Revolut as an Alternative to UB Current Account

Nordkapp

Registered User
Messages
230
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.
That’s the entity providing payment services in Ireland on a pass porting basis.
 

MugsGame

Frequent Poser
Messages
2,696
Revolut Payments UAB (the electronic money institution which is not protected by a deposit guarantee) and Revolut Bank UAB (the authorised and protected Lithuanian bank) are different entities.

What's your source for the latter being the entity containing funds from Irish users? That's a recent change if so.
 

Nordkapp

Registered User
Messages
230
@MugsGame the Bank got its full license in December, likely to provide banking services that protect depositors money shortly. A full bank is the end game, they now have that. Remains to be seen what happens RP UAB…..
 

MugsGame

Frequent Poser
Messages
2,696
Yes, the Bank that does not yet operate in Ireland, as MrEarl already pointed out when you first mentioned the banking license.

It certainly bodes well for the future, but guarantees nothing for Irish users at present. There are good reasons a bank might choose not to passport a protected entity into Ireland (banking levies for one).
 

MrEarl

Registered User
Messages
2,344
Nordkapp,

Please read Section 8 on the Revolut legal terms linked below:


If you still aren't convinced, confirm directly with Revolut and they'll tell you that you aren't dealing with Revolut Bank and that you are not protected by the Deposit Guarantee Scheme. Here are their contact details:

Call us:

  • +370 5 214 3608 (your telecommunication service provider’s standard rates apply).
 

MrEarl

Registered User
Messages
2,344
Ireland is a very small market for Revolut, so probably not a priority for them.

This is probably better off in a seperate thread on Revolut, tbf. (not that I don't have an interest in what they are doing, or planning for Ireland etc)
 

stuartbloom

New Member
Messages
4
Thanks all, following on from my question, and the great advice and links shared, I have decided that revolut on its own is not the way I will be going. It looks to me like I am going to open an EBS account for salaryies, dds, etc, and then transfer money from that to revolut for my day to day transactions which is what I am doing now with UB.

Thanks again all and have a good weekend :)
 
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