- Revolut has started the migration of Romanian customers to the new local banking entity, as part of a phased process
- All Revolut accounts in Romania that migrate to the new entity receive their own local Revolut IBAN. Also, new customers joining Revolut also receive a Romanian IBAN in RO – REVO format.
- The branch in Romania completes the series of local branches opened in Ireland, France, Spain, The Netherlands, Germany, Italy
Revolut Bank UAB, the European digital bank with over 36 million customers in the European Economic Area (EEA) and over 4 million in Romania, announces that it has started the migration of customers from the Lithuanian entity to the local one. Since December 13th, the digital bank has also issued Revolut local IBAN to the Romanian existing clients.
In the last 12 months, Revolut opened local operations via branches in Ireland, France, Spain, the Netherlands, Germany, Italy, while the Romanian branch will roll-out local IBANs provided by Revolut, by the end of the year. The local IBAN update will help Revolut to meet increasing financial needs of the Romanian retail and business customers, to continue the diversification of its banking products portfolio offered to the local clients.
As in all products and services provided by Revolut, the migration will be simple and automated, and the customer experience will remain unchanged. All services related to the payment accounts used by the customers (e.g. Personal Account, Paid Plans, Joint Accounts, Revolut Pro, local and cross-border direct debits and money transfers, currency exchange, card payments, Revolut <18 and Savings) will be provided via the Romanian branch. All other services will continue to be provided from other entities in the way they’re provided today. The clients will be informed directly in app and via emails about the steps to be performed.
A local IBAN is essential when choosing a bank as their main account, and the addition of the Romanian IBAN will make it easier for retail and business clients to direct debit their paycheck and bills to their Revolut account. This, coupled with the complete ecosystem of products offered by the superapp (daily banking, credit, savings, investment, budgeting, travel, experiences, lifestyle) positions Revolut as a solid alternative as a primary bank for the Romanians.
Taking into account the dimension of the customer base and the operational complexity, the company will focus on making the transition smooth and frictionless for the customers.
Customers will be informed directly in the app and by email about the steps to be taken after the migration to the Revolut local IBAN. Thus they are advised to be aware of the notifications received from the bank in the app or through email. Immediately after the update of the local IBAN, Revolut recommends all customers to inform all the third parties concerned – their partners, employers or authorities that make frequent transfers.
To ease this transition, incoming payments sent to the old IBAN will be redirected to the old customer account until 31 December, 2024. After this date, the funds sent to the current local IBAN will be returned and refunded to the sender.
After receiving the new local IBAN, the customers will be progressively migrated to the local branch. Once migrated to the local entity, the Romanian customer accounts will be managed according to the local legislation, while the customer deposits will continue to be covered up to €100,000 by the Lithuanian Deposit Guarantee Fund. Revolut Bank operates in 30 markets within the European Economic Area (EEA) and is licensed and regulated by the European Central Bank and the Bank of Lithuania.
Gabriela Simion, General Manager of Revolut Bank UAB Sucursala Romania, declared: After integrating our systems with the local ReGIS and TRANSFOND payment systems, we are entering a new phase in the operationalization of the Revolut Bank UAB branch in Romania. This step demonstrates our commitment to becoming a primary bank account for our Romanian customers.
Given the size of our portfolio, this complex operational process will take place gradually. While we are confident that our users understand our efforts to simplify their transition to the new service, we also recognize that challenges may arise. We appreciate their cooperation and commitment and assure them that we remain dedicated to our vision of making banking simpler and more accessible for everyone.
With Revolut’s new local IBAN and access to local payment systems, customers will be able to manage their budgets more effectively. They will have a comprehensive ecosystem at their fingertips, all within the same app, helping them maximize the value of their money.
Joe Heneghan, Partner & Chief Executive Officer – Revolut Bank, commented: “After two years of dedicated effort, we proudly announce that we are giving our Romanian customers access to our own local IBAN accounts, and an enhanced banking experience through our local branch, precisely tailored to their needs. I extend my sincere gratitude to our Romanian customers for placing their trust in our products, and I congratulate our teams for their tireless commitment to establishing our digital bank as a financial champion in Europe”.
About Revolut
Revolut is a global fintech, helping people get more from their money. In 2015, Revolut launched in the UK offering money transfer and exchange. Today, more than 50 million customers around the world use dozens of Revolut’s innovative products to make more than half a billion transactions a month.
Across our personal and business accounts, we give customers more control over their finances and connect people seamlessly across the world.
Banking services in Europe are provided by Revolut Bank UAB (304580906), a bank established in the Republic of Lithuania authorised and regulated by the Bank of Lithuania and the European Central Bank. 18+, Fees and T&Cs apply. More information here:/https://www.revolut.com/en-BG/.
