Revolut, the digital banking and fintech disruptor founded in 2015, has revolutionised how people manage money internationally — with features like fee-free currency exchange, cryptocurrency trading, and global spending. While the platform has millions of loyal users worldwide, it’s not without criticism.
This article explores the most common concerns raised about Revolut, particularly in areas that matter to real estate investors, international buyers, and professionals handling significant financial transactions.
One of the most widely reported complaints is that Revolut’s customer support can be difficult to reach — especially in urgent scenarios.
Account Freezing: Several users have reported that their accounts were frozen without warning due to compliance reviews or suspected fraud. While Revolut is legally required to follow anti-money laundering (AML) regulations, these freezes can last for days or even weeks.
Customer Support Limitations: Revolut primarily relies on in-app chatbots and online support, which can frustrate users needing immediate human assistance.
Impact for Property Professionals: If a large transfer is delayed or an account is suspended during a transaction, it can cause major issues for buyers, sellers, or agents operating on tight deadlines.
Revolut operates as an electronic money institution in the UK under FCA regulation, but it has yet to secure a full UK banking licence — a process that has faced delays and scrutiny.
Security of Funds: Unlike traditional banks, Revolut doesn't offer FSCS protection in the UK, meaning your funds aren’t covered by the Financial Services Compensation Scheme if the company fails.
Confidence in Stability: For users with large balances (including investors or landlords), the lack of full banking status may be a red flag.
Despite its innovation, Revolut lacks some services that traditional banks offer:
No physical branches
Limited mortgage or lending options
No direct business banking infrastructure for complex transactions
For high-net-worth individuals or real estate developers, these limitations may prevent Revolut from being their primary financial institution.
Revolut collects and processes a wide range of user data. Critics have raised concerns about:
The company’s broad data permissions
Use of AI and automated decision-making
Past incidents of staff surveillance allegations (as reported by Wired and other media outlets)
While Revolut states that it complies with GDPR and privacy laws, users with high sensitivity to data handling — especially in financial or property markets — may prefer more traditional institutions with well-established governance frameworks.
Revolut offers access to crypto trading and other volatile assets — which can be a double-edged sword.
Lack of Investor Protections: Users trade at their own risk without FCA coverage for crypto assets.
High Fees on Some Trades: Revolut charges spreads and commissions that aren’t always transparent, especially for casual investors.
Revolut has transformed digital banking with speed, convenience, and innovation — especially for frequent travellers and tech-savvy users. However, it’s not ideal for everyone. Issues like account freezes, regulatory gaps, and limited customer service can be deal-breakers for property buyers, investors, and business clients who require consistency, security, and direct human support.
At Fraser Bond, we always recommend that clients dealing with large transactions or cross-border property purchases choose financial partners with full regulatory coverage, strong service infrastructure, and risk mitigation processes in place.
