Improving Euro transfers for our UK customers

Elizabeth McGrath

 · 04/09/2021  · 04/09/2021

Select UK-based customers have been offered an EU IBAN issued via our European entity in Lithuania, to help avoid unnecessary fees issued by some EU-banks.

We know that you'll have some questions about this, so we've tried to answer the most common in this post.

What are the benefits?
We've been made aware that some EU-based banks are charging fees for Euro transfers between the UK and the EU. For example, if you have an EU bank account, you might be charged for sending money to Revolut.

We don't want our customers, or people who send you money, to pay unfair and unnecessary transfer fees. By using your new European IBAN you should avoid any potential fees imposed by banks on GB customer payments within the EEA.

What's changing?
Up until now, the IBAN you have used to make and receive Euro SEPA (Single Euro Payments Areas) payments has started with a 'GB'. We will issue you with a new IBAN that starts with 'LT'.

Your other account details, including your SWIFT Euro IBAN and all other currency account details, will remain the same.

Where can I find my new IBAN?

Personal customers:

  • Go to the Revolut app
  • Select the ‘Accounts’ drop-down showing all your active currencies
  • Select Euro
  • Click on the icon with three dots to get more options on your Euro account
  • Select ‘details’

Business customers:

  • Go to Home > Accounts
  • Click your total balance to choose your desired EUR account
  • Click the three dots to open the overflow menu
  • Select ‘Details’

This will show you the IBAN that can be used to pay money into this account.

What will happen to my current IBAN?
To make this transition easier, you'll be able to use both your old and new IBAN to receive transfers.

You'll no longer see your current GB IBAN in your 'Local' Euro tab, but it will still appear in your 'SWIFT' Euro tab.

How can I start using my new IBAN?
Provide your new IBAN to anyone who sends you money, including your friends and family (if you're a personal customer) or customers, payment apps and online marketplaces (if you're a business customer).

Does the new IBAN support direct debits?
No, you can continue to use your current GB IBAN for SEPA direct debits.

Does this mean I have an account in Lithuania?
No, your electronic money account will remain in the UK and you'll still be a customer of our UK entity.

Your new account details are unique, but they don't represent a real bank account. You can still use them to receive payments, similar to a bank account.