Revolut Megathread.

Ah so you must have 50k in trade republic then and at least 20k in N26 to make the metal pay for itself ;) if I could do same with N26 I would be doing the same but had to go with raisin in a few countries instead 😁

Yeah I looked into Raisin too but looks like a more cumbersome setup and extra paperwork for the DIRT stuff. Happy enough with the Metal card; includes travel + phone insurance too so the cost all in all is pretty minimal and covered by the extra interest I wouldn't get elsewhere.

Hmmm the best Raisin has right now seems to be 3.5% and the money is tied also for 3 months / 6 months. Will stick with the 4% and Metal

Yeah EBS has no banking app. Only an online banking website. However thats where Revolut comes in. Best of both with no fees on the EBS current account. Free banking since UB left and no word of EBS shuttering yet.

They're also guaranteed up to €100k as opposed to €22k

I'm not sure there's any significant difference in the risk, if MMFs and cash funds collapse then the banks have effectively collapsed anyway

But it's definitely better if you're going above the €22k limit to have a deposit guarantee

Worth noting that it's the Lithuanian deposit scheme, so you'll need to deal with the Lithuanian banking authorities. Nothing against them, but it is a barrier compared to an Irish bank

Well Revolut has the lowest interest, but is also free

I personally wouldn't bother with Revolut if you're looking for a high return unless you already have an account set up

Revolut also pay the DIRT tax for you, so no need for extra work on your part

N26 have slightly better interest rates and seems to be the same deal, so probably a better proposition

Trade Republic seems to be the best deal if you're staying below the €50k limit

While you'd need to transfer the money to another bank to use it, I believe transfers from Trade Republic to Revolut or N26 are usually instant

It's only Irish banks that take forever to process a bank transfer

Your revolut card is as secure/insecure as your AIB/BofI/PTSB card, so I wouldn't be worried. If you have access to somebody's card you can't directly access other vaults/accounts in Revolut, so it would only be if you lost access to your entire account.

Re. Lithuania - the issue there is that the bank guarantee system that covers the savings accounts appears to be in Lithuania. So if Revolut went belly up tomorrow you'd need to deal with Lithuanian authorities to get your money back, not the Central Bank here. But the likelihood of Revolut failing is probably pretty small anyway…

I believe that is the case, however if there's any kind of questions to be resolved then you'd need to contact the relevant country's authorities

In any case, it's always worth bearing in mind that the whole deposit guarantee scheme hasn't really been put to the test yet

I'm not saying it won't work, just that it's always prudent not to put all your eggs in one basket or all your savings into one bank

Random question. I always top up my revolut account using apple pay which is linked to my BOI debit card. I recently got a BOI credit card and added it to apple pay, and accidentally topped up Revolut by this card shortly after. I'm surprised that it allowed me, and there doesn't seem to have been any charges applied like I would expect if using a credit card to take out cash. Am I missing some catch here? And if not, is there any reason not to do this?

When I top up my Revolut from my bank it's treated by my bank as a normal card payment, so me using my credit or debit card doesn't really matter. Except I need to pay back by credit card before end of month and don't with debit obviously.

Hi All, Sorry I'm a little simple when it comes to banking overall, Whats the difference between Instant access savings and there Flexible Cash Funds?

I always top up from my credit card as it's instant, doing it from my current account takes days. No charges (PTSB)

More than surprising, it's a bit of a hole in the banking system if they don't treat this as a cash advance.

If you time it right, and withdraw on the day after your credit card bill has been issued, you get 'free money for about seven weeks' before you have to repay it.

Metal is 3% and 15.99 a month so no the ultra is not worth it unless you are putting in a min of 96k to break even on the fee difference.

Better off on n26 with 4% on their metal which only needs 18k to break even to the free plan.

You could do the same by buying gift cards or prepaid master cards or whatever?

I did a transfer from my AIB to Revolut this evening (approx 3 hours ago) and just received it into my Revolut account now. I thought the cut off was 4:30 or so and wasn’t expecting it until Monday/Tuesday. How come I received it so quick if it’s just a regular SEPA transfer?

Anytime I transfer to another Irish bank it’s 1/2 days depending on time of day I transfer.

Because you misunderstand what product you are using is why. You are using an investment fund not a deposit savings account which is the new product they have.

You need to open a savings account on the revolut app

Transfer between the card account and savings and back will be instant

Expect all RoI banks to charge soon for credit card transfers to Rev

Some already do

This new account means for those whose credit card doesn't charge,you can send your entire card credit limit over to a Rev deposit account for 50 days and be paid daily interest on it,and repay the card with it in time each month,rinse and repeat

Is there any way to schedule a recurring transfer from one Revolut account to another? Just opened a joint account for the bills and don’t see an option. To be honest I can’t even see the help or contact option any more.

Question: i set up 2 of those investment things they launched a few months back. Are these savings accounts essentially the same, but with more guarantees behind them?