The popular app-based banking service Revolut is not accepting new clients from Malta for the moment, Times of Malta can reveal.
“We have temporarily paused onboarding for customers based in Malta. Anyone wishing to create an account from Malta will be added to a waiting list,” a Revolut spokesperson said.
“We apologise for the inconvenience caused by this and will notify those affected when this changes.”
It’s not possible to sign up with a Maltese address- Revolut support team
New users trying to sign up for the app-based service are being put in line for what the app calls ‘Revolut Beta’.
When the new users contact the support teams, they are told that Revolut “no longer supports Malta”, according to communication between the company and a prospective client sent by Times of Malta.
“It’s not possible to sign up with a Maltese address,” one of the agents told the new user when they enquired about the issue.
'The information is internal'
When asked why, especially since old users continue to receive emails encouraging them to bring others on board, the agent said that such details cannot be disclosed “as the information is internal”.
On Wednesday, the app’s website listed Malta as one of the countries that Revolut supports. It was updated to remove Malta from the list within hours of this article being published.
Existing users are not affected.
Revolut is a mobile app-based service that offers digital banking options.
Users can transfer funds, buy cryptocurrency and set up savings accounts. Insurance packages are also offered.
From last year, users in Malta could also upgrade to Revolut Bank. Users can order physical cards which they manage through the app. Different packages are also on offer, with monthly subscriptions available.
Revolut first became available to users in Malta in 2018 and last year said it had 190,000 customers in the country.
In recent months, users and businesses have complained of heightened bureaucracy when trying to set up accounts with high street banks, especially since the island was greylisted by the FATF in 2021.
Revolut has not been any different, according to the Chamber of SMEs.
CEO Abigail Agius Mamo has noted that the app-based service had recently started becoming more selective, from time to time even stopping onboarding Maltese businesses.