Revolut Megathread.

relax, I just answered your question.

I imagine most people nowadays probably end up with at least two bank accounts regardless of their views on what their main bank is

Banking is something too important to just leave to a single provider

Remember years ago when Ulster Bank had a slight IT mishap and basically stopped being a functional bank for a few weeks?

While not as severe, other banks have outages from time to time. So having a single provider isn't ever going to be a good idea

Similarly with savings, it's never going to be a good idea to lock your money up with a single provider. Yeah there's the whole deposit guarantee thing in the EU, but I don't think any banks have ever actually had to use the thing so no-one really knows if it'll work. It only protects you against the bank going insolvent anyway, not against fraud

I've also never understood the mentality of having a large amount of money in your current account. It's just too easy to get busted by some debit card scam. I get that it happens sometimes for large transactions, but it's easy to lock money into an instant access account so at least there's a layer of protection. Someone would literally need to break into your online banking or convince you to move the money of your own accord (which happens far too often unfortunately)

Given how easy it is to move money around, change direct debits and salary payments, the concept of a main bank now is really a lot more flexible than ever

Over the past two years I ended up changing our joint account provider twice, it took about two days to move everything over. It would have taken one day but the mortgage provider needed a letter posted to them to change the direct debit

Its an EU Directive that banks must provide a basic bank account subject specific rules around operation and eligibility.

Revolut offer one -its just not well publicised.

basic bank accounts are a nightmare too, they’re designed for people in vulnerable situations who would otherwise be unbanked, refugees, the chronically homeless, etc, so getting ID&V is a nightmare. very high level of monitoring on these accounts

It based on how much money goes into them. Too much in & your not entitled to it anymore. Really for people only working part time, pension or other welfare payment and vulnerable as poster mentioned

Yes but not lying.

https://www.reuters.com/business/finance/revoluts-2022-revenues-grew-by-33-despite-crypto-winter-2023-03-01/

I used to be on a free PTSB account but was forced off it a couple of years ago 😠

Revolut finally accepted responsibility for the problem, but don't seem to be doing anything about fixing it. A few posters here have put formal complaints into the Financial Services Ombudsman, which are reviewing these at treacle-like speed.

Yup they have started investigating but have not heard anything from them since they got in contact to say they would be looking into it and proceeding.

You owe treacle an apology, it's much faster than the FSPO 😉

The problem is that since they switched from LT IBANs to IE IBANs around this time last year, payments sent to AIB from Revolut do not have the proper referencing information, so AIB end up sending them back. They've definitely accepted responsibility for it, but haven't solved it. They've paid compo to a few people here too. Send a formal complaint to their email complaints address and take it from there.

Should this not have been fixed post Sunday 17 March 2024 when even the legacy banks moved to the new ISO 20022 and SEPA v.2019 standard and the Payment transactions now include end-to-end id and remittance information as standard?

I don't pay to AIB but any payment from Revolut that I make works just fine with what I enter into "reference" in Revolut being shown as Reference in the receiving account.

Or is this because some dodgy way that "Irish" banks (i.e. Banks with Irish BAN) transfer between them?

That's not what Revolut said to the FSPO.

That's not what Revolut said to the FSPO, when they accepted that the issue was there fault.

AIB have separate accounts for domestic and international payments.

Every time I test I test the 3 ibans AIB have, domestic, international and the general one as well. All 3 bounceso I don't think the above regarding AIB treating them incorrectly is right. Besides AIB works from N26 Bunq PTSB etc....

I'm sure that you're making it up as you go along, given that the FSPO have given no such information to claimants.

No doubt Revolut could sort it, if they put 1/10th of the energy into their back end systems that they put into new versions of their app.

Despite having a formal complaint open with the Financial Services and Pensions Ombudsman (FSPO) against Revolut, I continue to use them as my primary account for receiving my salary and conducting daily transactions.

While the issue at hand may not be significant and can be resolved by sending money to PTSB for proxy into AIB, it is the lack of action and inadequate support that has prompted me to file a complaint.

I suppose that makes me a loyal unappreciated customer 😆

What you've described is the most efficient way to use it. Just convert enough to cover the weekend.

If you've enough money in your GBP account it will use that first. If you don't it will default to your Euro account and convert on the spot for you. You must have enough in the account to cover the full transaction e.g. if youre buying something for £100 and you have £70 in the GBP account and €200 in the Euro account, the full transaction will come out of the €200.

The weekend fee is tiny it's hardly worth thinking about in my opinion unless you're making large purchases. Too much is made of it, it only serves to confuse newcomers.

Definitely once you're used to Revolut it's useful to know but it seems to be the first bit of advice given to people considering joining and it might be offputting imo