Revolut as an Alternative to UB Current Account

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.
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What sacrifices to you have to make if you choose the CU Current Account; https://currentaccount.ie/ ?
 
RetirementPlan said:
What sacrifices to you have to make if you choose the CU Current Account; https://currentaccount.ie/ ?
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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
 
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.
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Do BOI and AIB provide same-day or instant transfers? I thought they were building a new app to facilitate this?
 
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
 
RetirementPlan said:
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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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.
 
ATC110 said:
Last time I checked the CU charges were much higher than AIB
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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.
 
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
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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.
www.independent.ie

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 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?
 
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)...
 
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.
 
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.
 
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)
 
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)
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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.
 
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
 
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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