The bank will accelerate money transfers from Revolut business accounts to other bank accounts in Europe. This is applicable to the banks in Europe that support instant transfers. Account holders need to choose or create a beneficiary, enter the amount, confirm the payment details, and hit ‘send funds’ to complete the payment process.
While receiving the money in Euro currency, customers will need their International Bank Account Number (IBAN). This service will run on the instant payments infrastructure called the Single European Payments Area (SEPA).
The new service by Revolut replaces its SWIFT service and is expected to help accelerate its revenues.
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