Revolut Megathread.

As someone who used to work in Revolut (not CS related role), I use them for their convenience, but never leave more than I would be not bothered if I lost, as an account balance.

They are so dodgy, treading a fine line with the regulator.

Having seen being the smokescreen, I know it's all monitoring and automation written by overworked and underpaid coders who would be better off elsewhere. The only ones who stay there a long time are those who drank the kool-aid. I know the guy featured in the article and he's a kool-aid drinker.

+1 same

For the folks complaining about Revolut customer service versus other banks, it's worth remembering that the brick and mortar banks charge considerably more for their services

I'm willing to bet that 90% of Revolut customers are on the free plan or the cheapest paid plan which is something like €4 per month

Whereas the cheapest Irish banks charge €6 for the most basic services and often lump transaction fees on top

My point is that you get what you pay for to a large degree. Noticeably the higher plans get priority customer support and Ultra gets callback phone support

I agree with others that customer service in branches has become truly abysmal lately. The branches are now glorified ATM shops with at most one teller

Funnily enough, my best in branch experience was always with KBC. Yeah they didn't have "real" branches and a lot of the time when you asked them to do something, they just requested head office to do it. But they actually helped get it done rather than just fobbing you off to someone else

In general, my experiences with phone support have been good for UB and PTSB, don't know about the others

It would be good if Revolut started including fraud insurance in their paid plans and extended the phone support (for whatever use it is)

I think people need to be aware of the risks associated with any bank and behave accordingly

Your data was probably not liked by the loan algorithm. Remember in Revolut no human is making a decision, and the staff can't even override one if they wanted, so if computer says no, its computer says no. When I worked there I couldnt get a loan. When I left and worked somewhere else, I took out a loan at revolut because the interest rate was the lowest compared to others!

How many folks only bank at Revolut though. I know many that use revolut for their day to day spending (like me) but would never close their AIB, BOI etc, and they get paid into that normal bank. People don't trust challenger banks, people don't trust online only banks, and Revolut is both.

The challenge for revolut is to not only acquire customers, but acquire profitable ones. The ones that only use free banking actually lose them money. This is why they and their auditors have to fiddle their accounts to make them look profitable and they still don't have a UK banking licence.

I imagine most people nowadays probably end up with at least two bank accounts regardless of their views on what their main bank is

Banking is something too important to just leave to a single provider

Remember years ago when Ulster Bank had a slight IT mishap and basically stopped being a functional bank for a few weeks?

While not as severe, other banks have outages from time to time. So having a single provider isn't ever going to be a good idea

Similarly with savings, it's never going to be a good idea to lock your money up with a single provider. Yeah there's the whole deposit guarantee thing in the EU, but I don't think any banks have ever actually had to use the thing so no-one really knows if it'll work. It only protects you against the bank going insolvent anyway, not against fraud

I've also never understood the mentality of having a large amount of money in your current account. It's just too easy to get busted by some debit card scam. I get that it happens sometimes for large transactions, but it's easy to lock money into an instant access account so at least there's a layer of protection. Someone would literally need to break into your online banking or convince you to move the money of your own accord (which happens far too often unfortunately)

Given how easy it is to move money around, change direct debits and salary payments, the concept of a main bank now is really a lot more flexible than ever

Over the past two years I ended up changing our joint account provider twice, it took about two days to move everything over. It would have taken one day but the mortgage provider needed a letter posted to them to change the direct debit