Revolut successfully completes rollout of Irish IBANs
Revolut, the global financial super app, has completed the process of giving Irish IBANs to 2m+ Irish customers.
The move will make it easier for Irish customers to use Revolut as their primary bank account, removing any obstacles to setting up Direct Debits or having their salaries paid into their Revolut account.
By using Revolut as their bank account, customers can avoid paying fees for shopping with their debit card, or the need to pay monthly or quarterly standing bank charges.
To help customers who want to switch their bank account, Revolut has created an Account Switching Service (customers can find this in the help section of web or app or get in touch with support) which will help to quickly transfer active standing orders and direct debits to their new IBAN. When changing banks, opting for the Account Switching Service allows customers to easily, quickly and free of charge inform payment partners of their new bank details.
Joe Heneghan (pictured), CEO Revolut Europe, said, “With more than half of adults with a smartphone using Revolut in Ireland, and ‘Revolut’ being used as a verb, we’re proud to see that our customers have embraced our financial super app and all of its helpful features.
“But as we take our next step as the financial super app, offering accounts with Irish IBANs for our customers in Ireland, we hope to see more of our customers use Revolut as their primary account for a seamless experience.”
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.
Customers were given two months’ notice that their accounts were to be migrated into the Irish branch in a phased manner. 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.
The migration includes users on Revolut’s service for 6 – 17 year olds. ‘Revolut <18’ is an account for young people which is connected to their parent/guardian’s Revolut account, helping young people feel positive and empowered about money. There are over 250,000 Revolut <18 users in Ireland alone, however Revolut <18s do not need to take any action with the migration as their card is connected to their parent’s Revolut account. Furthermore, with 12% of Revolut customers in Ireland aged 55+, people of all ages are embracing digital banking.
The move to give customers here Irish IBANs is the latest in a series of benefits for Revolut customers in Ireland.
Most recently, Revolut launched its Credit Card, designed with a focus on transparency, control, responsibility, and rewards. The card joins Revolut’s suite of credit products, including Loans with the lowest rate in the Irish market for loans under €20,0001, and Pay Later, the only responsible payment instalments product of its type in Ireland.
Car Insurance will soon be the latest product as part of the super app’s offering. It will join Revolut’s suite of lifestyle products and features, including Shops, which rewards users with 3% instant cashback for every purchase from more than one thousand leading brands2.
The extraordinary generosity of people in Ireland has seen the Donations feature in the Revolut app become an increasingly important tool for charities to raise funds and support their causes. Most recently, more than €250k was raised in Ireland on Daffodil Day for the Irish Cancer Society.
In the first month of Russia’s invasion of Ukraine, Revolut customers raised more than €10 million through a charity appeal to help those impacted. Furthermore, 500,000 Ukrainian refugees have been supported with access to Revolut accounts.
In 2022, Revolut teamed up with RTÉ’s Late Late Toy Show Appeal in Ireland for the second year to enable viewers to donate instantly from their Revolut app, and raised over €2.3m in donations for The Community Foundation for Ireland, helping children and family members across the island.
Revolut’s Irish ‘branch’ is distinct from a high street bank branch with counter service. It employs a small number of senior staff who will be responsible for the firm’s operations in Ireland. Revolut services are still provided by Revolut’s European Bank, which is based in Vilnius and licenced by the European Central Bank and supervised by the Bank of Lithuania.