Revolut Bank begins migrating Romanian customers to local entity

As part of this transition, the bank has started issuing Romanian International Bank Account Numbers (IBANs) to existing clients. This development follows Revolut’s wider European expansion over the past year, with the company establishing local branches in countries such as Ireland, France, Spain, the Netherlands, Germany, and Italy. The Romanian branch aims to provide local IBANs to its customers by the end of 2024.

Meeting local financial needs 

Revolut stated that introducing Romanian IBANs is part of its effort to address the growing financial requirements of retail and business customers in the region. The move is also intended to support the diversification of its banking products available in Romania. 

Representatives from Revolut Bank UAB Romania, explained that the migration process is complex due to the size of the customer portfolio. They also revealed that the transition will occur gradually, as the company aims to simplify the process for users. 

Once the migration is complete, services related to payment accounts, including personal accounts, paid plans, joint accounts, Revolut Pro, local and international money transfers, currency exchange, and card payments, will be managed through the Romanian branch. Other services will remain under existing arrangements provided by Revolut's other entities.

Transition timeline and guarantees

Customers will receive instructions about the migration process through the app and email. To ensure a smooth transition, payments sent to old IBANs will be redirected to customers' accounts until 31 December 2024. After this date, any funds sent to previous IBANs will be refunded to the sender. 

Accounts moved to the local entity will be managed in compliance with Romanian legislation. Deposits will continue to be insured up to EUR 100,000 under the Lithuanian Deposit Guarantee Fund. Revolut Bank currently operates in 30 markets within the European Economic Area (EEA) and remains licenced and regulated by the European Central Bank and the Bank of Lithuania.