Banking With Revolut in Ireland

Since March 24th 2022 , Revolut has been 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.

NEW: In January 2023 , Revolut announced that they would soon be issuing Irish IBANs for customers in Ireland. See below for more details.

Special Offer for Money Guide Ireland readers.
If you join Revolut using the link below – you will get a 3-month free trial 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.

Revolut and Irish IBANs

Revolut customers in Ireland currently have Lithuanian IBANs for their accounts – but during the first half of 2023, Revolut will be transferring to Irish IBANS for all Irish customers.
New customers joining from 13th Feb 2023 will be given Irish IBANs.

If you are an existing customer , you will still be able to receive payments using the Lithuanian IBAN for two months after you are transferred to the Irish branch.
This will give you time to inform anyone making and receiving payments to your Revolut account of the new IBAN (eg. employers, social welfare , utility companies etc).



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 were customers of Revolut Payments UAB – but since mid-March 2022 , customers have been able to opt to “move” their accounts to Revolut Bank UAB . This will then mean that funds of up to €100,000 are 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.

Revolut Bank Charges Compared to other Banks in Ireland


As well as typical banking services such as debit cards, direct debits and payment transfers – the Revolut app also offers loans, deposit accounts . There is currently no interest paid on Revolut deposit accounts in Ireland.
Check out where to get the Best Interest Rates on Deposit Accounts



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 a 3 month free trial 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 A 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. (PPPSN) 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.
  • Link to accounts for your children under 18
  • 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

Irish customers can also carry out share trading and cryptocurrency trading on Revolut – but Revolut is not allowed to promote these services to customers in Ireland.


If you do want to start investing in stocks and shares you should consider using EU based share trading apps such as Dutch firm BUX Zero or German company Trade Republic .
Other options are Etoro or Degiro. Take a look at our Comparison of Online Stock Trading in Ireland for details of charges.

More here about Buying Fractional Shares and Buying 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.

What do You Need to Set up a Revolut Account?

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 a 3-month free trial of Revolut Premium for FREE.
(Normally €7.99 a month)

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



A Summary of Revolut Plans and Fees 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 January 2023.


Revolut customers will get an annual statement of fees for the previous year at the start of each year.
This statement of fees can be accessed by clicking on your Profile icon, clicking into “Account” and then ‘Documents’, and then selecting Statement of Fees.


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.5 free trades a month then 0.25% fee (min €1) per trade. Plus 0.12% (annually) of the market value of your assets.10 free trades a month then 0.25% fee (min €1) per trade. Plus 0.12% (annually) of the market value of your assets.
Junior AccountsOneTwoTwoFive
CryptoExchange Fee of 1.99%
(min €0.99)

Exchange Fee of 1.99%
(min €0.99)
Exchange Fee of 1.49%
Exchange Fee of 1.49%

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%

Special Offer for Money Guide Ireland readers.
If you join Revolut using the link below – you will get a 3 month trial of Revolut Premium for FREE.
Signing up for a Revolut card and account in Ireland is easy. You can sign up Here .

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 (previously Transferwise) 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?

Revolut has been operating as a fully licenced bank in Ireland since March 2022 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 December 2021 – the Lithuanian deposit scheme had hit this target and was better funded than some other EU deposit schemes – so money held in Revolut should be just as safe as money held with any German bank or Irish bank.

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).

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% markup 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.