Revolut as an Alternative to UB Current Account

[MrEarl]

Irish residents are not covered by the Deposit Guarantee Scheme, if they have funds in Revolut.

Your money is kept in a different entity, not the Bank licenced in Lithuania.

The fact that it's taking the Central Bank of Ireland so long to approve Revolut's application for an Irish licence, should be enough to tell you that you shouldn't hold large sums of money with them (for now).

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I'd pay €100 - €150 pa for a decent banking service, rather than spend the year giving out about how poor the service/technology was, at the EBS or Permo, tbh.

That said, perhaps we want different levels of service and technology....

 

[ClubMan]

The fact that it's taking the Central Bank of Ireland so long to approve Revolut's application for an Irish licence, should be enough to tell you that you shouldn't hold large sums of money with them (for now).

Maybe that says more about the inefficiency of the CB and their processes than about the risk of holding money with Revolut?

 

[Gordon Gekko]

Maybe that says more about the inefficiency of the CB and their processes than about the risk of holding money with Revolut?

Maybe it does but maybe it doesn’t.

Why take the chance with any serious level of cash?

 

[MrEarl]

Maybe that says more about the inefficiency of the CB and their processes than about the risk of holding money with Revolut?

Maybe.

Someone with a little time on their hands, could check what other applications have been approved by the CB in the last 3 years, and when those parties first applied for a licence.

Someone else might wonder why they simply don't "passport" into the Irish market, given they hold a banking license from elsewhere in the EU.

 

[AlbacoreA]

I only use revolut for transfers to others. Its become the default for that. It was becoming hassle not to have it.

I'm not ready to let go of the mainstream bank as backward and annoying as they are.

 

[Mousehelp]

Just looking at Revolut to replace 18 year old daughters UB Account. Can you lodge cash directly to revolt? Presume via any atm. Thanks.

 

[newirishman]

Just looking at Revolut to replace 18 year old daughters UB Account. Can you lodge cash directly to revolt? Presume via any atm. Thanks.

No, you can’t lodge cash.

 

[NoRegretsCoyote]

Irish residents are not covered by the Deposit Guarantee Scheme, if they have funds in Revolut.

Revolut customers in about ten mainly central and eastern European countries can now move from the e-money entity (Revolut Payments UAB )to the banking entity (Revolut Bank UAB). From what I can tell this means they have a proper bank account rather than simply an e-money purse.

Depositors' funds are then directly covered by the Lithuanian DGS up to €100k. See here.


Not clear if/when the banking operation will become open to Irish residents.

 

[stuartbloom]

Irish residents are not covered by the Deposit Guarantee Scheme, if they have funds in Revolut.

Your money is kept in a different entity, not the Bank licenced in Lithuania.

The fact that it's taking the Central Bank of Ireland so long to approve Revolut's application for an Irish licence, should be enough to tell you that you shouldn't hold large sums of money with them (for now).

-------


I'd pay €100 - €150 pa for a decent banking service, rather than spend the year giving out about how poor the service/technology was, at the EBS or Permo, tbh.

That said, perhaps we want different levels of service and technology....

Thanks for the clearing up of the guarantee. Sorry if this is a silly question, but does N26 fin in the same bracked or does their license cover Irish customers?

 

[MrEarl]

Thanks for the clearing up of the guarantee. Sorry if this is a silly question, but does N26 fin in the same bracked or does their license cover Irish customers?

There's no such thing as a silly question, we all learn from each other around here

N26 is a fully licenced bank, permitted to operate as a Bank, in Ireland. Please see below where they confirm that funds are covered under the (German) Deposit Guarantee Scheme:

Deposit protection: why your money is protected in your bank account

Deposit protection guarantees your money is secure. Find out how these schemes ensure you’re protected.

n26.com

A guide to opening a bank account in Ireland

Making the move to Ireland? Smooth your transition by opening a bank account in the country. Here’s how to open a bank account in Ireland.

n26.com

 

[stuartbloom]

There's no such thing as a silly question, we all learn from each other around here

N26 is a licenced bank. Please see below where they confirm that funds are covered under the (German) Deposit Guarantee Scheme:

Deposit protection: why your money is protected in your bank account

Deposit protection guarantees your money is secure. Find out how these schemes ensure you’re protected.

n26.com

A guide to opening a bank account in Ireland

Making the move to Ireland? Smooth your transition by opening a bank account in the country. Here’s how to open a bank account in Ireland.

n26.com

Thats is true, just so much to learn, and not much time left; wish I had started looking sooner. So, from what I read, it is perfectly safe to move from UB to N26; not that I have thousands, but I do have some Revolut vaults, and this will all be covered. Shame they dont dow joint accounts

Thanks for your info and help; most appreciated

 

[Concrete]

Thats is true, just so much to learn, and not much time left; wish I had started looking sooner. So, from what I read, it is perfectly safe to move from UB to N26; not that I have thousands, but I do have some Revolut vaults, and this will all be covered. Shame they dont dow joint accounts

Thanks for your info and help; most appreciated

Just beware (as is said on other threads on AAM) - it sounds like the non-Irish IBAN you'll get can cause problems for some companies' payroll software and for some direct debits (even if they should all support it legally).

 

[Nordkapp]

My two cents and from experience:
- It was near impossible to get a PCP payment set up with Revolut to Bank of Ireland Finance. that direct debit collapsed when the LT IBAN came in

- EIR simply would not accept a non-Irish IBAN, so Revolut was dispatched.

- You cannot get a joint account, it suits single retail customers only.

For those that may not know, Revolut appears to have or is close to getting its full Banking licence with the Bank of Lithuania, so the DGS will then apply. However, some countries are unhappy with the credit institution classification given to Revolut.
Revolut full banking licence

 

[Peanuts20]

N26 are your classic unicorn business. Whilst it has a lot of good features and is backed by the German Deposit protection scheme, it has never made a profit, indeed in it's last years results, it's losses were higher then it's overall revenue. It's also announced it is pulling out of the US market which is not a positive sign.

I'm nervous about some of these Fintech comps, I know they have a guarantee in place but when one of them goes under (and that is more then likely going to happen at some stage in the next 5 years), you will get your money back (or most of it) but when and how much hassle would you have until then?.

Or maybe I'm just too old fashioned......

 

[Nordkapp]

Revolut

 

[MrEarl]

I'm nervous about some of these Fintech comps, I know they have a guarantee in place but when one of them goes under (and that is more then likely going to happen at some stage in the next 5 years), you will get your money back (or most of it) but when and how much hassle would you have until then?.

Or maybe I'm just too old fashioned......

Personally, I don't see a fully licenced German bank just disappearing over night - sure, it could "go bust", but if that happened, I think the German Central Bank steps in.

Think about what happened with the likes of Northern Rock, Irish Nationwide etc. Now, add to that, the fact that all of the Central Banks learnt a lot from the banking collapses of about a decade ago. Then remember, we're talking about the Germans here - not some politically and economically unstable country that most of us can't find on a globe.

 

[MrEarl]

Revolut

All well and good, but the bottom line remains unchanged, for Irish customers - they don't get to deal with Revolut Bank and they aren't protected by any Deposit Guarantee Scheme.

The situation "may" change in the future, but there are zero guarantees.

 

[MugsGame]

I'm a happy Revolut user and work in technology, but would not rely on any fintech as my only provider for day to day banking.

Like MrEarl, I'd rather pay a pillar bank €100-€150 a year knowing that if they have issues (e.g. outages, insolvency) the state will step in. Traditional banks are also kind of unavoidable if you need to accept or present cheques/bank drafts (as I do occasionally, although thankfully this is reducing!).

Beyond day to day banking I have absolutely no loyalty and will shop around for other products (e.g. credit, large fx transactions).

 

[Nordkapp]

All well and good, but the bottom line remains unchanged, for Irish customers - they don't get to deal with Revolut Bank and they aren't protected by any Deposit Guarantee Scheme.

The situation "may" change in the future, but there are zero guarantees.

Deposit Insurance Information | Revolut Lithuania

Revolut terms and policies

www.revolut.com

Seems they are covered by the deposit scheme

 

[MugsGame]

I think the point is that the above link only applies to 'Deposits held with Revolut Bank UAB', which is not the case for Irish users.