Revolut Refunds 112,000 Irish Customers €3.95 Median for Incorrect ATM Fees

Revolut is issuing refunds to thousands of Irish customers who were erroneously charged ATM access fees when withdrawing cash from their accounts. The Irish Times reports that while approximately 112,000 Irish customers were affected by this error, the individual sums involved are small, with a median refund amount of just €3.95. The issue, initially reported by The Irish Independent this morning, occurred between late June 2023 and February 2024.

The fintech company attributed the problem to a third-party ATM provider that incorrectly applied the charges. A Revolut spokesman clarified, «This ATM access fee was applied solely by the ATM provider, was not at the instruction of Revolut, and was not passed on to Revolut. There is no relationship between Revolut and the third-party ATM provider. Nevertheless, Revolut is stepping in to refund affected users in the best interest of its customers, while the technical issue which initially caused the error has been resolved.»

In separate news, Revolut announced on Thursday that it has acquired an additional 100,000 Irish customers this year, bringing its total in Ireland to 3.4 million, up from 3.3 million at the end of last year. This represents a 10 percent increase from the previous year, indicating consistent growth for the fintech, which serves over 75 million customers globally. Ireland remains a key market for Revolut, demonstrating strong daily customer engagement and offering a range of financial products including savings, investments, credit cards, and loans.

The company also reported year-on-year increases in Irish customer savings and investment balances, with roughly one in ten Irish users actively investing with Revolut monthly. Collectively, Revolut customers in Ireland have invested or saved over €3 billion through the platform. The figures show 348,000 monthly active investing customers, marking a 22 percent increase from last year.