Revolut Megathread.

Below is part of their response:

In your complaint you explained that an issue with transfers to AIB was brought to our attention by you on the 5th of April 2023, however, the issue continues to remain unresolved to this day.

I can see that you got in touch with our Support team regarding this on the 4th of February 2024, where it was further discussed until the 19th of February 2024. During the chat conversations, the matter was escalated to our Products team once more, but a clear explanation for the issue was not provided.

After looking into this matter, I can confirm that this issue has been looked into since April 2023 when it was first brought to our attention. However, regrettably, we are currently unable to provide further details or a resolution besides asking the beneficiary to provide you with alternative details to make the affected payments.

That being said, I would like to remind you that the following is detailed in our Terms & Policies, Clause 27:

“We'll do as much as reasonably possible to make sure that our services are not interrupted and are accessible at a reasonable speed. However, we can't promise that this will always be the case or that the services will be free from faults.<...> We’ll always do our best to solve any problems with our services, no matter what the cause.”

The above is part of their formal complaint response. I've also sent FSPO in supporting documents the AIB final response from last year identifying the issue with the data revolut are sending them.

FSPO Complaint opened:

Online Complaint Form

Thank you for submitting your online Complaint Form (and documentation).

@AndrewJRenko happy to share my complaint reference to include in yours and vice versa.

Christ, what a terrible response from themselves. You can tell they haven’t had much experience with complicated complaints. I’m sure the final response letter will be a hoot. Have they stated when Day 40 is?

Aside from that, I find it interesting that BOI credit card payments work fine, whereas AIB’s don’t. Oh well, hopefully you get it fixed soon.

Re. The Revolut to Bank card issue:Would be very surprised if the FSPO do anything.They are excellent at formulaic responses-handwashing in other words.I had a bank issue with being doubled charged for a sepa transaction i.e. by 2 banks.My own bank eventually refunded me.Not the issue being discussed I admit.

Is that on the free tier, website says 1.56%?

Bunq does seem to be a good deal, and they're one of the few banks that'll give you a savings account for free. Much better than paying the ransom to BOI or AIB every 3 months to stand in their queues

Yes, the free tier and a standalone savings account has no charges. Be careful if you sign up that you only get a savings account, the do try to slip in a chargeable current account when you aren’t looking.

Because we are special, BUNQ offer 2.46% in Ireland, as they do in the Netherlands. To see and avail of this rate make sure you are using bunq.ie. The rate you quoted is that shown on bunq.com and it applies in other euro area countries. (Except Germany who are treated very very specially)

Ya got that too. Looks handy.

It's free on the ultra plan making that an altogether great package now,with cancel for any reason travel insurance up to €2k plus premium insurance for all the other usual things,,FT sub and complimentary unlimited airline lounges (oh and Tinder gold 😂) amongst other things

As far as I can tell most banks are actively trying to get rid of cheques and would prefer electronic transfers, so I agree that Revolut are going to fight any effort to start providing chequing services

I'd prefer electronic transfers as well but unfortunately there's a few people and businesses still tied to them, so I somehow find myself queueing to lodge one a couple of times a year

I would have lodged to one of the main stream banks first presuming you have a bank account with one.Did same with my bank and no problem.Bank must have been reassured by the originator-solr account transfer

Anyone else having trouble moving money from their AIB account to Revolut? They are very slow. I thought it was supposed to be instant. I applied to move some into Revolut yesterday and am still waiting. Very dissapointing.

Awe OK. I go into my Revolut and go to add funds. The first few times it was great but lately its very slow.

Yeah you're probably using bank transfer, they're usually during business hours only particularly if it's a large amount of money

The cynic in me might start to suspect that AIB are deliberately being difficult with Revolut since they're currently enemy number 1

Don't forget SEPA is having maintenance over the comimg weekend, get ready for a swarm of why is my payment taking so long 😁

This is not just BOI but all SEPA across Europe.

Yes I think so.

I didn't even know I had this on revolut.

Looks very handy. Does revolut allow 1 free use per month or is it just a discount?

I've a code I'll never use if you want to try it. Says I need a rework account if you have one and want to see if it works throw me a pm.

That's excellent. That pays for metal sub more than twice over if making use of it.

That would be a dangerous line of thinking for any bank foolish enough to pursue it.

First Revolut was just for travellers, not a real bank but it cost legacy banks the tidy FX profit and their share of MSC for foreign transactions. Small change in the grand scheme of things, nothing to worry about.

Then it was just for people who wanted a better banking app than the legacy banks could offer. But that’s another slice of MSC gone, another very small drop in revenue.

Then they got their banking license and sure it’s from BoL who aren’t the most stringent of central banks but its an EU bank so now it’s possible for Revolut to offer loans and credit cards to their customers and the interface is so much better than most legacy banks so that will attract a few people away. More revenue lost.

Next up is savings accounts. It’s well known that most people won’t get paid into their Revolut account, transferring in spending money as they need it. But a decent savings account that is easy to setup could start to change that.

If you’re using it as a day to day banking app and you’ve got your savings there, it’s not a big leap to get paid there.

My wife joined a HPSU start-up recently. HSBC told them it would take 3-4 weeks to process their new account application. Revolut was done in minutes. Now there’s a few million sitting in Revolut and yes they’ll probably move to HSBC at some stage in the future but Revolut is working out fine for now. Irish banks weren’t a runner at all because they couldn’t meet some requirements.

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 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/