Revolut Megathread.

Why is the service fee not deducted *before* applying tax? Irish tax law allows the deduction of fees when calculating gains.

You can setup a regular payment into a savings account but I'm pretty sure you can't do it the other way

I can second this. I attempted to make them my primary bank but boy oh boy the issues and complete and utter sham that is support? No thanks. There is no way you can use these as your main bank with any confidence at all.

Remains just a convenient transfer mechanism for me.

Fair question but nobody can answer it 🤨 I wonder if Revolut have made a mistake with how they apply the tax pre fees rather than post fees.

There are better paying options than Bunq such as Trading212, Trade Republic, Lightyear or money market funds such as XEON.

Because the service fee is creamed off applied by Revolut after they receive the investment return from the fund manager (Fidelity). The tax is applied by the Fund Manager. Key point here is that this is not a fund management fee applied by the fund manager, in which case it could and should be calculated before tax. It’s akin to an insurance broker’s fee charged on top of the insurer’s premium and government levy.

Thanks. I now understand that because Revolut/Fideility are not applying fees via the fund but rather via an on-top fee outside of the fund, the fee is not tax deductible but a fund fee would be tax-deductible if they had of applied the fee the normal way. This results in the consumer paying way more tax than they would via a MMF like XEON that applies fees inside the fund.

This product has high fees and high taxes. Not worth it when there are better options.

I may be wrong but that AIB 3% is a regular savers right? caped at 1k per month could take a while to get your funds into it too 😉

Oh and I don't think you "have" to have a current account with them to open that account. I have an AIB visa and AIB deposit account and no current account and both cost nothing in fees.

Oh however as I don't have a current account you cannot setup any payees so are limited to 1k once off transfers to irish accounts or a branch visit to move more money a bit of a pain just a heads up.

Referral question: I finally found someone who didn't already have an account and now they owe me money :-) So they're setting up an account. Sent them a referral, and the text message says "revolut.com Revolut UK". This would still be an Irish euro account they set up, I presume?

You can't get a card in his name on your account. I have seen situations with kids using a card in the adult's name. Once the transactions stay under the limit for contactless payments, no one is ever going to check the card.

What about a joint account? It’s separate to your own personal account and you would both have a card. Can top it up from your own Revolut account or through a bank transfer.

Sorry, no, you can't segregate funds on the one account. You may well have to go on the record.

That's a good idea... will look at that Thanks

Will look at that..... and see it allows me same. I suppose I could set up a grandchild with one and give him the card to spend off it..

he is with Revolut already. Unfortunately his current card is used a lot for business etc in his work (self-employed) and so I didn't want to confuse matter with lodgements coming in on same and he having to explain same to his accountant etc.

Does anyone know if you can get one of the basic current accounts (fee free) offered by BOI or AIB when you have a Revolut account?

Ones of the conditions is that you don't have another Irish bank account, and I'm not sure if Revolut counts in that regard

EBS is fee free and is a normal account without any stipulations to get it.

Yeah I have an EBS account for this purpose but unfortunately it isn't very useful

Basically, I just need a bank account for the one or two times a year that someone gives me a cheque to lodge

Now I will go out of my way to avoid using cheques, but unfortunately some people just can't get around them

I can lodge cheques to my EBS account, but transferring to another bank is a massive pain. I asked to do it in the branch and they said they can't transfer to another bank for some reason

I could use their online banking, but it's about as bad an online service as there is

So I end up withdrawing as cash or signing the cheque over to my wife, both of which are hassle. I spent 30 mins queuing in a "real" bank to do exactly that today

Having an AIB or BOI account would make life easier because I could use the lodgement machines or go to the post office

Of course ideally I could lodge cheques directly to Revolut using a third party like An Post or Western Union, but I don't see them adding that service anytime soon

Hmm, maybe I'll give it another go, it's been a while since I logged in

One of the issues is my account keeps getting suspended for lack of use, but that's probably an issue everywhere

Maybe for marrow dirt would be 33% so net interest would be 2.02%. I'm not sure what net rate on revolut standard is

Has anyone tried the USD or GBP savings accounts? Looks like the rates are a lot better at around 2.52-2.55% after DIRT tax and fees.

Again taxes are withheld by Fidelity so no messing around with paying Revenue directly

There's obviously a double risk of currency devaluation, but it could also gain value the other way

If you still can't access your account and chat, contact us at support@revolut.com.

Just got a notification from Revolut - Savings account (no limit), 3.5% PA however tax taken at source so net 1.86% (approx.), protected up to €22k

While it's nothing to write home about, better than an Irish deposit account. Question is.... would you trust Revolut with more than €22k? It's in a separate account to your debit card account.

Well since it's only protected up to €22k then I wouldn't really trust them with more

I wouldn't trust an Irish bank with more than €100k either

This was discussed earlier, the rates are better than what the Irish banks are offering, but worse than the likes of Trade Republic

The advantage is you have instant access and interest is paid daily

Regarding paying AIB visa card from revolut.

I got an update from a new formal complaint and they have a known issue but still have not done anything about it over the last year since first discovered in April 2023 and how they know how I feel and how it's not what I would like to hear blah blah. Here is 50€ refund on your plan fees go away.

The admission that it's been a known issue for over twelve months and is still unresolved is very significant. Did you get that in writing ?