Revolut as an Alternative to UB Current Account

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.
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That’s the entity providing payment services in Ireland on a pass porting basis.
 
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.
 
@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…..
 
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).
 
Nordkapp,

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

www.revolut.com

Personal terms | Revolut Ireland

Revolut terms and policies
www.revolut.com 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:

Call us:

  • +370 5 214 3608 (your telecommunication service provider’s standard rates apply).
 
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)
 
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 :)
 
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 :)
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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.
 
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....
 
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?
 
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....
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thanks for the heads up, but would you care to elaborate?
 
stuartbloom said:
thanks for the heads up, but would you care to elaborate?
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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
 
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
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Interesting, since I have an appointment next Friday with them
 
stuartbloom said:
Interesting, since I have an appointment next Friday with them
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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! :rolleyes:

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
 
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! :rolleyes:

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