Getting salary paid to Revolut account (Finland)

Hi all,

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.

And I think that’s the area of concern. I’ve used Revolut in the past purely for FX and locking in rates, when I’ve gone to the continent.

I like how they’ve added features over time and clearly see themselves as a big and growing player in the challenger bank arena.

But the frequency with which folk have reported odd behaviour by the bank, with no obvious reason (I’ve been messed about in several occasions with unaccountable requests for revalidation of ID) leaves me bothered about using them in a more substantial sense. I don’t expect a bank to need to re-check my identity.

Using them for payroll purposes is the biggest step. They’ve not proved themselves yet.

Fun to use but not, in my book, a proper bank. They’ve yet to stabilise the basics.

N26 came to the UK and left again so can’t comment fully on their suitability for your needs. I suspect they’re a better bet though.

Good luck in your search.

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Thanks for the input Graham!

Upon further questioning, the couple of people I know who claimed to have had accounts closed down actually had business accounts closed. They’re a couple and only one of them owns a business. One was receiving payments from clients (without generating receipts/invoices) with no real info as to what the payments were for (immediate red flag) and they were both transferring money between themselves via the business accounts (another red flag). Their accounts unsurprisingly got flagged for investigation, and, despite one of them even working in banking for a while, they didn’t see why they should bother to provide the required info - resulting in their accounts essentially sitting in limbo and then being closed.

So, again, as to my earlier point (and further points on the Reddit thread), I’m still yet to see someone who just uses the account for “normal” banking activity have an account closed down. The odd person in this situation who has been flagged, seems to have had their account up and running again in a matter of hours (days at most) in most cases.

Blockquote I don’t expect a bank to need to re-check my identity.

Any bank (even a traditional, high street bank) will do this (or at least want proof/source of funds) if their algorithm picks up something it deems suspicious. The problem Revolut seems to have is that it’s looking to get full banking licenses in various places - therefore it’s being extra cautious (perhaps slightly over the top) when it comes to flagging possible issues, just to ensure that when those licenses get reviewed they can easily show that their not cutting any corners when it comes to AML/KYC etc.

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I reckon you’re probably right. That says to me they’re not quite ready for a customer with serious banking needs to put all their eggs in that particular basket :thinking:

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This is tricky.

From a feature perspective, Revolut looks like the way forward (as long as I manage to avoid any issues around proof of funds etc).

But from a safety/peace of mind perspective, N26 look like the best option for me. They offer most of the same features, and told me they’re looking in to linked kids accounts at the moment.

Saying all this, just before opening the N26 account, I upgraded my Revolut account to Premium and put a few hundred €s in it to give it a proper test. I opted to pay monthly for the account, so assumed it was a rolling agreement and I could cancel if I had issues etc, but having just checked it looks like I’m locked in for a year. So, I guess, come January, I’ll be opting for Revolut for 2021!

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It’s rolling after a year I’m pretty sure :’)

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About a week or two ago I made the leap and informed my employer to now pay via my Revolut account. From a work perspective, I miss out on e-salary info (basically your wage/pay slip available within your online banking), but they can still just securely email it to me.

All of my payments etc have been moved over, and I’ve managed to have someone create a great iOS shortcut for me which allows me to instantly convert Finnish virtual barcodes into IBAN QR codes which I can then scan in the Revolut app for future payments.

Once the first month is out of the way I’ll go through the app and set up some vaults for bills, savings etc, and will see how well/poorly that works in practice.

One further question to Revolut users; when creating a recurring payment, the options of frequency are very limited. I have a payment which is a set amount but every 3 months. Each month I’d like to put a third of the amount in to a vault and then have it automatically pay that bill every 3rd month with the money that’s in that vault - any process/workaround for this at all?

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This would suit the use of Revolut “Pockets”. You would set up recurring funding each month to a Pocket for one third of that payment. Then you assign your quarterly payment to be debited from the nominated Pocket. This can either be an automatic payment (Direct Debit or Standing Order), or a Card Payment (although you’ll have to make the first Card Payment manually before you can assign it to the Revolut Pocket).

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A very good discussion in this thread, which I have just read with interest.

My personal experience with Revolut has been limited, for the same use case as @Graham, but I have never personally had any problems and my account has been open for many years now.

Good to see that it’s not everybody who has problems, I was staring to think I was rare in having never been asked to verify ID or messed around!

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Sorry, yeah, ‘Pockets’ is what I meant. DDs and SOs don’t really exist over here anymore, and this payment in particular has to be ‘manually’ done each time anyway. I’ll get the first one set up and see how things go from there.

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A small follow-up with some initial observations:

I got paid fine and there was no request for additional info re the payer. Funnily enough, I’m not meant to be paid until tomorrow (Monday), but I was credited on Friday morning - not sure if that’s down to our HR partner, or I’m also seeing the feature of payment a day early that UK users also get.

Re an earlier point about virtual barcodes and IBAN QR codes - I have a shortcut set up to do the conversion for me, so that works nicely.

Payment transfers have been the biggest issue so far - well, the notifications associated with them.

We don’t have a ‘direct debit’ system here (in the same way it works in the UK), so I’m having to set up all my bills etc as recurring transfers - a minor inconvenience, but not the end of the world. The issue I have is that with any future dated transfer, I get a push notification beforehand that they’re about to do the transfer. I then get another push notification when the transfer is complete, and I also get an email saying the same thing. So 3 notifications for each transfer.

So on the 1st of the month when I pay all my bills via transfers, I’m going to wake up to 30+ notifications, all essentially saying the same thing. These notifications are unwanted and unneeded. Of course, I’d like to be notified if something goes wrong, but as I’ve set the transfer up and confirmed it, I just expect Revolut (or whichever bank etc) to just get on and process those things as they should.

I contacted Revolut and was told that there’s no way to turn any of these notifications off :unamused:

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From your description, it seems that the first to notifications make sense - they’re notifying you of two distinct events - before and after. It’s the email that appears redundant.

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I’ve had some success with email filters in the past, so that at least they don’t make it to your phone!

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It’s all redundant to me. From a user expectation/experience perspective, I completely understand why they’re there (some people need that reassurance that the process is happening etc) - but ludicrous that I can’t manually turn any of them off if I don’t want/need them. For me, it makes for a really awful UX.

Yeah, that’s probably the route I’m going to have to go down. Just ridiculous and infuriating that as the end user, I (we) have to set up these work-arounds.

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I recall the clamour a couple of years ago when the whole notification thing emerged with the challenger banks. Then the legacy banks (well, some of them).

Toggles, for some reason, have always been introduced conservatively. At least the email thing is in the customer’s control…

Ironically when a UK direct debit is set up with a merchant there is no notification from Revolut at all. It just silently appears in your scheduled payments.

Marketing emails are in the user’s control. Payment notifications (which I’m getting and don’t want), are not.

That’s what I said - blimey :flushed:

A further “quirk” encountered today … a bunch of my recurring payments were set up to come out on the 1st of the month. Having already been paid, I thought I’d just get them paid now and have the ongoing payment date a bit closer to my actual pay day.

Now this is something that is completely doable with my traditional bank - I went in to the app, edited the payment details and added todays date as the first payment due date. With my traditional bank, this would kick off an automatic payment process and push through the first payment today. But with Revolut, nothing.

No payment was initiated and the payment details just stated ‘Next payment: 27th February’. Had I not noticed the date and just assumed that the payment had been initiated, no payment would have been made. If they have a limitation on this, that’s fine, but at least show me something in the UI such as not allowing me select todays date, or flashing up a message saying “You cannot create scheduled transfers beginning on today date”, or something along those lines.

Speaking to customer support, they confirmed that recurring transfers cannot be created using todays date as the start date, and that it always has to be future-dated.