Revolution recently opened a waiting list for customers in Ireland seeking personal loans, marking its first step in launching Revolut Bank services in the country. The company now plans to launch loans and other banking services such as credit cards later this year.
Daragh Cassidy, head of communications at Bonkers.ie, said “It will be interesting to see how Ireland’s leading retail banks AIB, Bank of Ireland and Permanent TSB respond” and went on to say he expects Revolut Bank’s rates are “extremely competitive”. ”.
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Revolut is an app and the main advantage is that it allows you to transfer money to another Revolut user without having to enter their IBAN or use a card reader. It’s very handy if you’re collecting money for a gift or going out to dinner and want to split the bill. When traveling abroad, this allows you to pay for goods in the local currency without costly transaction fees and exchange rates in line with the interbank rate.
The company also announced that it has launched payroll processing functionality for customers using its UK business service.
Employers with a Revolut Business account will now be able to integrate its new payroll product with other business finance-related services. Revolut said it hopes this will help resource-constrained SMEs make it faster and easier to pay their employees.
Only available in the UK at the moment, Revolut Payroll will cost businesses £3 for each active employee per month.
The app also gives its users access to US stocks and a growing selection of cryptocurrencies 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 registration page here.
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