Revolut is making some major changes to its service in Ireland after it officially launched as a bank earlier this year.
And there are some important dates coming up in June and July that all 1.7million Irish Revolut customers should be aware of.
Here is what changes are coming up for customers in the coming months:
1. Revolut will be migrating users to Revolut Bank on July 1
Who is affected: All 1.7million Irish customers
What action is needed: You don’t need to do anything
On 1 July, customers will be migrated to Revolut Bank and become the bank’s customers but you can still use your Revolut account to make payments and hold funds as you always have.
From that date onwards with all services and products provided by Revolut Bank UAB. The funds in your current account will be protected up to €100,000 by the Deposit Guarantee Scheme.
Revolut Bank can also offer personal loans from €2,000 to €30,000 and plan to roll out credit cards for customers soon.
Revolut have also confirmed that they are "committed" to giving Irish users ‘IE’ IBANS this year, to solve the IBAN discrimination issue users are facing.
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2. Some customers need to order new Revolut cards
Who is affected: Thousands of Irish customers
Action: Order a new debit card for free
In a separate update, Irish Revolut customers have also been urged not to forget that their Revolut cards will cease to work after June 21 due to some ‘behind the scenes’ changes.
Customers will need to update their current card to continue using Revolut's card services over the coming months.
In an email to customers issued last month, the company said: "We've been working hard to improve your card payment experience, and we've made some changes behind the scenes.
“To make sure your card benefits from these changes, order a free replacement debit card for each of these cards.
"Your Revolut account and any other Revolut cards you have will still work as normal."
"Your cards will continue to work until 21-06-2022. Don't worry, we'll send you a few reminders before your cards stop working."
3. International transfer fees change
Who is affected: All 1.7million Irish customers
Action: Use Revolut's price calculator to see how much an international transfer will cost you
Revolut said they are "updating and simplifying the fee schedule" to continue offering low international transfer fees to customers while covering costs.
Over the past year, Revolut have launched 12 new currencies, primarily across Asia and Latin America, with at least 10 more underway.
A Revolut spokesperson said: " Premium and Metal fee-free monthly allowances for international transfers will be replaced with a discount of 20% and 40%, respectively, regardless of how many international transfers a customer sends per month.
"We have a price calculator on our website and in-app which allows customers to see exactly how much they would pay for any given transfer, and how much the recipient would receive.
"We are in the process of building a new tool that will allow customers to compare Revolut’s fees with other providers and will share an update with you when it is live."
