Are withdrawals to Revolut EUR accounts or cards prohibited?

andreisommer
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Hello, I live in Romania and I have an EUR Revolut account based in Lithuania. I was able to link my Revolut account and card, but I can't seem to be able to transfer funds either to the my Revolut IBAN or to my Revolut Visa card. Is this e temporary glitch, or is Revolut not accepted for withdrawals at all? I wasn't able to find an answer in the help documentation. Thank you!

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andreisommer
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Si I finally asked the right question via Claims, and I got a clear answer for my Romanian account.

In case anyone has a similar (Romanian) problem, here is PP's answer:

 

Based on the banking regulations in your country, there are 3 options available:

- to local bank account in EUR currency only,

-to Master Card in local currency (RON),

-to Visa Card in multicurrency (EUR, USD, GBP, etc). Please make sure that your Visa Card has been set to a correct currency on our system before initiating your funds transfer.

When we offer our service to a country, we need to ensure that we are compliant with both local and international laws before we can offer our full service. Due to this, you are only able to withdraw funds to a local bank account (IBAN) in EUR. Any funds withdrawn from your balance in another currency will be automatically converted.

 

So withdrawal to Revolut Visa should work, but it will still involve exchange to EUR.

@kernowlass , thank you for your time! 

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kernowlass
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@andreisommer 

 

Are they are digital / virtual bank that paypal does not support?


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andreisommer
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What is a digital bank? They are a bank registered in Lithuania, regulated by the Lithuanian banking regulator, the EUR IBAN account is in my own name. I receive payments there regularly from various businesses and individuals via normal wire transfer.

On the other hand, can you point me to the section of the terms under which PayPal does not support virtual banks? Maybe there's something there that might clarify things.

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kernowlass
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@andreisommer 

 

 

https://www.paypal.com/ro/smarthelp/article/why-can't-i-add-my-bank-faq798?app=searchAutoComplete

 

We can confirm accounts from most banks and credit unions. Unfortunately, there are some banks that are not compatible with PayPal, including most online only or prepaid bank accounts.


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andreisommer
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@kernowlass 

Right, I can understand that some entities or types of accounts are not supported, but I was able to link my Revolut account and Visa card. So they are ok as a source of money, just not as a destination. I've had 2 different calls with Support (via Claims, as nothing else works), and one said the Revolut account won't work, but didn't mention why. She also said the Visa card should work.

So their only (temporary) solution was to leave it for 72 hours for the security system to reset. That's on top of the 72 hours lock they have on mass payments. So basically users are financing PayPal for free, in addition to paying their stated fees. I'm pretty sure these are shady commercial practices, and they won't go on for long once Revolut&Co set their eyes on PP's market share. 

Before the 72 hours needed for the system to reset, I was able to add a local/traditional bank account and withdraw my money there. That cost me more, as it involved additional currency exchange. Looking for cheaper options... 

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Solved

andreisommer
Contributor
Contributor

Si I finally asked the right question via Claims, and I got a clear answer for my Romanian account.

In case anyone has a similar (Romanian) problem, here is PP's answer:

 

Based on the banking regulations in your country, there are 3 options available:

- to local bank account in EUR currency only,

-to Master Card in local currency (RON),

-to Visa Card in multicurrency (EUR, USD, GBP, etc). Please make sure that your Visa Card has been set to a correct currency on our system before initiating your funds transfer.

When we offer our service to a country, we need to ensure that we are compliant with both local and international laws before we can offer our full service. Due to this, you are only able to withdraw funds to a local bank account (IBAN) in EUR. Any funds withdrawn from your balance in another currency will be automatically converted.

 

So withdrawal to Revolut Visa should work, but it will still involve exchange to EUR.

@kernowlass , thank you for your time! 

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