Revolut is in the process of refunding around 66,000 customers in Ireland after they were mistakenly charged incorrect amounts for stamp duty on ATM withdrawals.
The total amount incorrectly charged was approximately €23,000, with 93 per cent of refunds being less than €1. Four in five refunds are under €0.50, while the maximum refund amount is €5.
The bank has assured customers that refunds are being issued automatically, and no action is required on their part.
Revolut is legally required to collect stamp duty—a Government-mandated tax—on ATM withdrawals, which is based on the previous year’s usage.
The current rate for cards used only for withdrawals is €0.12 per withdrawal, capped at €2.50 annually.