Revolut to migrate Irish customers to an Irish IBAN

Tuesday 24 January 2023 11:06 CET | News

Revolut has announced that the accounts of two million of its customers in Ireland will be migrated to an Irish IBAN number in the coming months.

It comes after the company's decision to launch Revolut Bank UAB, an Irish branch of its European business, and start moving customers there. Since they previously had a Lithuanian IBAN for their accounts, the change should make it easier for users with accounts in Ireland to transfer and receive money.

Revolut has announced that the accounts of two million of its customers in Ireland will be migrated to an Irish IBAN number in the coming months.

However, as a result of the migration, they will need to disclose the new number to their employers, social welfare payment processors, direct debit initiators like utility companies, and other parties who deposit money into or withdraw money from their accounts using an IBAN. If they don't, there is a chance that payments won't go through as expected.

The change occurs while the banking industry and direct debit originators are already dealing with the effects of Ulster Bank's and KBC's departures, which have required hundreds of thousands of individuals to open new bank accounts and reschedule their payments.

IBAN discrimination

Revolut will start emailing its Irish customers to clarify how the transformation will happen. Their accounts will be moved within two months' notice, and the IBAN transfers will happen in stages.

Irish IBANs for the clients will be used instead of the Lithuanian ones once the revisions have been made. The change is being made because, up to this point, some Revolut clients in Ireland have faced discrimination since their IBAN is from Lithuania. Because to this, several employers or other service providers had started to reject IBANs from foreign countries, which meant that many Revolut customers also required traditional bank accounts.

Even if some users may experience difficulties, once the change is made, Revolut may become more appealing to many consumers as their primary banking option.

The Irish 'branch' of Revolut is expected to differ from a typical bank branch with a counter service.

Revolut’s presence in Ireland

In March 2022, Revolut has formally began operating as a bank in Ireland. Customers had the opportunity to upgrade to Revolut Bank for extra services and have their accounts insured by a deposit guarantee program. The Lithuanian State Company Deposit and Investment Insurance guarantees deposit protection up to EUR 100,000.

Revolut has started introducing a Buy Now, Pay Later (BNPL) instalments payment option to its Irish customers later in 2022. Customers can spread the cost of goods up to EUR 499 over three installments with Revolut's Pay Later product, which can be used for both online and in-person transactions.

Revolut introduced Revolut Reader in the UK and Ireland in July 2022. The tool is made to make accepting payments for merchants of all stripes, whether they operate locally or online, simpler. As the super app began to extend its offerings for business users, the launch set the tone for Revolut's entry into in-person payments.

Finally, Revolut introduced a new service called 'Shops' in October 2022. It enables Irish customers to purchase goods from more than 1,000 brands while also receiving rewards.

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Keywords: IBAN, banks, payments , product launch, BNPL
Categories: Banking & Fintech
Companies: Revolut
Countries: Ireland
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Banking & Fintech


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