Forum

Revolt asking for source of funds
 

Hi. I've made just over 10k into my REV bank account in about 10 months All from UK eBay sales. This bank account is only used for my uk eBay. Nothing else

This was a stealth account. But thanks for this forum it's now all my own legit details. Apart from address.

Revolt is asking for source of funds and documents. I really don't want to mess this up and give wrong answers as I really need this extra income. There is a drop down list of many options. The problem is that Ive not declared the tax and if I select 'salary income' I presume going to be asked to provide tax details. Has anyone else found a way round this or any help would be greatly appreciated. Thanks.

Re: Revolt asking for source of funds
 

tell them you sell items from your home on ebay and adyen is their payment processor

Re: Revolt asking for source of funds
 

Because it's approx 1k a month and regular payments 7 days a week. I don't think they would accept it's selling household goods.

Re: Revolt asking for source of funds
 

Following the thread - hopefully you will find a good way of dealing with Revolut

Re: Revolt asking for source of funds
 

tell them you are a small reseller , I don't think they would suspend you , the worst case scenario they tell you to stop using it as business account and apply for a business account with them

Re: Revolt asking for source of funds
 

Just a small time seller on eBay of personal and some items for profit.

They may ask for proof but you can just select a few items that make solid profits and send over invoices for that if requested.

Re: Revolt asking for source of funds
 

^^^ this.

IMO they're looking for an opportunity to make some money by charging you fees for a business account. Fair enough I guess.
You will get this reaction from most banks nowadays, it's not just a Revolut issue.

Re: Revolt asking for source of funds
 

of course the TO also has the option to stop withdrawing funds every day

there is a difference if you receive 20 payments per month from same sender and 4 payments per month

Re: Revolt asking for source of funds
 

SUCCESS!

So from the drop down I choose the self employed option.

They then asked for 2 types of documents out of an option of 4.

1. tax return statement
2. one months invoices which includes name, address, vat and amounts
3. bank statements that corresponds to the 1 months invoice
4. dividends statement/certificate/voucher etc etc.
also clarification of the nature of the Ayden payments.

So I submitted 2 and 3 via pdf. (photos and screenshots are also accepted)

They then responded with because its e-commerce activity they are needing more information.

1.Account statements from the platform used to sell the good/services showing name and income amounts and date from last 3 months

2. bank statements from last 3 months showing the e-commerce transaction. including paypal/stripe. screenshots are accepted.

and lastly clarify if this is the main source of income. - my answer was yes


So i submitted the information they needed. Even though the eb@y account statements doesn't show my name. only the business name.

After 24 hours I get a notification saying VERIFICATION COMPLETE, WE'VE VERIFIED YOUR SOURCE OF FUNDS!

Well chuffed!

Re: Revolt asking for source of funds
 

Right on - spreading out the payments looks less desperate

Re: Revolt asking for source of funds
 

If you only started 10 months ago you wouldn't have submitted any tax documents yet .. but as someone else said .. tell them you've been having a clear out selling personal items

Re: Revolt asking for source of funds
 

I now been verified using the method as stated on my previous post. All working fine. They just asked for Bank and eBay statements to match which was easily done. :)

Re: Revolt asking for source of funds
 

revolut do not hunt down people for ebay , they mostly look for fraud and may also bring people down for crypto trading etc. but selling physical items on legit sites is not really a point of interest for them regardless of whether you are private or business

Re: Revolt asking for source of funds
 

Just tell them you sell on eBay. Seems fine for them.

Re: Revolt asking for source of funds
 

Have passed that on two accounts previously.

1. Yes they will ask how you get this items what you sell ( proof of purchase )
2. And they will ask tax information, you will need to provide goverment tax reports.
3. And if they will not like this information for them is safer to close your accounts rather than take risk of money laundering possibilitys.

In my oppinion it was hardest bank what i have seen before.