Revolut’s changing fee structure - Newstalk

Image audioImage Revolut’s changing fee structure - Newstalk

Revolut is now one of the most widely used banking apps in Ireland, having secured over one million customers here already.

Living up to its name, Revolut is changing banking for the better with its standard account still relatively fee-free, despite announcing a change in its fee structure.

With more pressure on the business to become profitable, there is an anticipation that it may only be a matter of time before the fintech decides to implement more fees for regular users.

Our Head of Communications at, Daragh Cassidy was on Newstalk's Breakfast Business to discuss Revolut's fee structure, how they compare to regular banks and what's in-store for users down the line.

Here’s an outline of the main points discussed by Daragh in the interview.

How do Revolut’s fees compare to those of an ordinary bank?

Their fees are extremely competitive. For Revolut customers, you can do all of your day-to-day banking for free. This includes contactless transactions, chip and pin transactions, a certain amount of cash withdrawals and there’s no monthly or quarterly charge. 

A key selling point for both Revolut and N26 is that there is a lack of foreign exchange fees.

Revolut has amended its fee structure slightly, but it’s still really competitive. 

Will Revolut increase its fees?

Unfortunately, all good things come to an end. Revolut’s current model isn’t sustainable in the long term.

They have changed the fee structure slightly recently. You used to be able to make unlimited purchases outside the Eurozone with your debit card with no foreign exchange fees, but Revolut has capped that now at €1,000. It’s also brought in a small fee for some transactions outside of the Eurozone.

Revolut has around 1 million customers now in Ireland, which is a significant amount for such a small country. 

Revolut has around 10 million customers worldwide. Its operating loss was just over £100 million. To put that into perspective against a traditional bank, AIB made around €1 billion in operating profit last year.

At the end of the day, Revolut isn’t a charity. It’s here to make a return on investment for shareholders and investors. It’s likely that new fees will be implemented over the coming months and years.

Revolut is looking at getting into the lending market. It’s unlikely that will happen here in Ireland any time soon, but maybe in European markets. 

If it starts offering credit cards or personal loans, it could make a profit. 

Even if Revolut brought in a €5 quarterly fee, it would still have one of the most competitive current account products in the Irish market.

N26 versus Revolut

Both Revolut and N26 are quite similar. 

One of the biggest differences is that N26 is actually a bank. It has a German banking licence that’s passported over to Ireland. If you have money with N26, it really is very safe and is protected by the Deposit Guarantee Scheme.

Technically Revolut isn’t a bank in Ireland. It has a banking licence in Lithuania but it hasn’t passported that over to Ireland yet. It operates here as an e-money licence that’s passported from the UK. 

If in the rare circumstance that something happened to Revolut, it means your money wouldn’t be covered under the Deposit Guarantee Scheme.

Aside from this, there’s not much difference between the two fintechs, but some people just prefer the Revolut app. 

With N26, there’s still no limit on the number of foreign transactions you can make with your debit card.

Compare current accounts on

What do you think of Revolut and N26? Would you consider switching to a ‘digital only’ bank? Let us know in the comments below!

On, it’s easy to compare a range of different banking and finance products

You can use our current account comparison service to quickly and easily compare different current account features and charges from all of Ireland’s main banks. 

If you’re considering signing up to a ‘digital only’ bank, take a look at our comparison on N26 versus Revolut for a comprehensive review of both.

We also discussed both fintechs in detail in a recent episode of our podcast, Current accounts: a deep dive

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