Banking With Revolut in Ireland


NEW : REVOLUT has officially begun operating as a bank in the Republic of Ireland with the launch of protected deposit accounts and loans for Irish customers.


Since March 24th 2022 , Revolut is now operating as a fully licenced bank in Ireland and funds of up to €100,000 are guaranteed by the Lithuanian State company Deposit and Investment Insurance.

Special Offer for Money Guide Ireland readers.
If you join Revolut using the link below – you will get €10 credit on your account and 1 month of Revolut Premium for FREE.


You can Apply to Join Revolut Here


What Is Revolut ?

Revolut calls itself a ” global financial super-app “. It is a digital service that runs on Apple or Android smartphones.
Revolut launched in July 2015 as a money-transfer service before expanding its services to include digital banking, loans, stock trading and cryptocurrency. They have over 20 million customers.
Revolut is based in London and is available in Ireland , the UK and the rest of the European Economic Area plus Australia, Canada, Singapore, Switzerland, and the United States.
Revolut Bank , part of Revolut, was granted a full banking license by the European Central Bank in 2021.

As well as typical banking services such as debit cards, direct debits and payment transfers – the Revolut app also offers loans, deposit accounts , share trading and cryptocurrency trading. There is currently no interest on the deposit accounts in Ireland.


Is Revolut a Bank in Ireland ?

Revolut was granted a full banking license by the European Central Bank (ECB) in December 2021.
The licence was given to Revolut Bank UAB.
Revolut has a “specialised bank licence” which allows it to take deposits and lend money – but specialised banks cannot operate in more complex activities such as investment or fund management services.


Irish Revolut account holders who joined before March 2022 are customers of Revolut Payments UAB – but since mid March 2022 , those customers can now opt to “move” their accounts to Revolut Bank UAB . This will then mean that funds of up to €100,000 will be covered by the Lithuanian Banking Guarantee.
No actual movement of funds or changes to account numbers occur – it is just a transfer of business entity.

Joining Revolut bank doesn’t cost you anything. All the fees (if any) remain the same as before.



Revolut Bank Charges Compared to other Banks in Ireland



How To Check if You are Signed up to Revolut Bank



If you’re an existing customer and are eligible to join Revolut Bank UAB, you’ll see a banner in your Revolut app home screen saying ‘Join Revolut Bank’. Tap the banner and follow the instructions on screen.

You can check if you are a customer or Revolut Bank or Revolut Payments by following your ‘Home page’ -> ‘Profile’ section -> scroll down and with the version number of the app you can also see the entity of your account. (Revolut Bank or Revolut Payments)

The new entity should be displayed in the documents available in the app. The documents can be downloaded from the app: open ‘Profile’ section and select ‘Documents’.

Joining Revolut bank doesn’t cost you anything. All the fees (if any) remain the same as before.
Revolut statements will show a different IBAN for the Deposit insurance only – which means you can’t use this IBAN for transfers. For that, you should keep using the IBAN from the app in your Account details.

New customers : From version 8.5 of the Revolut app, when joining Revolut, you will automatically have a bank deposit account and an EMI (Electronic Money Institution) account.



How To Get a Revolut Card in Ireland

Special Offer for Money Guide Ireland readers.
If you join Revolut using the link below – you will get €10 credit on your account and 1 month of Revolut Premium for FREE.

Signing up for a Revolut card and account in Ireland is easy. You can sign up Here .


As you will see below, there are 4 different types of Revolut plans – we have compared the features. Don’t worry if you don’t know which type of account to choose at first – you can always upgrade or downgrade later if you need to.


After installing the Revolut app on your phone you will need to verify your identity before using your Revolut account. This is in line with EU banking regulations commonly known as ‘Know Your Customer’. (KYC)

You will need to take a picture of a valid government-issued photo ID (Passport) and a picture of your face.
Once verified you can order a physical Revolut card. You will also be able to use a virtual card for online purchases.

You must be 18 or more to join Revolut. Under 18’s can have a Junior Account with Revolut, but only as a sub-account linked to the account of their parent or guardian.


Why Does Revolut Need My PPS Number?

Because Revolut is not an Irish institution – they are required by law to collect the Tax Identification Number of their 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 also has full EU banking licence that covers Ireland. Read more here about Revolut compared to N26


How Does Revolut Work?


Revolut App Features and Fees

  • 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.
  • Loans – with rates as low as 5.99% APR
  • Deposit guarantee of €100,000

Buying shares on Revolut

  • You can buy US-listed shares on Revolut (Nasdaq and NYSE).
    • Fees are €1 per trade (The first trade every month is free).
    • Minimum trade $1
    • Maximum trade $10000. (or 500 shares)
    • Shareholding fee of 0.12% per year. (i.e $12 on $10,000 worth of shares) .
    • Fractional Shares are available on Revolut

More here about Buying Fractional Shares

Compare Revolut with other Online Share Trading Apps in Ireland



Cryptocurrencies are available on Revolut

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 or SHIBA

However, you can not transfer crypto out of Revolut

Exchange fees to buy crypto on Revolut are 2.5% for Standard / Plus or 1.5% for Premium/Metal accounts.
This is more than double the 1% fee on Etoro .

We also compared the prices of Bitcoin on Revolut and Etoro at exactly the same time.
Bitcoin was priced at 1% higher on Revolut compared to Etoro . (Apr 13th 2022)
When you take the difference in commission and pricing – you could save as much as 2.5% by using Etoro instead of Revolut.

You can send US Dollars from Revolut to Etoro to avoid any currency conversion fees on Etoro.
Read more about Etoro here.

Find More places to Buy Cryptocurrencies in Ireland


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

Special Offer for Money Guide Ireland readers.
If you join Revolut using the link below – you will get €10 credit on your account and 1 month of Revolut Premium for FREE.

Signing up for a Revolut card and account in Ireland is easy. You can sign up Here .



A Summary of Revolut Plans and Charges in Ireland

Revolut has four different plans :

  • Standard Plan : Free
  • Plus Plan (€2.99 a month)
  • Premium Plan (€7.99 a month)
  • Metal Plan (€13.99 a month)

The table below shows you the features of each Revolut plan so you can work out which is the best one for you. Figures checked March 2022

Special Offer for Money Guide Ireland readers.
If you join Revolut using the link below – you will get €10 credit on your account and 1 month of Revolut Premium for FREE.

Signing up for a Revolut card and account in Ireland is easy. You can sign up Here .


REVOLUTStandard
(No Monthly Fee)
Plus
(€2.99 per month)
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 €200 per month is free then 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 Conversion RateInterbank rate with a 1% mark up at weekends.Interbank rate with a 1% mark up at weekends.Interbank rate with a 1% mark up at weekendsInterbank rate with a 1% mark up at weekends
International Transfers SEPA transfers are free . Others 0.3% (Min 30c Max €5)SEPA transfers are free Others 0.3% (Min 30c Max €5)SEPA transfers are free.
Others - First1 free than 0.3% (Min 30c Max €5)
SEPA transfers are free.
Others - First 3 free than 0.3% (Min 30c Max €5)
Money Exchange/Spending in Non Euro First €1000 is free then 0.5% fee.First €1000 is free then 0.5% fee.No limits . Fee Free No limits . Fee Free
Sign Up Apply HereApply HereApply Here Apply Here
Share Dealing 1 free trade a month then 0.25% fee (min €1) per trade.
Plus 0.12% (annually) of the market value of your assets.
3 free trades a month then 0.25% fee (min €1) per trade. Plus 0.12% (annually) of the market value of your assets.8 free trades a month then 0.25% fee (min €1) per trade. Plus 0.12% (annually) of the market value of your assets.Unlimited free trades a month . Plus 0.12% (annually) of the market value of your assets.
Junior AccountsOneTwoTwoFive
CryptoExchange Fee of 2.5%

Exchange Fee of 2.5% Exchange Fee of 1.5%
Exchange Fee 1.5%

Overseas Travel
Insurance
NONOYES
(Cancellation.Delay, Baggage and Medical cover)
YES (Additional cover for Personal Liability, Sports Equipment and Car Hire Excess.)
Purchase ProtectionNOYES - up to €1000YES - upto €2500YES - up to €10,000
Ticket Cancellation
Cover
NO YES - up to €1000YES - up to €1000YES - up to €1000
Aiport Lounge
Pass
NONoYES (2)YES (4)
Cashback on SpendingNONoNo 1%

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 some 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.


Where to Buy Cryptocurrencies in Ireland

Comparison of Online Stock Brokers Ireland

Where Can you Buy Fractional Shares in Ireland ?


Is Your Money Safe With Revolut?

Since March 24th 2022 , Revolut has been operating as a fully licenced bank in Ireland and funds of up to €100,000 are therefore guaranteed by the Lithuanian State company Deposit and Investment Insurance.

All European deposit guarantee schemes have a target funding of 0.8% of the total deposits held by all the banks covered by the guarantee. As of Dec 2020 – the Lithuanian deposit scheme had a similar funding strength to the German deposit guarantee scheme – so money held there should be as safe as money held with the German online bank N26 .

Existing Irish Revolut account holders are currently customers of Revolut Payments UAB – but they can now opt to move their accounts to Revolut Bank UAB . This will then mean that funds of up to €100,000 will be covered by the Lithuanian Banking Guarantee.

In some specific cases (listed below) the deposit coverage at Revolut will be greater than EUR €100,000

  • funds from the sale of a residential property owned by a depositor transferred to the depositor’s account no more than 6 months before the occurrence of the deposit insured event; (Max €300,000)
  • funds inherited by a depositor as legatee or legal successor; (Max €200,000)
  • funds received by a depositor as a beneficiary under a life insurance contract or under any other similar contract in the event of death;
  • funds received by a depositor as a compensation or benefit in the cases and under the conditions provided for by law due to fatality of another person when performing his/her professional or official duties; (Max €200,000)
  • benefits or compensations for damage rendered by violent crimes). (Max €200,000)

Joining Revolut Bank is completely optional for existing customers. If you like your Revolut account just the way it is, you can remain a customer of Revolut Payments UAB and your account will continue to work as usual.

However – it’s completely free and gives you the extra deposit insurance protection.




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 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 Revolut

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 more using a Mastercard compared to the Interbank rate used by Revolut.

A spend of £500 would cost you about €1.32 more with a “normal” Mastercard than Revolut. (Excluding any fees the card provider adds on for currency conversion.
However – once your currency conversion on the standard Revolut account 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 for currency conversion

Weekend Exchange Rates on Revolut

On Saturdays and Sundays, Revolut adds a 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 a standard Mastercard (N26). On the equivalent of a €100 spend – this would be a difference of €0.73.

So, assuming spending was equal on every day of the week – this would make the Mastercard rates slightly better than Revolut overall 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.