Revolut restricted my account and I can't withdraw my money anymore

[RevolutVictim]

As the title says, Revolut restricted my account and I'm starting to worry that they won't let me withdraw my money anymore. I have the "metal" plan which should give me premium support, but I only get standard answers without anything useful from them. The app says that they need to verify the source of my income, which makes sense, but how long can this possibly take? 

 

This is the time line:

 

07-09-2021: Sold shares via another broker (not revolut), which then credited $551'000 to my Revolut account

07-09-2021: Revolut notifies me that they need to verify the source of my income

07-09-2021: I provide Revolut with the contract of the sale of the shares, which states my name and the amount and all other relevant details. The status of the review process now changes to "Submitted"

10-09-2021: I withdraw $100'000 to another bank account

10-09-2021: Revolut restricts my account and disables the withdrawing of money and also my debit cards, effectively making it impossible for me to get the remaining $451'000 out of Revolut

11-09-2021: In the app the status of the review process gets updated to "in review"

13-09-2021: In the app the status of the review process is still set to "in review". Even though I've had various conversations with their in-app support, I don't know what's taking so long or how long this should usually take, they won't give out any information like this.

 

Would it be reasonable for me to contact the financial ombudsman at this point? I know that banks have to do a verification of the source of income, but is it reasonable that it takes them a week to look at a document, and that during that entire week they simply lock up my money? 

[honeybee13]

Hello, welcome to CAG.

 

We're a UK based website and I notice all your figures are in dollars. Where are you based and are you dealing with Revolut in the UK please?

 

Best, HB

[BazzaS]

You’ve almost certainly tripped an anti-money laundering alert.

Revolut (if it is in the U.K.) are obliged to investigate, and obliged NOT to “tip you off” that they are doing so.

 

If they are complying with these obligations the FOS will support them.

Allow the investigations to ‘play out’.

[fkofilee]

Here we go again..

 

SMH - Revolut are terrible for this. The quantity transferred is  significant and it will have tripped AML. 

Will take a few weeks and one of 2 things will happen. 

 

- Closed Account

- Continue with Revolut

 

Agree with @BazzaS - You need to let this play out.