Consequence of Brexit, the transition interval of which can finish on December 31, 2020, Revol will migrate its banking license for its European clients from the UK to Lithuania. A change which could have concrete repercussions for patrons: their UK IBAN (which begins with “GB”) might be changed by a Lithuanian IBAN (“LT”).
Affected clients had been notified by e-mail lately (those that arrived after October 9 had been routinely given an LT IBAN) and explanations are given on the weblog of the neobank. The operation is just not trivial, as a result of clients must inform themselves the businesses which debit or credit score their account of their IBAN change.
This modification of domiciliation might be adopted by one other, which can ask as soon as once more to speak its new contact particulars to the businesses, however which might be extra advantageous and certainly the final. After the Lithuanian IBAN, Revolut plans to supply a French IBAN to its clients in France.
“We’ve submitted a request to create a French subsidiary of our European entity and the method is underway. As soon as this department is open, it is possible for you to to have an area French IBAN beginning with “FR” », signifies Emmanuel Boulade, communication supervisor for Revolut in France.
This announcement is essential as a result of although European laws require firms to just accept all European IBANs, actually many refuse to register international financial institution particulars for numerous causes. Nevertheless, many neobanks present a international IBAN (N26 offers a German IBAN, for instance).
By providing a FR IBAN, Revolut will due to this fact facilitate transactions for its French clients. No date introduced for this second change but. The British neobank Monese has been offering FR IBANs for a couple of months because of a partnership with the PPS platform which has a French subsidiary.