LONDON, March 1 (Reuters) - Revolut Ltd's auditor BDO LLP was not able to independently verify three-quarters of the 636 million pounds ($765 million) of revenue reported by the fintech firm in its long-delayed 2021 accounts.
The accounts were signed off this week after months of delays, following a revamp of Revolut's internal accounting systems and heavy regulatory scrutiny.
In Revolut's annual report, BDO was quoted as saying that the financial statements gave a "true and fair view of the state of the group", although it warned that some information may be "materially misstated".
To be fair, there's a huge qualitative and quantitative difference between not paying day to day banking charges because the bank doesn't levy them and somebody welching on their mortgage contract.Yes, and a lot of their mortgage holders carried on the theme and saw no reason why they should make their mortgage repayments when there was no sanction for not doing so.
Brendan
Which, presumably, why they upped and left
Just to be clear. I paid every fee that was due. That they couldn't make money was as a result of their decisions and actions.Yes, and a lot of their mortgage holders carried on the theme and saw no reason why they should make their mortgage repayments when there was no sanction for not doing so.
Brendan
Watching this thread ..also a KBC user & Revolut user , have an EBS account in tandem ( not used much in recent years had some form filling to re activate it ) so currently have set up all direct debits from EBS ( mortgage, utilities , savings etc..) and day to day spending is still with KBC ...we will remain until we can. very last minute !Guys
The point I was making is that KBC left Ireland because of the losses on their lending and not on the unprofitability of their general banking.
The free banking was to get customers who would take out profitable mortgages.
Brendan
Yes I think that is the way to goThat's 720 euro per decade. If I invested the 72 euro per year (120 per year @ 40% tax refund) into a pension fund, I would have a nice nest egg after 10 years.
Why pay when there are free options.
EBS for wages. Revolut and N26 for everyday transactions and bill payments.
Watching this thread ..also a KBC user & Revolut user , have an EBS account in tandem ( not used much in recent years had some form filling to re activate it ) so currently have set up all direct debits from EBS ( mortgage, utilities , savings etc..) and day to day spending is still with KBC ...we will remain until we can. very last minute !
Going from the KBC platform to EBS platform equates to going from 5 star to 2 star ...sorry to see KBC exit the Irish market, their customer service and their app is /was super , and I am loathe to pay any bank fees for minding our money , so we will stick with 2 star for now. I got an email from Revolut last month to say they are researching joint accounts and their viability in the Irish market. In my enthusiasm I immediately expressed interest but after reading this tread , it looks like we are doomed with the EBS account for now ( no app, need user ID number , customer passcode & 2 step verification to access on a laptop )
Thanks to OP for raising this issue with Revolut and I am happy to see you got sorted eventually after a lot of heartburn
I've had no issues whatsoever
This is not true.The problem with Revolut is that it works well most of the time, but when there is a problem, there really is no way of fixing it.
Yes, it’s an absolute disgrace that KBC and Ulster Bank have only just announced that they’re leaving Ireland.A fair amount of people are about to make hurried decisions in the next week or two before the final curtain comes down at KBC.
HI S class, in my case, the issue was on their side (in-app selfie function would not work to allow pin update, in addition, their system would not issue a pin update email to me). When they couldn't fix it, the agent's response was to pull down the shutters and leave me without chat access for 5 days. The inital block of my account happened because my salary was paid into the account. Believe me, they had clear and concise details about what the problem was.This is not true.
Revolut operate a system of online agents who deal with problems very efficiently when they are given a clear explanation of the issues.
I have used this service a few times and on every occasion the issues were dealt with swiftly and satisfactory.
True, but all the same if you position yourself in a market by offering certain key services for free, you'll invariably attract an element that won't pay you for anything.To be fair, there's a huge qualitative and quantitative difference between not paying day to day banking charges because the bank doesn't levy them and somebody welching on their mortgage contract.
While hillarious, your point is unhelpdul and moot. There are still people remaining who have not made the move to a new bank.Yes, it’s an absolute disgrace that KBC and Ulster Bank have only just announced that they’re leaving Ireland.
They should give people sufficient notice.
People shouldn’t be forced into hurried decisions in the next week or two.
Yes, the technical term for those people is “idiots”.There are still people remaining who have not made the move to a new bank.
The choices have not been great out there, not at all strange that some people have dragged their feet. Some people may have been waiting for the long anticipated Irish ibans from Revolut,. Several press articles have sprung up about Revolut's expanding offering being an option for those looking for banking services.
5 months is a relatively short time, and you've been lucky. I've been using it for a few years and I've been locked out on 3 separate occasions because of failings on their part. With the exception of one of the times it was painful to try and sort. I also know a fair few people who had something similar happen. I'd have been goosed had it been my only account as I was locked out for two weeks at one stage because of some automated AML block which was triggered by a €20 transaction!I'm using Revolut as my main bank account for the past 5 months with government salary being paid in. I've had no issues whatsoever and the app is far superior to offerings from Irish banks. I don't keep a big balance as I transfer funds into a savings account.
Might be stating the obvious, so apologies, but maybe the email went to your spam or some other folder?I know, I questioned it strongly, but they insisted it was nessesary so that they would know that anything they sent me by email could not be compromised. They proceeded to send me nothing by email
Your AIB basic account will be converted to a regular current account after 12 months if the total annual value of lodgements to your AIB Basic Bank Account in the previous year exceeds the national minimum wage threshold, otherwise, after 5 years.I've gone the 3 account route.
Main - Bunq
Secondary - AIB basic
And Revolut just for odds and ends and travel
AIB basic because I can still receive a couple of cheques from people and need a place to lodge them. And if I ever win a few bob at the races, they accept cash
€36/year for Bunq and the others are free
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