Revolut Megathread.

It may not be at all related but make sure you have the latest version of the app installed. Joint accounts only appeared for me after updating the app during the week.

I thought Revolut allowed for cash withdrawals without fees up to 200 or so, I loaded the account to make some online purchases and left exactly 20 quid in there which I tried to withdraw only to be told insufficient funds at the ATM. Checked the app and it said there wasn't enough in the account to pay tax? I remember before you could withdraw all that was in it no problem with no charge as long as you didn't go over the limit.

GB IBAN warning: even though Revolut have announced all Irish accounts have been migrated to IE IBAN, there are an unknown number still operating under GB IBAN, never migrated to Lithuania.

Revolut cannot migrate these accounts to IE IBANs, and users have to close their accounts and reopen.

Would be get to a handle on numbers impacted.

In my case miniscule compensation offered by Revolut for the hassle.

did anyone manage to open a joint account? what does it do?

Does it create a new one shared between the couple or does it make the 2 accounts to become one? I wonder if I pick that option, will it open a shared space between me and my wife and we can keep our accounts or will it make our accounts to become 1.

It finally appeared as an option today in my hub. I clicked the button to start the process, it asked me to confirm who I wanted to set up the joint account with, my wife got a notification to accept, and we had our joint account opened within 2 minutes of starting the process.

The account has an Irish IBAN, visible in both of ours hubs. One new account, visible to both of us within our Revolut apps. And our own original revolut accounts operating as normal.

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

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.

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

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

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

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.

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.

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.

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.

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.