Revolut Megathread.

beachhead

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

I ignored/postponed doing anything last year.When I logged in to look again at requests about a week or 2 later it was gone Still have my account

jj880

https://www.boards.ie/discussion/comment/121911294#Comment_121911294

Yeah Ive ignored it a few times previously but it was a request to add tax ID those times.

This is a the first time Revolut have said they'll limit my account if I dont give it.

I'll ignore it and see what they do in June...

bren2001

https://www.boards.ie/discussion/comment/121911554#Comment_121911554

Whats your issue giving them your PPS number?

flazio

I gave Revolut my pps number and haven't heard a peep since.

optiplexgx270

https://www.boards.ie/discussion/comment/121911758#Comment_121911758

It's standard and mandatory practice for all banking bodies to request it. People don't even question it opening a AIB/BOI etc. account when it's requested by them. It's absolutely nothing to care about unless you are scamming tax. When's the last time revenue contacted you about your banking activities regardless of bank?

Kirm2

Looking for some contact information please for Revolut. A payment was sent to me a month ago from a bank account, sender has provided all the proof that it was actually sent, but I haven't received it into my Revolut account. The website assistant bot is absolutely no help at all.

Does anyone have a phone number or email for an actual person please?

Yggr of Asgard

https://www.boards.ie/discussion/comment/121911814#Comment_121911814

Phone Support is only available for ULTRA customers (as callback).

If you don't get a satisfactory answer via the bot or CS you can log a complaint via a form or e-mail as outlined here:

Complaints Policy | Revolut Ireland

amber2

https://www.boards.ie/discussion/comment/121911814#Comment_121911814

Can the senders bank, if bricks and mortar bank put a tracer on the payment.

Jim2007

https://www.boards.ie/discussion/comment/121911814#Comment_121911814

Proof that it was sent does not mean it arrived at the receiving bank and a receiving bank can only run a trace on what has been received by them. A sending bank can run a trace on what the sent up to the point it reached the receiving bank. So while trying to chase down Revolut, I also push bank on the sender to get their bank to do a trace. You'll probably need this in any case to push bank on Revolut in any case.

the_amazing_raisin

For anyone transferring dollars into the US account, what's the correspondent BIC/SWIFT for? It's for Chase bank I think

The US based account I was transferring from kept complaining about the Revolut Ireland BIC saying it couldn't accept dollars (even though that worked before)

Should I have used the correspondent one instead?

TWIreland

Is there a maximum amount that interest can be earned on in the flexi savings account?

the_amazing_raisin

https://www.boards.ie/discussion/comment/121913654#Comment_121913654

I couldn't find a cut off amount for the interest rate, but it's worth remembering the deposit is only insured up to €22k. So you might want to consider the risks if putting more in

If you're looking for protection under the EU wide deposit scheme, and a better interest rate than the middle finger that Irish banks are offering, then N26 might be a good option since they have a traditional savings account

I think Bunq and Trade Republic also have conventional savings accounts with decent rates

Qrt

https://www.boards.ie/discussion/comment/121911814#Comment_121911814

Was it via SEPA or SWIFT?

the_amazing_raisin

NOTE: Apologies if this is a double post. My previous post got flagged for approval because of a site issue and seems to have disappeared now

Has anyone used Wise and can compare it to Revolut? Was it relatively seamless to use?

I have some use for a local US bank account which Wise provides, so I'm considering signing up

I've also been looking for a backup option for Revolut since it does have downtime every so often. I was thinking of N26 but Wise might be enough for my needs

I'd just be looking for basic card and bank services from the backup, which Wise seems to provide

From looking at the fees, they seem comparable for my needs. Wise does seem to charge for usage whereas Revolut tries to get you to sign up for a paid plan. I'm okay with that given Wise would only be used occasionally and it doesn't seem more expensive than Revolut for what I'll be doing

pureza

https://www.boards.ie/discussion/comment/121916227#Comment_121916227

I know several people who use wise and would recommend

I've not used them myself

the_amazing_raisin

https://www.boards.ie/discussion/comment/121916299#Comment_121916299

Cheers, I'll probably sign up and see how it goes

I assume they can't be too bad since they'd have probably shut down by now otherwise

Hibernicis

https://www.boards.ie/discussion/comment/121916227#Comment_121916227

I've used WISE on a number of occasions for EUR to USD transactions and found it very good. The exchange rates are great (comparable to xe.com) and the money was in the payee account in minutes. And the charges are very reasonable and declared up-front with no ongoing subscription.

wassie

https://www.boards.ie/discussion/comment/121916227#Comment_121916227

I have all three (N26, Revolut & Wise) and they all have the benefits and drawbacks. I initially signed up to a Wise when they were called Transferwise around 2014 originally for their mid-market exchange rates and low fees.

What I like is that you can get local account numbers for the likes of US, UK & AUS (and others apparently). This was particularly useful in the UK to buy cars for import before Brexit. As well as good currency exchange, I could take advantage of the UK Faster Payments systems to pay the car dealer on my phone from a UK account whilst in their showroom.

Ended up getting an N26 account around 2017 as they had a partnership with Wise as it provided more functionality to use as our main transaction account - I also liked that they had a web app, which is the main reason why I preferred this over Revolut at the time.

But, like most I also eventually got a Revolut a few years back given its widespread acceptance in Ireland. This makes it very handy for cashless payments to other people and they have definitely improved their product (including introducing a web app). However I find the Revolut app still pretty spammy compared to the N26 app, which is by far the cleanest.

I have noticed over the last few years as all three of these services mature, they have been incrementally increasing the restrictions on their free accounts. This is not unusual for any startup that starts to gains a solid marketshare - the need to be profitable is fairly important.

For example, N26 is our holiday card abroad now as Revolut have a €1,000 limit on currency exchanges, after which they add a 1% margin. Also costs more on weekends. The Wise card can be used, but its app is more clunky if you are using it for mult-currency transactions. You also need to get familiar as to how it does the currency conversion when using the card.

May need to check up on N26 in the US, as they pulled out of the states a couple of years back. The card can still be used as normal for purchases on the Mastercard network however so I assume no real impact.

Revolut can be handy for instantly transferring amounts to other Revolut users alike in other countries. N26 can do this to, but you are limited to Euros.

Plenty of comparison sites about (eg N26 vs Revolut, Revolut vs Wise, Wise vs N26), however try to view ones published in the last year or so, otherwise they may be out of date.

TLDR: At the end of the day, all three offer close to mid-market rates for exchanges and their fees are some of the lowest about, but they have their differences. N26 & Revolut are best for transacting. Wise I like for large international currency exchanges as you are effectively transferring the money to yourself and can them place in a 'local account' to send or receive local currency.

the_amazing_raisin

https://www.boards.ie/discussion/comment/121918194#Comment_121918194

Thanks for the great summary

I decided to setup an account today, registration was pretty seamless. One slight annoyance was their selfie based proof of ID system was extremely finnicky. It took a half dozen goes before I got a decent photo

I might do a separate thread for Wise if it's worth doing, but one thing worth noting for anyone signing up is they require you to top up by €20 before they'll setup your bank accounts or let you order a card

To top up at first, the free way is to do a bank transfer. You'll need to send it to Wise's IBAN with a reference they give you

They seem to be very well tied in with Revolut, bank transfer from Revolut arrived in a couple of mins. When I sent money back to Revolut it arrived instantly and was free

The fees seem a bit weird, when I tried a manual transfer to Revolut it had a 44c fee. But I did an instant transfer which was free and arrived instantly

Anyway, local accounts are setup now and for the few times I'll be using it it's pretty good

wassie

All the neobanks seem to facilitate instant payments between each other.

In fact the EU has only just adopted new rules around instant transfers, so hopefully this will be coming to Irish banks soon enough. It's definitely one of the features of Revolut & N26 that I like.

https://www.irishtimes.com/business/economy/2024/02/26/eu-adopts-instant-payments-rules-to-take-on-visa-mastercard/

Sheep Shagger

https://www.boards.ie/discussion/comment/121820031#Comment_121820031

If you have a credit card, you can lodge a cheque payable to your name there. That's the only reason I kept my BOI credit card when I moved my main bank to Revolut.

NATLOR

Trying to set up a savings account but keep getting ' something went wrong ' message been going on for days now. Support are worse than useless anyone else come across this or have a fix TIA

AlmightyCushion

https://www.boards.ie/discussion/comment/121918930#Comment_121918930

They have up to 18 months to implement it so I reckon the Irish banks will implement this is in about 18 months

gunnerfitzy

Hi all,

Trying to find out with certainty if Revolut facilitates cashback (e.g. €50 cash) with an in-store purchase in Ireland?

AlmightyCushion

https://www.boards.ie/discussion/comment/121937048#Comment_121937048

I am pretty sure I have used it before. I think it is one of those things that Revolut need to even allow. The shop just charges the amount to the card. Cashback or no cashback doesn't come into it.

TheChizler

https://www.boards.ie/discussion/comment/121937147#Comment_121937147

Yup points of sale have to class the entire transaction as a single purchase type so they just use the most common one for them usually. If you used a credit card at an atm for instance it would be classed as a cash advance. I found out the hard way when I tried to buy a coffee on a flight with my company credit card but the transaction was classed as cigarettes/duty free!

Qrt

I worked in a shop for two years and cashback was not possible on Revolut cards, I think it's something to do with their BIN not being Irish.

gunnerfitzy

https://www.boards.ie/discussion/comment/121938811#Comment_121938811

Interesting. I asked about Revolut and cashback on a FB group and the responses seem 50/50 on successfully or unsuccessfully receiving cashback on Revolut. Some are adamant they use their Revolut card regularly for cashback. I don't know if it is just random or if there is an underlying reason for the inconsistency.

batistuta9

Used it for cashback about a month ago.

gunnerfitzy

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

I don't use my WeWork vouchers so happy to accept beer voucher as trade if you need one :) Feel free to PM.