Revolut Megathread.

errlloyd

Hey. Are there any other metal users on here who aren't using their wework vouchers? I've to do some work travel next week and they're dead handy so I'd happily send over the price of a pint if anyone fancied sharing theirs.

AMKC

https://www.boards.ie/discussion/comment/121890450#Comment_121890450

Yes I think so.

Jim2007

https://www.boards.ie/discussion/comment/121890450#Comment_121890450

Or it could just be that they could not careless and only too happy to see the back of Revolut customers!

All customers are not equal and Revolute customers are for the most part only interested in free stuff. You are never going to sell them any of the high margin financial products so the fewer you have of them the better. At least that you wouldn't loose as much on them.

mickdw

https://www.boards.ie/discussion/comment/121891180#Comment_121891180

I didn't even know I had this on revolut.

Looks very handy. Does revolut allow 1 free use per month or is it just a discount?

Qrt

https://www.boards.ie/discussion/comment/121890450#Comment_121890450

Doubt it really, fraud systems are bought as a package and managed by the outside company. AIB/BOI both use FICO's Falcon system as well as Broadcom's Arcot system for VDCs. Revolut is fairly high risk for a VDC.

Notmything

https://www.boards.ie/discussion/comment/121891180#Comment_121891180

I've a code I'll never use if you want to try it. Says I need a rework account if you have one and want to see if it works throw me a pm.

errlloyd

https://www.boards.ie/discussion/comment/121893936#Comment_121893936

It's a code for one free access use per month. You can actually book for whenever you want, as long as you use the code in the given month.

So for example you can use your March code to book a day in April for example. And you can share the code, I've another friend on metal who sends me his because he works in an office beside a wework and I work from home and he wants me to come in so I'm around for lunch. :)

It's completely free. It also covers the Vat. And it works anywhere you can do wework on demand. For me it's been one of the most useful metal perks.

mickdw

https://www.boards.ie/discussion/comment/121895872#Comment_121895872

That's excellent. That pays for metal sub more than twice over if making use of it.

errlloyd

https://www.boards.ie/discussion/comment/121896141#Comment_121896141

The office I use when I am in London is 45 pounds plus VAT per day! So close to 4x the metal subscription.

markpb

https://www.boards.ie/discussion/comment/121893064#Comment_121893064

That would be a dangerous line of thinking for any bank foolish enough to pursue it.

First Revolut was just for travellers, not a real bank but it cost legacy banks the tidy FX profit and their share of MSC for foreign transactions. Small change in the grand scheme of things, nothing to worry about.

Then it was just for people who wanted a better banking app than the legacy banks could offer. But that’s another slice of MSC gone, another very small drop in revenue.

Then they got their banking license and sure it’s from BoL who aren’t the most stringent of central banks but its an EU bank so now it’s possible for Revolut to offer loans and credit cards to their customers and the interface is so much better than most legacy banks so that will attract a few people away. More revenue lost.

Next up is savings accounts. It’s well known that most people won’t get paid into their Revolut account, transferring in spending money as they need it. But a decent savings account that is easy to setup could start to change that.

If you’re using it as a day to day banking app and you’ve got your savings there, it’s not a big leap to get paid there.

My wife joined a HPSU start-up recently. HSBC told them it would take 3-4 weeks to process their new account application. Revolut was done in minutes. Now there’s a few million sitting in Revolut and yes they’ll probably move to HSBC at some stage in the future but Revolut is working out fine for now. Irish banks weren’t a runner at all because they couldn’t meet some requirements.

AlmightyCushion

https://www.boards.ie/discussion/comment/121899077#Comment_121899077

Revolut also do loans nowadays so that is another revenue stream they can take from the traditional banks.

the_amazing_raisin

I'd say in some ways the likes of AIB love Revolut because they normalised the idea of paying a monthly fee for banking services

It's pretty well known that the Irish banks were struggling with low margins for years, but suddenly regular fees are a thing and now profits are up

There's definitely a sense that Irish banks feel threatened by the new digital banks. They've all been trying to push people online for years and then suddenly Revolut and N26 come along and offer a better service than them for free

Now they're scrambling to catch up on the online side. There was that joint venture called Switch or something which was supposed to launch soon? It was going to be the Irish banks answer to Revolut, although I think one of the main banks dropped out and now it's not looking good

Now that savings are a thing, there's really only mortgages left out of the things you can't do with Revolut

I don't think AIB or BOI are going to shut down, I doubt the Irish government would be happy at the idea of there being no Irish based banks

But they're going to become more and more irrelevant over the years unless they do something

AlmightyCushion

https://www.boards.ie/discussion/comment/121899184#Comment_121899184

Synch is the app you are thinking off and it is no more. They threw in the towel on that a few months ago.

Hibernicis

Synch Payments officially abandoned plans for their weirdly named Yippay payments app (Revolut rival) last November. It is 100% dead. Buried under the €20 million or so they spent on it.

https://www.rte.ie/news/business/2023/1115/1416641-synch-ends-plans-to-launch-payments-app-here/

the_amazing_raisin

https://www.boards.ie/discussion/comment/121899234#Comment_121899234

https://www.boards.ie/discussion/comment/121899235#Comment_121899235

Cheers guys, couldn't remember the name (sounds like I might as well forget it again)

AlmightyCushion

https://www.boards.ie/discussion/comment/121899235#Comment_121899235

Synch was an ok name but Yippay was absolutely awful. How did they come up with that name.

Hibernicis

From the first time i heard it, it struck me as something “catchy” and “relevant” that a committee of elderly well-padded and very well-remunerated male bankers came up with in order to appeal to “young people”

beachhead

https://www.boards.ie/discussion/comment/121899077#Comment_121899077

Revolut have a selective interest in the Irish market.For instance I cannot link my credit union account when applying for a credit card or loan

Barrett1234

If you have an iPhone you can use Apple Pay. AIB to revolut is instant

markpb

https://www.boards.ie/discussion/comment/121900034#Comment_121900034

There’s a bizarre condition in the Open Banking part of PSD that lets each financial institution implement Open Banking APIs differently. There are standards but banks are free to ignore them and even if they do implement them, the only way to find out is by testing it. Revolut don’t do AISP themselves, they use TrueLayer to do it so they rely on them to add or validate support for each financial institution. Your local credit union is probably very low on that list.

Airgunster

https://www.boards.ie/discussion/comment/121856362#Comment_121856362

@the_amazing_raisin Do you know by any chance how one would pay / report taxes on Bunq deposit account? As far as I understand they are in Netherlands and so interest gained has to be reported / paid to the Revenue? I guess it can be done via Form 11 (but wanted to check details, if you know by any chance).

optiplexgx270

https://www.boards.ie/discussion/comment/121900470#Comment_121900470

Form 12 tax return there is a section under other income called EU deposit interest. If you are paye and earn >5k in other income you have to do a form 11 but if under 5k you can fill in that part on the form 12.

Airgunster

@optiplexgx270 Thanks! Form 11 actually also has that field (just checked it, as I'm interested on Form 11 details). Do you happen to know how / when EU deposit interest needs to be paid to the Revenue? (as I understand it could be tricky for some EU deposits if you earn interest yearly and not monthly / daily so you could miss detailed statement of interest earned at the time when you need to report it to the Revenue)

Btw, in case of Bunq, as far as I understand they will withhold Netherlands tax by default unless you tell them you're Irish resident and so you'll be paying / reporting this to the Revenue by yourself?

mickdw

https://www.boards.ie/discussion/comment/121896261#Comment_121896261

Unreal.

I was going on the 25 per day that I just checked in Dublin.

I will certainly use this lots.

beachhead

https://www.boards.ie/discussion/comment/121900192#Comment_121900192

It must be.But I don't see any credit unions listed

the_amazing_raisin

https://www.boards.ie/discussion/comment/121904288#Comment_121904288

Are credit unions included in the open banking requirements? I thought it was only banks

jj880

Getting told every few days now I have to submit a tax id number by June 2nd to "keep access to all Revolut features"

I dont have any payments to hide. I add between 1000 and 1500 on average per month and all from my EBS current account to Revolut. I just don't like doing anything involving the Revenue as it usually triggers some headache thats a pain in the hole to sort out.

Has anyone not bothered to add this tax id? Do Revolut suspend your account if you dont give this information?

TWIreland

Is it worth upgrading to metal if you were to put 100K into the savings account. What interest would you get back on this and is it only guaranteed to 22k?

feargantae

https://www.boards.ie/discussion/comment/121910929#Comment_121910929

If you don't give them your PPSN they'll limit your account. I gave it to them and I suppose it's for sharing with Revenue to see who's delacring their "foreign" bank accounts.

I did get asked to explain every transaction/transfer I made all year though. They wanted me to say "1/Jan, sent €X. Reason Y. Source of funds Z". For every single transaction for the entire year. I told them no, that the money was being received/transferred and spent in a Revolut account, they can see all that info themselves and that I wasn't willing to waste my time regurgitating all that info. Suddenly my account was verified again so YMMV

Gadgetman496

https://www.boards.ie/discussion/comment/121911128#Comment_121911128

Just got the notification myself today, popped in my PPSN and my account was verified instantly.

I think Revolut might be required by law to have that available for Revenue.