I’ve read a fair few posts here (and elsewhere), but would still love some additional input on this post I made (original link and copied text below): https://www.reddit.com/r/Revolut/comments/k99jji/getting_salary_paid_to_revolut_account_finland/
Looking some more experienced Revolut users to chime in here …
I’ve been using Revolut for approx 12 months, occasionally sending some money over from my main Nordea bank account, and have been fairly pleased with the features etc and haven’t run in to any issues. Going forward, I’ll hoping to use it for daily banking things (salary, bills, online shopping, etc) and have no interest in any of the Wealth features (aside from the Vault feature to add spare change to).
I’ve grown to detest Nordea over the course of this year so was debating moving my salary payments straight to Revolut. BUT there’s a few things still making me hold off …
The issues in the UK in August where quite a number of users didn’t get their salaries for quite some time. Revolut say the issue was identified and fixed, but I’d be screwed if my salary wasn’t received when expected (bills etc). This can, in theory, also happen to a bank, but is a lot less likely.
The various licence changes and what I’m covered for if something goes wrong or if Revolut go bust. I’m a Brit in Finland, with my Revolut account being in Euros. My account was obviously recently moved to Lithuania and may move to Ireland in the future. Aside from the minor inconvenience of changing my details with my employer, is there anything I’m losing/gaining here?
Direct Debit is a bit of pain here (the user has to manually set it up and authorise it etc), but paying bills in general is fairly easy - just scan a barcode with your banking app and job done. I see Revolut uses an IBAN QR code to do a similar thing - anyone know if these are interchangeable (will the Revolut app recognise a Finnish payment barcode?)? While certain payments are for the same amount each month (so I can just pay them once and mark them as a recurring payment), others (phone bill, electricity bill etc) do tend to vary so I want a quick way of paying these and not having to manually enter all the info in each time (anyone know of any iOS shortcuts to convert a Finnish payment barcode to a IBAN QR code or such like?).
I’ve read posts from people who have had no issues at all, but have also seen plenty of posts from people who have had accounts locked down for “seemingly” no reason. From what I can see, most of these people are either moving large amount, dealing with trades, BitCoin, moving different currencies about etc - I don’t plan to do any of this … but, I have also heard from a couple of friends who have had incoming payments denied for no apparent reason, and even had their own accounts locked and closed.
I’m also willing to look at other alternatives if something better suits my needs (N26 etc) - Most of my needs are mentioned above, but I would also need Apple Pay and I like the Junior account feature as I can send my kid (10) pocket money and keep an eye on his spending.