Revolut Megathread.

I used 2 of them at weekend and wasn't with an AIB debit card (not mine).

That's good to know.Used B of I atm last year and was charged 20c.Was in Spain recently and withdrawal charges were from e1.80 to e4.70 for a sample e100.Was in a city and 4 major banks all within sight of each other.Tried each in turn for curiousity.

Yes,Off Topic but of concern as using a Revolut card

Yes I queried it and it was for a money transfer which didn’t occur fees before so won’t be using the credit card for doing that again. I just did while waiting for money to come in from my credit union to cover a big bill

There's actually a savings account option already which advertises 2.5% interest, but if you click into it you just get a blank screen for now

It's under the wealth where you can see the balance of all your accounts

It'd be nice if they brought in some fixed term savings products, could do something like Raisin and partner with a bunch of European banks

EDIT: Actually I just clicked into it there and it seems to work now, advertising 3.56% APY instant access. Seems like an alright deal

I don't ever recall being charged for withdrawing cash from UK atms (always used a branded bank one HSBC etc). In the US I found some that would charge and some that were free - even varied by state/branch from what I could see but not all charge is the main point.

Okay, so it looks like savings accounts are now available to Irish customers, or Revolut have made a big mistake giving me one 😂

So quick summary, it's a mixed monetary investment fund, as in the investment is mostly low risk cash and bonds, no stocks or shares

However because it isn't a savings account per se, it's only covered up to €22k against Revolut going insolvent. So don't put your life savings into it

Interest is calculated daily, DIRT tax is withheld automatically and there's a daily service fee

Annual interest after all that was 1.91% for me, not great but better than 0%

Functionally it works the same as a vault, setup was instant and you can add or remove money instantly. You can also set a recurring transfer

Best answer is it depends 😉

Assuming you're below your limits for ATM withdrawals and currency exchanges, then you should be able to avoid most fees

Make sure to exchange currency before you go to avoid the weekend surcharge and any declined transactions because you didn't have enough in your account

The ATM provider could still charge fees, it's up to each provider

You might be asked if you want to be charged in dollars or euros, always select dollars

Last time I was in the US (admittedly nearly 9 years ago) a lot of places still hadn't a clue about chip and pin. Make sure you've Swipe payments enabled on your card, and also sign the card on the 1% chance someone bothers to check the signature matches

You might also want to disable location based security before you take off. I've had issues once or twice where the phone location takes ages to update and will block transactions

But just to confirm - it's charged at source by Revolut and you don't need to piss about with revenue at end of the year?

the_amazing_raisin posted (#5983) above ...

Who ponies up the €22K if Revolut goes insolvent?

Yes you're right, it's Exit tax not DIRT

I forgor 😁

The fund is managed by Fidelity and they'll pay the 41% tax to Revenue on your behalf. I imagine you'll need to ensure your Form 12 has the correct income amounts and taxes paid

Yeah it should be there

Try tapping Accounts and then Add New

The second option should be savings accounts

Yeah I did pretty much the same thing, figure in January I'll skim the excess due to interest and be able to afford a coffee

Maybe even stretch to a sandwich if rates stay where they are

It’s far worse than that. The service fee is .5% of the amount invested, which is 12.5% of the interest.

Your numbers make no sense. Care to share the source?

Edit: Ah you are talking about the lower tier plans.

I'm Metal so couldn't understand where .5 was coming from I see in the pdf on standard it's 0.47 (revolut) + 0.03 (fidelity).

On metal its .12 + .03

It's not hugely competitive but when you already have a Marrow account and Trade Republic maxed out its better than leaving it in a slush fund pocket making absolutely 0.

If you think this is a poor offering for easy access deposit rates don't go looking at the regular brick banks.

Fees below:

Metal fees: