Key Post Revolut and N26 Current Accounts

TarfHead

Frequent Poster
Messages
1,632
I have started to make more use of my revolut card to try to avoid BOI current account fees. I have so far hit 2 issues I had not anticipated.

Each ATM withdrawal seems to bear a 12 cent Government Stamp Duty charge. If BOI are charging 10c per ATM withdrawal, the revolut card is not suitable for those transactions.

Secondly, some ATMS, generally 3rd-party providers, seems to want to charge me currency conversion charges given that the revolut card is, to all intents and purposes, a UK product.

Are these experiences common to all ? Are there best practices for avoiding banking costs by using your revolut card ?
 

RedOnion

Frequent Poster
Messages
3,022
Each ATM withdrawal seems to bear a 12 cent Government Stamp Duty charge
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.

Secondly, some ATMS, generally 3rd-party providers, seems to want to charge me currency conversion charges
I've spotted this as well. Even BOI ATM's recognise it as a UK card and offer to charge in GBP.
You need your wits about you, especially if using it abroad in a foreign language.

Revolut don't own any ATM's, so they are charged every time you use one, so they will actively discourage use. The card is best suited for non ATM transactions.
 

TarfHead

Frequent Poster
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1,632
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.
So while the revolut card isn't subject to the EUR 5.00 a year Government Stamp Duty, the ATM withdrawals are ?

Do you know if cashback is allowed on revolut POS transactions ?

Thanks
 

RedOnion

Frequent Poster
Messages
3,022
The 12c per use charge is new to me.
Ah, budget changed it a few years ago. It's 12c, capped at 5 euro per year (2.50 if you never use it for anything except ATM).
If you use it 42 times a year, you'll just see a charge of 5 euro in Jan or Feb.
 

fuse

Registered User
Messages
12
200,000 Irish customers already. Impressive.
Will it grow even faster now with the banking license?
Will they offer mortgages in the near future?
 

Zebedee

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Messages
72
Or how many are paying fees? The basic account is free (for the moment). There are two other account types which charge a monthly fee.
 

sahd

Frequent Poster
Messages
766
Today's Irish Times is reporting that Revolut has obtained a "European Banking License".

https://www.irishtimes.com/business/technology/revolut-gets-european-banking-licence-tops-200-000-irish-customers-1.3727610

€100k deposit insurance is expected to kick in early in the new year.

It looks like that licence has been given by Lithuania - and the "guarantee" mentioned by Revolut is referred to as the "European Deposit Insurance Scheme" - which doesn't actually exist yet !

More Here
 
Messages
4,739
Google Pay have gone with Lithuania as their regulatory authority too, as have other Fintechs.

The European Deposit Insurance Scheme is at proposal stage. Not yet implemented. Money in Revolut is currently protected via UK e-money ring-fencing rules but there is currently no deposit insurance.
 

tomdublin

Registered User
Messages
28
Quite a lousy & lazy piece of journalism. It seems to be entirely based on Revolut's misleading press release (claiming it would be covered by the "European Deposit Insurance Scheme" which doesn't exist). The journalist seems to be entirely unaware of this and simply takes Revolut's PR statement at face value.
 

sahd

Frequent Poster
Messages
766
Quite a lousy & lazy piece of journalism. It seems to be entirely based on Revolut's misleading press release (claiming it would be covered by the "European Deposit Insurance Scheme" which doesn't exist). The journalist seems to be entirely unaware of this and simply takes Revolut's PR statement at face value.
That's what many "journalists" seem to do - just rehash press releases.
 

Khublei

Frequent Poster
Messages
57
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.
I've just read the above from a year ago. From what I see online there are no free outside Eurozone transactions on N26. Am I wrong or have things changed in the past year? I have a Resolut card but was going to get an N26 one as well as I'll be travelling quite a bit this year. I get charged €4.88 every time I take money out in Asia by PTSB.
 

NoRegretsCoyote

Frequent Poster
Messages
456
AIB and BoI may give a poor service, but in fifty years they will be providing current accounts and giving loans to Irish businesses and households. The payment services they provide are essential for the economy to function and will never be allowed to fail.

No 26 and Revolut won't ever have much of an interest in Ireland if the sums aren't right any more, they will just close up.

The whole business model is untested and, like most things in finance, innovation is usually followed by a blow-up at some point. In the event of a bank failure your deposits may be covered, but they may take a week to access, and this is a very long time if it is your only current account.

A good analogy is that of Setanta Insurance which wrote business in Ireland but was registered and supervised in Malta. When it went pop in 2014 the Maltese government didn't give a hoot about outstanding claims in the Irish market, and it was left to the Irish government and regulators to sort out the mess.
 

sahd

Frequent Poster
Messages
766
I've just read the above from a year ago. From what I see online there are no free outside Eurozone transactions on N26. Am I wrong or have things changed in the past year? I have a Resolut card but was going to get an N26 one as well as I'll be travelling quite a bit this year. I get charged €4.88 every time I take money out in Asia by PTSB.
You are wrong on N26. They have no fees on non Euro purchases. They do charge 1.7% on non Euro cash withdrawals . Revolut charge 2% on non Euro withdrawals - but the first €200 worth in a month is free.
Pretty good comparison here
 

Khublei

Frequent Poster
Messages
57
Thanks for that Sahd. I mostly need this for cash withdrawls in Asia. Still will save a bit from what I can make out.
 

gpjordanf1

Registered User
Messages
6
Looking at switching my current account to N26, but I cant see anywhere where they provide a switching service outside Germany?
If they don't do that, how are you supposed to do it?
Thanks
 
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