The honest answer is that most people in Ireland end up using both. Revolut is dramatically better at foreign currency, fee-free everyday spending, and onboarding speed; an Irish bank is better for salary, mortgage prep, and any situation where you might need to deposit cash or talk to a human. On deposit protection they are level — both are covered to €100,000, just by different countries’ schemes. Pick a primary based on which side of that trade-off matters more to you, and use the other as a secondary.
Side-by-side
| Factor | Revolut (Standard) | Traditional Irish bank (AIB / BOI / PTSB) |
|---|---|---|
| Monthly fee | €0 | €6 (AIB, BOI, An Post) or €8 (PTSB), unless you qualify for a waiver |
| Account opening | App, ~10 minutes | 1–3 weeks, branch visit |
| Branches / ATMs | None — use any ATM | 70–220+ branches, 900–1,100+ own ATMs |
| ATM withdrawals | €200/month or 5 withdrawals free, then a 2% fair usage fee (min €1) | No bank fee; €0.12 stamp duty per withdrawal, capped yearly |
| Foreign exchange | Real interbank rate, free up to €1,000/month Mon–Fri | 1.75% on card purchases abroad; 2.5% plus 1% commission on cash |
| Deposit protection | Lithuanian Deposit Insurance scheme, €100,000 | Irish Deposit Guarantee, €100,000 |
| Salary deposits | Works, occasionally awkward with employers | Standard expectation |
| Direct debits | Yes | Yes |
| Overdraft | No | Available, subject to credit |
| Cash deposits | No way to deposit cash | At branches |
| Customer service | In-app chat only | Phone + branch + online |
| Mortgage relationship | Doesn’t help | Helps |
What Revolut is genuinely better at
Foreign currency. This is the big one. €1,000 converted to USD on Revolut typically nets you ~$30 more than the same conversion through an Irish bank, and the gap compounds over a year of online shopping and travel. Multi-currency wallets, instant FX in-app, and no transaction fees abroad are all significantly stronger than what AIB/BOI/PTSB offer.
Speed of onboarding. Open in 10 minutes with a passport and a video selfie; physical card by post in 5–7 days. For someone arriving in Ireland with no Irish address yet, that’s the fastest path to a working IBAN.
Day-to-day money UX. Instant push notifications, easy card freeze/unfreeze, disposable virtual cards, spending categories, round-up savings, split-the-bill. The Irish bank apps have improved but they’re still a generation behind.
Zero mandatory fees. No minimum-balance dance, no monthly maintenance, no per-transaction charges on the standard plan.
Deposit protection: the bit most comparisons get wrong
You will read, in a lot of places, that Revolut money is “safeguarded but not guaranteed”. That was true once. It is not true now, and it was wrong in earlier versions of this guide too.
Revolut Bank UAB is a licensed bank, authorised by the Bank of Lithuania and the European Central Bank, regulated by the Central Bank of Ireland for consumer-protection rules, and operating an Irish branch. In Revolut’s own words:
As a regulated bank, your eligible deposits are insured by the Lithuanian Deposit Insurance scheme (Public Institution “Deposit and Investment Insurance”), up to €100,000. — revolut.com
That is the same €100,000 ceiling as the Irish Deposit Guarantee Scheme, because the figure is harmonised across the EU.
So the real distinction is not guaranteed vs unguaranteed — it is which country’s scheme would pay out: Ireland’s for AIB, Bank of Ireland and PTSB, Lithuania’s for Revolut. A Lithuanian payout would be administered from Lithuania, which is a practical consideration rather than a legal weakness. Above €100,000 you should spread across institutions regardless of who they are.
If you have been keeping money in an Irish bank purely for the deposit guarantee, that reason no longer stands on its own. The reasons below still do.
What Irish banks are genuinely better at
Cash and cheques. Revolut has no path to deposit cash or a cheque. An Irish bank does. If you ever receive cash gifts, a small amount of cash income, or a refund cheque, you’ll need somewhere to put it.
Mortgage and loan relationships. Irish lenders heavily weight banking history with traditional Irish banks. A 12-month statement record from AIB or BOI strengthens a mortgage application; a Revolut-only history doesn’t carry the same weight, even when the data is identical.
Resilience when something goes wrong. Account freezes happen at all institutions, but they’re more disruptive at Revolut because there’s no branch to walk into and no phone tree to escalate through — you wait in app chat. AIB or BOI customer service isn’t always quick, but at least you can get a human and there’s an actual ombudsman path.
Employer/landlord acceptance. Most Irish employers and landlords are entirely fine with a Revolut IBAN now, but a small minority still ask for “a real bank account” — having one removes the friction.
The setup most people land on
A two-account setup. Roughly:
- Irish bank receives salary, holds the emergency fund (3–6 months of expenses), runs direct debits for rent/utilities/insurance, and handles any cash or cheque deposits.
- Revolut holds 1–2 months of spending money, runs day-to-day card payments, and handles all foreign currency — travel, online shopping in USD/GBP, sending money abroad.
Monthly flow: salary lands in the Irish bank, you transfer ~€800–€1,500 to Revolut for spending, the Irish bank pays the fixed bills out of what’s left.
This combination gets you the best FX rates, deposit protection on both sides, and a fallback path when one of the two has an issue. On cost it is €0/year only if you qualify for a fee waiver on the Irish account — student, graduate or 66+ — otherwise budget €72/year (€96 at PTSB), since holding a balance no longer earns free banking.
Specific situations
Newcomer to Ireland. Open Revolut before or on day one — you’ll have working banking immediately. Open an Irish bank in week 2–4 once you have a PPS number and proof of address. Switch your salary to the Irish bank when payroll allows.
Student. Irish bank as primary — student accounts are free anyway, and the cost advantage of Revolut disappears. Revolut as secondary for travel.
Frequent traveller (>4 trips abroad/year). Either Revolut Premium (€8.99/month, unlimited free FX, travel insurance) as primary, or use Revolut Standard alongside an Irish bank — pre-load currency before each trip and pay with Revolut abroad.
Remote worker paid in foreign currency. Wise (best inbound FX) or Revolut for receiving the foreign currency, convert in-app, then push to your Irish bank for stable bill-paying. Avoids the bank FX markup on every paycheck — 1.75% on AIB card purchases, and 2.5% plus a 1% commission if you take the money out as cash abroad.
Cash-heavy work or income. Irish bank is non-negotiable — Revolut has no way to deposit cash. Revolut still useful for everything else.
Should I keep Revolut for my salary?
You can. It works. The honest practical caveats:
- Mortgage applications prefer Irish-bank statements
- A minority of employers and landlords still find Revolut details unfamiliar
- Revolut account freezes, when they happen, are more disruptive when there’s no fallback
The simplest answer for someone settling in Ireland long-term: salary into Irish bank, spending money into Revolut, full stop.
A 1-year cost example
Average person — €1,200/month spending, €200/month foreign card transactions, €200/month cash withdrawals:
| Setup | Annual cost |
|---|---|
| Irish bank only (BOI, no fee waiver) | ~€114 (€72 fees + ~€42 FX markup at 1.75%) |
| Revolut only (Standard) | ~€0 — €200/month of withdrawals sits exactly at the fee-free cap |
| Both — Irish bank with a fee waiver + Revolut for spending/FX | €0 |
| Both, no fee waiver on the Irish account | €72 (just the monthly fee) |
The “both” combination usually wins on cost as well as resilience.
Verification
Pricing and protection details reflect revolut.com/en-IE, aib.ie, bankofireland.com, and permanenttsb.ie as of 1 May 2026. Deposit protection rules confirmed against the Central Bank of Ireland Deposit Guarantee Scheme. Always check current fee structures on the provider’s site before committing.
For more on the Irish banking side: best banks in Ireland, opening a bank account in Ireland.