Revolut in Ireland : A Summary

Revolut is a smartphone payment app that comes with a prepaid card. It is available in Ireland and the rest of the European Economic Area plus Australia, Canada, Singapore, Switzerland, and the United States.

Revolut was launched in July 2015 and now has over 7 million customers.

You can Join Revolut Here


Is Revolut a Bank ?

Revolut is not a licenced bank in Ireland, it is an “Electronic Money Institution” with a HQ in the UK. Funds held by Irish residents in Revolut are not covered by any banking guarantee.

Revolut is a licenced bank in Lithuania, Poland, Bulgaria, Croatia, Cyprus, Estonia, Greece, Latvia, Malta, Romania, Slovakia and Slovenia. (Since early April 2021).

Because of Brexit – Revolut recently moved all their Irish customer’s accounts from the UK to Lithuania. Eventually, Revolut hopes to be granted an e-money licence by the Central Bank of Ireland. When they get that, all of Revolut’s Irish customers will be migrated to the Irish entity.

Why does revolut need my pps number?

Because Revolut is not an Irish bank – they are required by law to collect the Tax Identification Number of all customers living in Ireland. This is needed so that account information can be submitted to Revenue.
More here on Why Banks Ask for PPSN


  • One of Revolut’s main competitors in Ireland is N26 – which has a full EU banking licence. Read more here about Revolut compared to N26


The Revolut App Features

  • Top up with a debit or credit card, or by making a bank transfer.
  • View spending habits: your spending can be categorised by type of transaction, by retailer or by country.
  • Send money to other Revolut users instantly
  • Control your card and account. You can lock and unlock your card in the Revolut app as well as set monthly spending limits.
  • Save money. Revolut’s Vault feature lets you build up funds for a specific funding goal
  • Buy shares – you can only buy US-listed shares on Revolut (Nasdaq and NYSE). Charges are $1 per trade (The first 1 every month is free). Maximum trade $1000. Shareholding fee of 0.12% (i.e $12 on $10,000 worth of shares) . See details of other more serious Online Share Dealing Services
  • Cryptocurrencies – You can trade the following cryptocurrencies with Revolut, Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Stellar (XLM), EOS (EOS), OMG Network (OMG), 0x (ZRX), Tezos (XTZ), Bancor (BNT), Cardano (ADA), Filecoin (FIL), Loopring (LRC), Numerai (Numerai), Orchid (OXT), Synthetix (SNX), The Graph (GRT), Universal Market Access (UMA) and Uniswap (UNI), Yearn Finance (YFI). Not Dogecoin

Opening a Revolut Account

It is easy to open an account with Revolut in Ireland. You just enter your phone number and they will send you a sign-up link to download the app on your phone. You will then need to verify your identity by providing a picture of a valid ID document and taking a selfie. You will need to provide your PPS number too.
After you sign up, you can request your contactless Revolut card and begin using your account. Since Autumn 2020 – you can also check your Revolut account on your PC or laptop.

You can Join Revolut Here



A Summary of Revolut Charges and Limits


REVOLUTStandard
(No Monthly Fee)
Premium
(€7.99 per month)
Metal
€13.99 per month)
ATM WithdrawalsFirst 5 per month or first €200 free per month than a 2% fee. (Min €1)First €400 free per month than a 2% fee (Min €1)First €800 free per month than a 2% fee. (Min €1)
Currency ConversionInterbank rate with a 1% mark up at weekendsInterbank rate with a 1% mark up at weekendsInterbank rate with a 1% mark up at weekends
Money Exchange/Spending in Non Euro First €1000 is free then 0.5% fee.No limits . Fee Free No limits . Fee Free
Sign Up Apply HereApply Here Apply Here
Share Dealing 1 free trade a month then $1 per trade3 free trades a month then $1 each5 free trades a month then $1 each
Extras Instant access to 5 cryptocurrencies.

Revolut Junior account for 1 kid
Overseas medical insurance.

Delayed baggage & delayed flight insurance.

Priority customer support
Instant access to 5 cryptocurrencies.
Disposable virtual cards
Airport LoungeKey Pass access
Overseas medical insurance.

Delayed baggage & delayed flight insurance.

Priority customer support
Instant access to 5 cryptocurrencies.
Disposable virtual cards
Airport LoungeKey Pass access.

0.1% cashback within Europe and 1% outside Europe on all card payments. (capped at €13.99 a month)
Car Hire Excess Cover

.
Fully Metal Card


Some Alternatives to Revolut

Revolut was one of the first digital payment apps to launch in Ireland – and they have picked up a lot of customers. But there are now a few good alternatives to Revolut.

  • Wise has recently changed its name from Transferwise. They can provide you with a multi-currency international account and a debit card. The Wise international money account provides you with a UK account number as well as accounts in Euro , US Dollars, Australian Dollars and New Zealand Dollars.
    You can link a Wise account to their debit card for spending.

  • The Bunq Easy Bank card is also available in Ireland – but they charge €2.99 a month plus 1.5% on foreign spending .It is classed as a prepaid credit card – so it can be used in places where debit cards won’t be accepted – especially Car Rentals and Hotel reservations. Bunq is also a fully licensed EU bank. Read more about Bunq

Comparison of Bunq Easy Bank Vs Revolut Plus

Wher to Buy Dogecoin and Other Cryptocurrencies in Ireland

Compare Online Stock Trading in Ireland


Is Your Money Safe With Revolut?

Since Jan 2021 – all Irish customer accounts at Revolut are regulated by the Lithuanian Central Bank. Revolut hopes to eventually get a licence from the Irish Central Bank.

Revolut is not a bank, it is an “Electronic Money Institution” . It is authorised by the Bank of Lithuania under the Law on Electronic Money and Electronic Money Institutions of the Republic of Lithuania.

Funds in Revolut held by Irish customers are not currently covered by any banking guarantee.

Revolut say they keep your money safe by either:-

  • placing it into ring-fenced accounts that they hold with lage global banks or
  • by investing in low-risk assets held in a separate account with financial institutions.

If Revolut was to become insolvent, in theory, an administrator will be able to repay customers from these ring-fenced accounts.


If a Revolut customer in Ireland has a complaint they will need to contact the Lithuanian Central Bank .


Revolut Exchange Rates

When spending outside the Eurozone, Revolut says they use the “Interbank” rate.

We did a comparison on 14 random dates in 2019 – including 4 weekend days. We looked at purchases made in Sterling using Euro currency and compared Mastercard’s rates Vs the Interbank rate as used by Revolut.
(For the interbank rate we used the rates provided by Xe.com who state that all their figures are based on live mid-market rates.)

Weekday Exchange Rates

On average –for weekdays,the Interbank rate was just 0.265% better than the Mastercard rate.
In real money terms that would mean spending £100 would cost you just €0.26 cents more using a Mastercard compared to the Interbank rate used by Revolut.

A spend of £500 would cost you €1.32 more with the Mastercard than Revolut. (Excluding any fees the card provider adds on for currency conversion.
However – once your currency conversion on Revolut exceeds €1000 in a month you will be charged 0.5% extra. So, higher foreign currency spenders will be better off using N26 than Revolut.

See how much the banks in Ireland add on here

Weekend Exchange Rates

On Saturdays and Sundays, Revolut adds 1% mark up to their exchange rates.

So at weekends, based on our small survey, Revolut would cost on average about 0.735% more than Mastercard.
So, assuming spending was equal on every day of the week – this would make the Mastercard rates slightly better than Revolut by an average of just 0.02% .

Overall – the difference is probably not enough to worry about for day to day spending abroad or online unless you are spending more than the equivalent of a thousand euros in a month.