Revolut Ibans could be the tipping point Irish banking sector fears most

31 comments

1. I left PTSB coz their app was head wrecking! Do you still have to do a full login with your password AND code every time or have they finally integrated biometrics – or at least one pass?

   I’m only on the Revolut train for my business account, but it’s just so smooth even compared to the better Irish banking apps.

2. Good fuck them. The government has bailed them out far too many times.

3. AIB is arguably the most modern of the native Irish banking apps and even that requires you to either have a card reader or go in to the bank to save a payee so that you don’t need to reenter their iban every time you want to send money.

   No restrictions on actually sending the money, just on having the details saved on the account for ease of use. It is no mystery as to why apps like Revolut are so popular.

4. I’ve been tipping back and forth in between fully committing to Revolut as my full time banking solution, and this is literally the tipping point for me, fears and paranoia be damned.

   I refuse to go to BOI or PTSB with their shit apps, terrible customer service and antiquated practices.

   I did value at one time having a place to physically talk to someone, but as I’ve only been to a bank literally once in the past 5 years, outside of ATM, I’ve decided thats no longer a deciding factor…

5. i’m on the edge in regards of revolut.

   some say its a scam, some dont… whats up with that?

6. The “Irish” IBAN is nice, but it’s really a concession by Revolut to so many companies in Ireland that are still not fully capable of dealing with non-Irish IBANs.

   Far too many companies still go down the route of refusing non-Irish IBANs for either wage payments or DD setup. That is at odds with the [SEPA regulations](https://www.centralbank.ie/financial-system/payments-and-securities-settlements/irish-retail-payments-forum/iban-discrimination#:~:text=Under%20the%20SEPA%20Regulation%2C%20it,(the%20'SEPA%20Regulation‘).) and it really is those companies that should be dealt with and forced to update their payment systems.

   What Revolut, N26 and all the app based banks need to really challenge the status quo?
   Is a means of depositing and handling cash and cheques in Ireland.
   If any of them manage that?
   They will hoover up customers.

7. I have to agree about the PTSB app it is dire and a waste of time. The An Post app is quite good not as good as Revoluts but very functional. I will be closing my PTSB account because of their app.

8. If they’d done this a few months ago I probably wouldn’t have opened an AIB account.

   My Ulster Bank account was closing and too many Irish businesses routinely ignore the rules saying that all EU IBAN numbers should be treated equally

9. As someone recently posted that their ACC got suspended with revolut, that would be the thing preventing me fully switching to them, like regular bank won’t just freeze your account and be like yeah we will get back to you, no chance. Revolut can do that in a second, if some transaction money send receive, is flagged, and wtf your supposed to do then like.

   That said I like revolut as secondary app for cash spending, their app is decades ahead off any Irish bank apps.

   But they offer to much shite like crypto, or trading that makes them a bit unprofessional, sure some people enjoy them functions, but they shouldn’t be up on a serious bank, given that shit draws tax implications, that many have no clue about declaring etc.

10. I’m closing my AIB account to go to Revolut full time once the Irish IBAN’s are issued, no reason to stay with a legacy bank.

    Once Revolut offer credit cards I can see them taking over completely

11. To many sheep in Ireland. It will never happen. Some people just don’t change who they vote or bank with. No matter how much the abuse them.

12. Revolut don’t provide all the protections of the traditional banks so I am just using them as a handy payment system for now. Worst comes to the worst I’ll lose a few hundred euros. Make sure you know what you’re signing up for before you trust them with serious money.

13. Not really related but ptsb charged me 20 euro to send me 9 pages of bank statements…

14. Only downfall for me is I want a mortgage and they can’t provide one yet so I’m stuck with shitty AIB

15. Hope so.

    I’m still reeling from the outstanding innovation of Bank of Ireland’s last all update, you know the first one in a decade.

    They changed the apps colour- wow!

16. I live in the US. I’d bite your arm off if you offered me the Irish banking infrastructure.

17. Honestly the entire Irish banking Sector needs a massive kick up the arse and made to get itself in gear closer to European Norms. Not only that but Revolut might force the greedy bastards to bring back free banking as well, was with AIB for years until they decided to start charging people just for keeping their money in the account. Went to KBC then they went so with PSTB only because they’re an effective €1 a month for me (potentially would gain money if I had buisness with certain providers too).

    The only thing that would prevent me from using Revolut as a main savings account is that their fraud detection and resolution process is notoriously unpredictable. Would never use it for storing more than a few hundred Euros myself.

18. All for competition

19. The Irish banks can suck a bag of dicks.

20. I wouldn’t trust Revolut with all my money, as much as I hate the Irish Banks, I don’t think I’ll be putting all my eggs in the Revolut basket.

21. My reaction was to start to sing “It’s finally happening, banking is becoming slightly sane!”

22. They should bring back 110% mortgages

23. Much needed competition, the Irish banking system is a joke.

    Almost every developed country in the world has notable interest, benefits, cash back etc for their customers except Ireland.

    They’ve all essentially teamed together to take take take with 0 give. Pure greed.

24. Oh fantastic! That way, everyone can subject even more of their lives to the mercy of a set of unaccountable, international tech moguls.

    I understand that the card reader annoys you, and the app is shit, but how much will it annoy you in 2 years when revolut abruptly closes your account without warning or explanation beyond a boilerplate excuse? And then, you search for a contact number or customer service line to ring, expecting to wait ages to talk to someone, but there’s nothing?

    We offshored our social lives with the shiny social media tech and look how that worked out. Don’t do the same with banking plzzzz

25. Thing is I would move most of my day to day banking to Revolut, but I’m anxious of the fact they can just block you out of your account for reasons until you clear it up with them. I feel they’ll gather more of us that are wary if they change their process around suspending accounts. Something like regular payments will be honoured (mortgage/rent), and salary incoming, but block new payments until their reasons for limiting access are cleared up.

    I understand it’s automated flags on the system, but I have come across stories where someone sending money over the app get flagged for sending a message about something that may sound nefarious.

    Due to that my revolut will continue to be my small spending account and there for when people want to “revolut” some cash to me out of convenience.

26. Good, the Irish banks literally couldn’t be further behind in ease of use for the app, It’s doubtful they could ever catch up at this point to Revolut. Saying that o still use AIB for savings but might change that soon.

27. Good, they are robbing greedy bastards that do fuck all except hold the country hostage. Their apps are shit, internet banking straight from the 2000s, horrendous interest rates, fees out the hole.

28. Revolut being so unprofessional in freezing peoples account for “review” for weeks and weeks is enough for me not to switch.

    A mate had all of his money frozen years back as he was collecting money for a holiday

29. Whats wrong with the ptsb app? you can transfer money between your own and to external accounts very easily and manage direct debits too. They updated the web online banking pretty recently too. Miles better than AIB and their poxy card readers or BOI and payments not showing up for days etc.

30. It’s all good and proper until Revolut thinks there’s something fishy and blocks your account, and there’s no phone number or branch to go and get some explanations. Didn’t happen to me but heard it from some people doing freelance work, and I **did** run into an issue where for about a week transfers from my wife were no longer instantaneous, but took overnight to clear.

    I wouldn’t trust Revolut with my salary, yet…

31. Embrace the future.

    I wish the same could be said about the folks. They don’t believe Revolut is a bank and believe banks won’t give you a mortgage if you use Revolut.