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Revolut has reportedly imposed substantial monthly price hikes on crypto-related businesses or threatened account closure
A crypto marketing firm has revealed that Revolut recently informed them of an account ‘upgrade’ resulting in a 10x increase in monthly fees
The affected company contends that it has kept its crypto and fiat banking activities separate for over a year
Revolut’s claim to be a crypto-friendly outfit isn’t being borne out, with companies working in the sector being stung with massive monthly price hikes or facing account closure. A crypto marketing company has told FullyCrypto that Revolut contacted it recently to tell it that the bank was upgrading its account to an Enterprise account, which carries a monthly fee 10x what the company is currently paying, even though the company is conducting less business and has doesn’t connect its Revolut account to its crypto usage.
Historical Crypto Dealings Costing Companies
Revolut pitches itself as a crypto-friendly bank, with companies and individuals allowed to buy digital assets through the institution, but it seems companies are feeling the perils of actually using digital assets for their purpose. The company in question joined Revolut in 2021 paying €29 per month for its ‘Growth’ plan, which its CEO says was more than adequate at the time.
The company is a small operation which occasionally gets paid in cryptocurrencies, although the crypto payments are handled through the company’s institutional account at a well-known exchange. The CEO says that its crypto income barely touches the Revolut account due to the conversion and transfer process involved, with no crypto funds having gone there in more than a year. It was a shock, he says, to have therefore received an email from Revolut telling him that it wanted to ‘upgrade’ his account at an increased cost of €292 per month.
Revolut Blames New Regulations
The bank claims that the increased cost is due to the new UK regulations on crypto movements meaning more outlay from the bank’s end, but this belies the fact that the company doesn’t accept crypto into its Revolut account and no longer sends the proceeds of crypto into the bank, having not done so in over a year.
Revolut has said it will look into the case again, but its representative told the CEO that he didn’t think there would be a different outcome. The company is therefore looking for a new bank and is thinking twice about being involved in the crypto sector at all, seeing as even a tangential link can result in such outlandish costs.
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