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Revolut Megathread.

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Comments

  • Registered Users Posts: 58 ✭✭BEdS_83


    Just did it here. Went well like you said we both still have our old account plus the new joint account over the hub.



  • Registered Users, Registered Users 2 Posts: 13,257 ✭✭✭✭flazio


    12cent stamp duty is applied once a year, usually on your first ATM withdraw.



  • Registered Users, Registered Users 2 Posts: 11,400 ✭✭✭✭Collie D


    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.



  • Moderators, Business & Finance Moderators Posts: 6,563 Mod ✭✭✭✭Sheep Shagger


    Has anyone successfully applied for s Revolut credit card where your salary is not paid in to your Revolut account (is it a condition of getting a card)?

    Now they are part of the Irish bank guarantee I might switch my salary over but that will take time. Should I wait until then?

    Am half way through my application then stopped. Assume it will just cancel and I start over again if I want to?



  • Registered Users, Registered Users 2 Posts: 1,297 ✭✭✭walterking


    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



  • Registered Users, Registered Users 2 Posts: 2,793 ✭✭✭beachhead


    Only a random thought.I was hoping it would generate more responses from the nerds.A computer program decides it with your listings



  • Registered Users, Registered Users 2 Posts: 29,492 ✭✭✭✭AndrewJRenko


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



  • Registered Users, Registered Users 2 Posts: 805 ✭✭✭spuddy




  • Registered Users, Registered Users 2 Posts: 5,237 ✭✭✭Yggr of Asgard


    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



  • Registered Users, Registered Users 2 Posts: 5,237 ✭✭✭Yggr of Asgard


    I think that any potential customer should always look at the whole picture of any financial service provider they choose and take an approach to see what fits and what does not. And it's always a good idea not to have all their money with a single provider.

    Revolut Bank UAB (which is what we are contracting with) had similar regulatory problems recently in which they were fined 70,000€ for late accounts in 2021 and 2022 and in addition the Lithuanian Central bank has criticized the handling of complaints by Revolut Bank UAB.

    However, what it comes down to is an individual assessing the risks/benefits themselves and to see if the offering fulfills most of their criteria and how risk adverse, they are.

    If you can accept that if something goes wrong, you get RITA support initially and then possible the long wait game until the specialist team can resolve your issue than you make that determination to accept it.

    Revolut should always be seen as a risk in the same way as any other bank or financial service provider and one should always make a determination how much risk one can accept and what happens if one loose access to their funds for the time either a complaints resolution can take or in the worst case until the local Bank Guarantee fund can pay out.

    Plus, it's always a good idea to have an easy access account with a completely different provider, same as ensuring you have a different credit/debit card when you travel, never put your eggs into one basket.



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  • Registered Users, Registered Users 2 Posts: 1,297 ✭✭✭walterking


    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.



  • Registered Users, Registered Users 2 Posts: 5,262 ✭✭✭Elessar


    Anyone else still on the Lithuanian account? I only signed up in the last few weeks so maybe I'm one of the last on the list but I read in the news during the week that they completed the changeover for Irish customers - they haven't!



  • Registered Users, Registered Users 2 Posts: 1,185 ✭✭✭Dr Bill V1.5


    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.




  • Registered Users, Registered Users 2 Posts: 29,492 ✭✭✭✭AndrewJRenko


    Well documented appalling customer service in the financial sector isn’t unique to Revolution, far from it.



  • Registered Users, Registered Users 2 Posts: 513 ✭✭✭The DayDream


    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.



  • Registered Users Posts: 2,014 ✭✭✭tylercheribini




  • Registered Users, Registered Users 2 Posts: 5,830 ✭✭✭masterboy123


    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.



  • Registered Users, Registered Users 2 Posts: 29,492 ✭✭✭✭AndrewJRenko


    Read back on this thread for details of all the AIB Visa customers whose payments from Revolut are being rejected, for no good reason. I’ve gotten a real live human on their phone line, who just blame Revolut. It’s not an either/ or.

    I wouldn’t put my life savings with Revolut, but I’ve no problem with using them for salary coming in and payments going out. Ironically, my Revolut balance is much higher than normal, because AIB keep returning my CC payments.

    I keep a few quid in the CU to cover emergencies. I could get a CU current account within a few days if I needed it.



  • Registered Users, Registered Users 2 Posts: 2,511 ✭✭✭optiplexgx270


    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.



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  • Registered Users, Registered Users 2 Posts: 5,237 ✭✭✭Yggr of Asgard


    Customer Service is one of the first things that go in cost cutting attempts by any organisation so there will be always a deterioration of services from established companies when there is pressure.

    in my opinion Revolut and other likes however are delivering bad customer service by design, RITA to deflect as many queries as possible, agents in an outsourced company or low cost center that are not empowered or trained to do anything else than scripted work and then 2nd level that actually can do work but will first analyse the cost of keeping a person as customer and also ensure that those customers who cause support cost regularly are managed out.

    If you have to speak to many times to customer support, then you generate cost for them which they don't want, so if the AI determines you have unusual patterns that regularly is down to you, then you might experience that they don't want you.

    But that is nothing specific to Revolut, they just take it to a new high. Classic banks do it to but with the magic AI in Revolut it's just down to speculation what triggers account reviews, account closures or even credit limits.



  • Registered Users, Registered Users 2 Posts: 2,793 ✭✭✭beachhead


    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



  • Registered Users, Registered Users 2 Posts: 2,793 ✭✭✭beachhead


    Would agree with all of this post.

    I would never ever depend on one bank for any service.They promise to supply not gaurantee



  • Registered Users, Registered Users 2 Posts: 3,007 ✭✭✭antimatterx


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



  • Registered Users, Registered Users 2 Posts: 5,237 ✭✭✭Yggr of Asgard


    Can you give a few more details?

    Are you trying to do a Sepa Instant from your Revolut to somewhere and once the receiving bank get's it, it's returned?

    Or do you mean Revolut does not accept Sepa Instant into your account.

    I just tested it, and it worked both sending/receiving, so it could be something with your specific details.



  • Registered Users, Registered Users 2 Posts: 3,007 ✭✭✭antimatterx


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



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  • Registered Users, Registered Users 2 Posts: 5,237 ✭✭✭Yggr of Asgard


    That is not how Sepa Instant Credit Transfers should work if there is an error it should be communicated at the point of sending.

    RITA is your only option I'm afraid.

    Good luck with that.



  • Registered Users Posts: 2,014 ✭✭✭tylercheribini


    Its a real pain in the hole for me, I also tried paying AIB credit card bill in Post Office trying a multitude of visa/mastercard debit/credit through Google Wallet and it wouldnt accept payment either,light years behind here.



  • Registered Users, Registered Users 2 Posts: 8,166 ✭✭✭Tow


    You have supplied insufficient information for anyone to help you. The receiving bank also has to support SEPA Instant and none of the Irish banks do.

    When is the money (including lost growth) Michael Noonan took in the Pension Levy going to be paid back?



  • Registered Users, Registered Users 2 Posts: 5,237 ✭✭✭Yggr of Asgard


    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).



  • Registered Users, Registered Users 2 Posts: 5,237 ✭✭✭Yggr of Asgard


    Well technical speaking for your AIB Credit Card bill you are not using An Post Bill Pay (which takes debit cards) but rather everyday banking where AIB sets out what is allowed here:

    Banking at your local Post Office - AIB at An Post | AIB

    AnPost used to offer mybills online where you could pay it via Debit card but that function is gone as far as I know.



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  • Registered Users Posts: 348 ✭✭pete6296


    Hi, have issues with a large transfer I made with Revolut. Customer service not up to scratch. Still not resolved over 2 months later



  • Registered Users, Registered Users 2 Posts: 5,237 ✭✭✭Yggr of Asgard


    Have you logged a complaint with the Financial Services and Pensions Ombudsman (if your account now is on the Irish Branch), that is just unacceptable.



  • Registered Users Posts: 348 ✭✭pete6296


    Yes and recieved formal response that nothing can be done and I have to take this matter to bank of Lithuania. My account still not on an Irish IBAN. Very frustrating the lack of support



  • Registered Users, Registered Users 2 Posts: 976 ✭✭✭Jellybaby_1


    I have a Revolut card and have hardly used it to be honest. I'm getting messages looking for my tax information and I need to know if this is legit or not. Anybody know?



  • Registered Users, Registered Users 2 Posts: 7,154 ✭✭✭Jeff2


    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.



  • Posts: 0 [Deleted User]


    And it likely is real



  • Registered Users, Registered Users 2 Posts: 2,793 ✭✭✭beachhead


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



  • Registered Users, Registered Users 2 Posts: 322 ✭✭Banzai600




  • Moderators, Business & Finance Moderators Posts: 6,563 Mod ✭✭✭✭Sheep Shagger


    And this is why I've ditched the legacy banks here (bar credit card which will hopefully be gone soon). Between Revolut and n26 I can forget about crappy Irish banks with their poor service and so called technology.



  • Administrators Posts: 54,110 Admin ✭✭✭✭✭awec


    If it's the same as the loans, then you don't need your salary paid in but you do need your account linked to whatever account your salary is paid into.

    I have had big issues with Revolut and this, I've had loans rejected that make no sense, I'd get the same loan from any bank without batting an eyelid. I just don't think they are able to verify my salary at all. I think it's because I'm not paid monthly, their system is unable to figure out how to verify my income.



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  • Registered Users, Registered Users 2 Posts: 4,175 ✭✭✭bennyx_o


    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



  • Registered Users, Registered Users 2 Posts: 1,297 ✭✭✭walterking


    AIB have no issue with BUNQ who are my primary bank.

    I'm with them for almost a year now with zero issues on funds coming in or funds going out.

    Salary goes from AIB account about 12noon and is in BUNQ by 4pm


    I also have an icard account (Bulgaria) which I use to keep an Airbnb account separate to everything else and a revolut account for UK trips.


    Tons of options out there, but I stilldon't trust revolut.



  • Registered Users, Registered Users 2 Posts: 976 ✭✭✭Jellybaby_1


    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!



  • Moderators, Education Moderators Posts: 5,028 Mod ✭✭✭✭G_R


    If I remember correctly, the email has a "click here" button. If clicking that opens a screen within the revolut app to input your PPS then you can be happy it's legit.

    It's a requirement for them to collect this info, regardless of whether or not you pay tax.

    Post edited by G_R on


  • Registered Users, Registered Users 2 Posts: 18,948 ✭✭✭✭Mimikyu


    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.



  • Registered Users, Registered Users 2 Posts: 182 ✭✭apkmbarry




  • Registered Users, Registered Users 2 Posts: 13,136 ✭✭✭✭How Soon Is Now


    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.



  • Registered Users, Registered Users 2 Posts: 2,793 ✭✭✭beachhead


    Yes,one previous post here said putting in your PPSN is enuff



  • Registered Users Posts: 294 ✭✭Jambonjunior


    Is there fees for the new joint account?


    I can only see a few for having card delivered



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  • Registered Users, Registered Users 2 Posts: 622 ✭✭✭feargantae


    I'm on the Metal plan, if I open a joint account will my Metal benefits be shared? Or is it completely separate?

    Trying to see if there's much benefit to a joint account versus the group vaults me and my partner currently use.



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