Revolut announces plan to launch Irish IBANs
The company says the move will improve its Irish customers' experience.
Revolut has announced that it will begin offering Irish bank account details in the coming months.
The move will follow the financial technology company opening an Irish branch of its European business - Revolut Bank UAB.
As it stands, Revolut customers in Ireland have a Lithuanian IBAN in their Euro bank account.
However, the company has said that it will migrate its Irish users to the Irish branch of Revolut Bank UAB and replace their Lithuanian IBANs with Irish ones.
Customers in Ireland will begin to receive emails from Revolut this week, in which the benefits of the change will be explained.
"Until now, some Revolut customers may have experienced IBAN discrimination using their Lithuanian IBAN," the company's statement reads.
"For example, an employer or service provider may have refused to accept an IBAN from a different country within the Single European Payments Area (SEPA).
"By providing an Irish IBAN, this will no longer be a problem."
The company also said that an account with an Irish IBAN will be "better suited to use as a primary account for getting your salary paid directly into Revolut, making payments via direct debit and paying utility providers directly from your Revolut account".
"Additionally, the move by Revolut will also make it far easier for customers to switch their bank account from traditional banks to Revolut," it added.
"Now with an Irish IBAN, customers can get the lowest price and best service when they choose Revolut as their primary bank account."
Customers will be given two months’ notice that their accounts are to be migrated into the Irish branch in a phased manner.
They will also be notified once migrated.
CEO of Revolut Europe, Joe Heneghan, said: “We’re proud to be opening our Irish branch soon.
"With over two million customers in Ireland, we are constantly looking for ways to improve our customers’ experience.
"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.
“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 has more than two million customers in Ireland and over 25 million customers globally.
The company has said its Irish branch is "distinct" from a high street bank branch with counter service.
"It will employ a small number of senior staff who will be responsible for the firm’s operations in Ireland," its statement reads.
"Revolut services will still be 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."