Question 1

What is Revolut?

Accepted Answer

Revolut is a digital banking platform operating in Ireland as a branch of Revolut Bank UAB, which is licensed and regulated by the European Central Bank and the Bank of Lithuania. The Irish branch serves over 3 million customers in Ireland, offering comprehensive banking services through a mobile-first approach.

As an EEA branch of a Lithuanian-licensed credit institution, Revolut provides a full range of digital banking solutions including current accounts with Irish IBANs, debit and credit cards, payment services, and investment products. The platform has become one of the most widely-used financial apps in Ireland since establishing its local branch.

Question 2

When was Revolut founded?

Accepted Answer

Revolut was founded in July 2015 by Nik Storonsky and Vlad Yatsenko in London, United Kingdom. The company was established at Level39, a financial technology incubator in the Canary Wharf area.

Storonsky, a former derivatives trader at Credit Suisse and Lehman Brothers, invested approximately £300,000 of his own savings to launch the project. Yatsenko, a software engineer who previously worked at Deutsche Bank and UBS, joined as co-founder and Chief Technology Officer. The initial concept arose from frustrations with fees and commissions encountered while traveling abroad, leading to the development of a multi-currency card with fair exchange rates.

The Irish branch of Revolut Bank UAB was authorized by the Central Bank of Ireland on February 14, 2023, allowing the company to migrate its 2 million Irish customers from Lithuanian IBANs to Irish IBANs.

Question 3

Where is Revolut headquartered?

Accepted Answer

The Irish branch of Revolut Bank UAB is headquartered at 2 Dublin Landings, North Dock, Dublin, D01 V4A3, Ireland. This office, opened in 2021, serves as the operational hub for Irish banking services and houses customer support, compliance, and business operations teams.

The parent institution, Revolut Bank UAB, is headquartered in Vilnius, Lithuania at Konstitucijos avenue 21B.

Question 4

Where does Revolut operate?

Accepted Answer

Revolut operates throughout the Republic of Ireland, providing services to customers nationwide through its digital-only platform. The Irish branch serves the entire country without physical branch locations.

Instead of traditional brick-and-mortar branches, Revolut delivers its services through direct digital channels including its mobile application and online banking platform. Irish customers can access all banking services remotely, with the company maintaining its administrative presence in Dublin's Silicon Docks area.

Question 5

What services does Revolut offer?

Accepted Answer

Revolut offers a comprehensive suite of banking and financial services in Ireland:

Banking Services: Current accounts with Irish IBANs, debit cards, credit cards, and basic bank accounts. Deposits up to €100,000 are protected under the Lithuanian Deposit Guarantee Scheme.

Payment Services: International money transfers to over 150 countries, SEPA payments, direct debits, peer-to-peer payments, and support for spending in 150+ currencies with multi-currency accounts holding up to 36 currencies.

Credit Products: Personal loans from 5.99% APR, credit cards with interest-free periods, and Pay Later financing options allowing customers to split purchases into installments.

Investment Services: Commission-free trading of over 3,000 stocks and ETFs (through Revolut Securities Europe UAB), cryptocurrency trading and staking (through Revolut Digital Assets Europe Ltd), and commodities trading.

Additional Features: Instant Access Savings accounts with competitive variable rates, budgeting and spending analytics tools, insurance products, travel booking services, virtual card creation (up to 30 cards), and disposable cards for secure online shopping.

Digital Banking Features: Real-time transaction notifications, biometric security (Face ID/fingerprint), instant card freezing/unfreezing, location-based security, ATM locator, Apple Pay and Google Pay integration, and in-app currency exchange.

Question 6

What makes Revolut unique?

Accepted Answer

Revolut distinguishes itself through its comprehensive all-in-one financial app that consolidates banking, investing, and money management into a single mobile platform. Unlike traditional Irish banks, Revolut operates entirely digitally with no physical branches, offering 24/7 access to banking services through its award-winning mobile application.

The platform's multi-currency capabilities are particularly distinctive, allowing customers to hold, exchange, and spend in over 36 currencies with competitive exchange rates and no weekend markup fees on weekdays. Its instant international money transfer services and support for spending in 150+ currencies make it especially popular among travelers and those with international financial needs.

Revolut pioneered the use of advanced digital features in Irish banking, including real-time spending notifications, instant budgeting analytics, virtual card generation for enhanced online security, and the ability to freeze/unfreeze cards instantly through the app. The platform also offers unique features like RevPoints rewards program, round-up savings, and the ability to trade stocks, ETFs, and cryptocurrencies alongside traditional banking services.

The company's tiered subscription model (Standard, Plus, Premium, Metal, and Ultra) allows customers to choose service levels matching their needs, with the free Standard plan offering core banking services and premium tiers providing enhanced benefits like higher ATM withdrawal limits, travel insurance, and cashback rewards.

Question 7

What type of financial institution is Revolut?

Accepted Answer

Revolut operates in Ireland as an EEA Branch of Revolut Bank UAB, a Lithuanian credit institution. This classification means it is a branch of a bank authorized in another European Economic Area member state operating in Ireland on a cross-border basis.

The parent institution, Revolut Bank UAB, holds a full banking license issued by the European Central Bank and is supervised by both the ECB and the Bank of Lithuania. In Ireland, the branch is regulated by the Central Bank of Ireland and operates under European banking regulations with full passporting rights across the EEA.

As a credit institution branch, Revolut provides traditional banking services including deposit-taking, lending, and payment services, while also offering investment and cryptocurrency services through separate licensed entities within the Revolut Group. This regulatory structure allows it to offer comprehensive financial services while maintaining deposit protection under EU banking regulations.

Revolut

in Ireland 🇮🇪

Crypto-Friendliness

All done!

About Revolut in Ireland