Thomas Lyons 
Revolut Completes Rollout of Irish IBANs to 2 Million Customers Across Ireland
Revolut, a global fintech company, has recently completed the process of providing Irish IBANs to two million customers across Ireland. The move is expected to make it easier for Irish customers to use Revolut as their primary bank account, removing obstacles to setting up Direct Debits or having their salaries paid into their Revolut account. The company has also created an Account Switching Service to help transfer active standing orders and direct debits to their new IBAN.
The move was rolled out to tackle IBAN discrimination, where an employer or company refuses to accept an IBAN that is not registered in the country that you are in. 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 their new ‘IE’ IBAN number.
“As we take our next step offering accounts with Irish IBANs, we hope to see more of our customers use Revolut as their primary account for a seamless experience,” said Joe Heneghan, CEO of Revolut Europe. 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.
The company has given customers two months’ notice that their accounts were to be migrated into the Irish branch in a phased manner. With the new IBAN for Irish customers, Revolut has also launched its Credit Card, including loans with what the app calls “the lowest rate in the Irish market for loans under €20,000”.
Revolut has been expanding its services in Ireland and has already launched its waitlist for car insurance, which is expected to be the latest product as part of the super app’s offering. The official launch is expected in the coming months.
The company’s move to offer Irish IBANs is expected to provide customers with a seamless experience, making it easier to use the app as their primary bank account. With the new Irish IBANs, customers can now set up Direct Debits and have their salaries paid into their Revolut account without any issues.
Revolut’s Irish customers are now being asked to update their IBAN details for any existing Direct Debits or regular payments into their account, replacing their old IBAN beginning with ‘LT’ with their new ‘IE’ IBAN number. The company has also created an Account Switching Service to help transfer active standing orders and direct debits to their new IBAN.
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. The company has given customers two months’ notice that their accounts were to be migrated into the Irish branch in a phased manner.
Revolut’s Credit Card, which includes loans with what the app calls “the lowest rate in the Irish market for loans under €20,000”, is now available for Irish customers. The company has also launched its waitlist for car insurance, which is expected to be the latest product as part of the super app’s offering. The official launch is expected in the coming months.
Revolut’s move to offer Irish IBANs is expected to provide customers with a seamless experience, making it easier to use the app as their primary bank account. With the new Irish IBANs, customers can now set up Direct Debits and have their salaries paid into their Revolut account without any issues.
