Revolut | N26 | |
Status | Electronic money institution | Licensed bank |
Access via a web based browsers | No | Yes - but transactions must be confirmed by app. |
Deposits are guaranteed | No | Yes - German bank up to €100k |
IBAN number | Yes for EUR account | Yes |
Direct debit facility | Yes | Yes |
Can be topped up with a debit card | Yes | |
Euro cash withdrawals | Free up to €200 per month 2% on withdrawals above this | In Ireland - first 5 free - then €2 each Eurozone outside Ireland - completely free |
non euro cash withdrawals | Included in "free up to €200 per month" so 2% above €200 | 1.7% |
Forex transactions | Free up to €5,000 per month 2% thereafter | |
Forex exchange rate used | Interbank rate most of the time 0.5% mark up at the weekends | Uses Master card exchange rates - about 0.25% dearer than Interbank rate |
Spending limit | £5,000 in 96 hours | €5,000 per day |
Location | UK | Germany |
Irish customers | 500,000 | |
Sign up process | Very simple - 5 to 10 minutes | |
Non-Euro accounts provided? | Yes, GBP and USD also | No |
YesDo I need to keep my AIB current account as well?
1) SEPA transfer in Euros to the IBAN of your Revolut cardIf I get rid of my AIB account, how do I get money into the Revolut account? (The same way as AIB I suppose?)
No support for cheques. You'll need to lodge to your AIB current account.What do I do with cheques?
At the moment it is a prepaid debit card, with Euro and STG account numbers attached. So no deposit protection. A banking license has been applied for in Lithuania.Is it a bank account with a debit card or is it a credit card?
Not yet. Credit facilities are promised for the future.Can I get an overdraft or credit card limit?
In practical terms yes. In theory you could run the Revolut app on an Android emulator on a Windows PC. But there would be loss on functionality, for example, location based security.I do all my online banking from my pc and not from my phone?
Does that rule me out?
If I keep my AIB account, is there any advantage to Revolut?
This is a government stamp duty, and us applied to all ATM transactions carried out in Republic for cardholders with an Irish address. It's in addition to the 10c that you refer to BOI charging, but the banks apply it annually in arrears rather than per transaction.Each ATM withdrawal seems to bear a 12 cent Government Stamp Duty charge
I've spotted this as well. Even BOI ATM's recognise it as a UK card and offer to charge in GBP.Secondly, some ATMS, generally 3rd-party providers, seems to want to charge me currency conversion charges
Thank you for this detailed analysis, Tom. Very useful. I use the Revolut card, but as I have a free Irish CA I see no great advantage to the N26 apart from the possibility to make larger withdrawals over and above the €200 Revolut limit.
You just do it yourself. 90% of people who switch don't use the switching process.If they don't do that, how are you supposed to do it?
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