Revolut Megathread.

New Pricing Plan charts are out for Ireland:

https://www.revolut.com/en-IE/our-pricing-plans/

Looks like in Ireland the cashback is gone unlike in other EU countries.

I saw something in my app about revpoints. Is there a catch to signing up for them? What exactly is the benefit of them?

Depends on your plan, check the latest price table for the amounts you can earn:

https://www.revolut.com/en-IE/our-pricing-plans/

Details about the Rev Points can be found on https://www.revolut.com/en-IE/legal/RevPoints/

If you are on a standard plan, please take note that it's not great value as discussed in this thread.

Indo launches into Revolut

Asked whether there is a pattern of people getting brushed off by Revolut when they are scammed, the bank said it took fraud and the industry-wide risk of customers being coerced by organised criminals “incredibly seriously”.

I’m wondering do they actually know what’s going on or not - Revolut is regulated by the Central Bank of Ireland for business rules - if anyone is having issues with Revolut playing runaround, contact the Central Bank

Log a complaint with Revolut https://www.revolut.com/en-IE/legal/complaints-policy/, there are clear timeline for responses attached and if that fails log a complaint with the Bank of Lithuania or you can even use an out of court dispute resolution process via the Financial Service and Pensions Ombudsman (FSPO) or other European providers.

But I agree with your sentiment, it's clear that Customer Service and sometimes even Back office does not fully understand what the automatic routines are doing to customer accounts and how their own fraud prevention or resolution actually work.

I think the issue with articles about Revolut is that there is a common theme put out there that Revolut is less secure - which isn't the case. People are dumb.

But it is fair to say that Revolut's customer service is appalling. But that is a separate issue.

If you get stung by a scam it's not Revolut's fault. But it is Revolut's fault that you can't easily contact them.

The issue here is not bad customer service - I think nearly all of us are in agreeance that customer service standards in the banking sector have been on the decline for many years, with some much worse than others.

The issue is specifically with Revolut restricting the ability for customers to engage with them when affected by fraud.

Before calling out the other neobanks, I think perspective is needed here. In terms of numbers of Irish Customers

• Revolut has at least 2.7 million customers in Ireland.
• The next biggest neobank would be N26 with a reported 200,000.
• The rest combined (eg Bunq, Trade Republic etc) I think would be far less again than N26, but I wasnt able to confirm this with a quick search.

Revolut dwarfs the others. Charlie Weston is right to pursue Revolut over this matter and hold them to held to account as it affects a significant proportion of the Irish population.

If any other Irish Bank was treating customers like this, I'm sure Weston would be reporting the same.

In this specific case "Payments went to a UK ­Revolut account, he said." which means they were P2P transactions within the Revolut System, at least that is what it can be interpreted as.

P2P payments only require you to log into the app (with whatever security method you have chosen) and then it's easy to do if you have an identifier for the receivers revolut account.

Only where there is an usual behavior like for example the account you send to is not in your address book, it's a strange amount, it's small amount after small amount or any other "AI" trigger will you get prompted to watch a video about fraud or asked to validate again. At least in my experience.

Card Payments are a different story, so are bank transfers where I get this damm same video over and over again when creating a new receiver.

And it should be extremely easy for Revolut to find out how these were authorized and what the relationship of the receiver is to this person. There should be enough data points available from them hoovering up the data as they do.

But this person clearly had this phone compromised or maybe his company or a thread actor remotely wiped it (giving how his apps were missing) and the revolut fraud is unrelated to the phone reset or maybe it did not happen this way, we don't know because we don't have the full context.

All we know is that when we use Revolut we should take every precaution to ensure our accounts are safe, including ensuring we use send / spend limits and protect our phone adequately.

While the article (still a Bank of Ireland responds to Revolut savings account move video in the middle is dodgy) does not give us enough info, it raises a valid point, revolut is hard to get hold off, their customer service is bad and sometimes they don't even have the ability to understand what the issue is. In addition, their lack of details on how they know that there was no fraud, and these were authorized makes it hard to understand what really happend.

In the end make sure you follow best practices for your device security and the security of any app you use.

Is there any merit in placing revolut in the secure folder location on a samsung phone. Would this add any layer of protection over depending on androids sandboxing?

P2P payments on Revolut do not require 2 step verification

There systems has been like that since day one and they get a banking license after so they must be compliant with all regulations.

The article reads to me like an anti Revolut/Fintech piece.Nameless cyber security expert, sensationalist tag line with "while he slept".

Then just says they got refunded after publication. No verified quotes, dates, timelines etc.

It's a very poor article.

They clearly stated that something happened to the phone as apps had to be reinstalled so this fictional cyber security expert did something wrong.

Sames as if you click on a link, it's your fault not the bank.

I think it was reported previously that the average balance from Irish customers was around €600. I wonder if it is a lack of trust in the neo's, for reason such as the Indo piece, being a significant part of the reason why people won't use a neo as a primary bank.

Personally it is for me - I have no issue using a fully digital service. But I want good customer support when I have an signficiant issue. Its for that reason I have a paid plan with N26 vs Revolut, as I have savings with them @4% plus comfort of knowing I can call them on the phone if there is a problem.

I accept free plans will have limted customer support, but for me the top tier at very least for Revolut should offer phone support.

Bunq have limted phone support, but you are able to contact them via chat in the web app, which I find much better than via mobile app only, epecially if I need to explain a lot of details.

I'd say that's changed a lot now as at the time Revolut did not have Irish ibans only Lithuanian ones and despite SEPA regulations many Irish bodies cannot accept non Irish ibans.