Benefit from simple international money transfers, budgeting tools and €0 card option.
Revolut is a digital banking app and card that is designed to easily manage and spend your money. It’s a good option for those who want a simple way to manage their money, to save on foreign currency and want access to premium features.
This review covers what you need to know about Revolut in Ireland, including how it works and what it costs to help you decide whether Revolut is right for you.
Currency conversion fee
|Product Name||Revolut Standard|
|Card delivery||Up to 9 working days|
|ATM fee for Euro withdrawals||€0|
|ATM fee for other currencies||€0|
|Currency conversion fee||0.5%|
|Fee-free ATM withdrawal limit||€200 per month|
What's in this review?
- How does Revolut work in Ireland?
- What features does Revolut have in Ireland?
- How Revolut accounts work: Standard, Premium and Metal
- Compare Revolut with other digital banks in Ireland
- How much does Revolut cost?
- Using Revolut abroad and for foreign exchanges
- How do cryptocurrencies work with Revolut?
- Is Revolut safe?
- Pros and cons of Revolut
- How do you sign up with Revolut?
- Frequently asked questions
How does Revolut work in Ireland?
Revolut is a digital banking app that helps you manage your money and spend globally at a minimal cost. When you sign up, you will need to choose one of the three account tiers: Standard, Premium or Metal. Each of these account tiers come with different features and costs, the higher the tier, the more features you unlock and the higher the monthly fee.
For all account tiers, Revolut gives you a free IBAN account, a free UK current account and a bank card. You can spend in over 150 currencies at the interbank exchange rate and exchange 29 fiat currencies. There are a number of features that come with each account tier, such as free ATM withdrawals, budgeting tools, free ATM withdrawals and cryptocurrency trading. You then get exclusive features with the Revolut Premium and Revolut Metal accounts.
What features does Revolut have in Ireland?
- Current account and IBAN. You get a UK account number and sort code as well as a European IBAN. You can set up recurring payments, withdraw cash at ATMs, make contactless payments and use both Apple Pay and Google Pay. You’ll be able to view your balance on a spending-visualisations screen.
- Make international payments. The app lets you transfer money to 30 currencies at the interbank exchange rate (the same rates banks give each other).
- Spend globally fee-free. All spending abroad is also charged at the interbank rate.
- Apple Pay and Google Pay. You can pay with either Google Pay or Apple Pay using Revolut.
- Pay friends. You’re able to pay other people with ease or use the split-bill feature to divide a group spend.
- View spending habits. Using analytics, your spending will be categorised by type of transaction, by merchant or by country.
- Control your card and account. You can lock and unlock your card in the Revolut app as well as set monthly spending limits.
- Save money. Revolut’s Vault feature let you build up funds for a specific funding goal. Keep in mind it doesn’t pay any interest like a normal savings account, but it can be helpful for saving towards short-term goals.
- Teach financial skills. Revolut Junior is a money management platform aimed at children aged seven to 17 years old. This feature lets parents or guardians securely manage their child’s spending in a sub-account within the app. It’s available to Premium and Metal Revolut account holders only.
- Buy cryptocurrency. We explain more about crypto below.
How Revolut accounts work: Standard, Premium and Metal
Revolut has three tiers: Standard, Premium and Metal. The Standard account is €0 per month, the Premium account is €7.99 per month and the Metal account is €13.99 per month.
For the monthly fee, you’ll get the following features with each account:
Compare Revolut with other digital banks in Ireland
How much does Revolut cost?
Revolut has a certain number of fees and limits to be aware of:
- Monthly fees: You will pay no monthly fee for the Standard account, €7.99 for the Premium account and €13.99 for the Metal account.
- ATM fees. A 2% ATM fee will apply if you withdraw over the monthly limit for your chosen account (€200 per month for Standard and €400 per month for Premium and €800 per month for Metal).
- Currency exchange fees. If you have the Standard account you are limited to up to €1,000 per month, after which a 0.5% fee is charged per month.
Using Revolut abroad and for foreign exchanges
Many financial institutions charge you additional fees to use your card abroad, or they transfer your money at non-competitive rates. One of Revolut’s most appealing features is that it lets you spend fee-free at the interbank rate in over 150 currencies. If you just want to transfer money into another fiat currency, you can choose from over 30. Remember, Revolut Standard has a limit up to €1,000 per month, after which a 0.5% fee is charged.
Using it abroad is much like using it in Ireland. However, don’t forget that while there’s no spending limit for card payments, free ATM withdrawals are limited to €200 per month with the Standard account (higher for Premium and Metal), after which you’ll be charged a 2% fee.
How do cryptocurrencies work with Revolut?
Revolut stands out from its competitors in cryptocurrencies. In 2017, it became the first challenger bank to let customers buy cryptocurrencies within the app.
What’s more, it’s incredibly easy for anyone to use cryptocurrencies such as Bitcoin with Revolut. Revolut’s aim is to make cryptocurrencies accessible. You will have access to five different cryptocurrencies: Bitcoin, Litecoin, Ether, Bitcoin Cash and XRP.
Revolut shows you real-time cryptocurrency graphs which shows you current rates. You can also set up price alerts to hear when your cryptocurrency hits a certain value.
Is Revolut safe?
Revolut received its European banking licence from the European Central Bank in December 2018. This means that if you open a current account with Revolut in the future your funds will be protected up to €100,000. However, at the time of writing, this was still being put into place. For now, Revolut still has obligations to safeguard your funds in a separate bank so you can get them back should anything happen to Revolut.
In terms of smartphone security, Revolut’s smartphone app is protected by a password or fingerprint ID. Immediately freeze or unfreeze your card in the app if it’s been misplaced, lost or stolen. You can take further control by turning online, ATM and contactless payments on or off.
Pros and cons of Revolut
- You can exchange money into 30 different fiat currencies
- Get an IBAN and UK current account in one app
- Free ATM withdrawals up to a certain limit
- Concierge service and insurance with paid accounts
- Spend in over 150 currencies at the interbank exchange rate
- Instant top-ups from your main account
- Revolut applies a markup of 0.5% on major currencies and 1% on other currencies over the weekend when markets are closed.
- You are charged at least a 1% markup for currencies such as the Thai baht, Russian rouble, Ukrainian hryvnia and the Turkish lira. This rises to 2% on weekends.
- The Standard account doesn’t come with express card shipping and your card can take Up to 9 working days
- Free ATM withdrawals are capped each month
- Revolut has no branches, which can put off those who prefer face-to-face customer service.
How do you sign up with Revolut?
You sign up to Revolut by downloading the app to your smartphone and registering. You will need to verify your identity by providing a valid ID and taking a selfie. After you sign up, you can request a contactless Revolut card and begin using your account.