Revolut is now officially a bank - Morning Ireland

Image audioImage Revolut is now officially a bank - Morning Ireland

With two banks leaving the Irish market and Revolut becoming a bank, the world of Irish banking is going through some big changes. 

So what do all these changes mean for you? 

Listen back to the interview above or take a look at the main points discussed in the interview below to find out what’s in store. 

What does Revolut offer as a new bank?

The European Central Bank has officially declared Revolut a bank.

Since this announcement, the tech giant has wasted no time in upgrading its payment services to banking services and appealing to Irish customers. 

Currently, customers who sign up to the banking side of Revolut can have a €100,000 deposit guarantee and take out personal loans.

However, this is just the start, with Revolut expected to offer more banking services down the line. 

Will Revolut shake up the banking industry? 

Absolutely.

With KBC and Ulster Bank leaving the Irish market, Revolut brings the banking industry back to a level playing field, especially in the current account market. 

Revolut is a fully online bank and offers personal loan rates of 5.99% compared to Bank of Ireland’s 8.5% and AIB’s 8.95%.

However, customers have been critical of the Revolut IBAN as it doesn’t have the typical “IE” at the start.

This is because Revolut currently operates under a Lithuanian banking licence, meaning  that the account numbers it issues are Lithuanian ones.

This has resulted in employers having issues paying their employees through Revolut as their software can’t recognise the Lithuanian IBAN.

However, this is all set to change as Revolut has stated that they plan on adding the ‘IE’ to Irish customers' IBANs.

Does Revolut have any hidden fees?

Revolut has said that they won’t be changing their pricing structure and that everything is completely transparent with no hidden fees.

Does Revolut offer customer support? 

Yes, it does.

Revolut provides content that outlines solutions to customer queries on its mobile banking app.

However, if you are unable to find the solution to your problem there, you can contact their customer support team via their text chat. Their support agents are very quick to help and provide a solution.

Will energy prices continue to increase in 2022?

Yes.

We expect to see more price increases from energy suppliers in both gas and electricity over the coming weeks and months.

2021 saw 35 price hikes, while 2022 has seen Bord Gáis, Energia and PrePayPower announcing price increases, indicating that energy prices will continue to rise.

This is why we recommend that consumers should switch energy suppliers every 12 months, once their contract ends.

This will allow them to avoid paying an expensive standard rate and let them avail of a discount. 

Find the right bank for you

As the banking landscape in Ireland continues to change, it's important that you have an account with a bank that best suits your needs.

Whether it's a bank with low-interest rates or a good mobile app that has little to no charges or fees, you can discover the ideal one for you on bonkers.ie.

Head over to our banking and personal finance page to compare:

But why stop there?

You can lower more than just your banking costs on bonkers.ie.

We offer a range of comparison services that will help you cut the cost of your energy, broadband, and insurance bills. 

Get in touch

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