Limits Imposed By FCA On Cash Deposits FAR To Low!
Posted on: 09/09/2024Revolut is a phenomenal success story.
The Big Five UK banks are losing a lot of business to Revolut - and that trend is likely to gather pace.
A few weeks ago, Revolut confirmed that over 70% of their business customers made cash deposits.
However, there are severe restrictions, imposed by the Financial Conduct Authority (FCA), as to the amount of cash that can be deposited.
Here is how Revolut themselves detail the limits.
“Cash deposits start at a minimum of 10 GBP and a maximum of 500 GBP per transaction, with a daily cap of 750 GBP. Customers can deposit cash up to a total of 2,250 GBP a month, while the yearly limit is set at 10,000 GBP.”
These limits need to be reviewed urgently by the FCA.
A £10,000 annual limit is completely useless, except for the tiniest of businesses.
Whilst the posturing by the “Authorities” is that such limits are designed to thwart money-laundering, many in financial services believe that they are actually part of the manoeuvreing to push the UK towards the awful “cashless”.
Cash has been made must less convenient for businesses to process in the last decade. This is a trend that WILL be reversed.
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