Revolut's Account Closures | Users Remain On Edge
A growing wave of frustrations is emerging over Revolut's recent account closures. Many individuals believe they're caught off guard, asserting they have done nothing to warrant the sudden terminations. This controversy intensifies as people navigate the complexities of peer-to-peer (P2P) transactions that often lead to confusion.
What’s Behind the Account Closures?
Reports suggest that a significant number of accounts are getting flagged due to potential links to money laundering, often without clear reasons. Users claim their accounts are flagged mistakenly, leaving them in the dark about the specifics behind these actions.
User Experiences
Many users have taken to forums to share their distressing narratives:
One person lamented, "So the appeal isn’t really gonna do anything? Even though I provided them with everything they needed when the issue first happened?"
Another expressed concern, asking, "I don’t have any crypto, but will they return my money back to another bank account if they close mine?"
Others continued to voice doubts, with one saying, "They don’t report or freeze the account; they just close it. I bet you they won’t refund your balance!"
Additionally, a user noted that Revolut was previously criticized for their ineffective transaction screening, stating that in 2018, they disabled automated transaction blocking to lower false positives, potentially leading to unchecked suspicious activities.
Growing Concerns Over Compliance
The situation grew dire when it was revealed that in April 2025, Revolut was fined €3.5 million by the Bank of Lithuania due to inadequate anti-money laundering (AML) controls. This included poor transaction monitoring and business relationship oversight. The increase in fraud complaints, surpassing those of any major UK bank in 2023, raises serious red flags about Revolut's security measures.
Interestingly, Italian authorities have launched investigations into allegations that Revolut misled customers regarding "commission-free" investments, emphasizing possible limitations on fractional shares. Users continue to seek alternatives as trust dwindles.
What Do Users Recommend?
In light of the growing dissatisfaction, many users are looking for banking alternatives. Suggestions include local banks that cater to foreign clients and other platforms like N26. A common sentiment among users was:
"Revolut is not reliable; too many innocent accounts are terminated."
Key Takeaways
📉 Increased account flags are heightening concerns among users.
💬 "I provided family bank statements yet my account's still at risk," a user shared, having faced barriers to account reactivation.
🌐 Many are aggressively searching for trustworthy alternatives amid declining confidence in Revolut.
The Road Ahead
As Revolut's practices come under heightened scrutiny, pressure mounts on the company to clarify its account closure policies. Experts estimate that nearly 30% of current customers could migrate to other banking options if these issues persist. While Revolut may consider tightening compliance measures, doing so might alienate already frayed user relations further.
This situation reflects past financial crises where banking practices led to customer lockouts. It remains uncertain how Revolut plans to restore user trust in light of significant regulatory pressures and user discontent.