Why Revolut Is Bad: Downsides, Safety & Controversies

Anyone who’s used Revolut for a while has probably had that moment — a payment fails, a support ticket goes silent, or the app locks them out — and for millions of users, that moment has turned into a pattern. In 2025, Which? named Revolut the worst UK firm for fraud complaints for the second year running.

Customers worldwide: 45 million+ ·
Valuation (2022): $33 billion ·
Fraud complaint rank (UK, 2025): Highest among firms ·
Trustpilot rating (2025): 4.2 / 5 ·
Founded: 2015 ·
CEO’s nationality: Russian-born British

Six key facts, one pattern: Revolut’s growth has repeatedly outrun its compliance and support infrastructure.

What are the downsides of Revolut?

Customer service failures

• Users report being locked out of accounts with no recourse (Finextra, citing Which? 2025)
• Which? found that two fraud victims waited more than a year before Revolut was told to reimburse them after a Financial Ombudsman ruling
• Revolut’s official policy says payment-services complaints get a response within 15 business days, or 35 in exceptional circumstances (Revolut complaints policy (official))

What this means: when something goes wrong, the resolution timeline can stretch for weeks or months, and the support team has no phone line to escalate to.

Account freezes and lack of support

• In 2024, thousands of Revolut customers reported being locked out of their accounts on social media
• Irish politician Pearse Doherty posted on Facebook that “thousands of people are being locked out of their Revolut accounts through no fault of their own”
• No official public data exists on how many accounts are frozen or why

The catch: account freezes can happen without warning, and it’s hard to get a clear answer from support.

Hidden fees and exchange rate markups

• Revolut charges ATM fees after a free limit (varies by plan)
• Weekend exchange rate applies a markup (typically 1% for standard plans)
• International transfer fees may apply beyond the allowance

If you’re exchanging large amounts, check current rates on our Convert GBP to USD guide.

The implication: the same features that attract customers can become liabilities when usage patterns shift.

Why does Revolut have a bad reputation?

Fraud and scam complaints

• Which? reported that Revolut customers referred 3,242 APP fraud complaints to the Financial Ombudsman Service in the 2024 calendar year
• That’s more than Monzo (2,344) and Barclays (1,704) combined
• Revolut also had the highest uphold rate of 37% for non-APP scams and fraud

Why this matters: the number of complaints is not just high — it’s growing faster than rivals, and the Ombudsman sides with customers more often against Revolut than against any other firm.

Poor customer service

• Revolut has no phone support line — all contact is in-app chat or email
• Which? found that victims of scams often had to wait months for a resolution
• Revolut’s official complaints policy says non-payment-related complaints may take up to eight weeks

Regulatory issues and fines

• In 2023, Lithuanian and Finnish regulators fined Revolut €3.8 million for anti-money laundering shortcomings (Finextra (fintech news))
• Whistleblowers alleged weak anti-money laundering controls in 2022 (Finextra)
• Revolut’s UK banking license application remains pending since 2021

The pattern: regulatory penalties and rising complaint volumes reflect a systemic gap between growth speed and control infrastructure.

What is the controversy with Revolut?

CEO’s Russian background

• CEO Nik Storonsky was born in Russia and later became a British citizen
• He is listed among the Top 100 Influential People by Bloomberg
• Revolut has stated it is an international company with no political affiliations

Delayed financial audits

• Revolut faced repeated delays in publishing audited accounts
• The 2021 accounts were published over a year late, raising concerns about governance

Accusations of poor compliance

• Whistleblowers in 2022 alleged weak anti-money laundering controls (Finextra)
• Revolut’s handling of business accounts has also drawn criticism — see our analysis of International Distribution Services Share Price After Delisting for context on how financial firms manage reputational risk

The implication: governance gaps at the top create downstream risk for everyday users.

Is Revolut safe?

E‑money license vs full banking license

• Revolut is an e‑money institution, not a licensed bank in the UK
• UK deposits are protected under the E‑Money Directive, not the FSCS up to £85,000
• This means if Revolut went bust, customers would not automatically get compensation from the UK scheme

Deposit protection (FSCS) limitations

• Only customers in the European Economic Area (EEA) have deposit protection through the Bank of Lithuania up to €100,000
• UK customers have a weaker guarantee under e‑money regulations

Data security and app security

• Revolut uses encryption and two-factor authentication
• It advises users to freeze compromised cards in-app and to report scams through the app (Revolut fraud and scams page (official))
• Revolut’s help page says support calls are carried out within the app, which criminals cannot replicate (Revolut help (official))

The catch: app-level security is strong, but the structural lack of deposit protection and slow complaint resolution offset those safeguards.

Is Revolut CEO Russian?

Nik Storonsky’s background

• Storonsky was born in Russia and moved to the UK
• He holds dual citizenship: Russian and British
• He is a former investment banker at Lehman Brothers and Credit Suisse

Political implications

• Some customers have raised concerns about potential ties to Russia, though no evidence of wrongdoing has been found
• Revolut has repeatedly denied any political affiliation

Revolut’s response

• Revolut says it is an international company with employees from 100+ countries
• The company emphasises that it follows all applicable sanctions and regulations

For UK users, the choice is increasingly clear: either Revolut improves its fraud prevention and support infrastructure, or regulators will step in with stricter enforcement. For anyone holding more than a small spending balance, the safer option is a fully licensed bank with FSCS protection and a working phone line.

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