Revolut Megathread.

Revolut apply it on every withdrawal up to a max of a fiver a year. “Normal” banks let it accrue and then charge the year’s total in arrears.

I would never trust revolut as a primary account for salary. Just far too many stories about accounts locked and taking up to 2 weeks for the lock to be taken off.

Combine that with the ongoing issues on audit https://www.reuters.com/business/finance/revoluts-2022-revenues-grew-by-33-despite-crypto-winter-2023-03-01/ and it just would not be wise to have them as your primary account

There's lots of experiences on this thread that indicate the opposite view.

They might have a branch in Ireland, but they are not covered by the Irish bank guarantee scheme, the coverage continues to be from Lithuania:

The money in your Revolut Account is protected by Lithuanian deposit insurance administered by the State Company Deposit and Investment Insurance (VĮ "Indėlių ir investicijų draudimas") in accordance with the conditions established by the Law on Insurance of Deposits and Liabilities to Investors of the Republic of Lithuania which are available here.

Source: Section 8 of the Personal terms | Revolut IE

and far too many experiences of accounts being locked and taking up to two weeks to get access back to.

Well documented appalling customer service record.

Its just a word of warning and I experienced issues myself where they refused to pay direct debits even though they had paid them for over 3 previous months and the customer service was worse than Eir at their peak of crap service. I would only use them as a secondary account where being locked out or needing an answer would not cause me any major issue.

Spoke to a rep on chat last night and apparently the rollout of Joint accounts isn't complete until the end of April with updates ongoing.

So we should have the option available by the end of the month.

Here are the requirements for opening a joint account.

But if you ever have a problem with Revolut you will be stuck in a 'computee says no' situation. The chatbot, then a non-native English speaker with no power to do anything working off a script who is basically a chatbot with a pulse, and then if it gets escalated, the chatbot with a pulse will just send a DM with whatever their decision is and it's like it or lump it. You will never get to exchange words verbally with a human let alone see one.

With a bank that operates from here you will be in much better position if you need to sort out a problem. Revolut would never be my primary account.

I have been with AIB for over 10 years and Revolut for 3.5 years.

I trusted Revolut to the same extent as AIB, up until my Revolut account was locked recently for about three days and was very stressful. The Revolut customer service is appalling where I got a chat reply after 8 hours and then they were gone again for another several hours.

This has never happened with AIB, and if it did happen, at least I could have visited the local branch to get some cash and keep me going.

I learned the lesson that Revolut couldn't be my primary bank account.

They are not being rejected. AIB are accepting the funds into their holding account. Running their processing and failing the payment and refunding the money to Revolut and AIB are point blank refusing to investigate why. This is on the AIB side and nothing to do with revolut. There isn't a "reason" revolut can check for a refund transaction.

My opinion is someone in AIB wrote a batch file in the 90s that can't determine the sort code of the source funds and is failing to process the payment and returning it to sender.

What would really worry me would be if you sent funds to a typo credit card reference that existed and AIB would refuse to investigate where your money went. Sure you would be unlucky to fat finger a valid card number but if you did AIB would do nothing to find your funds.

If you are the type of person who can't live without a couple paychecks or the account for up to 2 weeks (which mostly seems to be linked to crypto transactions) then it's not for you.

EBS provides a free current account as a backup and n26 is another free option. Regardless of where you keep your money relying on a single financial institution is your own stupidity.

I use revolut as the daily run around account. I wouldn't store any saving in there, sure there is no reason to interest is zero is it not. That's what's raisin.ie is for sure.

Don't believe what you read in newspapers or online.Lazy journos picking up company press releases.Plus they fill a gap on a page or site

My Sepa instant transfers keep getting returned. No reason given?

Exactly that, it's successful on the Revolut side, it never arrives, and then it gets reverted a few hours later.

There are banks operating in Ireland that have SEPA instant but if you think of the typical consumer banks like BOI, AIB, PTSB than that is correct.

It's laughable that you can top up your prepaid card by Paysafe with SEPA instant or that your employer can send you instant from Citibank but the big 3 consumer banks can't even cope with new IBAN's from Bunq or Revolut.

And both Bunq and Revolut Irish Branches can do SEPA Instant (both in and out).

Log in to app and see if a message in top right corner or check your emails from Revolut. Otherwise forget it.

If it's the app then it's real.

A yearly requirement placed on all banks by the Revenue to verify their customers

There's also an issue where salary lodgements can just show as your name so Revolut can't tell it's your salary. Happens me with PTSB but not sure if it's all banks or just a PTSB issue

Nothing on the App but I received four emails for tax details. I've been retired for over five years now, no income, no tax!

Got a joint account set up yesterday. All went smoothly once I could invite the person.

I hope they expand it a bit and include budgeting and spending widgets/graphs like they have with the main account, or even include it in your main account info.

Still no Irish iban got the latest update and no option to make a joint account.... I'm a customer since 2018 and I know a few people who only joined in the last year and they have all the latest features. **** annoying.