Fintech company Revolut has completed the process of giving Irish international bank account numbers (Ibans) to its base of more than two million customers in the Irish market.
The app said the move would make it easier for customers here to use Revolut as their primary bank account, removing any obstacles to setting up direct debits or having their salaries paid into their Revolut account.
The London-headquartered company has created an account-switching service to help customers who want to transfer active standing orders and direct debits to their new Iban.
“As we take our next step as the financial super app, offering accounts with Irish Ibans for our customers in Ireland, we hope to see more of our customers use Revolut as their primary account for a seamless experience,” said Revolut Europe chief executive Joe Heneghan.
The move to create Irish Ibans involved moving customers to the Irish branch of Revolut Bank UAB, its European business, and replacing their Lithuanian Ibans with Irish ones. Customers were given two months’ notice that their accounts were to be migrated into the Irish branch in a phased manner.
Revolut’s Irish customers are now being asked to update the Iban details they use for any existing direct debits or regular payments into their account, replacing their old Iban beginning with “LT” with a new “IE” Iban.
The migration includes users on Revolut’s service for six- to 17-year-olds, although under-18s do not need to take any action as their cards are connected to a parental Revolut account.
Ibans are an internationally agreed system of identifying bank accounts across national borders. Until now, some Revolut customers may have experienced Iban discrimination using their Lithuanian Iban. For example, an employer or service provider may have refused to accept an Iban from a different country within the Single European Payments Area (Sepa) even though they are not supposed to do so.
