# Revolut as an Alternative to UB Current Account



## jmcc99_98 (5 Jan 2022)

Hi - I am reviewing my options at the moment with regards to moving my current account from UB. 

At present I use UB for all my day to day banking. All my DD's go through it, my salary gets paid in etc. Every few months if there is a biggish surplus I will move it to my CU account or Irish Life Investment Plan. I aim to keep the balance at no more than €2500 at any stage.

A strong banking app is important to me and also the ability to quickly transfer money between family members. I have a revolut account at the moment, as has my wife and the kids have revolut junior accounts. At the moment we really only use revolut for occasional purchases and transferring money between family members. 

My revolut account has an EUR IBAN so presumably I can set up my DD's without a problem? I am struggling to see what the disadvantages might be to switching all my every day banking to revolut. 

I intend to keep open both the revolut and UB Current Accounts for a few months to ensure all the DD get set up correctly - I am aware that Revolut dont do the switching for me, but I am happy to individually set up the DD's etc (It can serve as a financial health check if nothing else)

My mortgage is with UB also but this is to be moved to PTSB (I will review that also closer to the time)

Access to a physical branch isnt that important to me. I rarely get cheques etc and if I do I can lodge to CU. 

The CU Current account might be an option but the banking app is very limited. 

Has anyone any views on this? I have searched the fourm but couldnt find this particular question being addressed.


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## Lucius Lamb (5 Jan 2022)

I'm in a similar position with a KBC current account. I have switched all direct debits to my credit union account, which was inactive for some time. I did it gradually over several months so it wasn't too painful. I've switched all spending from KBC debit card to a BoI credit card, which was largely inactive previously. 
My credit union doesn't do current accounts, however, so no debit card. Like you I'm opening a Revolut account for small transfers and for access to ATMs.
I don't have an ideological aversion to AIB, BoI or PTSB. Just though I'd reactivate facilities I wasn't using at credit union and credit card. 
So far, so good.


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## tomdublin (5 Jan 2022)

With Revolut the only drawback is the lack of deposit insurance.  The risk this poses is likely to be minimal but hard to quantify.


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## ryaner (5 Jan 2022)

The non-ie iban continues to cause problems anytime I try to use it for DD or even salary payments. There are a shocking number of HR systems which are very country specific. Revolut do have https://blog.revolut.com/fighting-against-iban-discrimination/ to help with it, although your mileage may vary.


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## NoRegretsCoyote (6 Jan 2022)

tomdublin said:


> With Revolut the only drawback is the lack of deposit insurance. The risk this poses is likely to be minimal but hard to quantify.


But it's hardly material to the OP whose balance never goes above €2,500.

I agree I wouldn't leave large sums with Revolut myself but it looks like a good solution for the OP.


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## newirishman (6 Jan 2022)

I am in the same situation as the OP.
decided to go with BoI for current account and savings accounts, in addition to both N26 and revolut accounts that I have for quite a few years now.
revolut really only as it is free and quite handy now to quickly share the cost of a dinner between friends and such similar things. Revolut seems to have replaced the cash wallet for many friends and acquaintances, but I personally wouldn’t use it as a current account replacement - not even sure why but wouldn’t sit right with me. I guess main reason is probably availability of savings accounts (regular and lump sum). I don‘t care about credit unions at all.
N26 is great for other reasons, like with non-Euro transaction (cash and card) costs outside EU as I travelled a lot.
The reason going for BoI is solely due to newirishwoman banking with AIB, and we don’t want to rely on just one bank for all our money (just in case on bank has technical problems essentially). My previous experience with Permanent TSB was let’s say suboptimal, I shall not darken their doorways again.

The BoI systems are shockingly archaic though, and they could do with hiring a UX designer for the 365 banking and mobile app. but once all the DD’s and standing orders are setup, it doesn’t matter too much anyways.

As for credit card - I just applied for an avant card as they offer €30 cash back for government stamp duty and 1.25% on (some?) purchases.

Ulsterbank mortgage will soon be re-fixed for a few years on 2.2% and after that will be fully paid off. So don’t really care where it lands eventually. Maybe we switch to Avant if they do the €1500 offer.


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## jmcc99_98 (6 Jan 2022)

ryaner said:


> The non-ie iban continues to cause problems anytime I try to use it for DD or even salary payments. There are a shocking number of HR systems which are very country specific. Revolut do have https://blog.revolut.com/fighting-against-iban-discrimination/ to help with it, although your mileage may vary.



This would concern me. I really dont want issues with DD bouncing back etc. 

This potential problem is enough for me to rule out Revolut as an option - I am ruling out PTSB on the basis of their reputation for customer service, ruling out BOI because of their outdated IT and Banking App, Im ruling out the CU Current Account as it doesnt have a strong banking App and An Post has high fees. This really only leaves AIB. 

I had hoped to avoid the mainstream banks but it may not be an option now.


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## Sunny (6 Jan 2022)

It's funny how people say they don't need branches but then quote customer service as one of their key requirements. I never need customer service with regard to my current account and online banking. I have needed customer service with Revolut on a couple of occasions and it was absolutely appalling. 

Unless you have complicated banking requirements, then all the online offerings of the Irish Banks are broadly similar. I have used them all over the years and none have either blown me away with their functionality or caused me massive frustration.

I haven't used Post Office or Credit Union so can't comment but if choosing one of the banks, I would simply go for the cheapest.


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## MrEarl (6 Jan 2022)

tomdublin said:


> With Revolut the only drawback is the lack of deposit insurance.  The risk this poses is likely to be minimal but hard to quantify.



So then, how can you say that its probably minimal? 

We're talking about putting our funds with an entity, where if there's a fraud, we loose 100% of whatever funds we have in Revolut, with no recourse, and no bail out. Its that simple....

Am I the only one still wondering why its taking the Irish Central Bank so long to approve Revolt's application for a licence?

- that's not a full banking licence btw, it's only a payments licence (which should be a lot easier to obtain!)



NoRegretsCoyote said:


> .


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## Ndiddy (6 Jan 2022)

I have been using EBS/N26 combi for the last 4 months and has been working well.  EBS is really basic but I wanted it more for a joint account/Irish IBAN and running things like mortgage, etc that do not fluctuate much.  N26 is for the excellent app, to track my day today spending isnt too crazy.....


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## Ndiddy (6 Jan 2022)

I wanted to open and use free accounts in parallel to my UB accounts until I was ready to move over things


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## tomdublin (6 Jan 2022)

MrEarl said:


> So then, how can you say that its probably minimal?


Because if it was easy to quantify I would probably use certainly rather than probably.


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## MrEarl (6 Jan 2022)

tomdublin said:


> Because if it was easy to quantify I would probably use certainly rather than probably.


Then why not say its probably a medium risk, or high risk?


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## tomdublin (6 Jan 2022)

Because it's hard to quantify


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## noproblem (6 Jan 2022)

jmcc99_98 said:


> Every few months if there is a biggish surplus I will move it to my CU account or Irish Life Investment Plan. I aim to keep the balance at no more than €2500 at any stage.


When you say that some biggish surplus's are moved to the CU, just remember that a lot of CU's have limits on what they allow to be kept in accounts.


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## jmcc99_98 (6 Jan 2022)

noproblem said:


> When you say that some biggish surplus's are moved to the CU, just remember that a lot of CU's have limits on what they allow to be kept in accounts.



Yeah, I would probably be moving maybe 1k or so every couple of months to a plain CU savings account.


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## NoRegretsCoyote (6 Jan 2022)

MrEarl said:


> - that's not a full banking licence btw, it's only a payments licence (which should be a lot easier to obtain!)


My guess is that for e-money licences the regulatory focus is more on money laundering and less on deposit protection.


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## tomdublin (6 Jan 2022)

MrEarl said:


> Then why not say its probably a medium risk, or high risk?


To be serious about it, Revolut says it keeps client money in segregated accounts so even if the company goes bust deposits should be fine.  That said, there is no 100% guarantee that nothing will go wrong here and no failsafe mechanism if it does.  That's why I'm happy to keep around €100 in my Revolut account at any given time but not €2500.


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## nest egg (6 Jan 2022)

Ndiddy said:


> I have been using EBS/N26 combi for the last 4 months and has been working well.  EBS is really basic but I wanted it more for a joint account/Irish IBAN and running things like mortgage, etc that do not fluctuate much.  N26 is for the excellent app, to track my day today spending isnt too crazy.....


This seems like a sensible fee free option.

As you mention wanting a joint account, have both you and your significant other both got separate N26 accounts?


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## stuartbloom (11 Jan 2022)

I think alot of people are in this position, myself included.  My wife and I use UB purely for DDs and salaries; for general spending we use Revolut.  As for the the non-Irsh IBAN, is that even allowed to be refused?  Also, fairly sure I have read that Revolut has been granted a full banking license by the European Central Bank (ECB), the Bank of Lithuania (LB), does this not mean they are covered by the deposit guarantee scheeme?

I know we will have to move, and it breas my heart to think I will have to start paying for banking services.

I would look at EBS, but in order to open a joint account they have told me that we both have to visit them, twice, during office hours, which is pretty much a non runner.

Now, I am thinking that we have our own revolut accounts and open a joint vault which we can then use for all our bills; is that even possible?

Thanks for any insights and advice


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## MrEarl (11 Jan 2022)

*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....


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## ClubMan (11 Jan 2022)

MrEarl said:


> 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?


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## Gordon Gekko (11 Jan 2022)

ClubMan said:


> 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?


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## MrEarl (11 Jan 2022)

ClubMan said:


> 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.


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## AlbacoreA (12 Jan 2022)

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.


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## Mousehelp (12 Jan 2022)

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


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## newirishman (12 Jan 2022)

Mousehelp said:


> 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.


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## NoRegretsCoyote (12 Jan 2022)

MrEarl said:


> *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.


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## stuartbloom (12 Jan 2022)

MrEarl said:


> *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.
> 
> ...


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?


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## MrEarl (12 Jan 2022)

stuartbloom said:


> 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


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## stuartbloom (12 Jan 2022)

MrEarl said:


> 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:
> 
> ...


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


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## Concrete (12 Jan 2022)

stuartbloom said:


> 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).


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## Nordkapp (12 Jan 2022)

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


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## Peanuts20 (12 Jan 2022)

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......


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## Nordkapp (12 Jan 2022)

Revolut


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## MrEarl (12 Jan 2022)

Peanuts20 said:


> 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.


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## MrEarl (12 Jan 2022)

Nordkapp said:


> 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.


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## MugsGame (12 Jan 2022)

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).


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## Nordkapp (12 Jan 2022)

MrEarl said:


> 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 LT
					

Revolut terms and policies




					www.revolut.com
				




Seems they are covered by the deposit scheme


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## MugsGame (12 Jan 2022)

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.


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## Nordkapp (12 Jan 2022)

MugsGame said:


> 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.


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## MugsGame (12 Jan 2022)

_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.


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## Nordkapp (12 Jan 2022)

@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…..


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## MugsGame (12 Jan 2022)

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).


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## MrEarl (13 Jan 2022)

Nordkapp, 

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









						Personal terms | Revolut IE
					

Revolut terms and policies




					www.revolut.com
				




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:


Email us at feedback@revolut.com.
_Call us:_


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


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## Nordkapp (13 Jan 2022)

Seems there is a rollout plan and upgrade for payment services clients in EU countries on a phased basis, no Ireland in the list though!









						Revolut launches as a bank in 10 more European countries - AltFi
					

Customers in Germany, Finland and Spain can now upgrade to a Revolut Bank account.




					www.altfi.com


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## MrEarl (13 Jan 2022)

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)


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## stuartbloom (14 Jan 2022)

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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## NoRegretsCoyote (14 Jan 2022)

MrEarl said:


> Ireland is a very small market for Revolut, so probably not a priority for them.



Revolut has approx 10% of its active users in Ireland, possibly the highest penetration of any market.

They seem to have about 50 staff now.

I would think product innovation in Ireland is pretty important to them!


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## The Oggster (26 Jan 2022)

stuartbloom said:


> 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



Credit Union could be an option too. Mine is not a Current Account but has an IBAN I can get paid into and pay bills from the account. Could set up a standing order to Revolut for day to day spending.


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## MrEarl (26 Jan 2022)

With the EBS currently having some sort of internal review, you might soon find that EBS's offering will soon become even less attractive than it currently appears....


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## ArthurMcB (27 Jan 2022)

Im a KBC current and deposit account holder.

Loads of great info on this and other related threads re moving to another bank...although i am still not sure what I will do.

When do I need to move anyways?


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## stuartbloom (27 Jan 2022)

MrEarl said:


> With the EBS currently having some sort of internal review, you might soon find that EBS's offering will soon become even less attractive than it currently appears....


thanks for the heads up, but would you care to elaborate?


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## peteb (27 Jan 2022)

stuartbloom said:


> thanks for the heads up, but would you care to elaborate?


They've stopped appointments for opening current accounts and are undertaking a review of operations.  Considering they are owned by AIB they are likely to just it up into that and run the mortgage end seperately.............possibly...........no one knows until the review


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## stuartbloom (27 Jan 2022)

peteb said:


> They've stopped appointments for opening current accounts and are undertaking a review of operations.  Considering they are owned by AIB they are likely to just it up into that and run the mortgage end seperately.............possibly...........no one knows until the review


Interesting, since I have an appointment next Friday with them


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## peteb (27 Jan 2022)

stuartbloom said:


> Interesting, since I have an appointment next Friday with them


I feel like that GIF of Obama shrugging would be appropriate here.   It's nearly as though you think I have something to gain by lying to you!!  Maybe have a read around the site first! 





__





						EBS launches review of its operations
					

https://www.rte.ie/news/business/2022/0119/1274552-ebs-starts-review/  EBS looking to focus on mortgage business, and by the sounds of it reduce its focus on current and deposit accounts.   AIB getting anxious about the hoards descending from UB and KBC into an environment which is ill prepared...



					www.askaboutmoney.com


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## stuartbloom (27 Jan 2022)

peteb said:


> I feel like that GIF of Obama shrugging would be appropriate here.   It's nearly as though you think I have something to gain by lying to you!!  Maybe have a read around the site first!
> 
> 
> 
> ...


nooo, not at all.  why would you lie to me, just thiunking about them giving me an appt.  So sorry if I cam across as not believeing you, nothing could have been further from my thoughts. Sorry


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## peteb (27 Jan 2022)

stuartbloom said:


> nooo, not at all.  why would you lie to me, just thiunking about them giving me an appt.  So sorry if I cam across as not believeing you, nothing could have been further from my thoughts. Sorry


No worries.  I just read it as that. Sorry.


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## stuartbloom (27 Jan 2022)

peteb said:


> No worries.  I just read it as that. Sorry.


phew, friends again  guess I will have to reconsider EBS; such a mess. thanks


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## MrEarl (27 Jan 2022)

The bottom line is really very simple - if you want a full decent banking service, the closest that you'll get to it, is from either AIB or BoI. Neither are perfect, and both come at a cost. 

Thereafter, you'll have to make certain sacrafices, in terms of what services you'll get, in return for trying to save on costs. 

A combination of two or more service providers may be the best option, for some people here, and particularly those who favour technology, to over the counter service. 

Ultimately, you need to ask yourself if the perceived restrictions, delays, limited services, increased risk of dealing with non - banks etc is worth it, to save about a hundred quid a year in bank charges.


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## RetirementPlan (28 Jan 2022)

MrEarl said:


> The bottom line is really very simple - if you want a full decent banking service, the closest that you'll get to it, is from either AIB or BoI. Neither are perfect, and both come at a cost.
> 
> Thereafter, you'll have to make certain sacrafices, in terms of what services you'll get, in return for trying to save on costs.


What sacrifices to you have to make if you choose the CU Current Account; https://currentaccount.ie/ ?


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## MrEarl (28 Jan 2022)

RetirementPlan said:


> What sacrifices to you have to make if you choose the CU Current Account; https://currentaccount.ie/ ?



I don't think they do same day transfer to accounts outside of the CU. However, if they were to join Sepa Instant, in the future, that could change.

They don't provide full banking facilities.

Many CU's are still staffed by volunteers, so skills may vary considerably. To give a simple example, I don't think they are required to comply with the same MCC requirements as Bank staff.

Don't take my comments wrong btw -  in many ways, I'm supportive of the CU movement, as you'll see from some of my other posts


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## RetirementPlan (28 Jan 2022)

MrEarl said:


> I don't think they do same day transfer to accounts outside of the CU. However, if they were to join Sepa Instant, that could change.
> 
> They don't provide full banking facilities.


Do BOI and AIB provide same-day or instant transfers? I thought they were building a new app to facilitate this?


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## ATC110 (28 Jan 2022)

RetirementPlan said:


> What sacrifices to you have to make if you choose the CU Current Account; https://currentaccount.ie/ ?


Last time I checked the CU charges were much higher than AIB


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## Nordkapp (28 Jan 2022)

Heard today that the CU pension deficit has risen from €6 million to €78 million and poses a threat to the stability of the sector.
My money will stay in a credit institution


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## ClubMan (28 Jan 2022)

Nordkapp said:


> Heard today that the CU pension deficit has risen from €6 million to €78 million and poses a threat to the stability of the sector.


Do they offer staff a defined benefit pension scheme?  

Edit: seems like they do...








						€78m deficit in credit union pension fund has potential to destabilise sector
					

A huge deficit has emerged in the pension fund covering thousands of credit union staff.




					m.independent.ie


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## MugsGame (28 Jan 2022)

RetirementPlan said:


> Do BOI and AIB provide same-day or instant transfers? I thought they were building a new app to facilitate this?


Most Irish banks provide same working day transfers to other Irish banks, provide you initiate them before a cut-off time (usually early afternoon).

The new app is for instant payments to other Irish banks - there is probably a strategy behind this to displace the card schemes in favour of Account to Account payments.


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## RetirementPlan (1 Feb 2022)

ATC110 said:


> Last time I checked the CU charges were much higher than AIB


They have different charging structures. CU is a fixed €4 per month covering all basic transactions. AIB is €4.50 per quarter, plus individual charges of 20c for each transaction. If you have more than 40 transactions per quarter (which isn't hard to do), you'll be better off with the CU.


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## RetirementPlan (1 Feb 2022)

Nordkapp said:


> Heard today that the CU pension deficit has risen from €6 million to €78 million and poses a threat to the stability of the sector.
> My money will stay in a credit institution


Each CU *is *a credit institution surely? With the same guarantees as any Irish credit institution.
 The sector has reserves of €3 billion, to put the €78 million deficit in context.








						Central Bank insists credit unions have the funds to bail out pension
					

The Central Bank said it was monitoring the situation where credit unions are being forced to plug a massive hole in the sector’s pension fund.




					www.independent.ie
				





Hard to see how a deficit could grow from €6m to €78m in 4-5 years. Are the beancounters playing games again?


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## ClubMan (1 Feb 2022)

RetirementPlan said:


> Hard to see how a deficit could grow from €6m to €78m in 4-5 years. Are the beancounters playing games again?


Maybe it's the same bean counters who claim that CUs offer cheap credit and quote APRs that don't factor in the cost of having to keep 25% of the loan amount on deposit?


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## MrEarl (1 Feb 2022)

I think it's time that this thread was split, to allow the discussion on the CU movement to run parallel to this topic (Revolut as an Alternative to UB Current Account)...


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## MrEarl (1 Feb 2022)

Speaking of Revolt.... 

I see that they've announced their EU Banking license and now propose to passport into Ireland. 

While that is most likely good news, or doesn't give any immediate assurances to the existing Irish customers, who remain outside of Revolut Bank (and are not covered by the DGS) - at least, for now.


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## MugsGame (25 Mar 2022)

Revolut offered a me free opt-in to their Bank T&Cs yesterday meaning my deposits are now protected by guarantee. I'm surprised this happened so quickly.


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## peemac (1 Apr 2022)

Problem with revolut is you cannot talk to anyone and they randomly stop direct debits citing "security check"

They stopped both a sky TV payment and local property tax as "suspicious" and blocked the card 

I approved both, card was unblocked, but neither payment was processed.

Only found out today that they did not process either payment or a reapplication as Sky TV has gone (probably a blessing) 

So a definite no no no from me for having it as a main account.


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## MrEarl (1 Apr 2022)

Deepending on what payment was stopped, this could also result in you incurring fees for unpaid items, on the other side (ie if its a direct debit for a credit card provider etc)


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## peemac (2 Apr 2022)

MrEarl said:


> Deepending on what payment was stopped, this could also result in you incurring fees for unpaid items, on the other side (ie if its a direct debit for a credit card provider etc)


A €15 charge was applied by Sky.

I got onto revolut chat - never again.

It takes about an hour for someone to respond (you get a notification, so you don't have to just sit there), then it takes 20-30 minutes for each question to be answered, so not possible to have an actual conversation.

After 3 hours and no more enlightened as to why the payment was not sent after I had given approval, I just gave up.

So in my opinion, revolut are nowhere near the standard you need to operate a main account.


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## MrEarl (3 Apr 2022)

Absoutely no doubt about it, their customer service is incredibly bad.


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## peemac (3 Apr 2022)

Just read that Starling Bank is launching here soon if the job adverts are anything to go by.

They certainly have shaken up banking in the UK and may be a great option if they are operational before UB and KBC close


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## peemac (21 May 2022)

Revolut froze my card again overnight and refused another direct debit as "suspicious" The direct debit for from a small little company called Nestle for my Nespresso sub.

So I have had 3 direct debits/recurring payments set-up and all three have been rejected as "suspicious" and caused Revolut to freeze my card.

The "Suspicious" transaction were from Revenue Commissioners, SKY TV and now Nestle. When i finally got to "customer service" (call centre) they said it was just how it happens. 

So 100% Revolut are totally unsuitable for your day to day banking and time for me to close it out.


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## Nordkapp (21 May 2022)

@peemac Shocking, suppose this has something to do with it,


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## peemac (21 May 2022)

Nordkapp said:


> @peemac Shocking, suppose this has something to do with it,


No, they finally got back to me and said that their cards cannot be used for subscription payments.

Frankly that's an elementary service.

They said it can only be done by creating a direct debit via the iban number and not a facility allowed via their debit card.

I opened a Bunq account today


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## ryaner (21 May 2022)

peemac said:


> No, they finally got back to me and said that their cards cannot be used for subscription payments.
> 
> Frankly that's an elementary service.
> 
> ...


That seems insane given they advertise managing subscriptions - https://www.revolut.com/en-IE/subscriptions - and some of the services they show only accept card.


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## peemac (22 May 2022)

ryaner said:


> That seems insane given they advertise managing subscriptions - https://www.revolut.com/en-IE/subscriptions - and some of the services they show only accept card.


I sent 4 hours on chat to them yesterday. You can set up subscriptions via their app, but they cannot handle you providing debit card details to a subscription/recurring payment like Sky / Nespresso / Revenue / Irish times where you provide card details and then then take payment from that card each month.

On the positive side, I opened a BUNQ account in 5 minutes, It was operational a coupe of hours later and today transferred my revolut balance and closed the revolut account. BUNQ do charge 2.99 a month, but I'd rather pay for and get a service


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## ryaner (22 May 2022)

Seems their own support doesn't know what they are advertising








						Keeping track of your Scheduled Payments | Revolut Help Centre
					

Managing your bills and subscriptions has never been easier. To view all your direct debits, recurring card payments and standing orders, tap on the ‘Payment...



					www.revolut.com
				





> To view all your direct debits, *recurring card payments* and standing orders



https://www.revolut.com/help/making...how-to-set-up-scheduled-payments-with-revolut even says


> For *recurring card payments* (e.g. Netflix, Spotify or Apple Music), just add your Revolut card details to your account



BUNQ are a good alternative although annoyingly a new issue is showing up with their IBAN not being accepted by some providers. And because it is an Irish IBAN, the usual IBAN discrimination stuff seems to not apply. 

Personally I've decided against one bank going forward. There is just too much risk of everything being locked out on a whim.


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