Revolut switching from Lithuanian IBANs to Irish IBANs

Brendan Burgess

Brendan Burgess

Founder
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www.rte.ie

Revolut users here to get Irish IBAN within months

The accounts of Revolut's two million customers in Ireland are to be migrated over to an Irish IBAN number in the coming months, the online bank has said.
www.rte.ie www.rte.ie

Hi Brendan,

We love having you as a customer, and are constantly looking for ways to improve your customer experience. That’s why we've decided to set up an Irish branch of Revolut Bank UAB!

What does this mean for me?​

Currently, as an Irish Revolut Bank UAB customer, your Euro account details have a Lithuanian IBAN.

We'll soon be moving you to the Irish branch of Revolut Bank UAB, and replacing your Lithuanian IBAN with a brand new Irish IBAN.

What are the benefits?​

With an Irish IBAN, your Revolut account will now be even better suited for use as a primary account to:

- Getting your salary paid directly into Revolut

- Making payments via Direct Debit

- Avoiding the additional paperwork required for non-Irish IBANs

- Paying utility providers directly from your Revolut account

And of course, you’ll still be able to use all the services and features you love.

When will I get my Irish IBAN?​

We're working hard to get the Irish branch up and running as soon as possible.

We aim to start migrating existing customers like you to our Irish branch in a phased manner, approximately two months from the date of this email.

You will get your Irish IBAN on the day that we move you to the Irish branch. We will notify you when you have been transferred.

In order to make the transition seamless, you'll still be able to receive payments using your Lithuanian IBAN for two months after you are transferred to the Irish branch.

After that, your Lithuanian IBAN will expire.

What steps do I need to take?​

Once you move to the Irish branch, you'll need to contact anyone who uses your Lithuanian IBAN and replace those details with your new Irish IBAN.

For example, your employer or social services might pay you using your Lithuanian IBAN, or you might have Direct Debits connected to your Lithuanian IBAN. You will need to update these people with details of your new Irish IBAN.

What other changes can I expect?​

Once you move to the Irish branch, our new personal terms will apply.

These are broadly similar to our existing terms, but we've made some changes to explain the new branch structure, and to make sure we're fully compliant with Irish laws.

In summary:

  • Revolut Bank UAB will provide you with most of the banking and payment services for your Revolut account via its Irish branch
  • Irish AML/KYC rules (Anti-Money Laundering and Know Your Customer rules) will apply to your Revolut account
  • Your Personal Terms will be governed by Irish law (this used to be Lithuanian law)
  • If you have any complaints after going through our internal processes, you'll be able to take your complaint to the Financial Services and Pensions Ombudsman in Ireland (this used to be the Bank of Lithuania) in respect of services provided by the Irish branch
We've made some minor changes to our terms and conditions across our website to ensure our services are clearly explained, and that nothing contradicts our new Personal Terms.

How can I find out more?​

If you have any further questions, please refer to our FAQs here. We've also got a helpful blog post here.

Any concerns?​

We’re confident this process will run smoothly, and that there'll be little or no disruption to your services.

If you'd like to speak with a customer support agent or to make a complaint, please get in touch via our in-app customer support chat.

If for any reason you don't want to move to our Irish branch, you can close your Revolut account for free at any time before or after we transfer you.

You can close your Revolut account for free by selecting your Profile icon in the Revolut app, scrolling to the bottom of the page, and choosing 'Close account'.

Or you can reach out to our Customer Support team in-app.

Thanks,
Team Revolut
 
Does this make much of a difference for most Revolut customers?

I use it for payments but I wouldn't use it for more traditional banking because if things go wrong, it's virtually impossible to sort them out.

If someone wants to pay me, I give them my AIB IBAN.

And if I want to set up a direct debit, I do so from my AIB account.

Brendan
 
Brendan Burgess said:

What are the benefits?​

With an Irish IBAN, your Revolut account will now be even better suited for use as a primary account to:

- Getting your salary paid directly into Revolut

- Making payments via Direct Debit

- Avoiding the additional paperwork required for non-Irish IBANs

- Paying utility providers directly from your Revolut account

And of course, you’ll still be able to use all the services and features you love.
Click to expand...

I thought refusal of a non-Irish IBAN was a direct breach of the SEPA Regulation?

See more.
 
If they were doing this out of the goodness of their harts they would keep both IBANs going. This is another fine mess, have they even published an Irish Sortcode yet?
 
I wonder will this mean more changes towards matching the features of a regular bank account such as the ability to have a Joint Account, which currently isn't possible with Revolut?
 
IBANs don't need a sort code, sort codes normally for retail banks to identify which branch the account is held with, but they only have 1 location in Dublin.

The IIBAN would generally include the sort code, but all you need is 6 digits (could be 000000) and then the account number, and then after the initial IEXX the XX would be the check digit that's calculated based off the other letters/numbers in the IBAN.

Maybe they will request a sort code, but they are only really for domestic/local payments, so using IBAN to make/receive payments with BIC Code would be sufficient.

They will not be part of local clearing, so no real need for a sort code vs IBAN number.
 
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Brendan Burgess said:
Does this make much of a difference for most Revolut customers?

I use it for payments but I wouldn't use it for more traditional banking because if things go wrong, it's virtually impossible to sort them out.

If someone wants to pay me, I give them my AIB IBAN.

And if I want to set up a direct debit, I do so from my AIB account.

Brendan
Click to expand...
It would be tempting to do away with my AIB fees.
 
Anyone who just moved their banking to Revolut from UB or KBC, and has had to notify all their utility companies for direct debits as well as setting up new standing orders, will have to do it all over again.
 
e_drizzel said:
It would be tempting to do away with my AIB fees.
Click to expand...

How much are your AIB fees? My account is fairly busy and it's €120 a year.

Seems like a fair price to pay for the service. You would regret getting rid of your AIB account if you run into a problem and have to spend hours trying to resolve it with Revolut's Chatbot.

Brendan
 
mct1 said:
Anyone who just moved their banking to Revolut from UB or KBC, and has had to notify all their utility companies for direct debits as well as setting up new standing orders, will have to do it all over again.
Click to expand...
I doubt many use revolut for their main banking as they have plenty of issues around direct debits and their customer service is non existent. They also are known to block your account for no apparent reason and it can take days to unblock it.
 
NoRegretsCoyote said:
I thought refusal of a non-Irish IBAN was a direct breach of the SEPA Regulation?

See more.
Click to expand...
A lot of systems were set up in a way that when you put "Ireland" as the address, it defaulted to looking for 22 digit IBAN. The work around was to temporarily change your country to Lithuania and it then accepted the Revolut IBAN.

But if you didn't know this the answer you got was "computer says no"
 
cloughy said:
IBANs don't need a sort code, sort codes normally for retail banks to identify which branch the account is held with, but they only have 1 location in Dublin.
Click to expand...
IBANs don't require a sort code, but Irish ones do unless they want even more problems than using Latvian IBANs. The systems they have problems with still use Sortcodes and Account numbers, such as BOIs standing order system. These systems validate Sortcodes against a list published by the Irish Banking Federation or whatever to their current name is. It takes time (often years) for new sortcodes to be added to these old systems.
 
peemac said:
A lot of systems were set up in a way that when you put "Ireland" as the address, it defaulted to looking for 22 digit IBAN. The work around was to temporarily change your country to Lithuania and it then accepted the Revolut IBAN.

But if you didn't know this the answer you got was "computer says no"
Click to expand...
Sadly that only works on some systems. More than a few have hardcoded rules looking for the IE prefix. Some even have it embedded in the form and not in the user input field.

That said when I changed over the last month or two, only 1 place wouldn't accept the non Irish IBAN. A few did require phone calls but otherwise accepted it over the phone.
 
Brendan Burgess said:
How much are your AIB fees? My account is fairly busy and it's €120 a year.

Seems like a fair price to pay for the service. You would regret getting rid of your AIB account if you run into a problem and have to spend hours trying to resolve it with Revolut's Chatbot.

Brendan
Click to expand...
Similar, just over €100. Just wondering what sort of problem I could run into that would justify me paying over €100 a year for peace of mind. The only reason I've had to call AIB before was to replace a lost card and I've no major events or projects (e.g. renovation) coming up in the next few years.
 
Well you might possibly lodge money to the account.
Then Revolut's algorithm decides that it is suspect and freezes your account.
And you have no access to your money and can't sort it out.

Big increase in complaints about Revolut

There have been a few articles recently about the difficulty in resolving complaints with Revolut. If you google : revolut saga spotlights digital bank concerns you will come to an FT article on the topic. The person received £150,000 into their Revolut account and it went missing for some...
www.askaboutmoney.com
 
Does the change from Lithuanian to Irish IBANs have any implications for them and their customers under the Common Reporting Standard?
 
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