Revolut Megathread.

Revolut have a selective interest in the Irish market.For instance I cannot link my credit union account when applying for a credit card or loan

There’s a bizarre condition in the Open Banking part of PSD that lets each financial institution implement Open Banking APIs differently. There are standards but banks are free to ignore them and even if they do implement them, the only way to find out is by testing it. Revolut don’t do AISP themselves, they use TrueLayer to do it so they rely on them to add or validate support for each financial institution. Your local credit union is probably very low on that list.

Form 12 tax return there is a section under other income called EU deposit interest. If you are paye and earn >5k in other income you have to do a form 11 but if under 5k you can fill in that part on the form 12.

Unreal.

I was going on the 25 per day that I just checked in Dublin.

I will certainly use this lots.

Are credit unions included in the open banking requirements? I thought it was only banks

Just got the notification myself today, popped in my PPSN and my account was verified instantly.

I think Revolut might be required by law to have that available for Revenue.

Yeah Ive ignored it a few times previously but it was a request to add tax ID those times.

This is a the first time Revolut have said they'll limit my account if I dont give it.

I'll ignore it and see what they do in June...

I gave Revolut my pps number and haven't heard a peep since.

Can the senders bank, if bricks and mortar bank put a tracer on the payment.

For anyone transferring dollars into the US account, what's the correspondent BIC/SWIFT for? It's for Chase bank I think

The US based account I was transferring from kept complaining about the Revolut Ireland BIC saying it couldn't accept dollars (even though that worked before)

Should I have used the correspondent one instead?

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

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

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 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.

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.

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

Hi all,

Trying to find out with certainty if Revolut facilitates cashback (e.g. €50 cash) with an in-store purchase in Ireland?

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!

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.

I don't use my WeWork vouchers so happy to accept beer voucher as trade if you need one :) Feel free to PM.

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.

Anyone getting what look like random support notification emails from Revolut Community ?

The mails have an automated email address that mentions discourse ?