Revolut chat

Indeed - Starling missed an opportunity massively here and indeed Monzo - I might be wrong, but I’m sure I read (way, way back now) that Monzo were considering Ireland as a potential expansion before their US effort.

A few weeks back, I was in the Netherlands and ordered an Uber Eats. For some reason it defaulted to cash (probably my fault) and I didn’t have cash on me.

The driver gave me an iDEAL QR code to pay with which I scanned not expecting anything, but was gobsmacked when my Revolut app opened and followed a payment flow (in Dutch) - and I was able to pay successfully.

Imagine BOI, AIB or PTSB being able to do that :t_rex: :joy:

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Christ, you can do iDEAL with Revolut? They’re literally making money borderless

Starling got their banking licence in Ireland if I remember correctly, then decided not to enter the market. Quite a point and laugh moment now, I bet the Revolut team couldn’t believe their luck

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You can definitely send. I’m not sure about receive as I’ve not done it.
I’d assume so as Revolut is operating as a bank with local IBANs in NL

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Do you remember the “glitch” that allowed any BOI account to go under 0 without an arranged overdraft? Word is that BOI were overhauling their IT infrastructure; which they outsourced to India and then caused said issue above

I have a friend who topped up his Revolut account with the max - €1k euro - using his underage sons BOI account and BOI have since written off the debt because they couldn’t chase it and closed his account - I was telling him the whole time to expect collections but nothing came of it

Kind of hilariously ironic

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I remember the TV pictures of the queues at the ATMs when that happened.
And everyone saying that BOI wouldn’t come after them for the money ‘because they can’t come after us all’ :rofl:

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Sadly for BOI that was true for the Under 18s accounts

I remember the guards blocking the ATMs (Public money protecting Irish banks, Deja vu 2008 anyone?) until everyone realised they could do it virtually

Revolut must have been pleased with the huge spike until they realised what it was coming from… I was surprised they didn’t chargeback the transactions they could recover but I guess that wouldn’t be a good reason

Irish people have been waiting for the old :t_rex: banks to die for a long time, really glad to see it finally start happening. I’d imagine AIB,BOI are atleast 5-8 years away from an app that even comes close to Revolut

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I personally closed my Irish legacy accounts.
I had one with Ulster and KBC, and of course they’ve both gone now.
I’m essentially ‘full’ Revolut now, with backup to bunq.
Even the credit unions can’t compete with them.

It would be good to see some decent competition over here and the huge variety of options that our friends over the water have :uk:

And I wonder how the landscape in Ireland would be today if a Starling, or a Monzo entered the market at the ripe time that Revolut landed here

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Mortgages were announced towards the end of last year, this morning an in-app survey suggesting mortgages and overdrafts.

Wonder if there is going to be some movement on these soon

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For the bulk here in the UK, it’s not something we will see for a long time.

No banking licence :melting_face:

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True, but when / if (I’d say more likely when) that does happen, all these products are pre-built ready to go :slightly_smiling_face:
Well, I guess other than local regulatory tweaks

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Would they be actually providing the mortgage though?

I’m sure I read somewhere they’d be a broker, that was some time ago.

They could probably do that now, as they do pet insurance here.

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That’s true - a lot of the products are not their own.
We don’t have the pet insurance. I do have car insurance through Revolut, all the documents are Revolut branded but the actual insurer is AIG

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Revolut already offer credit lines with a service similar to Monzo Flex and I think an actual credit card aswell but not sure on that

Considering most banks using 3rd party insurance im not sure if Revolut will offer the mortgages themselves based on that, I’d imagine so though

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Revolut doesn’t offer this in the UK.

They don’t have a licence and can’t see them spotting their own money to do it.

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should’ve clarified i meant the Irish branch

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Revolut responded to my complaint about the direct debits not going until next day:

As much as we would want our customers to have a seamless experience from enjoying our services to its fullest, being a company that deals with technology and third party partners, we are not always completely free from experiencing technical issues that might arise from time to time. Such issues are predicted under Clause 27 of our[ Terms and Conditions|Personal terms | Revolut United Kingdom], where we state:

“We’ll do as much as reasonably possible to make sure that our services are not interrupted and are accessible at a reasonable speed. However, we can’t promise that this will always be the case or that the services will be free from faults. We also rely on some third parties to provide services to you, which can sometimes disrupt our services. We’ll always do our best to solve any problems with our services, no matter what the cause.”

And credit me £50 for the experience. First ever major issue with them, none of my debits reached out to query where the payment was.

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Thank goodness I don’t pay my main bills from Revolut :scream::grin:

TBF, I have been for a good couple of years now, and not once have I had any kind of issue with payment failures :slightly_smiling_face:

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Worked on the other end of the direct debit process, it seemed like even with the fastest processors it would still take them atleast 3-4 days to reflect a bounced payment to us

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I’m not sure they will ever get a banking license here, from memory they’ve been waiting 3-4 years for this and there’s evidently some issue that isn’t being fixed/solved.

They said last year it was pretty much round the corner/about to happen and it hasn’t. In that time Chase has come in and set up, whilst it has been here before and is a huge US bank, they seem to have easily ticked all the boxes.

Given the slower nature other banks and fintechs have come up with credit products in the mean time I can’t see mortgages coming from
Revolut other than with a 3rd party provider perhaps

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