Revolut Megathread.

Some of those comments are interesting.

1.Ireland is one of their most successful markets in Europe in terms of market penetratation. Based on customer count only, they are as big as AIB or BOI.

Thats a pointless metric alone. If you look at revenue generated per customer, then Revolut will be nowhere near the local banks. Where it does have value is the ability for Revolut to quickly scale up (and in turn grow), being an all digital platform.

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2. He acknowledged the customer service can been delayed/poor but given their customer numbers AI/bots is the only way they can economically service those on free account plans.

Its a fair point. If people want free then dont expect full service. But even at their paid tiers, Revolut's customer service is still virtually non existent. Talking to a support agent can only happen on their most expensive plan AND only if they deem it worthy of such. Chatting via app on a mobile can be painful, especially if you need to explain things in details.

Their biggest competitor here in Ireland, N26, does offer phone support on paid plans levels.

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3. Target in Ireland is to get more people using Revolut as their main bank with their salary mandated.

Competition is good. Having an Irish IBAN will be a big boost to achieve this.

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4. Even though they have a high customer number here, the average Revolut balance is only €600

Goes back to point 1. Probably emphasises that the majority of people here arent willing to trust neo-banks fully as their primary banking service.

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5. They want to ramp up savings account options here.

Competition is good. Our legacy banks need competition in general to force them to provide cheaper and more innovative consumer banking.

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6. They spend more than their legacy Irish banks on AI around fraud prevention.

Prevention is important, but what happens if you are unlucky enough with Revolut to be affected by fraud. I'm sure the legacy banks spend far more on employing both front and back of house staff to help resolve issues with customers affected by fraud.

It goes back to why I posted that IT article a couple of days back. It's not about the customer support in general (as I think most banks are quite poor for general consumers). It is how you are supported when thing go bad, like being affected fraud.

This last point I think is why consumers are not prepared to trust the neo-banks fully.

I liken this to the experience I had a couple of years back with an online only car insurer and had to make a claim on my policy. Having to write down everything repeatedly everytime I engaged with them was exhausting and wasted a lot of time. Never again - I will always pay slightly more so I can actually talk to a human when the sh!t hits the fan.

I have more than myself as a datapoint and I’m at that age where myself and friends have unfortunately had to use legacy banks. That’s great that you were able to sort a problem, I’ve used chat with credit union before but was able to put in the right information to get an answer

as I said there will always be people who will use legacy banks. Due to their poor apps, lack of customer support in branch and yet their need to have you in branch for certain things they’re not for me. Would rather get sorted in my own time

I went to apply for an AIB credit card. Application was online, but documents had to be done in a branch. Went in with the docs, photocopies taken. Heard nothing and got back into them. They're no record of receiving the docs. Went in again. Insisted they'd sent them, but took copies again. Heard nothing, vintage them again. Same story. I just gave up.

Online applications are far superior.

I had a fraudulent transaction on my Revolut in April from a Japanese retailer, that was alerted to them from me. Revolut took 5 days to get the money back in my favour. Card was cancelled and issued a new digital one, but I didnt transact in that time.

Wasnt a huge amount, but it was probably the first a few trial transactions to test the account as often happens. I jumped on this within about 15 minutes of the transaction - was just lucky I happened to be on the phone.

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Anyone else notice the disposable virtual cards being rejected recently? 48 & a couple of other sites won't take them anymore.

Didn't know they'd be able to tell they're single use, think some were just regular online shopping, no subs or anything. I just use the virtual but haven't bothered adding more of them, think you've to pay for extra on the free plan

Tried one on 48 last year and was rejected but not unusual with 48.I think it depends on time of day-late at night is a bad time for most cards.

I started the process to order a new Revolut credit card this morning and it has been approved and already in my Google wallet ready to go in about 4 hours. The physical card will be here in a few days.

Was the application approved and then ask you for sign off or did it automatically generate? I’d like to apply to see what limit they’d give me but don’t want to accidentally put myself on the hook for the stamp duty

Yes, they approve first very quickly and then you submit docs to complete the application.

Wow, they now really push Rev Points (at least to me).

I got told that if I upgrade to Ultra on the 3-month reduced offer (45€ a month) and spend 2000€ in 90 days, i will get 10000 Rev Points and if I use the card 150 times (not really realistic) in 90 days, I will get an additional 3000 Rev Points.

In addition, the earnings ratio is 1 Rev Point per 1€ spend.

So, if I spend 2000€ in a month (which can happen) and then cancel Ultra (which I can as it's a trial) I get at least 12000 Avios for 90€.

10000 Avios cost 235€ if you buy them directly from Aer Lingus, therefore this is a steal!

This really makes me look at Revolut as the main spending tool again.

I'm based in Ireland and signed up to rev points yesterday.

Ah, must be on a per user basis again. I updated to the latest version and it's still just the € cashback section in the top right of lifestyle!

Edit: Pretty much as soon as I posted I got a notification about Points! Seems it replaces the 10% Metal cashback on Stays which is disappointing as Revolut seems to use Expedia which often has the cheapest prices so the 10% extra is a bonus!