Europe: Revolut Online Bank has announced that Revolut users in Ireland will issue an Irish IBAN within months.
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Most customers have received the email. The announcement comes at a time when the collapse of Ulster Bank and KBC, which has forced hundreds of thousands of people to set up new bank accounts and restructure payments, has already strained the banking system.
This follows the company's decision to establish an Irish branch of Revolut Bank UAB, the company's European business, and migrate customers to it.
The move will enable Irish-based users to send and receive money more easily, as their accounts until now had a Lithuanian IBAN. However, employers, social welfare payment providers and direct debit originators such as utility companies that make payments to or receive payments from their accounts using the new number's IBAN will be asked to migrate. If they don't, they are exposed to the risk of payments not happening as planned
“We are very proud to open our Irish branch soon,” said Joe Heneghan, CEO of Revolut Europe. "As we roll out IBAN migration for our customers in Ireland, we recommend that our customers look out for an email from us in the coming weeks."
Revolut will start sending out those emails to customers in Ireland this week explaining how the change will work. While the IBAN transfers will be phased in, they will be given two months' notice that their accounts will change. Once the changes have taken place, customers' Irish IBANs will be replaced by Lithuanian ones.
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This update is being made because some institutions discriminated against some customers of Revolut in Ireland for having a Lithuanian IBAN. This has caused some employers or other service providers to refuse to accept an IBAN from another country, meaning many Revolut users need a traditional Ireland bank account. The move, while problematic for some customers, will make Revolut more attractive as a primary banking service for many people once completed.
By the end of 2021, Revolut has been granted an e-money license by the central bank. But it decided not to use it and instead decided to conduct banking operations here under a full banking license granted by the European Central Bank a year ago. As a result, Revolut said its Irish branch will hire a small number of senior staff responsible for operations in the country.
Revolut's European bank, based in Vilnius, licensed by the European Central Bank and supervised by the Bank of Lithuania, will continue to provide Revolut services, it said.
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