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Fast-growing Revolut to increase its fees in blow to its 1.2 million users


Young man rides an electric scooter on a city street in summer.

Young man rides an electric scooter on a city street in summer.

Young man rides an electric scooter on a city street in summer.

FAST-GROWING Revolut is to increase its fees, in a move that is set to disappoint its more than one million users here.

It is raising the fees for withdrawing cash from ATMs and for international money transfers.

Last summer the money app increased fees charged on foreign exchange transactions.

Some 1.2 million customers in this country have signed up to Revolut as the app-based financial services company is seen as a low-cost way of availing of day-to-day banking.

The latest fee rise is likely to make customers wonder if more fee hikes are on the way.

It is making it more expensive to use cash.

From April 9, people using the Standard Revolut account will see the limits on free monthly ATM withdrawals changing.

Currently there is a €200 limit on free monthly ATM withdrawals on the Standard plan.

After this, users are charged 2pc of the value of the withdrawal.

Revolut is adding a limit on the total number of ATM withdrawals and by setting a minimum fee once the free allowance runs out.

The €200 monthly limit will remain but there will be a limit of five ATM withdrawals as well. Once you hit this, you will also begin paying a fee.

Both of these limits apply independently. This means customers will start paying a fee as soon as they hit one limit even do not hit the other limit.

The fee remains 2pc but there will now be a minimum fee of €1. This means customers will pay the greater of €1, or 2pc, of the withdrawal.

The changes are similar to ones introduced by Revolut’s rival, N26.

Revolut said it was not limiting the number of withdrawals you can make fee-free on Plus, Premium and Metal plans but it is introducing a minimum fee of €1 per withdrawal.

International money transfers will continue to be free for countries within the Sepa (Single Euro Payments Area) area and the UK and Switzerland.

Cross-border and Swift international transfer fees will range between 30c and €5, depending on how much being transferred and where.

Revolut spokesman Michael Russell said: “We are laser focused on keeping our day-to-day transactions free where possible. In order to keep our day-to-day fees low - and free in most instances - we have changed some of the fees for certain transactions that are either infrequent or that impact a tiny fraction of our users.”

Daragh Cassidy of price comparison site Bonkers.ie said Revolut still offers exceptional value, but he questioned how long this will continue.

Both AIB and Bank of Ireland increased current account fees lately.

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