Revolut, the online banking app, is set to enter the Irish market in the coming months and shake up the local banking sector.
The app has been granted the use of Irish IBANs, meaning it is just months away from offering a one-stop banking shop with direct debits, bill, and salary payments.
Experts predict that this move will increase competition in the banking sector and provide a viable alternative to traditional banks such as AIB, Bank of Ireland, and Permanent TSB for day-to-day banking for many customers.
Bonkers.ie’s Darragh Cassidy said, “It’ll also help increase competition in the banking sector because a Revolut account will now be a viable alternative to AIB, Bank of Ireland and Permanent TSB for day-to-day banking for many.”
Solution driven innovation
One of the main barriers to customers adopting Revolut as their main bank account was the lack of a bank guarantee and the use of non-Irish IBANs.
However, Revolut officially became a bank in Ireland early last year, addressing the first issue. Deposits of up to €100,000 are now protected by the Lithuanian bank guarantee scheme.
A Revolut account with an Irish IBAN will be better suited for getting your salary paid directly, making payments via direct debit, and paying utility providers directly from your account.
This move will also make it far easier for customers to switch their bank account from traditional banks to Revolut.
Revolut’s entry into the Irish market will offer customers new facilities and increase competition in the banking sector.
The app’s use of Irish IBANs will make it easier for customers to switch to Revolut and use it as their main bank account for day-to-day banking.