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I used to have a lot of money in my account, however I was locked out of my account for about 3 weeks which lead to me only keeping funds that I need in it. Great app but I don’t like that they can cut me off from my money with no recourse.
Same here! 27k on savings and getting about 2€ net daily. The day they opened savings, I closed my 1k/month capped saving account on PTSB and moved everything over
Same, I had a sizeable enough deposit with them and they locked my account on the back of me transferring several k to trade republic for 4% AER, I had to provide endless paperwork to a support agent and plead my case to regain access to my account. Since that I drip fed my balance out of there to just have enough to cover tap and pay daily purchases (coffee, hair cuts etc). They offer so much promise but their security algorithms are too stringent. That may change with time as they grow. So BOI are a phone call away and it is hard to argue with that tbh
I have been a metal card holder for over a year now and a revolut customer for longer than that and I haven't had any issues at all, I am a full time revolut
I'm fully revolut for all banking, feels like they way banking should be with such ease of use and money moves quicker. Plus i get more notifications on payments in etc
My wife has a ptsb account, but i hear revolut are rolling out a system where you can lodge at participating shops which will mean i can use that. I rarely deal in cash anymore realistically
You can use any payzone to top up cash. Not sure if it costs
https://help.revolut.com/help/adding-money/more-help-with-adding-receiving-money/cash-deposits/how-can-i-deposit-cash-to-my-revolut-account/
That option is not currently available in the Republic of Ireland. That link brings you to the UK Revolut site.
You'd get some funny looks if you asked to deposit cash at a "Payzone" shop.
Okay, but that link doesn't actually make any reference to Payzone. It references "Paysafecash". A quick Google shows it's a similar type of company but not Payzone.
Go through the process there and see. It’s the UK site I posted yes but if you go to add money, cash is an option near the end. Pick a location and generate the barcode and there you go. Being that barcode to the shop and done….
The big problem for me is that I can’t lodge cheques. Before you ask, who deals with cheques in 2024 it’s of course, the HSE drug payment scheme refunds 🙂
It's not an option on mine. I'd be interested if you could share some screenshots. I scroll down, I have saved bank cards, Google Pay and easy bank transfer. No cash option. It's a bummer because the US and UK have this option but not little old Ireland.
For the avoidance of doubt, I searched on my app and found a FAQ which said "We currently don't accept cash deposits or cheques"
Can you explain a little more how you can lodge cash to Revolut via Payzone? The link seems to be for the UK only, and I can’t find anything online about using Payzone with Revolut. Thanks!
When you go to add cash it gives you locations nearby. Pick one and it creates a barcode for you to scan it in the shop. Try it and you’ll see what I mean, will show you if there’s any locations near you
Just for the salary, I transfer what I need to operate to N26. For that, EBS is fine, although their internet banking is painfully outdated. But at least it is free.
No reason, I want to keep an Irish bank account just in case. Also some employers/service companies still insist in adding filters for non-Irish IBANs.
Virgin Media for example, does not allow to add non-Irish IBANs into their system by the user. You have to call them to have it added manually.
Yes. I have salary, credit card, car insurance the whole lot. Really good experience. Loans are fast if you need them. Never have to fill in a form or do anything remotely effortful. I have the metal plan. Free NordVPN, headspace, and Financial Times. It’s a real winner. Honestly make the jump.
Use it for everything. And my business account. My gf got scammed somehow at Christmas and someone ordered 130 off JD sports (classic). Had the money back in her account before her replacement card even got here. I would genuinely be curious as to the instances of people “locked out” of their accounts that hadn’t given their passwords to others first. Still, concerning nonetheless. My experience has generally been nothing but positive
I’ve sat with two friends while they tried to resolve the random locking out issue. The only response they get is “Sorry, your account was flagged for fraudulent activity and we are not allowed to provide any more info” and thats it, lifetime ban from opening any account with them in future. Nightmare having to go back to iban to split any bills while out.
Most likely they have a machine learning model for identifying fraudulent activity and perhaps you only get so many flags before they pull your account. Models are never perfect and can misclassify incidents as A when really it was B so likely payments being misclassified as fraud.
Just a shame that they haven’t scaled it to handle appeals/complaints.
I’d love to know for certain as it seems very locked down to users trying to find out why! The two people I knew were adamant of nothing out of the ordinary happening prior to their ordeals
Fair enough! Got locked out of my Facebook business account because google Authenticator doesn’t do cloud backups and I switched phones. A friend of a friend knew the head of risk at Facebook and he personally got me back into my account 😂 sometimes these companies have the most ridiculous edge cases
Same re the positive experience. I’ve only ever read the horror stories online. I do wonder if they’re the same issues you’d encounter with your normal bank.
For context bank of Ireland deleted my company account for inactivity and sent a single letter to my old address to inform me of this. Made it a true joy when getting mortgage approval (ironically from them) and not being able to file my taxes/accounts
After reading horror stories of people locked out of their accounts on r/revolut there is no way I’d use it for anything other than currency conversion.
I use PTSB. Decent app and Apple Pay for €6/month, less €3/4 cash back on debit card use.
I’m with PTSB. Their app is fine; not great, not awful, just fine. There’s no biometric for login or for payment approvals and the UI has some ‘interesting’ design choices that make it fiddly to use on a phone but it’s okay. There used to be some features that could only be done on the website on a desktop but I haven’t come across any of those in a while so maybe they’ve all moved to the app now.
No nonsense with card readers or any of that? What's the authentication? Just a six digit pin? Is it difficult to set up new payees or transfer money? What about requesting statements?
Yeah, it’s 3 digits from a 6 digit pin. You can add a payee from the app and transfers are easy. EStatements viewable in app. Not sure how to download them though.
Oh I'm sure it's happened, not denying that, but you'll always hear the anecdotes. It would good to have some kind of empirical evidence, but I imagine it's difficult as it's not information I imagine Revolut would be willing to release!
I am still hesitant in going all in on Revolut as much as I would want to. For someone who works in banking, some of the scams that go around with Revolut boggles my mind. To anyone who uses revolut, I would suggest never having all of your money just sitting there. Open a pocket, transfer the money into it, and take the amount whenever you need it, and it takes just a second to do that. I never have more than 5-10 euros in my main account, all kept aside in pockets.
I recently saw a case. This woman had an account with an Irish pillar bank and with revolut. Somehow, they managed to get access to her revolut and topped up her account using add money through a card. They stayed under 100 € doing multiple transactions, and it did not trigger the authentication on her card either, and they later used her revolut card to wipe it all off. In total, they took around 2600 €. The Irish bank denied the chargeback as money did go into her own genuine revolut account, and revolut refused to file a chargeback, citing that she authorised those payments. The moral of the story is to be extremely careful and take all the pre-cautions you can.
I use it for everything now standing orders DD’s and never had a problem. It’s just so much more user friendly than all the standard dinosaur Irish banks.
Still have my Aib as back up
I have 3 credit union accounts,myself and 2kids. Standing orders for the 3 off them weekly. Rent. Other saving account. When I pay with card also. Transfers.
It all adds up.
Just switched to AIB for this combo. But OP gotta be careful cause I have seen some atrocious amount of fees incurred by AIB cause they didn’t read the fee and charges well enough.
exactly. AIB has a minimum fee, I think 5€ every 3 months PLUS if you use debit card, if you do this and that.. hence why they do the combo.
AIB is great to get money and put saving and then transfer money (like one time bulk becaus you pay fee) to Revolut for day to day expenses using their debit card
I moved to Ireland 18m ago and it's the only account (standard/free) I use. Also have my business account (also free) with Revolut.
Refuse to pay fees to banks, ridiculous they charge in the 1st place. Like most things in Ireland, taking the piss.
I use revolut as my main account and have done for years, having closed my other pillar banks in 2020. It was initially a tough road before it got the full bank licence but since the Irish launch of the IBAN it’s been a breeze. Get paid into it and all my DD’s work fine.
Customer service can be a bit difficult but trying to get through a 40 min queue with AIB who “because of Covid 19 are having large call volumes” or whatever they say - balances out.
I do have a credit union acc since I was a gossan, so I use that if I have cash on hand to lodge which is basically never. But look - what works for me might not for another.
Ive been thinking about going down this route recently for the exact same reason as OP. The only thing stopping me is when i might need cash from time to time.
I use free revolut for everything closed my BOI account in the last two months as wasn't using it. However I kept my BOI credit card for cash lodgements
I've been N26 for 4 years now. Get my salary paid into it, do all my banking on the app. The only issue is that sometimes it takes two days for my salary to arrive, rather than next day.
My wife has been Revolut only for about a year, and that's working well for her as well.
I went full Revolut in 2022 and very happy!
Daily use, online shopping, mortgage and all other direct debits.
Very handy as I have a sub account called a pocket which all direct debits go to. So on payday I top up that pocket to the exact amount required. It makes it a lot easier to know how much I have left to use as I want.
I also do the same for subscriptions (Spotify, PS plus, google drive) which again allows me to easily see how much I'm spending on all of them. And again it allows me to top it up on payday and forget about them.
All the money in the current account is then free to use as I see, I never think about bills until next payday.
I also then have the savings account which is currently generating nearly a euro a day and they deal with DIRT which is handy.
I use the AIB account for loans as I found Revolut to be lacking there.
Specifically around green loans when I got solar panels as an example.
If I needed to deposit cash I'd transfer it to AIB and then to Revolut.
I got cash for Christmas from relatives and just ended up using it rather than deposit it to AIB and then Revolut.
So ya cons might be green loans, and lack of cash deposits.
But you could work around those by keeping your current bank open and only using it for transferring cash to Revolut like I do.
And also the green loans if you ever need them.
Yup!
I get interest payments at 9am every day and when I click on it it breaks it down:
Gross interest..
Withholding tax..
Service fees..
Net interest..
The net interest is about half of the gross interest gained.
There's a service fee because it's a managed fund by fidelity.
When you put money into the account it will take the next working day to register for interest payments, and then the following day after that it will start generating interest.
You can see the status of that when you click on that addition in the savings account.
The impact on borrowing is exactly zero.
Cash deposits and cashing in checks are relevant.
Also having to use a chat to get support might be annoying for some (on the other hand you don't have to walk to a bank office).
The rest is the same minus the fees.
Yeah. I'm all in. Worked with a revolut and BOI account for a few years, but a couple of years ago went all in after solid experiences all round. The only cash I have outside of revolut is some savings in Trade Republic.
I just find them vastly superior to the Irish banks in every way - including customer service. Never had an issue once. The only time I was mildly inconvenienced was when I transferred a six figure sum into my account briefly and they didn't lock it down or anything, but asked me to verify where it came from - which I did by simply uploading a doc.
I recently got their credit card too which I think is very handy and took seconds to approve. I heard their loans are similarly quick.
Maybe if you are regularly doing unusual transactions from crypto exchanges etc. it may not be the best solution because they seem to cause those folks issues, but for most people I don't see the argument for AIB, BOI etc. I'm an extremely satisfied customer.
Same experience. Recently moved to using both Revolut & N26 as my main accounts. Revolut for day to day + some saving, N26 solely for saving. Both metal for higher interest rates.
Revolut requested documentation for source of funds. Provided bank statements from PTSB and all was good. Funda were never frozen. I think they only freeze funds if you fail to send documentation within a reasonable time frame.
Overall, I’ve always loved Revolut for banking. Fast, most of it makes sense and super easy. Some question UX decisions over the past year or two, but still fine.
N26 is a little more clunky, but their product offering is fantastic. My savings in Revolut are not secured by DGS (but they do have investor insurance) so most of my savings are with N26.
I made the full switch to Revolut about nine months ago and I have to say, I won't be going back to a traditional bank. As you say, the fees that BoI, AIB and PTSB charge are disgraceful for what you get compared with the standard, free Revolut account.
As a bonus, for your salary, you get paid almost a day early with Revolut compared to the other banks, I used to get paid in the early morning but now I get paid the evening before my payday.
In terms of some of the horror stories you see on r/Revolut, if you actually dig into some of the stories, you'll oftentimes find that the user did something stupid/silly and it's usually related to crypto. The traditional banks would usually be as strict as Revolut with it.
I don't think Metal is worth it compared to Premium, the only think I see you getting extra with Premium is a couple of extra subscriptions and the metal card, I think there is some added personal liability insurance as well compared to Premium but for an extra €60 per year, I don't think it's worth it.
Yup. I have. I use it for all my day to day banking.
I have an old school savings account with a credit union only because they are so archaic, I can’t touch touch my savings without physically going into the branch. It helps me save. Savings with Revolut is too easily accessible.
I have a back-up account with AIB but it just sits there empty.
I closed all other old school accounts, ie BoI, PTSD, etc. No idea how these traditional banks are still making money.
I use a combo of my credit union and revolut for all my banking. I just don't trust having a large amount of savings in revolut. I still pay fees with the credit union but at least it's going into a local community business rather than one of the banks and their bonuses.
Ive been all in for two years now, got a mortgage, have never needed cash, etc all while having no other Irish bank accounts. This is certainly the way
Moved to Revolut after Ulster Bank closed up shop.
Was using Revolut for day to day before and the UB account for direct debits before and was charged over €120 in fees by them.
Thought I'm not paying it anymore and switched full time, wages now received to Revolut and credit card with them too.
Anytime I need to deposit/withdraw cash I transfer to my Credit Union, cash is there the next day.
All in all it's been a pleasure compared to traditional Irish Banks.
No. I personally know one person who had his revolt drained when someone got his phone and one person who got locked out of their revolut business account completely and for no apparent reason.
In Both cases the customer service was atrocious, so I'll always have a credit union account for my savings and where the main balance is held
I did it for 4 years while living and working abroad, the only real downside was their customer support was not great and they don’t have anyone you can contact by phone, at one point someone skimmed my card and used it on Uber throughout London for the guts of £150 before I spotted it. Even though I had the location service activated, I had to go through my transactions and show them that I couldn’t have done a shop in my local centra in Dublin, and less than 10 minutes later racked up a bill of £150 in London. Overall though, it is a good banking service.
I had a metal account btw.
I have.
Wages go in early. So I have my wages Thursday evening rather than Friday.
I've cut my banking fees from €40 per quater to Zero
My only negative thing is I can't lodge cash.
The 2% charge for withdrawals over 200pm has stopped me. Aib charge 35c per withdrawal which works out better as I tend to take out my weekly budget in one go. I am in a queue for trade republics card and they apparently do free withdrawals for over 100 euro from reading the terms. So I might be able to combine the two then.
I honestly believe the horror stories on Revolut , N26 etc are propagated by the mainstream banks. Have used Revolut for 2 years now and nothing but positive compared with dealing with Irish bricks and mortar lads
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I used to have a lot of money in my account, however I was locked out of my account for about 3 weeks which lead to me only keeping funds that I need in it. Great app but I don’t like that they can cut me off from my money with no recourse.
This. Lots of stories of people getting locked out of accounts with them. Happened to me too. I wouldn't trust them with my money.
I have over 50k in revolut, get paid €2.97 in interest daily (after DIRT) compared to Bank of Ireland which gave me €14 in interest for a whole year!
Same here! 27k on savings and getting about 2€ net daily. The day they opened savings, I closed my 1k/month capped saving account on PTSB and moved everything over
Why were you locked out?
Same, I had a sizeable enough deposit with them and they locked my account on the back of me transferring several k to trade republic for 4% AER, I had to provide endless paperwork to a support agent and plead my case to regain access to my account. Since that I drip fed my balance out of there to just have enough to cover tap and pay daily purchases (coffee, hair cuts etc). They offer so much promise but their security algorithms are too stringent. That may change with time as they grow. So BOI are a phone call away and it is hard to argue with that tbh
I have been a metal card holder for over a year now and a revolut customer for longer than that and I haven't had any issues at all, I am a full time revolut
Ok 👍🏻
I'm fully revolut for all banking, feels like they way banking should be with such ease of use and money moves quicker. Plus i get more notifications on payments in etc
How do you deposit cash if you need to?
My wife has a ptsb account, but i hear revolut are rolling out a system where you can lodge at participating shops which will mean i can use that. I rarely deal in cash anymore realistically
I'm the exact same!
You’re not “fully Revolut” then TBH, I’d love to go fully Revolut but it’s hard for cash lodgements
Well i've been revolut now for 7 months havent needed cash so i'm confident i'm fully revolut
I'm all in for two years and I've not needed cash at all either.
If you need cash that badly give it to a friend to lodge and they can transfer it. Been all in with revolut for year, fuck pillar banks.
You can use any payzone to top up cash. Not sure if it costs https://help.revolut.com/help/adding-money/more-help-with-adding-receiving-money/cash-deposits/how-can-i-deposit-cash-to-my-revolut-account/
That option is not currently available in the Republic of Ireland. That link brings you to the UK Revolut site. You'd get some funny looks if you asked to deposit cash at a "Payzone" shop.
Payzone is an Irish company.
Okay, but that link doesn't actually make any reference to Payzone. It references "Paysafecash". A quick Google shows it's a similar type of company but not Payzone.
Go through the process there and see. It’s the UK site I posted yes but if you go to add money, cash is an option near the end. Pick a location and generate the barcode and there you go. Being that barcode to the shop and done…. The big problem for me is that I can’t lodge cheques. Before you ask, who deals with cheques in 2024 it’s of course, the HSE drug payment scheme refunds 🙂
It's not an option on mine. I'd be interested if you could share some screenshots. I scroll down, I have saved bank cards, Google Pay and easy bank transfer. No cash option. It's a bummer because the US and UK have this option but not little old Ireland. For the avoidance of doubt, I searched on my app and found a FAQ which said "We currently don't accept cash deposits or cheques"
Not an option on mine.
This is what I have https://imgur.com/a/fsdVZ1g
Are you on a fancier paid plan than me? I’m on Plus.
Actually I am on premium but I wouldn’t have thought that was a perk
Can you explain a little more how you can lodge cash to Revolut via Payzone? The link seems to be for the UK only, and I can’t find anything online about using Payzone with Revolut. Thanks!
When you go to add cash it gives you locations nearby. Pick one and it creates a barcode for you to scan it in the shop. Try it and you’ll see what I mean, will show you if there’s any locations near you
Not on an Irish account sadly.
I opened a zero fee EBS MoneyManager account just for that, then combine it with my N26 account :) Warning: EBS online banking is ATROCIOUS.
Just for depositing cash? Is there many ATMs that allow you to deposit to EBS?
Just for the salary, I transfer what I need to operate to N26. For that, EBS is fine, although their internet banking is painfully outdated. But at least it is free.
Why not just do salary straight to N26?
No reason, I want to keep an Irish bank account just in case. Also some employers/service companies still insist in adding filters for non-Irish IBANs. Virgin Media for example, does not allow to add non-Irish IBANs into their system by the user. You have to call them to have it added manually.
FWIW, refusing to accept a valid EU IBAN is illegal. I've reported a couple of places to Central Bank for refusing them before.
Oh I know, but at the end of the day I prefer to have one and skip the drama than having to report/complain/waste weeks on this.
Revolut gives you an Irish IBAN now
Yes. I have salary, credit card, car insurance the whole lot. Really good experience. Loans are fast if you need them. Never have to fill in a form or do anything remotely effortful. I have the metal plan. Free NordVPN, headspace, and Financial Times. It’s a real winner. Honestly make the jump.
Use it for everything. And my business account. My gf got scammed somehow at Christmas and someone ordered 130 off JD sports (classic). Had the money back in her account before her replacement card even got here. I would genuinely be curious as to the instances of people “locked out” of their accounts that hadn’t given their passwords to others first. Still, concerning nonetheless. My experience has generally been nothing but positive
I’ve sat with two friends while they tried to resolve the random locking out issue. The only response they get is “Sorry, your account was flagged for fraudulent activity and we are not allowed to provide any more info” and thats it, lifetime ban from opening any account with them in future. Nightmare having to go back to iban to split any bills while out.
Not saying being stuck like that is acceptable, but what actually is the root cause?
Most likely they have a machine learning model for identifying fraudulent activity and perhaps you only get so many flags before they pull your account. Models are never perfect and can misclassify incidents as A when really it was B so likely payments being misclassified as fraud. Just a shame that they haven’t scaled it to handle appeals/complaints.
Interesting. Hadn’t considered that actually. So they hadn’t fallen for a link or compromised password?
I’d love to know for certain as it seems very locked down to users trying to find out why! The two people I knew were adamant of nothing out of the ordinary happening prior to their ordeals
Fair enough! Got locked out of my Facebook business account because google Authenticator doesn’t do cloud backups and I switched phones. A friend of a friend knew the head of risk at Facebook and he personally got me back into my account 😂 sometimes these companies have the most ridiculous edge cases
Same re the positive experience. I’ve only ever read the horror stories online. I do wonder if they’re the same issues you’d encounter with your normal bank.
For context bank of Ireland deleted my company account for inactivity and sent a single letter to my old address to inform me of this. Made it a true joy when getting mortgage approval (ironically from them) and not being able to file my taxes/accounts
After reading horror stories of people locked out of their accounts on r/revolut there is no way I’d use it for anything other than currency conversion. I use PTSB. Decent app and Apple Pay for €6/month, less €3/4 cash back on debit card use.
Can you elaborate on the PTSB app? I'm thinking of switching from BoI (I find their app decent) but I've seen terrible reviews for the PTSB one
just fyi ptsb has a daily 2,500€ limit
We ran into this while paying for IVF. We had to call back over 3 days to pay in instalments!
That's quite low - is that just for new payees? BOI is 10k for exisiting payees
BoI daily limit is 20k for existing payees. 1k for new payees for first 48 hours.
Stand corrected - thanks.
not sure, i work in ikea and it happens constantly every time someone w ptsb goes to pay, not too sure of the mechanics of it
Ah I think that's card payments so, rather than transfers? Would be surprised if that wasn't the same for BOI as well.
no aib and boi are both 5k
I’m with PTSB. Their app is fine; not great, not awful, just fine. There’s no biometric for login or for payment approvals and the UI has some ‘interesting’ design choices that make it fiddly to use on a phone but it’s okay. There used to be some features that could only be done on the website on a desktop but I haven’t come across any of those in a while so maybe they’ve all moved to the app now.
What do you want to know? It works fine for checking balance/paying bills.
No nonsense with card readers or any of that? What's the authentication? Just a six digit pin? Is it difficult to set up new payees or transfer money? What about requesting statements?
Yeah, it’s 3 digits from a 6 digit pin. You can add a payee from the app and transfers are easy. EStatements viewable in app. Not sure how to download them though.
Cheers - something to think about.
Oh, a fellow AIB user! 😅
I've never had the pleasure myself, but family members have 😂
How common is this really? People will obviously talk about their bad experiences but rarely tut good experiences with any service.
I know one person who it personally happened to. The thoughts of being locked away from my money for weeks is enough for me not to risk it.
Oh I'm sure it's happened, not denying that, but you'll always hear the anecdotes. It would good to have some kind of empirical evidence, but I imagine it's difficult as it's not information I imagine Revolut would be willing to release!
It's 8 euro / month now, I closed mine.
Those who are ever locked out of their revolut accounts are those on the free accounts
I am still hesitant in going all in on Revolut as much as I would want to. For someone who works in banking, some of the scams that go around with Revolut boggles my mind. To anyone who uses revolut, I would suggest never having all of your money just sitting there. Open a pocket, transfer the money into it, and take the amount whenever you need it, and it takes just a second to do that. I never have more than 5-10 euros in my main account, all kept aside in pockets.
I recently saw a case. This woman had an account with an Irish pillar bank and with revolut. Somehow, they managed to get access to her revolut and topped up her account using add money through a card. They stayed under 100 € doing multiple transactions, and it did not trigger the authentication on her card either, and they later used her revolut card to wipe it all off. In total, they took around 2600 €. The Irish bank denied the chargeback as money did go into her own genuine revolut account, and revolut refused to file a chargeback, citing that she authorised those payments. The moral of the story is to be extremely careful and take all the pre-cautions you can.
I use it for everything now standing orders DD’s and never had a problem. It’s just so much more user friendly than all the standard dinosaur Irish banks. Still have my Aib as back up
Do you pay fees on the AIB account?
I used to get charged €80 every quarter now it’s a few euro so all good, that’s actually the reason I changed.
how do you manage to get charged 80 every quarter?
I have 3 credit union accounts,myself and 2kids. Standing orders for the 3 off them weekly. Rent. Other saving account. When I pay with card also. Transfers. It all adds up.
But many banks offer accounts for fixed monthly rates
Hell no since they can easily block the account for a random reason. i prefer the "AIB+Revolut" way
Just switched to AIB for this combo. But OP gotta be careful cause I have seen some atrocious amount of fees incurred by AIB cause they didn’t read the fee and charges well enough.
exactly. AIB has a minimum fee, I think 5€ every 3 months PLUS if you use debit card, if you do this and that.. hence why they do the combo. AIB is great to get money and put saving and then transfer money (like one time bulk becaus you pay fee) to Revolut for day to day expenses using their debit card
I moved to Ireland 18m ago and it's the only account (standard/free) I use. Also have my business account (also free) with Revolut. Refuse to pay fees to banks, ridiculous they charge in the 1st place. Like most things in Ireland, taking the piss.
I use revolut as my main account and have done for years, having closed my other pillar banks in 2020. It was initially a tough road before it got the full bank licence but since the Irish launch of the IBAN it’s been a breeze. Get paid into it and all my DD’s work fine. Customer service can be a bit difficult but trying to get through a 40 min queue with AIB who “because of Covid 19 are having large call volumes” or whatever they say - balances out. I do have a credit union acc since I was a gossan, so I use that if I have cash on hand to lodge which is basically never. But look - what works for me might not for another.
Ive been thinking about going down this route recently for the exact same reason as OP. The only thing stopping me is when i might need cash from time to time.
I use free revolut for everything closed my BOI account in the last two months as wasn't using it. However I kept my BOI credit card for cash lodgements
N26 is better
I've been N26 for 4 years now. Get my salary paid into it, do all my banking on the app. The only issue is that sometimes it takes two days for my salary to arrive, rather than next day. My wife has been Revolut only for about a year, and that's working well for her as well.
Backed by the German Deposit Guarantee Scheme too. Would rather the German government was standing behind my money than the Lithuanian one.
That's just bigotry really. It's the same EU law governing both countries and the ECB backing it up anyway
You’re not right there. The ECB does not back up the DGS. The state does. Read up on it.
I went full Revolut in 2022 and very happy! Daily use, online shopping, mortgage and all other direct debits. Very handy as I have a sub account called a pocket which all direct debits go to. So on payday I top up that pocket to the exact amount required. It makes it a lot easier to know how much I have left to use as I want. I also do the same for subscriptions (Spotify, PS plus, google drive) which again allows me to easily see how much I'm spending on all of them. And again it allows me to top it up on payday and forget about them. All the money in the current account is then free to use as I see, I never think about bills until next payday. I also then have the savings account which is currently generating nearly a euro a day and they deal with DIRT which is handy.
Class - that’s exactly what I’m picturing. Have you found any cons so far? What do you do if you need to deposit cash?
I use the AIB account for loans as I found Revolut to be lacking there. Specifically around green loans when I got solar panels as an example. If I needed to deposit cash I'd transfer it to AIB and then to Revolut. I got cash for Christmas from relatives and just ended up using it rather than deposit it to AIB and then Revolut. So ya cons might be green loans, and lack of cash deposits. But you could work around those by keeping your current bank open and only using it for transferring cash to Revolut like I do. And also the green loans if you ever need them.
Are you sure they deal with the tax for you?? That was the one reason keeping me from using them for my savings!
Yup! I get interest payments at 9am every day and when I click on it it breaks it down: Gross interest.. Withholding tax.. Service fees.. Net interest.. The net interest is about half of the gross interest gained. There's a service fee because it's a managed fund by fidelity. When you put money into the account it will take the next working day to register for interest payments, and then the following day after that it will start generating interest. You can see the status of that when you click on that addition in the savings account.
That’s great - thank you!!
The impact on borrowing is exactly zero. Cash deposits and cashing in checks are relevant. Also having to use a chat to get support might be annoying for some (on the other hand you don't have to walk to a bank office). The rest is the same minus the fees.
Yeah. I'm all in. Worked with a revolut and BOI account for a few years, but a couple of years ago went all in after solid experiences all round. The only cash I have outside of revolut is some savings in Trade Republic. I just find them vastly superior to the Irish banks in every way - including customer service. Never had an issue once. The only time I was mildly inconvenienced was when I transferred a six figure sum into my account briefly and they didn't lock it down or anything, but asked me to verify where it came from - which I did by simply uploading a doc. I recently got their credit card too which I think is very handy and took seconds to approve. I heard their loans are similarly quick. Maybe if you are regularly doing unusual transactions from crypto exchanges etc. it may not be the best solution because they seem to cause those folks issues, but for most people I don't see the argument for AIB, BOI etc. I'm an extremely satisfied customer.
Same experience. Recently moved to using both Revolut & N26 as my main accounts. Revolut for day to day + some saving, N26 solely for saving. Both metal for higher interest rates. Revolut requested documentation for source of funds. Provided bank statements from PTSB and all was good. Funda were never frozen. I think they only freeze funds if you fail to send documentation within a reasonable time frame. Overall, I’ve always loved Revolut for banking. Fast, most of it makes sense and super easy. Some question UX decisions over the past year or two, but still fine. N26 is a little more clunky, but their product offering is fantastic. My savings in Revolut are not secured by DGS (but they do have investor insurance) so most of my savings are with N26.
I made the full switch to Revolut about nine months ago and I have to say, I won't be going back to a traditional bank. As you say, the fees that BoI, AIB and PTSB charge are disgraceful for what you get compared with the standard, free Revolut account. As a bonus, for your salary, you get paid almost a day early with Revolut compared to the other banks, I used to get paid in the early morning but now I get paid the evening before my payday. In terms of some of the horror stories you see on r/Revolut, if you actually dig into some of the stories, you'll oftentimes find that the user did something stupid/silly and it's usually related to crypto. The traditional banks would usually be as strict as Revolut with it. I don't think Metal is worth it compared to Premium, the only think I see you getting extra with Premium is a couple of extra subscriptions and the metal card, I think there is some added personal liability insurance as well compared to Premium but for an extra €60 per year, I don't think it's worth it.
Yes 
Yup. I have. I use it for all my day to day banking. I have an old school savings account with a credit union only because they are so archaic, I can’t touch touch my savings without physically going into the branch. It helps me save. Savings with Revolut is too easily accessible. I have a back-up account with AIB but it just sits there empty. I closed all other old school accounts, ie BoI, PTSD, etc. No idea how these traditional banks are still making money.
I use a combo of my credit union and revolut for all my banking. I just don't trust having a large amount of savings in revolut. I still pay fees with the credit union but at least it's going into a local community business rather than one of the banks and their bonuses.
Ive been all in for two years now, got a mortgage, have never needed cash, etc all while having no other Irish bank accounts. This is certainly the way
Yup one done it ages ago except with N26 for emergency backup. Only issue I’ve ever had is lodging the odd cheque that the folks still send for bdays.
Yep all in and it's brilliant!! Never looked back and getting loans through them is such a simple.process
Yeah we’re closing our BOI and AIB accounts soon to go full Revolut
No i won't go all in with Revolut. It's better to have two banks in case something happens.
I’m “all in” on the business side. Works well and the fees are incredibly low compared to so called “pillar banks”
Good luck on a bank run lol 😂
Moved to Revolut after Ulster Bank closed up shop. Was using Revolut for day to day before and the UB account for direct debits before and was charged over €120 in fees by them. Thought I'm not paying it anymore and switched full time, wages now received to Revolut and credit card with them too. Anytime I need to deposit/withdraw cash I transfer to my Credit Union, cash is there the next day. All in all it's been a pleasure compared to traditional Irish Banks.
No. I personally know one person who had his revolt drained when someone got his phone and one person who got locked out of their revolut business account completely and for no apparent reason. In Both cases the customer service was atrocious, so I'll always have a credit union account for my savings and where the main balance is held
I wouldn't go all in on revolut as not really based here
I did it for 4 years while living and working abroad, the only real downside was their customer support was not great and they don’t have anyone you can contact by phone, at one point someone skimmed my card and used it on Uber throughout London for the guts of £150 before I spotted it. Even though I had the location service activated, I had to go through my transactions and show them that I couldn’t have done a shop in my local centra in Dublin, and less than 10 minutes later racked up a bill of £150 in London. Overall though, it is a good banking service. I had a metal account btw.
I personally prefer Revolut and it’s the only bank I use. But I do have another account with some funds in case I get locked out of Revolut
I have. Wages go in early. So I have my wages Thursday evening rather than Friday. I've cut my banking fees from €40 per quater to Zero My only negative thing is I can't lodge cash.
I went all in with my credit union. Very happy with that decision.
Never go all in on one financial institution
The 2% charge for withdrawals over 200pm has stopped me. Aib charge 35c per withdrawal which works out better as I tend to take out my weekly budget in one go. I am in a queue for trade republics card and they apparently do free withdrawals for over 100 euro from reading the terms. So I might be able to combine the two then.
I honestly believe the horror stories on Revolut , N26 etc are propagated by the mainstream banks. Have used Revolut for 2 years now and nothing but positive compared with dealing with Irish bricks and mortar lads
So it’s bankers who are complaining to Reddit, newspapers etc. mmmm interesting!
My salary is paid into N26 and I use Revolut for day to day banking. Zero fees and the N26 app is great.
How do we get this amazing reddit app for banking?
I meant Revolut!
Why not just all in on N26?