Revolut recently opened a waiting list for customers in Ireland looking for personal loans, marking its first step in launching Revolut Bank services in the country. The company now plans to launch loans and other bank services such as credit cards later this year.
Daragh Cassidy, head of communications at Bonkers.ie said “It will be interesting to see how the main Irish retail banks AIB, Bank of Ireland and Permanent TSB react” and went on to say that he expects Revolut Bank’s rates to be “extremely competitive”.
Revolut is an app and the main benefit is that it allows you to transfer money to another Revolut user without having to enter their IBAN or use a card reader. It is very handy if you are collecting money for a gift or if you are out for dinner and you want to split the bill. When travelling abroad it allows you to pay for goods in the local currency without expensive transaction fees and exchange rates that are inline with the inter-bank rate.
The company has also announced that it has launched a payroll processing feature for customers using its business service in the UK.
Employers with a Revolut Business account will now be able to integrate its new Payroll product with other company finance-related services. Revolut said it hopes this will help SMEs with limited resources to speed up and simplify paying their employees.
Available only in the UK for now, Revolut Payroll will cost businesses £3 for each active employee per month.
The app also allows its users access to US Stocks and a growing selection of crypto currencies providing users with little or no knowledge of crypto trading easy access.
For personal users it is free to set up and easy to use. You can visit the Revolut signup page here.
