Tag: revolut

Revolut announces debit card loyalty programme, RevPoints, in Ireland

Revolut, the global financial app with more than 40 million customers worldwide has today announced RevPoints, a pan-European debit card loyalty programme across several EEA markets, including Revolut’s 2.8 million plus customers in Ireland.

This new initiative allows customers to turn their everyday spending into extraordinary rewards, including airline miles and exclusive discounts on travel, accommodation, experiences and more.

RevPoints offers broad and accessible redemption options that cater to a variety of lifestyles and preferences — without needing a credit card.

Customers can transfer their RevPoints to more than 30 airline loyalty programmes, including Flying Blue, making travel more attainable than ever in spite of surging flight prices.

Additionally, RevPoints can be redeemed for significant discounts on premium holiday accommodation and unforgettable experiences through the Lifestyle tab within the Revolut app.

For everyday convenience and rewards, points can also be used for discounts at top Irish brands such as O’Neills and DID Electrical when shopping online with Revolut Pay, ensuring that Revolut customers can make use of every point earned.

Depending on their plan, users can earn up to 1 point per euro spent, and even accelerate their earnings by converting spare change into points, completing fun in-app challenges or on in-app bookings for Stays and Experiences.*

New users can jump-start their journey with 3,000 points (equivalent to 3,000 air miles or up to €60 in travel discounts) after making 150 eligible transactions. Plus, customers can pocket up to 10,000 bonus points by upgrading their plan and meeting spending thresholds within the first 90 days.

For those on Revolut’s Ultra plan, the rewards skyrocket. Customers who spend €2,500 a month could earn up to 30,000 RevPoints annually – enough for a free round trip from Europe to New York or a €600 hotel discount.

Since the trial launch in September 2023, over 1 billion RevPoints have been earned and nearly 120 million points redeemed by Revolut users across seven European markets.

Christopher Guttridge, General Manager of Lifestyle Products at Revolut, said: “At Revolut we’re all about helping people get more for their money. RevPoints is set to transform everyday spending into things and experiences people love, by converting routine purchases into rewards.

Unlike many loyalty programmes, we make RevPoints accessible to all by ensuring customers can maximise the benefits of using Revolut as their primary bank account without requiring a credit card.”

Revolut customers on Premium, Metal, and Ultra plans not only get rewarded with extra RevPoints for their daily spending, but also a variety of subscriptions which include the Financial Times, Deliveroo, Tinder, ClassPass, NordVPN, and more.

Since launch, Revolut has continued to expand the partner benefits available, with more subscriptions coming coon.

Revolut was recently recognised by financial comparison site Bonkers.ie as ‘Ireland’s Best Consumer Business’ and ‘provider of the Best Current Account’, whilst it ranked 9th as part of the Ireland RepTrak® 2024 study earlier this year.

For more information, visit: www.revolut.com/en-IE

Revolut expands investment offering with bonds in Ireland

Revolut, the financial app with more than 40 million customers worldwide and over 2.8 million in Ireland, has added bonds to its investment offering in Ireland. Its investment services in the EEA are provided by Revolut Securities Europe UAB (Revolut).

Bonds emerge as a good starting point for those individuals who tend to be more risk-averse, normally offering stability and great portfolio diversification. Good credit ratings and protection against inflation further contribute to their appeal for investors seeking stability and potentially reliable returns. Both governments and corporations utilise bonds as a means to raise capital, offering investors the chance to effectively lend money in exchange for periodic interest payments and eventual repayment of the principal amount. Different bond types offer various risk and return profiles, and they should be assessed accordingly. Bonds’ returns might also make them a good hedge in case of a wider economic downturn. 

Revolut currently allows trading of close to 40 corporate and government bonds and will expand the list in the upcoming months. The minimum amount to start investing in bonds is USD/EUR 100, with 0.25% fixed fee per trade (min. USD/EUR 1). Other fees may apply.

This is yet another step in Revolut’s mission to build an all-in-one investment platform that is multi-asset class, has coverage across EEA markets, and caters to both advanced and beginner users. With access to 2,800+ US and EU listed companies, and 500+ Exchange Traded Funds (ETFs), users can check the performance of their investments in real-time with live watchlists, trading charts, and market news — all within the Revolut app.

Earlier this year, Revolut also removed the custody fees (0.12% of annual market value of the assets held by the client) across all the financial instruments offered in the app to UK and EEA customers by Revolut Trading Ltd and Revolut Securities Europe UAB, respectively.

Rolandas Juteika, Head of Wealth and Trading (EEA) at Revolut, said: “We continue expanding Revolut investment offering with bonds, a great way to diversify the investment portfolio, hedge against uncertainty, and generate fixed income. With higher potential returns and diversification benefits, bonds offer a compelling alternative for investors seeking to build wealth and preserve capital.”

Maurice Murphy, General Manager at Revolut Bank UAB – Ireland Branch, added: “Bonds trading is just another way in which we are solving all things money for our customers in Ireland and we expect this to be a very useful addition for those wishing to grow their wealth. Along with our recently introduced Instant Access Savings product and our automated portfolio management tool Robo-Advisor, Revolut remains a frontrunner in helping Irish people to grow their finances more broadly.”

Revolut has recently introduced a wide array of investment options for its customers across the EEA, all available within the Revolut app: US, EEA stocks, ETFs and now bonds. The company has also introduced Trading Pro — a paid subscription that offers, among other benefits, access to pricing benefits (e.g. lower commission fees and higher order size limits) and additional analytics features. For those less experienced investors, Revolut offers its Robo-Advisor service, which is most advantageous for customers who have limited or no trading experience, or simply don’t have time to do extensive research and actively trade.

Investment services in the EEA are provided by Revolut Securities Europe UAB (“Revolut”), which is an investment firm authorised and regulated by the Bank of Lithuania. As with all investments, capital is at risk. The value of investments can go up and down. Past performance, as well as a bond yield shown in gross, is not a reliable indicator of future performance and Revolut does not guarantee that your investment objectives will be achieved or that the portfolio will generate returns. You might lose your whole investment if the bond issuer defaults. The value of investments may be affected by currency fluctuations. Information contained herein is not a personal recommendation, investment advice or offer to take any investment decision. For further information, please see Revolut’s Trading Terms and Conditions, fees FAQ page, and risk description. 

Revolut was recently recognised by financial comparison site Bonkers.ie as ‘Ireland’s Best Consumer Business’ and ‘provider of the Best Current Account’, whilst it ranked 9th as part of the Ireland RepTrak® 2024 study earlier this year.

For more information, visit: www.revolut.com/en-IE

Revolut Report: May marked start of summer of sport as consumer spending rose

Revolut, the global financial app with more than 40 million customers worldwide, and now over 2.8 million in Ireland, has crunched the numbers on Irish consumer spending over the last month, with the app’s own data revealing that fair weather and an upcoming summer of sport saw a spike in consumer spending across the country.

With the GAA All-Ireland Championship, Irish Rugby’s tour of South Africa, The Open Golf Championship, and the Paris 2024 Olympics all now coming into view, Revolut’s consumer spending analysis tracked nearly 55m card payments in May, indicating real-world spending trends by Ireland’s Revolut account holders, who made close to €1.25bn in card payments across the month — a rise of 7.95% (MoM increase) with figures adjusted for user growth.

The May sunshine sparked a significant increase in consumer spending on sports clubs, which jumped by close to 22% (MoM increase), a rise of more than 70% (YoY increase) when compared with the same period last year. Similarly, parents are paying out more this year for sports and recreation camps for their children compared to last, rising by 7.5% (YoY increase).

Sports apparel and sporting goods stores were the beneficiaries, with spending up more than 13% and 12% respectively (MoM increases). Meanwhile, consumers in Ireland were hitting the gym more often in May, with outlays on health and gym memberships rising by close to 20% (MoM increase) and over 23% (YoY increase).

May’s fair weather also saw Revolut customers flock back to the golf club, with expenditure on courses rising over 20% (MoM increase), likely inspired by The Masters in April and the upcoming Open Championship later this summer.

Maurice Murphy, General Manager at Revolut Bank UAB – Ireland Branch, said: “With now more than 2.8m customers across Ireland, we are able to draw genuine consumer spending insights from a data pool that represents over half the country. It’s therefore great to see a noteworthy rise in both general and sports-related expenditure, with our customers clearly inspired by the summer that’s ahead of us. Revolut supports customers with their health and fitness, with up to 20 credits for ClassPass and a digital personal trainer through Freeletics available via certain paid plans, providing greater access to gyms and fitness studios.”

Revolut was recently recognised by financial comparison site Bonkers.ie as ‘Ireland’s Best Consumer Business’ and ‘provider of the Best Current Account’, whilst it ranked 9th as part of the Ireland RepTrak® 2024 study earlier this year.

For more information, visit: www.revolut.com/en-IE

Revolut scam to be aware of if selling items online

OK so many of us are now using Revolut to pay bills and sort out financials on a night out or just paying IOUs and works really well and as we know now they are an official bank in Ireland but only virtual.

I keep a nominal amount on my card due to unforeseen incidents such as being overcharged or just landed with charges which often happens with hotels so they can’t touch it, where if you use your standard debit card now they can take money and if using a VISA credit card you can fight for your money back and get a chargeback via your bank.

Like many people will use their card to shop online any on that front we can now use our Revolut card to do the same however clever scammers now also use this as a way to scam you which they tried on me recently.

This scam works the same way as you would get from a Paypal scammer asking you for details, the key thing they will ask for is your email address so as to send you the email to give you one back looking legitimate from the company and only recently this happened to me on Paypal too.

Of late Revolut is taking a lot of slack over scams due to the nature of contacting them and how it is dealt with here in Ireland and presumably the same elsewhere in the world.

Again having contacted Revolut about this I yet have to hear anything back about it but beware if you are buying online this scam is identical to one that has been on Paypal before and as always when buying or selling online be careful as this kind of things is rampant on the likes of Facebook who also have yet to respond to the matter which is nothing new.

 

Revolut launches Instant Access Savings in Ireland

Revolut, the global financial app used by more than 40 million customers worldwide, has today rolled-out Instant Access Savings accounts to its more than 2.7 million customers in Ireland. Instant Access Savings accounts are a new and better way for customers in Ireland to save their money. Customers will be able to earn daily, competitive interest of up to 3.49% AER on their deposits, all in just a few taps.

Instant Access Savings complements an existing feature Revolut announced in Ireland earlier this year, which enables customers to invest their cash in money market funds to grow their wealth in either EUR, USD, and GBP.

Instant Access Savings is the newest feature to Revolut’s all-star financial app, where customers will have, upon launch, access to interest on deposits at the following variable annual gross rates: Standard & Plus plans 2% AER, Premium 2.5%, Metal 3%, and Ultra 3.49%.

Revolut’s new Instant Access Savings account gives customers the ability to move their cash into their savings as soon as their salary reaches their account, earning interest on those funds every day, unlike other banks. Customers who would like to earn higher interest rates can upgrade their existing plans from Standard to paid plans in just a few taps within the app.

Instant Access Savings offers savers in Ireland full control too; customers will have access to their funds on-demand whilst earning competitive interest, adding or withdrawing at any time.

Joe Heneghan, Partner & Chief Executive Officer – Revolut Europe, said: “The Irish banking landscape is characterised by some of the lowest deposit rates in Europe, tricky or confusing limits, inaccessibility, and a real lack of competition. Today, Revolut is stepping in with a solution that makes saving money much better and much simpler for the people of Ireland. With our app now the preferred choice for managing finances every day for millions of customers in Ireland, we’re introducing Instant Access Savings accounts to offer customers great rates of up to 3.49%, full control over their money at any time, and interest paid out daily. Now when payday arrives, customers can confidently allocate a portion of their salary to their savings without having to worry about accessing it when they need it.”

Albert Codorniu, General Manager of Savings at Revolut, commented: “This is a key step in our mission to make Revolut the best choice for everyday banking. With daily interest payments and instant-access withdrawals, secured by our fully licensed bank, we’re making it simpler and better than ever for our customers to save and grow their money in Ireland.”

To open an Instant Access Savings account and start earning interest, customers need to:

  • Update their Revolut app to the latest version.
  • Tap on ‘Accounts’
  • Tap ‘Add new’
  • Scroll down and tap on ‘Savings & Funds’
  • Choose ‘Instant Access Savings’.

For more information about the product see product T&Cs. For more information about deposit protection see the deposit insurance page. For more information about complaints and disputes see the complaints policy page.

Revolut bank UAB is authorised by the bank of Lithuania in the Republic of Lithuania and by the European Central Bank and is regulated by the Central Bank of Ireland for conduct of business rules.

For more information, visit: www.revolut.com/en-IE/instant-access-savings 

Revolut warns more than 2 million customers in Ireland following sharp rise in job scams

Revolut, the global financial app with more than 40 million customers worldwide, has directly issued a fraud warning to more than 2 million of its customers in Ireland, cautioning those looking to boost their income that job-related scams are on the rise — and advising them on how to stay ahead of these sophisticated job scams.

Amid the rising cost of living, sophisticated scammers are taking advantage, warns Revolut. According to its inaugural Financial Crime and Consumer Security Insight Report, the global financial app found that while just 1% of fraud victims in the country were subject to job scams in 2023, 15% of the total sum lost to fraud in Ireland — second only to investment scams (53%) — was caused by people falling for false job opportunities in a bid to boost their income.

This form of authorised fraud sees scammers post fake job openings either online or by reaching out directly to victims via messaging apps, posing as employers or recruiters. As part of the phoney application process, scammers either request money upfront or require personal financial information to defraud the victim. Common tactics include asking people to pay for training, administration costs, or setup fees, or to purchase required equipment, such as a laptop or a mobile phone. This poses a notable risk for those entering the job market for the first time after school or college, people struggling with the cost of living, or those looking to get back to work.

Revolut’s report also found that job scams had increased globally over the course of 2023 — the most of any type of scam. In Q1 2023, job scams represented only 1% of Revolut’s global fraud cases, as well as just 1% of the overall value of all money lost to fraud. However, by Q4 2023, these figures rose to 12% of all cases and 21% of the overall value lost to scams, increasing 1,200% and 2,100% respectively.

Based on extensive internal research and data analysis for 2023, the report aims to shed light on the growing scam and fraud industry across the globe, and provide tangible watch-outs for everyday people to help them protect themselves. Among the findings, Revolut revealed that in 2023, the company is estimated to have prevented over €550 million in fraud losses, up 130% from 2022. This was largely thanks to its proprietary fraud detection system, which deploys cutting-edge machine learning and artificial intelligence methodologies.

Woody Malouf, Head of Financial Crime at Revolut, commented: “Having harnessed data from more than 500 million transactions per month, our dedicated fraud intelligence team has observed the evolution of job opportunity scams that prey on unsuspecting job hunters. Given the cost of living and high inflation, the number of reported job scams has dramatically increased. Sadly, criminals prey on those seeking a legitimate way to better their income, particularly young and often inexperienced job seekers. Our customers’ security is of paramount importance to us so please pay heed to this warning; we work tirelessly to identify patterns and spot unusual activity, helping our customers to stay ahead of emerging scam trends.”

Revolut’s advice to stay one step ahead of scammers:

  • Observe our warnings. Our proprietary AI systems never sleep. They scan more than 10,000 transactions per minute and flag suspicious transactions in just a few seconds.

  • Stay alert. Always question things that seem too good to be true.

  • Trust your instincts. If something feels off, take a step back and investigate by doing your own research.

  • Be extra cautious. Use secure channels. Stick to trusted websites and platforms for transactions.

  • Report suspicious activity. If something seems suspicious, let Revolut know — we’re here to help 24/7, directly from the app.

To read the full Financial Crime and Consumer Security Report 2023 and learn more about Revolut’s fraud prevention efforts, visit here.

For more information, visit www.revolut.com/en-IE.

Revolut Report: April showers see travel consumer spending rise

Revolut, the global financial app with more than 40 million customers worldwide, and over 2.7 million in Ireland, has crunched the numbers on Irish consumer spending over the last month, revealing that a showery April has given Revolut customers in Ireland itchy feet — with spending on travel up nearly 10% YoY versus April 2023.

With figures adjusted for user growth, Revolut’s consumer spending analysis tracked more than 50 million card payments in April, indicating real-world spending trends by Ireland’s Revolut account holders, who spent more than €1.1 billion across a very damp month of April.

Money spent on airlines rose again by close to 4% (MoM increase) as the wet weather saw holidaymakers continue to plan overseas trips — up nearly 25% on April 2023 (YoY increase). People are spending more at the airport this year than last, rising a notable 12% (YoY increase).

Travel agencies were the beneficiaries with a small rise in spending versus the previous month (1.58% MoM increase), up 24% on a more fair weathered April 2023 (YoY increase). Similarly, spend on timeshares shot up by over 16.28% (MoM increase) as Revolut customers in Ireland looked to get away — a steady near 4.5% rise on last April (YoY increase).

Cruises also proved a popular escape, with over 15% more spent on voyages than in March (MoM increase), and more than 23% when compared with April 2023 (YoY increase). Not all were deterred by the wet weather though, with a considerable 34.5% rise in trailer park and campsite spending compared with March (MoM increase) and April 2024 (22% YoY increase).

Maurice Murphy, General Manager at Revolut Bank UAB – Ireland Branch, said: “Our continued push into the travel sector has helped make spending on holidays, short breaks, and last-minute getaways even easier for our customers in Ireland. One-click checkout with Aer Lingus, the introduction of eSIMs to avoid overseas roaming charges, and our super competitive foreign exchange rates have meant more people are trusting Revolut on their trips away. Revolut is Ireland’s preferred way to manage money on a daily basis and these strong spending figures highlight how more customers are using us as their primary bank account.”

Revolut was recently recognised by financial comparison site Bonkers.ie as ‘Ireland’s Best Consumer Business’ and ‘provider of the Best Current Account’.

For more information, visit: www.revolut.com/en-IE

Revolut payment scam – Transport for Ireland – Facebook. relatonpaydotcom and relationshipitdotcom to watch out for in your revolut account

It has been brought to my attention over the last few days people are being pilfered money from their accounts on Revolut from a company called relatonpay dot com who when looking appears to be a content marketing services company, on further investigation from invoices from Revolut they are in fact a company for relationships with children and partners but have two websites.. Again this as seen below is down to people not checking details of pop up facebook accounts, also I am working on another case regarding Facebook marketplace using Revolut only to pay for goods being purchased.. This particular scam is a page that is still running on Facebook which is not surprising either as they just collect money.

 

Having seen messages myself people have noticed small payments incrementing in value over a period of days after receiving passwords and so on to enter the said site it is a dating site of sorts upon checking with the login details there is no account and no option to change, edit or anything but you can delete your account and an email will come back from zendesk stating they will look into the details and report back.

Below is all the screengrabs taken from the incidents and with permission have been given to post the details, pass on the details and we also have been in touch with Revolut on this and awaiting a response..

Again after some digging this came from a TFI transport for Ireland page on Facebook and here it seems where this has originated from and as expected Facebook has done nothing about it and now people are seeing money being taken from their Revolut accounts, I hate to stress myself here but time and time again I tell people to watch out be aware and be vigilant no matter what social media you use and this was a simple one to spot immediately but it has been reported and reported and nothing done about it which again says how Facebook does business.

 

 

Revolut expects to boost workforce by 40% in 2024 as company reaches 10,000 employees

Revolut, the global fintech with more than 40 million customers around the world, and 2.7 million in Ireland, has today announced it expects to boost its global headcount by 40% in 2024. The announcement comes as the company reaches 10,000 employees globally, and continues to grow its workforce, all whilst many other financial institutions are making job cuts or hiring freezes. The company currently has over 75 roles advertised in Ireland.

The company has grown exponentially since its founding in 2015. Revolut started the year with just over 8,000 employees, but has reached the 10,000 milestone in little over three months. The financial institution plans to continue to build out its Sales, Customer Support and FinCrime teams, for which the majority of new roles will be created.

Maurice Murphy, General Manager Revolut Bank UAB – Ireland Branch, commented: “With every new Revoluter we hire, we’re thinking about how they’ll help us drive even more positive impact for our customers. 10,000 employees is an exciting milestone but we’re not stopping there. We’re continuing to recruit the best talent across the industry and are excited to be expanding across a range of specialties as we continue to build Revolut worldwide.”

As a remote-first business, Revolut is able to access a wider talent pool by hiring from across the country and offering employees more flexibility in where they work. Revolut also continues to be an employer of choice for prospective candidates, having received over one million job applications globally in 2023. The Company was also certified a Great Place to Work across eight of its markets.