Revolut from Germany to Indonesia. Bank or app?

[snpark]

I have a client in Germany sent me €51,000 on 16 May to my BCA. Ok. No problem. Should be here today.
But

I'm curious.
Pantomime villain. One for you

He sent me an actual real MT103 as a PDF with full exact info like it was from a bank. And he told me he was in the branch waiting the slip. The money left his account and we have all the correct ref numbers.

But I thought Revolut was a digital payment app?

On that website it says can only send €5,000 to Indonesia.

So surely then if you tried to send €51,000 it would not allow it right from the start? It wouldn't let you? And certainly wouldn't create all the correct swift ref mt103 etc etc and his bank said it's all ok and THEY even checked he can send €51k

And the money from his account.

So is it an app. Or an actual bank also. Because what he sent me is exactly the same format as a bank would produce. Address. Names. Account number. Fee. All of it.

I'm confused now. If he can't send more than 5k how can his "bank" and even the banker say it's all ok

It's a real genuine MT103 swift. Bca are tracking it now.

But why the revolut Germany website says one thing about limits but he was able to send me 51k. And he even said he was at the bank all week checking he can send it one time or does he have to split it and they said no we can send it one time.

Confused!!

 

[Hawk256]

Possibly they can override the limit if you are there in person? Similar with credit cards, a phone call and the can override daily limits or even your full limit if they choose on a case by case basis.

 

[snpark]

Ok thanks. Because their website says 5k max. But is that for the app?

How can the "bank" or the app process for 51 if not allowed to send

Even trying on website it flashes up a warning "max limit"

But maybe it was from a bank? He said he was in the branch and they checked and confirmed and he even had 3 slips prepared for 3 smaller amounts but they said it's ok it's gone through in 1 payment. Weird.

BCA just text me said nothing yet in

 

[Ruserious]

Why would a digital payment app have a branch?

 

[snpark]

Certainly not a block from this side. Because can send more than 5k with any app or account etc.

So if it went it wouldn't be stopped here for any reason. And his bank produced a receipt for full 51k sent.

 

[snpark]

Why would a digital payment app have a branch?

Exactly. But it's a bank in Europe also
You can open an account there. With a physical branch
It has its own swift and bIC and iban address

It's from his account not an app

 

[snpark]

Bca said it's probably just slow

Coincidentally since we have a new pres now all my incoming transfers take longer

Someone sniffing around too much

 

[snpark]

RVUALT2V XXX BIC / SWIFT Code - REVOLUT BANK UAB Lithuania - Wise

Find the BIC / SWIFT code for REVOLUT BANK UAB in Lithuania here. Check your bank’s SWIFT code and get all details you need for international money transfer.

wise.com

 

[snpark]

Wise and revolut the same?

 

[gemima]

Revolut is a legit bank - registered in Lithuania. I didn't think you could send such large amounts with it but it is a bank so perhaps they allow it!

 

[snpark]

It's taken him all week to get permission and 2 attempts and they charged him €213

He even said he can do it in 3 bits

But his banker said we checked and can send once

Bca also said no problem maybe just slow

 

[jstar]

Revolut and Wise are not the same. Revolut became a bank two years ago in many EU countries, from being an e-money institution.

Did you get his Revolut account number? What are the two first letters in his IBAN.

This is the official stance on amounts:

For SEPA Instant Credit Transfers, you're limited to €100,000 per payment. If you go over this limit, or if the recipient's bank doesn't support this kind of payment scheme, your transfer will be processed as a normal SEPA Credit Transfer, which can take up to 2 days to arrive (rather than instant).​

If you make any transfer in INR (only possible to India), there’s a limit of £5,000/day or equivalent in other currency. In addition to the standard information, regarding INR transfers you’ll also need to ask the recipient for: their bank’s name; the IFSC; the Payment Purpose Code from our dropdown list.

Transfers in IDR (to banks domiciled in Indonesia) have a limit equivalent to £5k/day or equivalent in other currency.

Transfers in MYR (to Malaysia) are limited to £5,000/day or equivalent in other currency. Transfers made in MYR to Malaysian banks will also need you to input the Payment Purpose Code from our dropdown list (please confirm this in advance with the recipient).

As for domestic transfers to the Philippines made in PHP, the limit is set at £15,000/day or equivalent in other currency. You’ll also need to provide us with a Payer identification type (your ID document, e.g., drivers license, passport, visa, national ID) and your Payer identification value (the number matching the document for the Payer identification type).

Limits mentioned above can't be increased. You're also limited by your account balance. There is no minimum limit for transfer.

So to make a long story short; officially it’s not possible to transfer that amount to an Indonesian bank account. But but but; you can interpret this as only when you want to send IDR.* And yes, if not possible he would get an error in the App. He sends GBP?

* I just tried it and I can create an account with IDR in Revolut. So it does make sense the limit they mention is only specific for transfers in rupiah, not pounds.

NB: That £5K they mention in their support pages is because most support pages are written for the UK market btw. In Revolut you can have many currencies in one account. You really need to buy/sell then so I assume he has also pounds in his account? Otherwise it would be kind of ridiculous of course.

 

[jstar]

Why would a digital payment app have a branch?

Since otherwise they can not be a bank in that country. The added advantage is they have a IBAN code for those countries which is not Lithuanian. Many institutions (electricity providers, governments, tax offices, ..) don’t accept ‘foreign’ IBANS for payments etc. Which is not legal btw but who is gonna sue them?

 

[snpark]

Revolut and Wise are not the same. Revolut became a bank two years ago in many EU countries, from being an e-money institution.

Did you get his Revolut account number? What are the two first letters in his IBAN.

This is the official stance on amounts:



So to make a long story short; officially it’s not possible to transfer that amount to an Indonesian bank account. But but but; you can interpret this as only when you want to send IDR.* And yes, if not possible he would get an error in the App. He sends GBP?

* I just tried it and I can create an account with IDR in Revolut. So it does make sense the limit they mention is only specific for transfers in rupiah, not pounds.

NB: That £5K they mention in their support pages is because most support pages are written for the UK market btw. In Revolut you can have many currencies in one account. You really need to buy/sell then so I assume he has also pounds in his account? Otherwise it would be kind of ridiculous of course.

IBAN LT593250xxxxetc

BIC REVOLT21XXX

 

[snpark]

LT is I guess Lithuania? Since that's where the bank is registered?

 

[Samoerai]

Since otherwise they can not be a bank in that country. The added advantage is they have a IBAN code for those countries which is not Lithuanian. Many institutions (electricity providers, governments, tax offices, ..) don’t accept ‘foreign’ IBANS for payments etc. Which is not legal btw but who is gonna sue them?

Hmm, I don't get the full picture of Revolut and the IBAN's.

Why would a German client (of snpark) in Germany, have an LT IBAN account in Revolut, meaning a Lithuanian IBAN? Why not just a German IBAN.

So opening an account in Revolut for foreign currency in euros, will always create a Lithuanian IBAN account in Revolut? Like the same situation for the problem of @Wayan, who is trying to get an IBAN bank account in Europe, right?

 

[jstar]

Only when the financial institution is present and registered in a country as a bank, they can start providing ‘local’ IBAN numbers.

So Revolut opened branches in different European countries. Now, that’s not an automatic process, then it still takes some time to start using the IBAN with the countries’ code. So for instance, they have licenses in Belgium and Germany, but it takes forever to roll out the BExxxxx and DExxxxx IBAN account numbers. The British (GBxxxxx) and Dutch (NLxxxxxx) customers are more lucky. And it’s based on your official location, you can not hitchhike on another country you’d prefer.

 

[Samoerai]

The British (GBxxxxx) and Dutch (NLxxxxxx) customers are more lucky. And it’s based on your official location, you can not hitchhike on another country you’d prefer.

So, in my case ... if I would like to open a Revolut multi-currency account (being in Indonesia) to hold euros and rupiahs, I would still get an LT-BAN account for my euros?

 

[jstar]

If (big if) they allow you to open a Revolut account with your Indonesian address, yes it would be a LTxxxx IBAN.

If you would use your Dutch address you would get a NLxxxx.

 

[gemima]

So, in my case ... if I would like to open a Revolut multi-currency account (being in Indonesia) to hold euros and rupiahs, I would still get an LT-BAN account for my euros?

"Revolut personal accounts can be opened by legal residents of the UK, the EEA, Australia, Canada, Singapore, Switzerland, Japan, and the United States."