Revolut in Ireland : A Summary

Revolut is a smartphone payment app that comes with a prepaid card.
Although it is based in the UK, Revolut 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 in Revolut are not covered by any banking guarantee.

Revolut is now 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.


  • 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 (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 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).

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.
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

Changes From April 9th 2021

ATM Limits. The €200 monthly limit will remain but from April 2021 there will also be a new limit of five ATM withdrawals per month. Once you hit this, you will begin paying a €1 fee.
If you have exceeded both limits – the charge will be the higher of the two, €1 or 2% .

From April 9th – Standard and Plus customers sending money outside the SEPA area will only get one free cross-border transfer per month, then they will have to pay 50c per transfer.


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 their 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 and sort code that can be used in the same way as a normal UK bank account. You also get accounts in Euro , US Dollars , Australian Dollars and New Zealand Dollars.
    You can link a Wise account to their debit card for spending.
    Wise allows you to get exchange rates that are pretty close to the interbank rates and similar to Revolut , sometimes better. They charge a flat rate conversion fee – which may vary depending on the currencies involved. But, for example, when converting €500 to Sterling in Feb 2021 the charge was 0.41%.( €2.05) .
    In the EU , Wise is licensed and regulated by the National Bank of Belgium. They are authorised in the UK by the Financial Conduct Authority (“FCA”).

  • The Bunq Easy Travel card is also available in Ireland, it has no limits on foreign spending and uses the Mastercard exchange rate 7 days a week. It is also 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 Travel Vs Revolut

Compare Online Stock Trading in Ireland


Is Your Money Safe With Revolut?

Since Jan 2021 – because of Brexit , all EU customer accounts at Revolut are regulated by the Lithuanian Central Bank. Revolut hope 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 a the equivalent of a thousand Euro in a month.