Some information on using your IBAN after Brexit

Sonja Polimac

 · October 13, 2020  · 10/13/2020

You may have seen some recent updates from us about customer accounts being migrated to our European entity in Lithuania. You can find another blog post which answers some of the most common questions in relation to this migration here. We’re doing this to ensure that your service isn’t interrupted, and so that you can continue to use Revolut as normal after Brexit.

After your account has moved, the International Bank Account Number (IBAN) that you use to receive both Euro and non-Euro currency payments will change.

What will happen to my IBAN?

Until now the IBAN you have used to make and receive international payments has started with ‘GB’. Once you have joined our European entity we will issue you with a new IBAN, to replace  your previous one. Any future payments you make will need to use that IBAN. Please make sure that anyone using your old GB IBAN to pay you is informed of this change, so that you keep receiving payments in future.

Will my local account details change?

Your local account details, such as sort codes, bank codes or clearing codes, will remain exactly the same after you have been moved to our European entity. The only thing that needs to change is IBANs starting with ‘GB’.

What do I need to do after I’m moved to the European entity?

If you have recurring payments coming in to, or going out of your account, you’ll need to make sure you inform the counterparty that your IBAN has changed. This could be things like:

  • Direct debits
  • Salary
  • Scheduled payments to your account (e.g. Standing Orders)

Unfortunately Revolut cannot inform counterparties on your behalf. It is therefore essential that you take this step to ensure that future payments can be successfully processed.

To notify your employer of your new account, so that your salary can be deposited, we have provided a salary feature in the Revolut app. To retrieve your salary notification:

  • Go to the app
  • Select the ‘Accounts’ drop-down showing all your active currencies
  • Select your European local currency account in which you wish to receive salary, such as Euro
  • Select ‘Add money’
  • Select ‘Change’ for the payment method
  • Select ‘Salary’
  • Follow the on-screen instructions

Someone made a payment to my GB IBAN after my account number changed to a LT one, what will happen?

You’ll still be able to receive payments to your old GB IBAN for up to 6 months (until June 30th 2021). To help make this transition smoother we have implemented a redirection service which will ensure that any payment received to your old GB account will be delivered to your new IBAN starting with LT.

We will inform you by email each time we receive a payment directed to your old account. This will ensure that you still receive your payment and remind you to inform counterparties that your IBAN has changed.

Why do I need to inform counterparties about my new LT IBAN when my GB IBAN will work for up to 6 months?

We anticipate that European banks will impose additional charges on GB customer payments after Brexit (which could mean that you will receive less amount than originally sent). By using your new LT IBAN you will avoid any additional fees imposed by European Economic Area (EEA) domiciled banks post Brexit. If you continue to use a GB IBAN after 31 December 2020, you may be charged fees by other banks, which are outside of Revolut's control.

Where can I find my new IBAN details?

To locate your new IBAN:

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

This will show you the IBAN that can be used to pay money into this account. Once you have been moved to our European entity, your new IBAN starting with LT will be displayed. Please note, after you’ve been moved to our European entity your old IBAN starting with GB will no longer be displayed in-app.

Can you tell me what my new LT IBAN will be before I’m moved?

Unfortunately we can only tell you your new account number once we have issued this to you. The generation of these numbers is partially random and fully automated. This means we can only issue this account number to you once you have been migrated to our European entity.

What happens if I open an account with Revolut after 9th Oct 2020?

You do not need to take any action. If you open an account after 9 October you will  automatically be onboarded to our European entity and will be issued an IBAN starting with LT. Please use those details for all your payments.