, then sent the funds to another bank.
P.s I've only ever used my revolut to buy and sell
I just sold some of my crypto. then transfered from my revolt account to my other bank account no issue. Live in UK
So you should sell crypto on an exchange, then sent the funds to revolut, then on to your normal bank account?
I did that. And they locked me
at what stage, revolut locked you?@@matts3609
interesting video, i had a problem when i sold some btc for some £ through a private person that sent me revoult, it was flagged for AML laws, i even had been placed on the fraud list, i had to prove my innocence to get myself off that cifas marker list! revoulting (no pun intended)
That's terrible! and I've hear this a lot from other people, friends and commenters.
It used to be "Innocent until proven guilty" The UK banks don't seem to give a toot about that and think they can do what they like with impunity.
Did you manage to get it all sorted out?
Cheers, Will - 😎
Isn't it because of the regulations?
Is there any other Bank doing it at all in the UK?
What about keeping your profit of the crypto in Revolut and spending it from your account…to avoid flags and so on…
And of course for regulatory and security reasons after some amount of money any bank will flag the account and block it till this money are proven unless is your regular high net worth person who has ViP account and those are absolutely regular and proven transactions…
Revolut is the only card/bank I use to buy my crypto from the big exchanges. It works fine every time. I don't buy crypto on revolut, rather, I buy crypto on other exchanges and pay for it using my revolut card.
Portugal bank?
Great idea. Can you share with us all how to do that from the UK please?
@@btcbiker just idea 💡 if any follow will materialise I’m up
I heard they changed their rules slightly, still better then UK.
Could you update please?
Looking forward to the peer t peer video. It has to be the best way really but you need escrow services for it to work don’t you?
P2P does use Escrow and has too to protect everyone. The will be a P2P sell video soon, I need to get some other stuff setup first.
If you haven't done already, please would you subscribe. You can always change your mind later. Cheers, Will - 😎
@@btcbikeryup, I’m subscribed, good job
I think your biggest mistake was buying crypto on their platform. Not your keys, not your coins but a lot of good information there big shack!
It’s not a problem - just don’t leave it on their platform and move it to cold storage.
@@MrMandelsohn agreed
I had big problems with Revolut , I stopped using it
What happened?
nationwide are abominable. Never tried revolut, and I certainly won't now
Why (briefly) are Nationwide abominable?
The secret is called Dubai.
Great idea for anyone who what's to live in Dubai...
Hi, why do you say that?
@@MeColinYouWhoYeah, would like to hear why not Dubai too?
Have you heard of a horror story about British who was on his way for a vacation in Japan, he converted some currency into yen and also some crypto but when he landed in Japan soil with wifi resumed he was shocked to find out that all of his money has been converted back into GBP and then moved to another online bank Monzo… it happened during his flight time which he had NO internet access this leading to suspicion that it was an inside job of a revolution staff.
WOW! That's terrible, I hope it wasn't you? It does soud like an inside job to me. What was the outcome?
That doesn't make sense.
Maby he he didn't set his revolut card to spend only in yen when using it in Japan. Some retailers charging in different currencies by default, so the conversion happens twice, it isn't the Revolut.
Your "...suspicion that it was an inside job" is INAPPROPRIATE, unless you did have the experience your self after extensive conversation with Revolut customer service.
I know people that got their monzo closed probably because of crypto
They haven't with me, but as I said in the video, that's for now. Have you used Monzo?
I wouldn't recommend Monzo its not crypto frendly bank
now you can send main cryptos to your hard wallet from revolut, did it many times, never was locked, im not talking about thousands of dollars but hundreds per transaction, no problems, Only 10% in crypto???? i have something like 90% in crypto on revolut XD XD
have you completed the recent UK questionnaire that Revolut sent out? The 10% applied to people that can not prove that they earn £100k a year. It doesn't not effect any Crypto that you already have, it limits further investment in Crypto in Revolut.
@@btcbiker yes I did but I had crypto on it before, thanks for clarifying
There fee are to much
Thanks for the warning! I will give Revolut a swerve!
It seems like you discover what banks or financial institutions are. What you are describing is just a bad customer experience that could have happened with any bank and any currency. And you forget to say that they cannot freeze your funds indefinitely it's 30 days if nothing bad happens, 6 months otherwise. That say by experience I believe that indeed new companies or those who want to benefit from cryptos without proper risk system or knowledge may go over the top and may employ incompetent or negligent people. Sad thing being that for cryptos you have the choice to go out of the system with a cold wallet and have full control of your funds. Revolut should be only for small amounts on cryptos
Are all UK banks still preventing withdrawals?
Looking at pulling some out soon.
Guessing I will be forced to the condescending questionnaire?
Thanks for taking the time to comment.
I have a video coming up about banks to follow on from my last one.
It's all a royal pain in the A**.
Their fees are horrendous
Is it really pronounced Revolut with ut as in gut? I always say Revoloot as in boot. For me, because it is short for revolution or revolutionary.
Tomatoes - Tomaaatoes pal!
@@btcbiker Let's call the whole thing off. Which you are going to with Revolut anyway :)
I'd pronounce it "revoloot" if Revolut was entirely decentralized bank, running on crypto blockchain (like it could on the Polkadot, which is theoretically possible with their new advances).
Just the governments (bankers) rules stand in the way to help people.
No, they stop me from buying crypto.
Did they do this recently and was it because of the new rules they put in place?
How have you tried to do this?
Thanks . I will avoid
revolut doesnt let your send or receive crypto... so yea
It does.
It didn't used to, but I believe it does now.
?
You are just surprised otherwise Coinbase is exactly same or even more strict.