Fortycoats
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I was left a legacy of about £6000. Could I open an N26 or Revolut account and have the UK solicitor transfer directly into that account? In particular, would n26 charge a currency conversion fee for this?
Legacy in sterling
- Thread starter Fortycoats
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Brendan Burgess
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You probably could, but it's probably not a good idea.
They would be subject to anti-money laundering rules and when things go wrong, you can't speak to anyone so you might not get the money for months.
www.ft.com
Being repaid the £150,000 in dollars and euros that he had lent to a relative 10 years ago should have been good news for Richard Walker. Instead, it was the beginning of an eight-week nightmare this summer, when he was unable to find out why the money had not arrived in his account. As more people sign up to online banks such as Revolut — and complaints about their services grow — the case of Mr Walker (whose name has been changed at his request) raises important questions about the digital future of banking. Can the newcomers to a heavily regulated sector live up to the fintech hype while maintaining the levels of service that customers have come to expect in their day-to-day financial activities? Left hanging Mr Walker’s money was transferred to his Revolut account on July 6. The electronic money account marked the amount as “pending”, but then nothing happened to change its status and give him access to the money.
...
But Revolut did not have a telephone number. Instead it had an “in-app chat” facility that failed to work. A conversation would be started but not finished. A member of the Revolut team left the chat without closing it. Mr Walker found it impossible to make progress on finding his money or receiving a full explanation. “I must have contacted Revolut more than a hundred times to inquire what was happening and to offer information and documentation using the in-app chat system,” he says. “I provided all I could, such as a thorough explanation, the loan agreements, documents showing where the money was coming from, tax statements, bank statements, but I received no feedback or follow-up on my offer of further documentation.”
Much better to get it transferred to Currency Fair and from there into your euro bank account in Ireland.
They would be subject to anti-money laundering rules and when things go wrong, you can't speak to anyone so you might not get the money for months.
Revolut saga spotlights concerns over digital banks’ service standards
Account holder tells of eight-week battle to recover £150,000 bank transfer
www.ft.com
Being repaid the £150,000 in dollars and euros that he had lent to a relative 10 years ago should have been good news for Richard Walker. Instead, it was the beginning of an eight-week nightmare this summer, when he was unable to find out why the money had not arrived in his account. As more people sign up to online banks such as Revolut — and complaints about their services grow — the case of Mr Walker (whose name has been changed at his request) raises important questions about the digital future of banking. Can the newcomers to a heavily regulated sector live up to the fintech hype while maintaining the levels of service that customers have come to expect in their day-to-day financial activities? Left hanging Mr Walker’s money was transferred to his Revolut account on July 6. The electronic money account marked the amount as “pending”, but then nothing happened to change its status and give him access to the money.
...
But Revolut did not have a telephone number. Instead it had an “in-app chat” facility that failed to work. A conversation would be started but not finished. A member of the Revolut team left the chat without closing it. Mr Walker found it impossible to make progress on finding his money or receiving a full explanation. “I must have contacted Revolut more than a hundred times to inquire what was happening and to offer information and documentation using the in-app chat system,” he says. “I provided all I could, such as a thorough explanation, the loan agreements, documents showing where the money was coming from, tax statements, bank statements, but I received no feedback or follow-up on my offer of further documentation.”
Much better to get it transferred to Currency Fair and from there into your euro bank account in Ireland.
Key Post - The best way to transfer large amounts in euro to and from other currencies
Updated July 2014 The best way to do this is to use one of the money exchange services as they give rates better than the banks. (However, Chillaxed is getting better rates from Bank of Ireland on large regular transactions, around $500,000 a year) You can ring around a few of them and open...
www.askaboutmoney.com