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
Was it via SEPA or SWIFT?
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
I know several people who use wise and would recommend
I've not used them myself
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
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.
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.
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
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.
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.
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
They have up to 18 months to implement it so I reckon the Irish banks will implement this is in about 18 months
Hi all,
Trying to find out with certainty if Revolut facilitates cashback (e.g. €50 cash) with an in-store purchase in Ireland?
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.
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!
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.
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.
Used it for cashback about a month ago.
I don't use my WeWork vouchers so happy to accept beer voucher as trade if you need one :) Feel free to PM.
The one time I tried it in a shop I was told that it doesn't work. I was in a hurry at the time so I didn't push the issue
If you're sending from ETrade I think you're stuck for the $25 fee regardless of it being a local account, I'll be interested to know how it works for you. I sent in dollars to Revolut but plan to transfer to Wise to do the conversion to € since it looks like they will be cheaper overall including fees. Waiting to pull the trigger, kicking myself I didn't do it when we had that excellent $ to € rate a year or so back.
I was playing around with this and it's a bit tricky to find the right combo
If you're sending to Revolut from Wise in USD, you seem to have two options, a wire transfer in USD or convert to EUR and do a SEPA transfer
The wire transfer has a fee of $12.38, which is pretty steep. I suspect that's because transferring via Swift
Converting to EUR and then transferring seems to be a lot cheaper for smaller transactions since it's percentage based
However you miss out on the fee free conversion allowance with Revolut
So I think it depends a lot on how much you're moving which option makes sense
On the plus side, you can see all the fees up front so you can figure out the best option for you
Anyone getting what look like random support notification emails from Revolut Community ?
The mails have an automated email address that mentions discourse ?
No, but I got a phone call purporting to be from Revolut today. It was from a private number and was a recorded Msg. with an American accent wanting me to confirm a €79 transaction on Amazon. The Msg. asked me to press 1 if I didn't make the transaction or to hang up if I did and wanted to confirm the transaction. A scam obviously, possibly reverse-charging the cost of the call or something.
Haven't been able to load money on to my revolut account all day today, is anyone else having the same issue?
Yes I got 2 today I think I signed up to them a long time ago and never heard from them until today…
When you press 1 you are connected to a lovely person who tries to relieve you of some of your financial gains. Occasionally i string them along to waste their time for the laugh they get feirce wound up. Amazon prime used to be 79£ a year they need to update their scam recording with up to date information 😁
Going OT, years ago I got a call from "the computer security company" (apparently there's only one) about needing to upgrade the antivirus on my windows computers
I told the guy that all my computers were running Linux, which seemed to confuse him greatly. I then launched into a bit of a rant about how open source software is great and windows sucks and Bill Gates stole the idea anyway, etc, etc
The guy hung up on me 🤣
No, but I had an issue with transfers a couple of weeks back. Checked their status page and there were issues reported. Aleays handy to check a banks status page if things aren't working.
https://www.revolut.com/en-IE/system-status/
Yes, got a few yesterday and today. There is an unsubscribe option, though we really shouldn't have to.
'Press 1 if you're a gullible fool with more money than sense'.
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