They have a legal obligation to report your account activity to their financial regulator who then report it to the revenue for money laundering and tax evasion reasons. So no you don't have to provide it but then they may stop providing you account services 😀
Edit: just to add its to do with it being considered a non resident account. Unsure if the Irish Iban changes that now...
They are obliged to comply with relevant MLA and they are not obliged to do business with you. So if you fail to provide the requested information you can expect that they will freeze your accounts and report you to the authorities. At that point, as you will be the subject of a criminal investigation they will be unable to discuss the matter with you nor release the funds until they are instructed to do so by the authorities and that may take some time.
Having worked with a few people who found themselves in that situation, I can say it is definitely something to be avoided.
I never filled it in and was never asked for it, in fact, I went to the app now to see can I add it, and there's not even an option to do it, I suppose they'll ask when they want it. But yeah if they ask you'll have to give it to them unless you close your account
Edit: actually I found where it would go in the app, under 'tax residence' however mine says 'none' and they've never asked me for it, customer since 2018
Any idea what causes that?
I have seen situations where the Sort code is different (sub branches using their parent branch's sort code in the IBAN for example) but I've never seen the account number be different.
Would imagine its mostly a legacy issue, so in Revolut's case I'd imagine they should all be using the proper convention?
You are probably seeing it with BOI accounts. There was a bug on their mainframe when they initially generated IBANs for customers. They used the wrong sortcode field, which contained the original sortcode of the branch the account was created in, not the current one.
The IBANs were generated and printed on Statements long before SEPA, no one noticed until it was too late. I believe both IBANs should now work for the affected accounts. It caused 'fun' in the early days of SEPA.
Yep, it is BOI ones I noticed on. Noticed the difference between IBANs and Sort Codes on a few statements from customers in work and went digging.
I can only imagine the fun that caused when SEPA was being rolled out! From speaking to colleagues who worked there back in the day, that sounds like a very BOI thing to happen!
Ok. Thanks
Price increase for standard customers who go over the 1000€ exchange limit in 2 month time:
For Standard customers, currency exchange fees will remain the same up to a fair usage limit of €1,000 per month. For exchanges above this limit, our fees are increasing from 0.5% to 1%. Weekend rates aren't impacted by this change.
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What you guys make of the Ultra at 55 a month, seems scandalous jump from 13 for the metal. I do not see much in there to be worth that.
Anyone else have this problem on their joint account, as it is when I make a transfer I have no option to make it recurring and can no longer see a list of scheduled payments
My first real issue with Revolut and like Irish banks customer service I'm going around in circles.
It works for me. When I'm in the joint account tab I hit Send Money and then select a recipient. I can then hit the calendar symbol in the bottom left to schedule the payment and make it recurring
I can see some of my upcoming payments, but not all. I actually think this might be down to how the recipient setup the direct debit rather than any issues with Revolut
Thanks, when I try to send money from sole account the calendar button comes up but not so on the joint account (but it worked two weeks ago).
I had Ii cancel a DD that was then rejected (which was right) and am wondering if that's causing the issue
Hopefully they'll fix it soon.
This morning I got an in-App notification that I am off the waitlist for ultra and can try it for 45€/m for 3 month (each) and then 55€/m.
After the discounted period ends, I can cancel my subscription if I don't want to commit to the 12-month terms.
And during the discounted period I can at any time downgrade to the standard offering.
I got the notification about Ultra today. I work from home and I've been tempted to do a few days here and there somewhere like WeWork for a change of scenery so I might get Ultra for a couple of months to give that benefit a try as it looks like it's cheaper than actually booking directly. Doesn't seem like much else to justify the cost of Ultra in there though.
It seems to be very heavily targeted at the digital nomad crowd, between the various insurance policies, remote working and airport lounge access
I can't really see it catching on beyond that
The airport lounge pass is 429$ by itself so if someone is buying those separately it may have some value. Otherwise the cashback is same as Metal, i.e useless.
I signed up to Revolut a couple of weeks ago, using a link that gave me 3 months Premium for free.
Since then I keep getting email from Revolut saying I can earn a €10 reward if I use the card on three different days. I have earned €20 so far, and just got another offer so will earn another €10 in the next couple of days.
The first time I got the offer I assumed it was a once-off Welcome to Revolut offer, so I'm surprised to get another 2 of them. If this normal, and can I look forward to more of them?
Now that Revolut is an 'Irish' bank, does that mean they will be deducting the Govt levy on ATM/debit cards?
This levy, not the annual €30 levy on credit cards....
https://www.revenue.ie/en/property/stamp-duty/other-stamp-duty/financial-cards/atm-and-debit-cards.aspx
Revolut always has deducted the 12 cent per ATM withdraw in the republic if your address is in Ireland, unlike other banks, they do this directly after the ATM withdraw and not yearly. Subject to the 2.50/5.00 max.
It has nothing to do with being an "irish" bank, it has to do with your address being in the republic, every bank offering cards here has to pay that. Some just don't charge you.
Interesting. I see there is no charge at all if you never use the card to withdraw cash at an ATM. That answers my question. I last withdrew cash with the Revolut card when in the UK in Feb. 2020, just before Covid.
In relation to the ATM/debit card levy, there are three scenarios...
Also, it's only ATM withdraws in the republic, not outside the republic that trigger the 12 cent.
Thank you, that explains why I've never seen that levy on my Revolut account. My only ATM withdrawal ever was from a Yorkshire Building Society ATM in Chester. The Revolut app immediately informed me how much (in Euros) was debited from my account so I put the sterling amount that I had just withdrawn into the XE app. Which told me that I was charged the grand total of 1c on the transaction.
Hi guys cant get thru to an agent on revolut so i said id ask here. I set up joint account for meself and herself. Shes added the virtual card to her google wallet but she cant use the virtual card when at the shop. She can access it on her app , can transfer funds to it but and all the rest but cant use it at the shop. Any ideas as to why?
Is the card frozen in the app maybe? Or maybe the security settings have disabled tap and pay?
I was doing a transfer to another account (have previously transferred to the account without problem) today & it was frozen as the receiving account was deemed suspect. I then had to go through a process to confirm the receiving account was safe before the transfer went through. I haven't seen this before but it seems to be a very security feature.
If the account is for a competitor (like wise/atantic money etc.) than expect to see that all the time, watch the video, acknowledge you understand the risk, watch the second video and then finally you can send.
The AI deems a lot of transactions as suspicious these days and make you go through additional info again and again.
The transfer was to the Revolut account of a family member. I have made transfers to the account at least monthly for nearly two years.
The switch to Irish IBAN is a complete disaster. Can’t send money from USD E*trade to revolut and the Lithuanian IBAN is no longer valid. Seems to have been completely rushed on the Revolut end without proper setup. From bouncing direct debits to BICs not been recognised it’s been a car crash. Looking for interim solution, is N26 favourable for USD to euro or anyone recommend an alternative? Thanks
Did they say why the Irish IBAN isn't working for the transfer?
Wise will give you a local US $ account you can use, still going to cost you the e*trade wire transfer fee but is quick and you can than easily use the money from there and the rates are not too bad either.
Unfortunately, with the move from Revolut UK to Revolut Bank UAB most of us lost the local US $ bank account and now all we can do is use the IE IBAN as multi-currency account.
REVOIE23 as BIC should work for e*trade in combination with your new IBAN.
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