Maybe that says more about the inefficiency of the CB and their processes than about the risk of holding money with Revolut?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 it does but maybe it doesn’t.Maybe that says more about the inefficiency of the CB and their processes than about the risk of holding money with Revolut?
Maybe.Maybe that says more about the inefficiency of the CB and their processes than about the risk of holding money with Revolut?
No, you can’t lodge cash.Just looking at Revolut to replace 18 year old daughters UB Account. Can you lodge cash directly to revolt? Presume via any atm. Thanks.
Irish residents are not covered by the Deposit Guarantee Scheme, if they have funds in Revolut.
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?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).
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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....
There's no such thing as a silly question, we all learn from each other around hereThanks 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?
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 accountsThere'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:
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 a guide for how to open a bank account in Ireland.n26.com
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).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
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.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......
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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