4 February 2023
By Tom Collins
tom@TheCork.ie

Opinion

Cheques and cash are among the few reasons to maintain a bank account with a traditional bank, but with more transactions happening online how does Revolut Visa Debit card compare with AIB’s current account Visa Debit card.

1. It started when I was trying to buy an airline ticket, and the website insisted that I press ‘accept’ on the phone app of my card issuer. There was no popup from AIB. I even opened the AIB app thinking there would be a ‘pending approvals’ page or that it might retrigger the popup, but nothing. So I used my Revolut Visa Debit card instead. Strike 1.
2. Next, I was trying to add my AIB Credit Card to the Google Wallet app on my new Android phone; I need help adding it. AIB said there was no block on their system. Google could not help. So, again I used Revolut. Strike 2.
3. Then, I needed to transfer some money to a company I do business within Ireland. Their invoice contained their IBAN, so I opened the AIB app on my phone, but it said I would need an AIB card reader to complete the transaction. That is a physical authenticator buried in a desk drawer, but I wasn’t home, so I used Revolut instead, Strike 3.

Cheques and cash are among the few reasons to maintain a bank account with a traditional bank. I received a cheque recently and tried to lodge it to my AIB current account in the An Post branch, but the teller said that was only possible if I had a lodgement book. I tried again with a lodgement book but needed a different kind. I still need to lodge that cheque, but I’ll need to visit a branch in person because Republic of Ireland Banks never invested in lodgements via camera phone pictures, even though that does exist in Northern Ireland.

If the traditional banks want to retain customers, they need to make it easy to do business, or do they? With the departure of Ulster Bank, the only remaining high-street banks are AIB, Bank of Ireland, and Permanent TSB. There is little traditional competition. Apparently, it’s tough to repossess a house for an unpaid mortgage in Ireland, plus it’s hard to make money from current accounts, but credit cards should be looked after because a bank makes a percentage on each transaction.

Goodbye AHB, hello Revolut.