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
Synch is the app you are thinking off and it is no more. They threw in the towel on that a few months ago.
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/
Cheers guys, couldn't remember the name (sounds like I might as well forget it again)
Synch was an ok name but Yippay was absolutely awful. How did they come up with that name.
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”
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
If you have an iPhone you can use Apple Pay. AIB to revolut is instant
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.
@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).
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.
@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?
Unreal.
I was going on the 25 per day that I just checked in Dublin.
I will certainly use this lots.
It must be.But I don't see any credit unions listed
Are credit unions included in the open banking requirements? I thought it was only banks
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?
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?
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
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.
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
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...
Whats your issue giving them your PPS number?
I gave Revolut my pps number and haven't heard a peep since.
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?
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?
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
Can the senders bank, if bricks and mortar bank put a tracer on the payment.
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.
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?
Is there a maximum amount that interest can be earned on in the flexi savings account?
