Revolut to launch Irish IBANs in the coming months

3 days ago

Image: © Michalis Palis/Stock.adobe.com

Customers of Revolut will receive email communication from the company detailing its move from Lithuanian to Irish IBANs.

Fintech giant Revolut is planning to make a move that will finally set it on course for Irish users to adopt it as their main bank.

Last year, Revolut achieved official status as a bank in Ireland – a move which put it one step closer to becoming a viable alternative for more traditional banking providers such as Bank of Ireland, Permanent TSB and AIB.

However, until today (23 January) Revolut had kept its plans to launch Irish IBANs for customers under wraps.

Revolut users in Ireland currently have Lithuanian IBANs for their accounts. This has been the case since 2020 when the company had to move its Irish accounts to the Eastern European country due to post-Brexit licensing issues.

They may have encountered difficulties in using a non-Irish IBAN in Ireland. The fintech company plans to address this by introducing Irish ones in the coming months.

When users are able to present an Irish IBAN they will be able to receive their salaries into their Revolut account. They will also be able to make direct debit payments and pay service providers via the platform.

People who use the platform will get an email from Revolut over the next few weeks explaining the change.

Customers can expect to be given two months’ notice that their accounts will be migrated to the Irish branch. The process will happen in a phased manner and customers will be notified again when the change has been made.

“Our customers can get their salaries paid directly into Revolut hassle-free, easily make direct debits, and more with the help of an Irish IBAN,” said Joe Heneghan, CEO, Revolut Europe, commenting on the Irish news.

“We recommend that our customers keep an eye out for an email from us over the coming weeks, as we roll out the IBAN migration of our customers in Ireland.”

Revolut is hugely popular in Ireland with around 2m users. The super-app is hoping to further expand its hold over the Irish market by taking space left by the exits of KBC and Ulster Bank.

Following the launch of Revolut Bank in Ireland last year, Revolut began offering deposit accounts as well as a personal loans feature.

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Blathnaid O’Dea is Careers reporter at Silicon Republic

editorial@siliconrepublic.com