Moving From Business AIB to ? (Revolut, N26, Monzon)

paul7g

Hi,

I've been banking with AIB both personally and for business, for over 10 years.

I have never had a problem with them until recently, due to the new industry security protocols (SCA) that each bank had to put in place - i.e you need to verify your account twice before logging in, similar to two factor authentication.

When I log into my Business account, it sends a message to the AIB app on my phone, in which I have to accept... and this is fine... however:

PROBLEMS

01 - Personal: when I try to log into my Personal account, I have to use my physical code card machine to sign in, which is extremely cumbersome (I and I doubt anyone else carries a physical code card machine around with them).

02 - Personal: You can no longer access both your Business and Personal account via the AIB app... you have to choose 1, and I have chosen my Business account, so I have to wait until I am online to access my personal account AND I must have the code card machine on top of that too.

03 - Business: I make several international payments to repeat businesses, however I constantly have to use my code card machine to pay them, as it won't allow you to save repeat international accounts as beneficiaries, which again is really inadequate and time consuming, and leads to a delay in business as I don't always have my code card machine on me.

I understand that all banks most adhere to SCA and other security protocols, but the 'new age' online banks seem to have more user friendly experience?

Does anyone here use Revolut, N26, Monzo, etc for business banking?

I would love to hear your thoughts on the above, thanks.

Bandara

BOI are far better to use. Once you are setup on their KeyCode app it’s easy.

AIB are no interested in business banking imo, only BOI or ulster have any appetite for lending to SME.

paul7g

Thanks Bandara.

Any thoughts on the online banks (Revolut for Business banking)?

Bandara

paul7g wrote: »

Thanks Bandara.

Any thoughts on the online banks (Revolut for Business banking)?

I personally use Curve to manage all my credit and debit cards. Makes life a lot easier I find.

As for actually business banking I wouldn’t stray from the large banks, maybe it’s conservatism on my part but in my business I don’t want to be ringing some call center abroad as the only means of dealing with an issue which could involve large amounts or When I need credit facilities, requests for documentation etc.

Your call, it really depending on what type of facilities your business requires I suppose.

onedmc

Paul, Ive been thinbking about Revolut as the fees that I pay with AIB are outrageous, over 1000 for a relatively small business.

Revolut dont offer an overdraft, this is a disadvantage but with tighter debter management I figure I can get away with it.

I have a couple of customers paying into revolut this month. I'll drop the AIB internet banking and stop paying that fee but keep the AIB account to make sure all clients are ok with paying into a GB account. TBC

Finally brexit is a concern but no matter GB wonth leave without a banking/payment agreements or the City would shutdown.

Ive already move my personal dealing from AIB to N26 after over 40 years with them. Some problems as some Irish financials services companies cant make direct debits to a DE account. SEPA I kid you not.

paul7g

Thanks @onedmc and @bandara.

@onedmc - what was your reason for choosing N26 over Revolut to begin with, and would you move to Revolut for personal too?

I've heard good things about N26 and Revolut, so trying to see the differences with both, thanks.

onedmc

Revolut has multi-currency which I dont need for personal.

N26 is a perfectly good for personal transaction never a problem with it.

paul7g

Ok great, thanks for your help all.

Guru Maith Agut

Having been with N26 for a few months now I have to say the worst part of their system is logging on to check balances etc. The idea of having to register a device every time using a two factor authentication like model is a complete pain in the backside.

I want an app that just opens on my phone or any pc/laptop I use whenever I choose to do so.

I don't think it'll be too much longer before I give up using their services.


my two cents :pac:

easypazz

I use transfermate for international payments. Never an issue.

Somebody from bank of Ireland came out once and set me up with some little card reader device etc., swore they could beat transfermate and when I did the transaction it cost more for a cumbersome procedure.

Threw the device in the bin.

ironclaw

We've been using Revolut for a number of months, it's pretty flawless and as a tech company, the App etc is very well built.

That said, as a company, they are based in the UK (All IBANs are GB) and they have had some fairly significant issues and allegation (Money laundering being one) Those two alone would suggest caution regarding Brexit and solvency in a crisis.

roots2branches

Guys, how are you using Revolut? What does it do that AIB doesn't?

RUDOLF289

additional info

Bandara wrote: »

BOI are far better to use. Once you are setup on their KeyCode app it’s easy.

AIB are no interested in business banking imo, only BOI or ulster have any appetite for lending to SME.

It is just that when you get a payment from a client who has a BOI account it could take up to 36 hours before you receive the payment. Any other bank if you pay in the morning it will show in your account in the afternoon. BOI is probably just coming into the 20th century ........

Also, if you need to set up a payee you need the full address of the payee's bank! Just having an IBAN suffices with most other banks, not so with BOI.

RUDOLF289

I am using Revolut for 3 business and 2 private accounts. I think they are easy to use. For business you can get all the accounts on the same dashboard, which makes switching between accounts very easy. Also, easy to set up once you have all the required documents to hand (probably takes less than 1 week, in some cases even only 24 hours) Y Good for international transactions, competitive rates of exchange, zero or very low transaction costs.

Disadvantages;
Revolut do not have a physical presence.You can only lodge funds via transfer.
I have found that one or two companies in Ireland do not accept direct debits with Revolut (eventhough Revolut is fully compliant with SEPA)

I would suggest Reviolut would be better for business, wider scope and easy to manage.

Gloomtastic!

As a sole trader, I was looking to switch from BoI to Revolut but the transaction charges from Revolut were very similar if not higher. :eek:
N26 offer free banking for sole traders.

onedmc

First minor issue with Revolut is that Vodafone can not do direct debit from non Irish account. I had to use the debit card number number not the UK IBAN.

ironclaw

onedmc wrote: »

First minor issue with Revolut is that Vodafone can not do direct debit from non Irish account. I had to use the debit card number number not the UK IBAN.

Yeah, I think this also impacts some BoI accounts both business and personal. As it's a UK IBAN it's seen as an international payment so it has extra steps / needs a card reader.

onedmc

ironclaw wrote: »

Yeah, I think this also impacts some BoI accounts both business and personal. As it's a UK IBAN it's seen as an international payment so it has extra steps / needs a card reader.

Getting a few other problems, the latest one is from microsoft. They say

"If the payment device you wish to add is registered to a different country than your tenant is registered to, you can either use another payment method registered to the correct country, or use invoice payments as your payment method"

I think in plain english that means - NO Microsoft are unable to use a UK IBAN number if you are registered in Ireland.

So much for SEPA compliance

lawred2

OP, what did you go with in the end? I have been using Revolut for personal banking for years now and love it. Started freelancing and wanted a business bank. Revolut seemed the handiest.

They are still GB based but surely that can't continue with Brexit about to happen?