Ask Niamh: What exactly is Revolut and do I really need it?

Niamh Hennessy answers your consumer queries plus readers nominate the business that went over and above in terms of customer service this week

Revolut allows you to transfer money to another Revolut user without having to enter their IBAN or use a card reader

Revolut is a ‘challenger bank’ and it has entered the Irish market to compete for your money against the likes of AIB and Bank of Ireland. In a market where there is very little competition this is surely something to be celebrated. 

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.