Revolut vs Irish Banks: Which Should You Choose? (2025)

Revolut has become incredibly popular in Ireland as an alternative to traditional banks, but is it better than AIB, Bank of Ireland, or other Irish banks? The answer depends on how you’ll use it. This guide compares Revolut directly with Irish banks across all important factors to help you make the right choice.

Many people use both—a traditional Irish bank for salary and bills, and Revolut for daily spending and travel. Understanding the strengths and limitations of each helps you decide what works for your situation. Whether you’re new to Ireland or considering switching banks, you’ll find clear, practical advice based on real-world use.

Quick comparison

Feature	Revolut	Traditional Irish Banks
Monthly fee	€0 (Standard)	€4-€6 (unless minimum balance)
Account opening	Minutes (app)	1-3 weeks (branch visit)
Branches	None	70-220+ branches
ATM withdrawals	€200 free/month, then 2%	Free at own ATMs
Foreign currency	Excellent (real rates)	Poor (2.75-3% markup)
Deposit protection	E-money (not full bank)	Irish Deposit Guarantee (€100k)
Salary deposits	Yes, but not ideal	Yes, recommended
Direct debits	Yes, works fine	Yes, works fine
Overdrafts	No	Yes (if approved)
Cash deposits	No	Yes (at branches)
Customer service	App only	Phone, branch, online
Best for	Daily spending, travel	Salary, bills, savings

What is Revolut?

Revolut is a UK-based financial technology company, not technically a full bank in Ireland.

Legal status:

• E-money institution (not licensed bank)
• Electronic Money Institution license from Lithuania
• Operates under EU regulations
• Not covered by Irish Deposit Guarantee Scheme

What this means:

• Your money is safeguarded (protected)
• But not guaranteed like bank deposits
• Revolut must keep your money separate
• But if Revolut fails, not automatically refunded
• Keep emergency funds elsewhere

Practical reality:

• Revolut is very large and stable
• Millions use it daily without issues
• But technically riskier than licensed bank
• Don’t keep life savings there

The case for Revolut

Completely free banking

Standard account costs:

• Monthly fee: €0
• No minimum balance required
• No transaction fees
• No maintenance charges

Compare to Irish banks:

• AIB: €4.50/month (unless €2,500 balance)
• Bank of Ireland: €6/month (unless €3,000 balance)
• Annual saving: €54-€72 by using Revolut

No hidden fees:

• Free debit card
• Free replacement cards
• Free statements
• Free account management

Premium/Metal tiers:

• Revolut Premium: €7.99/month
• Revolut Metal: €13.99/month
• Optional extras for heavy users
• Standard free account sufficient for most

Excellent for foreign currency

This is Revolut’s killer feature.

Real exchange rates:

• Interbank exchange rate (the real rate)
• No markup (up to monthly limit)
• Best rates you can get
• Updates every second

Free currency exchange:

• Standard: Up to €1,000/month free
• Then 0.5% fee
• Premium: Unlimited free
• Metal: Unlimited free

Compare to Irish banks:

• AIB/BOI foreign exchange: 2.75% markup
• Plus €5-€10 transaction fee often
• Much more expensive

Example:

• Exchange €1,000 to USD
• Revolut: $1,090 (real rate)
• Irish bank: $1,060 (after markup/fees)
• Saving: €30 per transaction

Multiple currencies:

• Hold 30+ currencies
• EUR, USD, GBP, etc.
• Switch between instantly
• Spend in any currency

Perfect for:

• Frequent travelers
• Online shopping (US/UK sites)
• Receiving foreign currency
• Anyone dealing with FX regularly

Fast and easy to open

Application process:

• Download app
• Enter details
• Upload ID photo
• Video verification
• Approved in 5-10 minutes

Card delivery:

• Order physical card in app
• Arrives by post in 5-7 days
• Virtual card available immediately
• Can use Apple/Google Pay right away

Compare to traditional banks:

• Visit branch with documents
• Wait for approval
• Wait for card (1-2 weeks)
• Total: 2-4 weeks

Perfect for newcomers:

• Open before arriving in Ireland
• Have banking immediately
• No Irish address needed initially
• No proof of Irish address required

Excellent app and features

Mobile app:

• Intuitive design
• Instant notifications
• Real-time balance
• Easy to use
• Highly rated

Features:

• Instant money transfers (between Revolut users)
• Split bills with friends
• Budget tracking
• Spending analytics
• Savings vaults
• Round-up savings
• Cryptocurrency (buy/sell)
• Stock trading
• Travel insurance (Premium/Metal)

Notifications:

• Every transaction instantly
• Know immediately if card used
• Helps spot fraud
• Peace of mind

Card controls:

• Freeze/unfreeze card in app
• Enable/disable features
• Set spending limits
• Location-based security
• Disposable virtual cards

Good for travel

No foreign transaction fees:

• Spend abroad freely
• Real exchange rate applied
• No 2.75% markup like Irish banks
• Saves significant money

ATM withdrawals abroad:

• €200 free per month (Standard)
• Then 2% fee
• Premium: €400 free
• Metal: €800 free

Multi-currency:

• Load currencies before travel
• Lock in exchange rate
• Spend from that balance
• Avoid poor airport rates

Example savings:

• Week in USA spending €1,000
• Revolut: €0 FX fees
• Irish bank card: €27.50 FX fees
• Saving: €27.50 per trip

The case against Revolut

Not a full bank

E-money institution vs bank:

• Revolut is e-money, not licensed bank
• Funds safeguarded but not guaranteed
• Irish bank deposits guaranteed up to €100,000
• If Revolut fails, longer to get money back

Practical concern:

• Large savings shouldn’t be in Revolut
• Keep emergency fund in Irish bank
• Use Revolut for spending only
• Not suitable for long-term savings

Regulatory difference:

• Less oversight than traditional banks
• Lithuanian license (not Irish)
• Different rules apply
• More vulnerable to changes

No cash deposit facility

Cannot deposit cash:

• No branches to visit
• No way to lodge cash
• If you receive cash, stuck with it
• Must use bank or An Post

Problem if:

• You handle cash regularly
• Paid in cash sometimes
• Need to deposit checks
• Gifts received in cash

Workarounds:

• Keep Irish bank for cash deposits
• Use An Post for cash → bank transfer
• Ask for bank transfer instead of cash

Account freezing issues

Revolut sometimes freezes accounts:

• For verification purposes
• Anti-money laundering checks
• Suspicious activity (even if legitimate)
• Can happen without warning

Problems:

• Can’t access money during freeze
• Can take days/weeks to resolve
• Customer service slow
• Very frustrating experience

Common triggers:

• Large deposits
• Unusual transactions
• Foreign transfers
• Even normal activity sometimes

Reality:

• Happens to small percentage
• But when it happens, very disruptive
• Irish banks rarely freeze without serious reason
• Risk if Revolut is only account

Limited customer service

Support only through app:

• No phone support
• No branches to visit
• Chat-based only
• Can be slow

Response times:

• Simple queries: Hours
• Complex issues: Days
• Account freezes: Weeks sometimes
• No escalation to humans easily

Compare to Irish banks:

• Phone support available
• Visit branch for help
• Speak to actual person
• Faster resolution for complex issues

When Revolut support is frustrating:

• Account frozen (you need money NOW)
• Complex query
• Dispute resolution
• Need immediate help
• Prefer human conversation

Not ideal for salary

While you can receive salary to Revolut:

Potential issues:

• Some employers reluctant (not “real” bank)
• Payroll systems sometimes reject it
• Not standard in Ireland
• May raise questions

Better practice:

• Salary to Irish bank
• Transfer to Revolut for spending
• Keeps salary/employer separate
• More professional

Irish employment norm:

• Employers expect Irish bank account
• AIB, BOI, PTSB standard
• Makes payroll easier
• Reduces complications

No overdraft facility

Revolut doesn’t offer overdrafts in Ireland:

• No buffer if you overspend
• Transaction declined if insufficient funds
• Can’t go into negative
• No emergency credit facility

Irish banks offer overdrafts:

• Arranged overdraft (pre-approved)
• Buffer for emergencies
• Typically €500-€2,000
• Interest charged but available

When overdraft useful:

• Unexpected expenses
• Bill hits before salary
• Emergency situations
• Peace of mind

Not available with Revolut.

ATM withdrawal limits and fees

Revolut limits:

• €200 free per month (Standard account)
• After €200: 2% fee
• Adds up if you use cash often

Example:

• Withdraw €400/month
• First €200: Free
• Next €200: €4 fee
• Annual cost: €48

Irish banks:

• Free unlimited withdrawals at own ATMs
• No monthly limits
• No fees at own network
• Better for cash users

If you use cash regularly:

• Revolut becomes expensive
• Irish bank better value
• Or use Irish bank card for ATMs
• Keep Revolut for card purchases

The case for Irish banks

Deposit guarantee protection

Irish Deposit Guarantee Scheme:

• Deposits guaranteed up to €100,000
• Government-backed
• If bank fails, you get money back
• Complete security

Peace of mind:

• Your money is safe
• No risk of loss
• Full banking license
• Regulated by Central Bank of Ireland

For significant savings:

• Keep in Irish bank
• Not in Revolut
• Full protection
• Standard practice

Established and stable

Traditional banks have:

• 100+ years history
• Physical presence
• Clear regulation
• Proven stability
• Irish incorporation

Mortgage/loan eligibility:

• Relationship banking matters
• History with bank helps applications
• Banking with AIB → easier AIB mortgage
• Revolut doesn’t offer mortgages/loans in Ireland

Branch access

Physical branches available:

• AIB: 170+ branches
• Bank of Ireland: 220+ branches
• PTSB: 70+ branches
• Nationwide coverage

When branches useful:

• Deposit cash
• Deposit checks
• Complex queries
• Face-to-face service
• Prefer personal interaction
• Elderly/less tech-savvy

Services only at branch:

• Deposit cash/checks
• Some document signing
• Notarized documents
• Complex account changes
• Business banking

Better for large transactions

Irish banks better for:

• Receiving large sums
• Buying property (solicitor transfers)
• Business income
• Inheritance
• Large gifts

Why:

• No account freeze risk for legitimate large transfers
• Standard banking practice
• Solicitors prefer traditional banks
• Less scrutiny for normal activity

Overdraft facility available

If approved:

• Arranged overdraft €500-€2,000+
• Emergency credit facility
• Charges apply but available
• Useful buffer

Eligibility:

• Need good credit history
• Regular income
• 6-12 months banking relationship
• Not guaranteed but possible

Not available with Revolut.

Professional perception

Employers/landlords:

• Prefer traditional bank details
• More familiar with AIB/BOI
• Seen as more legitimate
• Reduces questions

While this shouldn’t matter:

• Sometimes it does
• Traditional bank = standard
• Revolut = less familiar
• Can avoid complications

The case against Irish banks

Monthly fees

Cost of banking:

• AIB: €4.50/month = €54/year
• Bank of Ireland: €6/month = €72/year
• PTSB: €6/month = €72/year

Free banking possible if:

• Maintain €2,500-€3,000 balance
• Over 66 years old
• Student (under 25)
• But many people pay fees

Revolut: €0/year

Poor foreign exchange rates

FX markup:

• 2.75-3% on all foreign transactions
• Applies to card purchases abroad
• Applies to currency exchange
• Applies to online shopping in foreign currency

Example:

• Buy $100 item online
• Irish bank: Charged €93
• Revolut: Charged €90
• Extra cost: €3 per transaction

Adds up:

• Shop online frequently: €50-€100/year extra
• Travel abroad: €50-€200/year extra
• Revolut saves money

Slow to open account

Traditional process:

• Call/visit bank
• Book appointment (may be weeks away)
• Bring documents
• Application processed
• Card arrives by post
• Total: 2-4 weeks

For newcomers:

• Need Irish address
• Need proof of address
• Need PPS number (some banks)
• Can be difficult initially

Revolut:

• Open in 10 minutes
• No Irish address needed initially
• Card in 5-7 days
• Much faster

Less innovative features

Traditional banks lag:

• Apps improving but still basic
• No instant spending insights
• No cryptocurrency
• No stock trading
• Fewer features

Revolut offers:

• Modern, feature-rich app
• Budgeting tools
• Investment options
• More innovative

If you want modern banking:

• Revolut better
• Irish banks feel old-fashioned
• Improving but still behind

Recommended strategy: Use both

Most people in Ireland use both:

• Traditional bank for core banking
• Revolut for spending and travel
• Combines benefits of each
• Avoids limitations of each

Strategy 1: Irish bank primary, Revolut secondary

Irish bank (AIB, BOI, PTSB):

• Receive salary
• Pay bills (rent, utilities, insurance)
• Direct debits and standing orders
• Keep emergency fund (3-6 months expenses)
• Long-term savings

Revolut:

• Transfer spending money weekly/monthly
• Daily purchases
• Foreign currency spending
• Travel
• Online shopping

Benefits:

• Salary/bills stable and secure
• Spending money tracked in Revolut app
• Save on foreign exchange
• Keep larger funds protected
• Professional appearance for employers

Who this suits:

• Most people
• Anyone with stable income
• Those wanting security + convenience
• People who travel occasionally

Example monthly flow:

• Salary €3,000 → Irish bank
• Rent €1,500 → Irish bank direct debit
• Bills €200 → Irish bank direct debits
• Transfer €800 → Revolut for spending
• Keep €500+ buffer in Irish bank

Strategy 2: Revolut primary (for minimalists)

Revolut for:

• Salary deposit
• All spending
• All bills
• Daily banking

Irish bank:

• Keep minimum balance (for free banking)
• Emergency backup only
• Rarely used
• Or close entirely

Benefits:

• No banking fees
• Everything in one app
• Modern features
• Simple

Risks:

• If Revolut freezes account, no backup
• Employer may question it
• No overdraft facility
• Large funds not fully protected

Who this suits:

• Young people
• Digital natives
• Very low risk tolerance acceptable
• Don’t handle cash
• No large savings yet

Only recommended if:

• You understand the risks
• Keep savings elsewhere (family account, etc.)
• Employer accepts Revolut
• You’re comfortable with app-only banking

Strategy 3: Multiple accounts for optimization

Setup:

• Irish bank: Salary + bills
• Revolut: Daily spending
• N26: Backup/travel
• Savings account: Long-term savings

Benefits:

• Redundancy (if one fails)
• Optimize each for purpose
• Maximum flexibility
• No single point of failure

Complexity:

• Managing multiple accounts
• Tracking across platforms
• More admin

Who this suits:

• Finance-savvy people
• Those with multiple income streams
• International workers
• Very organized individuals

Specific scenarios

Newcomer arriving in Ireland

Week 1: Open Revolut

• Before/immediately after arrival
• Have banking within minutes
• Can receive transfers
• Start spending immediately

Week 2-4: Open Irish bank

• Once you have Irish address
• Once you have PPS number
• Set up for salary
• Set up direct debits

Week 4+: Use both

• Salary to Irish bank
• Transfer spending to Revolut
• Best of both worlds

This is the most common approach.

Student in Ireland

Primary: Irish bank

• Student account (free banking)
• All Irish banks offer free accounts for students
• No reason to avoid Irish bank

Secondary: Revolut

• For travel during holidays
• Foreign exchange
• Daily spending if preferred

Student advantage:

• Free Irish banking (under 25)
• So cost advantage of Revolut disappears
• Use Irish bank as main, Revolut as extra

Remote worker paid in foreign currency

Receive salary:

• Wise (best for international transfers)
• Or direct to Revolut
• Or to Irish bank (expensive FX fees)

Convert to EUR:

• In Revolut (excellent rates)
• Or Wise
• Then transfer to Irish bank for bills

Pay bills:

• From Irish bank
• Keeps essential services separate
• Stable system

This optimizes FX rates while maintaining stability.

Frequent traveler

Primary: Revolut Premium/Metal

• €7.99 or €13.99/month
• Unlimited free FX
• Higher ATM limits
• Travel insurance included
• Worth it if travel often

Secondary: Irish bank

• Salary + bills
• Security for Irish finances

Major savings on FX fees:

• Travel twice/month
• Save €50-€100/month on FX
• Premium subscription pays for itself

Cash-heavy worker

Primary: Irish bank

• Need to deposit cash regularly
• Irish bank essential
• Revolut cannot accept cash

Secondary: Revolut

• For card payments
• Online shopping
• Travel

If you handle cash:

• Irish bank is mandatory
• Revolut as supplement only

What others do in Ireland

Most common setup:

• Irish bank for salary/bills: 75%+
• Revolut as secondary: 60%+
• Use both strategically: 50%+

Revolut-only users:

• Younger demographic: 15-20%
• Usually temporary (eventually add Irish bank)
• Often regret during emergencies

Irish bank only:

• Older demographic: 30%+
• Not tech-savvy: 20%+
• Don’t travel abroad much
• Missing out on Revolut benefits

Optimal setup (most recommended):

• Both accounts
• Each for what it does best
• Combines advantages
• Minimizes risks

Cost comparison over 1 year

Scenario: Average person

Usage:

• Monthly spending: €1,200
• Foreign transactions: €200/month (online shopping, one trip)
• Cash withdrawals: €200/month
• One international trip

Option 1: Irish bank only (Bank of Ireland)

• Monthly fee: €6/month = €72
• FX fees on €2,400: €66
• ATM fees: €0 (free at BOI)
• Total: €138/year

Option 2: Revolut only (Standard)

• Monthly fee: €0
• FX fees: €0 (within limit)
• ATM fees after €200/month: €48
• Total: €48/year

Option 3: Both (recommended)

• Bank of Ireland for salary (maintain €3,000): €0
• Revolut for spending: €0
• FX fees: €0 (use Revolut)
• ATM fees: €0 (use BOI card)
• Total: €0/year

Winner: Use both strategically = €0

Scenario: Frequent traveler

Usage:

• Monthly spending: €1,500
• Foreign transactions: €800/month
• Travel frequently

Option 1: Irish bank only

• Monthly fee: €72
• FX fees on €9,600: €264
• Total: €336/year

Option 2: Revolut Premium

• Monthly fee: €96
• FX fees: €0
• ATM fees: €0
• Travel insurance included
• Total: €96/year

Option 3: Irish bank + Revolut Standard

• Irish bank (maintain balance): €0
• Revolut: €0
• FX fees: €0
• Total: €0/year

Winner: Irish bank + Revolut = €0 Second: Revolut Premium = €96 (includes travel insurance worth €200+)

Making your decision

Choose Revolut as primary if:

• You’re tech-savvy and comfortable app-only
• You travel frequently
• You don’t handle cash
• You’re new to Ireland (temporarily)
• You don’t have large savings yet
• You want zero banking fees

Choose Irish bank as primary if:

• You want full deposit protection
• You handle cash regularly
• You prefer branch access
• You need overdraft facility
• You’re planning mortgage/loans
• You want established stability

Use both (recommended) if:

• You want best of both worlds
• You travel occasionally
• You want security + savings
• You’re staying in Ireland long-term
• You can maintain minimum balance for free Irish banking
• You want optimal setup

Common questions answered

Can I use Revolut for my salary?

Yes, technically. Many people do. However, it’s better to use an Irish bank for salary and transfer spending money to Revolut. This keeps your primary income secure and separated from daily spending. Some employers prefer traditional bank details, though Revolut is increasingly accepted.

Is my money safe in Revolut?

Your money is safeguarded under EU e-money regulations, meaning Revolut must keep customer funds separate from company funds. However, it’s not covered by the Irish Deposit Guarantee Scheme like traditional banks (which guarantees €100,000). Revolut is stable and widely used, but for large savings or emergency funds, an Irish bank offers stronger protection.

Can landlords/employers reject Revolut details?

Some might. While Revolut is a legitimate financial institution, some landlords and employers prefer traditional Irish bank details because they’re more familiar. You can provide Revolut details, but having an Irish bank account avoids potential complications. Most modern employers accept Revolut without issues.

What happens if Revolut freezes my account?

Account freezes do happen, usually for verification or anti-money laundering checks. This can be very frustrating as you can’t access your money during the freeze, and resolution can take days or weeks. This is why having an Irish bank account as backup is strongly recommended—don’t rely solely on Revolut for all your finances.

Should students use Revolut or Irish banks?

Students get free banking at Irish banks (under 25), so the main advantage of Revolut (no fees) disappears. Open an Irish bank account as primary (free for students), and use Revolut as secondary for travel and foreign currency. This gives you the best setup—free traditional banking plus Revolut’s travel benefits.

Can I get a mortgage if I only use Revolut?

Irish banks prefer to see banking history with traditional banks when assessing mortgage applications. Using only Revolut could make it harder to get a mortgage, as lenders like to see established banking relationships. If you’re planning to buy property, having an Irish bank account with salary history strengthens your mortgage application significantly.

Which has better customer service?

Traditional Irish banks offer phone support and branch visits, making them better for complex issues. Revolut only offers in-app chat support, which can be slow for complicated problems. However, for everyday banking, Revolut’s app is more convenient—instant notifications, easy card controls, and simple interface. It depends whether you value immediate access to humans or digital convenience.

How much money should I keep in Revolut vs Irish bank?

A safe approach: Keep 1-2 months of spending money in Revolut (€1,000-€2,000), and keep your emergency fund (3-6 months expenses) plus savings in an Irish bank. This gives you Revolut’s convenience for daily use while maintaining security for larger funds. Never keep your entire net worth in Revolut—spread risk across accounts.

Summary

Neither Revolut nor Irish banks are universally “better”—each excels in different areas.

Revolut wins on:

• Zero monthly fees
• Foreign exchange rates
• Modern app features
• Speed of account opening
• Travel-friendly features
• Innovation

Irish banks win on:

• Deposit protection guarantee
• Physical branch access
• Stability and trust
• Mortgage/loan relationships
• Cash handling
• Customer service access

Best strategy for most people: Use both strategically:

• Irish bank: Salary, bills, savings, emergency fund
• Revolut: Daily spending, travel, foreign currency

This combines the security and stability of traditional banking with the convenience and savings of Revolut. You get free banking (maintain minimum balance), excellent FX rates (use Revolut abroad), and complete security (emergency funds protected).

For newcomers to Ireland specifically: Open Revolut immediately for instant banking, then open an Irish bank account within your first month for salary and bills. This gives you the optimal setup from day one.

For complete information about banking in Ireland including how to open accounts and required documents, see our banking in Ireland guide and our bank account comparison. If you’re moving to Ireland, check our guides for Americans, British citizens, or EU nationals for comprehensive relocation advice.