Revolut is in the process of refunding around 66,000 customers in Ireland after they were charged incorrect amounts for stamp duty on ATM withdrawals.
Customers of the fin-tech bank were incorrectly charged a total of around €23,000.
93% of refunds were less than €1, with four in five refunds under €0.50, and the maximum refund amount is €5.
The bank is issuing refunds and said that customers do not need to take any action.
Revolut is required to collect Stamp Duty – a Government-mandated tax – on ATM withdrawals, based on the previous year’s usage.
Different Stamp Duty rates apply, but the current rates are:
– cards used only for withdrawals – €0.12 per withdrawal, capped at €2.50 a year.
– cards used for withdrawals and point-of-sale transactions: €0.12 per withdrawal, capped at €5 a year.
It is understood customers were charged on a real-time basis, but that this charge should have been applied after year-end for the preceding year.
Such an error is not expected to reoccur.
