Revolut is to enter the Irish banking market in the coming months.
The online banking app is to offer Irish customers lots of new facilities.
And experts predict this will shake up the local banking sector.
Revolut has been granted the use of Irish IBANs which means it is just months away from offering its customers a one-stop banking shop with direct debits, bill and salary payment.
Bonkers.ie’s Darragh Cassidy said: “Two of the main things holding Revolut back from consumers adopting it as their main bank account were the lack of a bank guarantee and the use of non-Irish IBANS.
“The first issue was addressed early last year when Revolut officially became a bank in Ireland. Deposits of up to €100,000 are now protected by the Lithuanian bank guarantee scheme.
“And now the second issue has been addressed.
“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.”
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.
The move will also make it far easier for customers to switch their bank account from traditional banks to Revolut.
Joe Heneghan, CEO Revolut Europe, said: “We’re proud to be opening our Irish branch soon.
“With over two million customers in Ireland, we are constantly looking for ways to improve our customers’ experience.”
