Monday, January 23, 2023

Muireann Duffy

Revolut has confirmed plans to begin offering Irish bank account details to customers after setting up an Irish branch of its European business.

Previously, Revolut users were issued a Lithuanian IBAN for their Euro account.

Over two million Irish customers will be offered an Irish IBAN over the coming months, which the company said will be better suited for using Revolut as a primary banking account.

Revolut said some Irish customers previously experienced “IBAN discrimination” with the Lithuanian details, causing difficulty for those who wished to get paid into their Revolut account, or use it to pay direct debits and utility bills.

The company said the change will also make it easier for customers to switch their accounts from traditional banks.

The migration to Irish IBANs will take place on a phased basis, with customers receiving an email in the coming weeks giving them two months’ notice of the change.

Revolut added that customers’ current (Lithuanian) IBANs will continue to be able to receive payments for two months after a new (Irish) IBAN has been issued for the account.

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