Global banking app, Revolut, recently announced significant changes that affect its two million Irish customers. In the coming months, all users will receive a new IBAN as the company sets up an Irish branch of its European business, Revolut UAB. Consumer finance experts have hailed this move for introducing something new to the Irish banking market and making a Revolut account more accessible to Irish customers. Lets break down what this could mean for customers and why it’s important.
What Are IBANs?
IBAN stands for International Bank Account Number. It is a unique number that identifies a specific bank account in any given country and is used to facilitate international payments or transfers between banks within that country or across borders. For example, if you wanted to send money from an American bank account to an Italian bank account, you would need both the sending and receiving bank account IBANs in order to do so accurately and securely.
Why Is This Change Important?
The change is important because before this announcement, Revolut customers were only able to use their UK-based bank accounts with the app. Now that Revolut is setting up shop in Ireland, those same customers can now use their Irish IBANs instead of having to create a new UK-based one when signing up for the service. Additionally, transferring money via SEPA (Single Euro Payments Area) should be faster since there are no cross-border fees associated with this payment system meaning users can send money from Ireland to other countries within Europe without any extra charges from Revolut.
What Else Can Customers Expect?
Other than being able to transfer funds quicker and more easily across different nations within Europe, customers can expect improved customer service due to the physical presence of Revolut UAB in Dublin; previously customer service was based in London. Furthermore, having an office setup in Ireland means better security for user data with GDPR (General Data Protection Regulation) compliance as part of their standard operating procedures allowing users more control over how companies like Revolut handle their personal information. Finally, this move might also allow Irish customers access to other products and services from the company such as crypto trading or stock trading options through their app which they currently don’t have access too due to certain restrictions imposed on them by EU law.
These are exciting times for both existing and prospective Revolut customers living in Ireland as they now have access to additional services not previously available along with greater security of their data thanks to GDPR compliance while being able to transfer money faster and more easily across different countries within Europe using SEPA payments instead of incurring extra fees due to cross-border transfers.
