Revolut to roll out Irish IBANs - Newstalk

This month fintech Revolut announced that it is rolling out Irish IBANs for its customers here in Ireland.

Daragh Cassidy, Head of Communications at bonkers.ie, appeared on Newstalk to discuss Revolut’s issuing of Irish IBANs and what it means for Irish consumers.

Listen back to the interview above or take a look at the main points below.

Main points from the interview

• Revolut will now be a more viable alternative to the big banks, such as  AIB, Permanent TSB and Bank of Ireland, for people’s day-to-day banking needs.
• The rollout of Irish IBANs will be around two months.
• Currently, Revolut customers have Lithuanian IBANS. 
• IBAN discrimination is supposed to be illegal in Ireland, so this shouldn’t have made a difference to banking here. Despite this, however, lots of Revolut users had problems trying to get paid into their Revolut accounts or setting up direct debits.
• This was a barrier to Revolut becoming a big force in the banking sector here in Ireland. 
• While Irish banks may not be happy to hear that competition is stepping up, it’s good news for Irish consumers.
• Of course, Revolut isn’t ideal for everyone though, particularly if you like using a lot of cash. Revolut also uses a lot of automated services and artificial intelligence instead of using people to answer customer queries.
• The big banks are going to be around for a long time, and all the money is in mortgages and big loans.
• Revolut has ventured into loans recently but it doesn’t offer mortgages yet. However, selling mortgages is tricky. 
• This change may make traditional banks re-evaluate their services, online offering and apps, as many banks are lacking in these areas compared to our European counterparts.
• A lot of people had a bank account with a traditional bank, and also with Revolut. Now though, more people may start closing their traditional accounts and migrating to Revolut as it offers lower fees and a better digital experience.
• N26 has a German IBAN and as Germany is a big country and has a successful banking record, people may feel more comfortable with this. Whereas many consumers were questioning Revolut’s decision to issue Lithuanian IBANs.
• N26 doesn’t offer loans at the moment, so it is starting to fall behind. Revolut and N26 both don’t offer overdrafts either, so this is something to consider. You can find how N26 and Revolut compare to each other here. 
• You don’t need to do anything to switch to this new Irish bank, but you will need to update your employer if you get paid into your Revolut account and update any service providers that you have direct debit or standing orders with.

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 current accounts and prepaid credit cards to find the ideal current account option for you.

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